The Dominion. MONDAY, JANUARY 17, 1910. WOOL THE GREAT ASSET.

Dominion, Volume 3, Issue 717, 17 January 1910, Page 4

The Dominion. MONDAY, JANUARY 17, 1910. WOOL THE GREAT ASSET.

To-day tho Wellington \ woolbrokers will receive and pay out close upon £300,000 wool money as the result of the Bale held in Wellington on January 3. The Napier woolbrokers will, on Thursday, distribute approximately £225,000, so that in tho southern half of the North Island, and including a part of Marlborough, over a half-million sterling will get into circulation. The fertilising effects of this large amount of ready cash can well be imagined. Before the month closes payments will be made in respect of the sales held at Auckland and Christchurch when another half-mil-lion sterling will bo disbursed. The Inveicargill sale, held this month, does" not come into the month's total, because in the wool trade the wool is not lifted for a fortnight, that is to say payment is'deferred for that period. It is obvious, however, that during the current quarter an enormous sum will become due to the woolgrowers of New Zealand, v The full importance of wool as an asset to tho country is, perhaps, not properly realised—especially by those who live m the towns A good wool clip well sola means everything to New Zealand, and wo are this season in a very fortunate position We havo, according to competent authorities, a larger and better-grown clip, and the staple is selling at remarkably good prices For the nine months ending December 31, 1909, the wool exports from the Dominion amounted to 82,622,8361b5., valued at £3,002,636, as compared with 71,849,3481b5., valued at £2,299,941 for the corresponding period of 1908. Here we see a gain of 10,773,4881b5. in weight and £702,695 in value. Thus, both in quantity and in price there have bean substantial gains. In the first quarter of 1909 the exports totalled 107,824,7261b5., or 50 per cent more than the total for the previous nine months. This wool waa valued at £3,237,920. If we take the increase in the current quarter at only 5 per cent, assuming that woolgrowers having done their utmost to take advantage of tho high prices ruling have hastoned their wools to the market, we shall bo within the mark, and the outturn for .the . throe months January-March, should approximate to 113,215,9621bs The smaller shipment in the first quarter of 1009 was assessed at £3,237,920, but with, the larger ship l ment this quarter and the higher; prices;: the '; V13,215,9621b5. should bring in about £4,371,192,: so that the wool shipments for. the year ending> March ■ 31, 1910,: should ap- ■ nrqximate : to, £7,383,800, aa' com-

pared with £5,537,861 for tho year ended March! 31, 1909, an increase of £1,855,939. iV This will be. a-mag-nificent'..achievement.- It is to the farmers as .'α-i whole and the r woolgrowers in particular that we owe this speedy recovery from the depression of 1909/'! land the prospects of a prosperous year in 1910. Tho increase estimated, of £1,855,939, is very : much better for'the country than a loan obtained , by the Govern-' ment for, apart from the fact that it is our own money, legitimately earned, its 'J distribution will do more good than that of an equal sum,.of borrowed money, spent by the Government. The .outlook for wool is very" bright. .Mills, in the United Kingdom, the Continent, and America,are all working full-time. The high price of cotton threatened the worsted industry, but the slump in that staple, : reported ; , recently from New ;York, gives hope that this drawback -will:. now; be ;removed. High prices;;for wool' rest .a good deal on the .immediate and prospective demands of the United States,. and in. this {respect, .the -position is entirely; favourable.,: The American Fibre and; Fabric, ■ an : ; important .textile .journal,:. in a recent- issue dealing with>the wool situation in , America, said: .-:.-." : >- ,-;.' ; •I' '"The price', of : wool continues to rise"in : this • country, ' with:. its ever-increasihg population, and" consequently' enlarged consumption of raw material, and with, production of wool; practically:-stationary. For years 'noir the wool production of the' United Sta-tes has.been, pretty steady at about the, 300,000,0001b. mark; but the population haii been increasing by millions. ■(. The,output of wool, iii fact, has fallen considerably short of keeping' paco with . the' incrnased consumption." There will-be a large clip in. Australia this year,;as large:as was ever raised in that colonyV,but.the. yield in South 'America will. probably be-from' 10 to 15 per cent, less, , while; : :th'e tendency' in most other countries, iwill" be J -;toward • a , lessened rather;.than,.a "greater production , .:. This will he especially true with.reference.to crossbreds, the.slaughter of , sheep in response, to. .demand for-mut-ton .being such ..that wools of j the cross--bred: variety, tiroding; throe-eighths .'blood and : below will 'be' especially scarce and dear. High, therefore, though the price of wool may 'be/ an analysis: of the. situation reveals nothing to our -mind which yfi\\ make ; f6i: materially, lower prices, and, 'with: consumption increasing, at -a, more ; rapid, .pace than'production, the. : staple ■: may ', sell', at ( even,- higher ■:' prices, .than have yet been seen.' Had-:;it not' been, 1 imloedj ~fqr:'tho possibility ~of ' «•■' tended -substitution' of- cotton;for. wool ;in certain kinds? of .wool and- worsted fabrics, -there isfn'o':telling,tov'.what;iheight: the, price of-wool .might have sqared. long before-this." .;;;;;' ■;', i-.'.y.'; 'i:'?:'■'. :■■:■!■.^,<':,:y. Wool,'promises -to, ,■ be' a /handsome asset; for. some; time: to come,-and the' "sheep'-farmer "in: consequence' isi a.jpersdn, tp-ibe/encpuraged/in :every• pdssible.. : 'way.' ; . ; in .the.'. production ; (if:; wool 1 . directly; benefit the';whole 'country.:;; J li/- : -i - ; '