THE WOOL MARKET.

Lyttelton Times, Volume CI, Issue 11887, 10 May 1899, Page 3

THE WOOL MARKET.

, [“Canterbury Times.”]

While an advance in the price of merino wool has been .anticipated for some weeks past, not even the most sanguine prophet could hint ; at such a bound as has taken place at the* London sales which opened last week, or that the improvement would extend to all descriptions of the staple. Merino wool, from its great scarcity, has made the greatest improvement, equal to fully 2d per lb (taking into consideration the further advance since the opening of the series) ; fine cross-bred wool, of which also the supply is limited, has improved by |d to Id per lb, while ordinary and coarse ‘cross- breds, of which the production has lately far exceeded the demand, have shared in the improvement to the extent of Id to id per- lb. There can be no question as to the shortage in the supply of merino and .fine cross-bred wools. The quantity of wool for the current series was limited to 250,000 bales, this being in itself a small quantity for the midst of the London selling season, but the latest advices from London estimated that not more than, 180,000 bales, including old stock, would be actually available. The proportion of fine wools, already reduced by drought, has been further diminished by the large quantity of these grades which was sold at the colonial auctions of the past season. On the other hand, fashion has lately run almost exclusively upon fabrics manufactured from these fine wools, so that while there is an increased consumption of merino and fine cross-bred there is a much smaller supply. We have to go back to 1886 for a record of a similar sharp and decided advance. The early part of that year was a ,period of previously unexampled depression in the wool market, but at the London June sales a rise almost identical with that which has just occurred took place. There is this difference between that and the upward movement, that the latter has not.had the assistance of the American trade, Which so often exercises a marked influence upon prices. ■ Another point is that merino last March was not so extremely depressed as in April, 1886, and the present improvement in that quality is not merely a recovery, but is . a distinct advance, which it is, to be hoped will be-maintained, and before long participated in .by other-'descriptions. ■