THE WOOL MARKET.

Gisborne Times, Volume XXVI, Issue 2200, 26 May 1908, Page 1

THE WOOL MARKET.

OUR YORKSHIRE LETTER.

A COVERING MOA r EMENT.

(From our special correspondent.) BRADFORD, April’ 10.

Since I last wrote Bradford . lias merged from the depths of a semipanic. and recovered consciousness. Last week a decided turn for the letter took place,' largely accounted lor by the improved tono in London. At the lowest point a fair weight of business was donO) spinnors buying what they felt tlioy would heed during flit, next few weeks. Crossbreds responded sharply, and where 40’s changed hands at B}d and 9d last Monday week, topmakers would not sell under lOd. Merinos wore generally pu t up id, but the turnover was not a heavy one, though somo nico lots woije sold. From first to last the movement gavo the one impression that.users thought that for tho time being tho bottom >was touched and it was right to operate. This led to a- covering movement, and I am afraid it will end there. Since last week end no Luther advance has taken place, and on Monday’s market there were signs cf returning weakness. Although’ topmakers generally wero quoting hut week-end prices, still I could buy ai id less both in merinos and piossbreds. Tho movement has entirely been a local one, and nob until it assumes larger dimensions can prices permanently improve. The call on export account is as limited as e\ or, and what offers come to hand arc at less price than a fortnight ago. There seems nothing to warrant one in thinking that this move' is a permanent.one, though for the time leing it has arrested the decline, and imparted a. more hopeful feeling in ihb market. One'valuable asset continues to bo tho running well of all machinery, and not much short time is yet being run. More particulars 1 avo lately been given out, -and this is a satisfactory feature. The only 1 Ling that is wanting to stimulate prices is a settled conviction that the bottom is touched, and until that obtains, things cannot improve. , Stocks are fairly heavy of one kind and another, and complaints are rather 'and that business is slow both in yarns and pieces. Here is much room for improvement, and ■ manufactured goods are not going out anything ns Ireely as they wore. Commission wool-com-bers continue fairly busy, but tops are accumulating moro than they have done for, some timo back. The general feeling is that we have not yet seen the bottom, and there is in some quarters a rather limited purchasing power. Mohair is very quiet, Cape firsts being very depressed. I dare say firsts could be bought at 12d, whereas good Turkey average still maintains its price, and is worth about 17<1 per lb.