WOOL IN 1907.

Otago Witness, Issue 2814, 19 February 1908, Page 8

WOOL IN 1907.

(From Our Special Coreespoxdext.) BRADFORD, December 27. 1907. A GOOD BEGINNING, BUT A BAD FINISH. Nineteen, hundred and wven has bejied expectations, and as a wool fear it will go down to history as ttaking a good start, continuing well, but Hiding badly. In other words, it is a case k» a large extent of unrealised ideas, ti'id ikjat picmised at or.c time to be a ye:ir »f excel tiona ! good has turned out disappointing to a degree. The record is a jrort'.y one up to a certain point, and then )onies a t.ev;;>-e blow which shakes confidence, checks turnover, with the inevitable result that pi ices fall heavily. A GOOD START. Ihe post year, commeri iallv. be^r vvu, .nd wool had a fine t-tart. When January lawned the textile iixhi=try was in splendid (orni, at no time bettor the year 1872. There was in sight a plentiful \ipply of wool, but tho new season's arrival lame" to empty warehouses and hungry machines. Very large connects towards th» ;nd of IPO6 had been enteied upon bj Spinners end manufoctureis for the supply )i raw rrateriai, and trade was co good thpt )verything that came to hand was lifted nth comparative ea*e The year opened rith wool values at a moderately high level. nd yet for all that no difticultv was experienced in financing arrivals; in fact, s-> jrgent were the demands of the fade that )ills tier' 1 retired immediately the wool vrrived and the sanie pas=ed on to manuactuving districts. When the London wool ales opened in Janvary the tiade was quite ieady for the offerings, and all sold in nerino eorts at par to id advance. By the end of January new wools from ill producing countries were pouring into consuming centres -in verj large- quantities and urder ordinary sircumftances this fact alon* would have been sufficient to ' ia v<' caused a set-back in prices. Instead of that everything was lifted with comparative eaee, so much" so that at the March series jf London sales consumers went still hungry for the raw material, fine wools at the Dining marking an advance of about 5 per sent. It was now patent to all that both ihß woollen and worsted industries were enjoying a real boom, and that fashions »rere decidedly inclining towards fine qualities Values in Bradford showed a gradual hardening, until by the end of March super bOs colonial tops had risen p. full lid per lb. This was all the. more temarkable because importers had been expecting with the increasing arrivals of won s Vom Australasia cc t hat values would by now ie declining, but all through the summer Mid right up to the end of October trade )onditions continue'l so healthy that prices keadilv crept upwards, aided and seconded by a record demand both for wool. tops, rams, and pieces. As we look back 1907 ias been a year favouring the consumption >f merino wool, and although Australasia fumed out a record c1ip— 2.090.000 bales.— jet it was easily absorbed. The fact is very Significant that til through the past year )here has been a development of consumption on the side of merinos, even high hrices in no sense militating against the We of fine fabrics. Manufacturers have somplained bitterly at their inability to pbtain corresponding prices commensurate with the cost of raw materials, but no one Supposes that *ith all the overtime maehitoery has been frprked mills have been i«un at a loss. Here in Bradford anyone possessing fine wool wae able to quickly *ell the same at a profit up to the end of October, but since then new business has About winked up. CONSUMPTION ON THE TOP OF SUPPLIES. London sal"' »re ahva\--> & fairly goo'l

