BRADFORD WOOL TRADE

Lyttelton Times, Volume CXVI, Issue 16749, 2 January 1915, Page 14

BRADFORD WOOL TRADE

[Feoji Our Correspondent.]

. BRADFORD, November 13.

During the past fortnight prices havw in some cases gone ■ higher hut it now appears that the maximum baa been reached, and, ■in ■; fact,- the extreme rates o:t a week ago cannot now' be made.

Users appear to be well covered for present needs, and in placing new orders they do not, as ivas .the case refcently, regard'price as a negligible factor. There is still an excellent'demand for wool or tops which is - available for early delivery, provided the price ia reasonable, hut there is not the same pressure to cover, and consequently the amount of business passing is limited. A further factor which has helped to check the rise has been' a reported fall in values at» Melbourne, extending up to 2d for inferior qualities, which, of course, feel the lack of Continental competition. A fall was, indeed, expected, for it is inconceivable that British competition alone can sustain values when supplies come forward ,in bulk. The published reports, however, are more emphatic than private advices, which' are to the effect that good combing wools suitable for thi# market are little, ’ if any, cheaper. Some buyers, in fact, have had to r&iM limits before they could secure anj; wool. ■. •

The moral effect, however, was tapreciable and still further strengthened the determination of buyer* to show a little-nibre caution in buying. Further relief was afforded by the refusal of the Government to grant licenses for the export, of wool of any description, and by the announcement that the embargo would apply until at least the New, -Year. This justified merchants in releasing, stocks of tops and yarns which were held against tha orders of customers in neutral countries. It was also shown in the futures market, where there are less willingness to buy. Morinoes can now hi ~ obtained on the basis of 2d below prompt rates for delivery. JanuaryFebruary; whilst in the case of cross* breds,.fine and’;;medium sorts are Id below -prompt rates for delivery MarchApril. Coarse cross-breds are hot ap- * preciably cheaper for future, dolivery, and, in .fact, with; regard to all crossbreds topmakers are by no means willing to accept orders. This, of course, is owing to the uncertainty of ship-', rnents. It is obvious that a lower level of. values must prevail when the new! wool which is being bought in South American and New Zealand cornea to hand, for it i 3 being secured at a price which,. even .allowing for- increased freight and. insurance, is below Bradford rates, Tho facilities for shipment, however, may be .so restricted that there will bi an artificial scarcity on this side of tha water. The economic axiom that there tends to. be one . price for tha samp commodity throughout the world will fail to apply, for the ; simple reason--: that artificial restrictions. of com-, mnnication impede the enormal equation of supply and demand.

. The consumptive deigand for wool ia this country is still of au unprecedented character. -Practically all -the contracts for the British Government hava been placed, but- there are. still order* to be had for the French and'Russian Governments.' Moreover, the ordinary homo trade is improving, and dress goods manufacturers'are reaping tha advantage from the absence of French and German competition. France, of course, is handicapped, not only by tha war. which is raging round her chief wool centre, Roubaix and Tourcoing, hut by-tho restrictions •on the export of British and-colonial wool. Conditions in America, are not. so rosy aa some anticipated, but tho. excellent harvest, the lack of imports fromi Europe, and the openings in other* markets, particularly South America., lead, one to the conclusion that trada there will he very good. The outlook, therefore, is good from tho point or view of British and American manufacturers, spinners, topmakers and merchants. From the growers’ point of view, of tlio absence of Continental competition has to he sot against the unprecedented demand for* wool for Army clothing and the probable decrease in supplies during tha next twelve months.

The rapidity of the recovery of prices since the boom commenced is remarkable, and in order to illustrate it w® give below the current average prices, the lowest point reached immediately after the war, the level before the war, the level at this time last year, th® highest and lowest prices recorded dur* ing the past*ten years, and tho aver* age prico during the past ten year* t—«

(nominal) 18 1® 15J 15* 17| 71 13.4 During tho- past fortnight domestic wools have been in excellent demand, particularly sorts suitable for the hosiery trade. Prices have in.-most case* shown an advance, and stocks in many cases are very low. ‘ ' VV. The following were the average prices ruling on the market days named ■•November

„• 2 ■!« *4 • 55 § ef 5 55 ... j a, o © CO >> 0 $ 4 .,1 £ o & 2 O > 'A tn i A S 3 < Buring-1904-lJl d. d. & a. d. d. d. 70’s merino 32 281 33 29 311 22J 27.8 60’s.ord. .. 30 264 31 . 27 283 201 25.8 56's x-bd . 28 23 04J 22 261 171 21.9 50’s x-bd . 25J 19J 20J 19 2-11 19J 19.9 46's x-bd. . 214 16. 17 .161 205 101 15.9 40's prep. 32’s prep. 191 151 16 15J 19* 8 14.1

a. 6. 9. IX Merinoes— 70’s r - ■ ii; ■' ■; : d." ; dr d. m m 32} 32' GOs super 81 32 ■ -32 31} 60'b ordinary . 30 .,31 '31 80 60’s B.A. 30 ' -31 SI SO Cross-breds— 68’s . . 29 30 30 SO 86's . . 27. ,v 28-, -.98 28 50's . . . 25 i 25} 25} 46’s . . . . m 211 ,21} 211 40's . , . « 20, . 2020 19} 36's . . . 10 19 10 18} 32's ... 18} . 184 18} 18 Lincoln — Hoggets 14} • Hi 11| Wethers ; u ■ u 14 14 Kent wo there . . 16 16 161«*