Evening Post. THURSDAY, MAY 8, 1879. THE WOOL MARKET.

Evening Post, Volume XVIII, Issue 504, 8 May 1879, Page 2

Evening Post. THURSDAY, MAY 8, 1879. THE WOOL MARKET.

» '¦ WHILE the financial depression which now existß in this Colony is popularly attributed to Bank pressure, over speculation, and other : similar causes, business men know full well that the real cause is the low price ruling abroad for the staple productions of the Colony — wool and wheat. Both have fallen steadily for some time past, and the spending power of the people of the Colony has therefore steadily contracted, tightness of money, Bank pressure, and hard times being the natural result. We hope, how* lever, thai brighter times are approaching. For a considerable time there has prevailed in business circles an almost feverish anxiety regarding, the May wool sales, which commenced in London 'the day before yesterday. Many exporters have, it is well known, kept their wool over for these sales, refusing to allow it to be sold at the low jjrices ruling at the last series. To many tie tone of the market during this series may be regarded almost as a question between prosperity and ruin. We are therefore glad indeed to find that the sales opened with favorable promise. There is not, indeed, any rise yet, but there is" 1 evidenpe to ahow. that one is not improbable at an early stage in the sale, and that there is not the least likelihood of any further fall. The attendance of buyers was large on the opening day, and as no note is made of it, we may presume that this attendance, unlike that at the last series, represented the Home trade as well •a foreign buyers. The competition also was brisk, and , the closing rates of last sales were fully maintained. Crossbreds, a description of wool largely exported from this Colony, were remarkably firm. This is good news, and added to it we have the farther gratifying fact announced of a. rise of sixpence in wheat. If wool follows the example and goes up a p^enny or twopence a pound, we shall soon rind money easier.