Tcriteiion of the actual standing of the , trad;!, and the satisfactory progress from January to October ,n fine qualities and ths speedy clearance of all supplies at I steadily-edvancing prices proves that consumption bus a'l along kept pace with supplies. The trade nc\ei before in ire history had been called upon to lift such a larg<- weight ol wool, and vet everything was cleared without the slightest ■ Intel 1 until the American financial crisis ! arose at the end of October. Both at the July and September beriee \alues displayed a. strong rising tendency, especially at the fifth series, the sharp advance being but an echo of the very pressing need-, of users which must be supplied at any pri^^ j Good greasy Queensland merino grease, that sold last January at 13d to 13j|d per lb, was selling at 15£ dto 16d at the September series; in other words, merino wool had risen an all-round full 2d per lb during that part of the year. and this is all the more remarkable when it is remembered that last January prices were then regarded as both high and somewhat dangerous. But all through the jear machinery has been run at such great pressure and overtime has been so general that, having no previous -stocks to draw upon, arrivals have done no more than keep frame? and loo"ns running. There is no doubt that a lavger world' - need has made itself felt in the wool world in a very proncurced waj . e\ o;r demind both for* yarn and_ woven f o.b>-ic- contributing largeiv. i 1o the rr'osperitv and hi-iskuess of the vnclI len ami worsted tu.de -> in fjeneral. Old meirber- of the tiade have oftentimes expressed srre it -*v -ori«e at wool values continuing to mount up as they did, but at no single tini" can it be said that supplies hay i overtaken consumption; at least up to tlii» beginn'iicr of December. FRADFORD TOP TR^ADE. The hade in "top=" harmonises very largely with the movement of wool, and here thugs divide themselves into two periods, one of prosperity and one of adversity. Fair weather undoubicdlv prevai'ed in the section for fine wool tops up to tho American crisis, and this big bogey then sent its paralysing influences ihrouprh tlie entire tiade. Unfortunately, topmaker.- hay« not experienced anything like as successful a time as those handling the raw material. As already said, during the autumn of 1906 importing ropmakers sold heav ily of ''future*," aeriecinjr to deliver large ouenti, l 'es of all qualities of lops from January to June at an aveiage lo>s of 2d per lb Good merinos were -old forward as low as 24d to 25^d. and 40's 15d to 16d. bii'- wool was never bought anywhere to make them at anything like thp figures. All thrcusrh the season wool maikets have been against these cheap contiac 1 , 3 , consequent 1< (o importers 1907 has be^n a time of disaster. Tho~e who did not operate I in the colonies last season, or at least who did not sell forward, did v erv veil up to the end of Octobei. but the majority fared badly. Lenrinp; a lesson from (he tragic deals of »a year ago, importers went out again to Austialia last August and September determining this tune to follow a different policy altogether. Vcrv few '"futures"' indeed were sold up to the end of October ; in* fact the business now -,o'd ahead is not half v-ha.^ ie was a. year agn. Importer said they preferred to fir*t buy the wool and know what "tops" were going to cost before selling forward, and, aceordinglv. they hi-ve bought some far weights, only to find when the wool is arriving home that it is sadly too dear. Where many lost 2d per lb on their future top sales i. year ago. they are now in for facing about the wm • loss on the w.col already bnuarhr. providing theie is not a speedy advance which hardly scenes likely. COURSE OF CROSSRREDS. The course of eiossbred woo's has not

c l>cen aT favourable as merinos, and here ii nothing Lut a dragging time has been exd perienced. Natuially, a cessation, or, t rather, a modification, of the epecial eondii- tions which have favoured crossbred wools h in past jears has infant a lower range of s values both in English and colonial sorts, h Two vars. aided materially by a universal S demand for "tweeds," meant the absorpt tioii of tremendous weights of crossbieds, 9 but as we have ahvudy seen, with the growe ing proscerity and increased purchasing d power of the people theio has been thiouglie out the year a more extended cal' for fine t wools. All through 1907 cio--sbrecls >f moved tardily, and wools have only been •shifted at lower prices. The last New Zealand clip was hardly as bright and -weH- »" giown as the previous one; stiß. for all - that, growers leceived good paying pi ices 1 for their wools, and the whole has been shifted. The eourpc of top prices, as iii1 dicated below, shows a gradual ease, the" monih of March about seeing (he highest a point touched for crossbred qualities. All ■• through the year these wools have missed - much the demand cieated for crossbred 0 cloths for military purpose 5 , and the Oon- > tinent has never supported these wools as . they have meiinos. Practically the who c P of the New Zealand clip and a larger pioa portion than ever from the River Plate c has had to be lifted by the Yoikshue y trade, and with tops and yarns, as well as ** fabuca, not going off so freely as in the ) two previous years values have Oiig-htlv ! " suffered. All through the year Bradford spinners have kept remarkably husv. and • this has. no doubt, helped consumption; - but for all U>at theie has never l>een about t the market that "vim" which has lonsr been s such a characteristic- of crossbred wools. ENGLISH QUALITIES. Dealers in English wools have had any1 thin.^ but a rosy lime, and the majority have' lost money . From January to the end 0 of Apri 1 values kept very steady, and a moderate turnover was effected, but as the " tim-3 of the "new clip" came round buyers S "trimnied" for it. This was really the 1 direct result of buying the 1906 clip too dear; in fact, very litt'e good has been ' don,3 oui of English wools during the past \ two years. There was not that rush for 3 domestic wools at country fairs last June * and Juh that there was the year previous, „ "burnt fingers" teaching country dealeis and buyers in Bradford the salutary lesson \ ol *ot forcing prices beyond reason. The } consequence was that when users turned out to sound farmers their offers were ■ generally 2d per lb less than they pa-'d the vcn- pte-wou=, and many powers who then 'L refused that offer are still holding their " c 'ip— worth to-day at least 3d to 4d per , lb less than at th<? shearing of 1906. Some t fair big weights have been lifted, and ia~- ; mers who sold at clipping-time have had i every reason for tongratulation. All i through tho summer English wools have never got on to their feet, and although f durino the months of July, August, and , September some big weights were snipped to America, still values have gradually I drooped, until to-day every quality is worth sensibly les« than at clipping-time. Stocks to-dpy in Bradford are considerable, and j- some big weights are in the hands of coun- - try dealers, who are faced with a pretty 1 stiff loss. They seem to be "sitting tight. t and are unwilling to accept what users heie will now bid, hoping with the turn of the r year that matters will improve, bince tlO 5 beginning of November with the financial t stringency the turnover has been vei-v rei. stricled, and forced sales have undoubtedly \ affected prices. ; COURSE OF WOOL PRICES. The follow. 112 table shows the movement of values for "the various descriptions of wool and lcp= over the whole year, the f figures given being average ones for each - month: —

