Canadian Knit Goods.

Hokitika Guardian, 14 February 1922, Page 3

Canadian Knit Goods.

N.Z. MARKET OPENING

VANCOUVER, Jan 12. The knit goods trade of Canada is looking forward to the year of 1922 with every confidence, and in spite of the disturbances in commercial affairs during he pas twelve months, a satisfactory volume of business was done. Considerable losses were taken by most manufacturers on their inventories. In general, the policy of making full allowance on depreciation was followed. Not a few concerns made provision in 1920 for the shrinkage in value of their inventories, but the actual loss was taken in 1921, when the goods were passed by the makers of knit goods, and towards the end of the yeatr there was very satisfactory activity in most of the Canadian mills. The retail trade got rid of its high-prived goods, for the most part, and were ready buyers, partcularly of hoiserv and women’s underwear, "in the final months. A number of the mills enjoying good connexions with the wholesale and reta.il trades were unable to handle all the business that was offering in return for autumn delivery. Some miTls were working on double shifts, endeavouring to meet hoisery requirements,, and even then had to refuse big business.

The bookings of spring business have not been unusually heavy. Buyers are expected to get into the; market for spring goods in the next few weeks. At the present time representative mills are carrying more orders than at this time last year. It will he remembered that the epidemic of cancellations struck the knit goods men about twelve months ago. Individual firms had cancellations running well into the hundreds of thousands of dollars. One executive remarked that he would have traded his orders for bis cancellations at any time. Tho situation was that tho retailer was caught in a falling market, and in order to avoid taking what, in many cases, was a ruinous loss, he refused to accept the goods, even though they had already been shipped. The same thing happened in the export markets. Merchandise worth many millions of dollars was piled up on the docks at Buenos Aires, and other South American ports. The same thing occurred in South Africa and other foreign markets to which Canadian knit, goods were sent. These goods have been liquidated gradually, and the process is now fairly well advanced. At any rate, the markets are now ready to absorb more merchandise. and the export- prospects for 1922 aj-e accordingly better than at ally time since the end of the postwar boom. Acltual business lias been transacted in recent weeks for immediate delivery. Artificial silk hoisery lias been shipped to South Afrea. Several lines of knit goods products have been sold to customers in Argentina. The New Zealand market is opening up slowly, and Canadian interests look forward optimistically to transacting considerable business with the Antipodean countries shortly. The prospects, are that the export market for Canadian knit goods will be satisfactory throughout 1922. Tho representatives of the Canadian Woollen Manufacturers’ Association in South Dfrica and South America are beginning to get results. The initial shipments wer epractically sample orders. The Canadian knit goods men arc confident that the first- shipments will produce more business in the face of keen competition. A small amount of business has been done with the United States. There has been an attractive premium on New York funds until very recently which has helped some Canadian hoisery mills to get American business on a- comparatively small scale, it- is true, but in sufficient volume to demonstrate that Cniuvdian goods can compete so far ns quality is concerned. There were liberal shipments of British all-wool hoisery to Canada for the autumn and winter trade. The Bri tish imports were mostly for high-class trade. )

autumn and winter .trade. The Bri tish imports were mostly for high-class trade. ] Mill agents anticipate a healthy | amount of spring business in both hos- . ierv and underwear. They say that retail stock are light, and that, accordingly, the merchants will get into the market for normal quantities of goods as soon as they new season approaches.