Lincoln hogs Lincoln wetheis Yoikshire hogs Yoik=hire wetheis Xoith hog;;? Xoi th wethers Halfbred hc^s . . • Halfbred welhei? • Miropsh're hogs .. .. Phropshire netlien Super Stafford hoji* Super Stnftord v.e'hei' Kent «ethei<! Seleded Irish hog* Selected Irish wethers . Wiltshire Down tegs .. Wiltshire Down ewes . . Devon arrea«v Hampshire Down tegs . . Sussex Downs Cheviot hogs super Blackfaced Scotch Turkey average mohair . Cape firsts mohair . Cape winter mohair 70's Colonial tops . . . 64' e Colonial tops 60's Colonial tops .. 56's Colonial tops . 50' e Colonial tope .. 46's Colonial top= . 40's Colonial tops . 36's Colonial top« . .. Jan Feb Mar. Apr May June July Aug bep. Oct. Aov. JJec. Addddd.d d d d d d. IV 13* 13» 13 > W1 125 12i 12i 125 12' 1? 12 —Hi V" I" 1" 1& 12? 12 113 Hi 12 11% 11 103-101 15* 15* 15* 14? 14" 13* 13i 13V 11 13 J 13 13 -12* 14' 1% 14', 13J 13* 13" 12J 13 13* 131 12V IU-H 15 15 15 14* 14" 13? 131 13. IT. V.'), 13 13 -121 15= 13' 13-2 V\\ 13J 13 12J 121 12J I- 1 . 12 "i-Hl 4 14 U 14" 13 123 125 121 12| 12* 12& 12*-12 W IV I3i 1^ 12 l 12t 12 12 \2\ 12i 11J Hl-1U W 13" 15" 15" 142 141 13| 13i 14 14 13* 13 1% 14* [% In l 4 1 3 | 13i 13 12J l?i 134 133-121 14 14" 14" 14" 14 132 13i 13 13 13 12J 12J 13* 131 13J 13J 131 13* 13" 131 125 12J 12 12 m 13i 134 13^ 13 13 12J 12i 12i 123 12 113— HI it 14* 1« 14j UJ 13 12J 12J 125 12J 121 12J-12 13^ ill 13* 13* 13 134 12 12 12 12 11J lli-11 16 lot 15 15' 15 14J 14J 141 l*i "i « 1* „, 15? 15* 143 14| 14J 14J 14 14 14 14J 13J ISJ-121 10 10 10 9J 9 8* 85 8J 8k 81 8J 81- 8 15 15 15 14| 14i 14J 1* 18J 14 " 14 14 ~ 13i 51 i« 15* 154 15* 14| 14 14 14J 14J 15 15 -14J lit 14" 14" 14 13', 13 121 12 12 11J 11 J 11 9" 9 9i 9i 9 82 8J 8} 8J 8 8 7J 17 17 17* 1 ? 1 17 ? 17 * 17 S 17 * 17 ' i 17^ 17 » 17 i lSi 16J 161 161 16 loh 15| 154 15J loi 15 14J 13 13 131 l 3 i I 3 13^ 19 2 13 13 12^ 12 "* o8o 8 084 09 29. 29V 29J 291 29* 30J 31 09 28 —27 "7 27> 28 28" 28J 26i 28J 29 29J 30 28 27 —26 26 "6) <m 2"! 28J 27J 27J 27J 28i 2f 27J 26 —25 011 or 2il 21i 24* 2-U 24V 24J 24i 25 24 23J— 22i 2! it iii 2^ 2 n i 22" 22~ 21J 21V 21J 22 21 19J— 18i ISl" 18* 19" 1?'. 181 18 171 17i 174 17 l&i 15J— 14i 17i 171 17 1 17? 17 16V 16V 1&} 16V 161 15 1 tt— l3 16-- 16] 16J 16V 16 15| loj 151 155 15i Hi 13J-121