THE WOOL MARKET.

Lyttelton Times, Volume CXI, Issue 13343, 23 January 1904, Page 6

THE WOOL MARKET.

The wool market has made many rapid changes- during the past few years, but none more welcome to growers than that .of the IaSC month. There has been a striking recovery from a fall which threatened to end in a-. depression as deep and as general as that of five years ago. The lowrange of prices which ruled for several season;; up to 1898 was followed by the “boom,” which reached its climax in tho closing months of 1899, and was in turn succeeded by a “ slump,” which will riot be easily forgotten by its victims. Fortunately, there is no reason to fear that the present recovery of values will develop into any such inflation and collapse. It merely shows that there was no solid ground for the decline in values which occurred Inst November. The statistical position of the trade has not altered during the last three mouths, nor does the present conditio)! of the woollen industry vary in any marked degree from that of. last October.! An examination of tho prices at the current series of London wool sales shows that they are almost exactly on a level with thceo of tho September Series, which formed tho basis of values for tho local November sales. Tho fall in London at the end of November was reflected in tho sales held in the colonies during December, and tlie recovery in London at tho current scries has been fully appreciated in the colonial market. Delighted wool-growers have been heard to declare, during the last couple of -days, that this week’s sale was the best they had ever known ; but they have fjhßrt memories. Prices' wore really very little higher than they were last November, though the competition was much more general and the tone more confident. The sale of December, 1899, will probably hold the record for a generation, the prices then reaching per .lb for merino and 13£d for half-bred fleeces. As regards the proportion of wool sold, however, this week’s sale is easily first, the withdrawals amounting to little more than 5 per cent, ns against nearly 14 per cent ar the “ boom ” Bale. Growers, w-o believe, will have no reason to regret having thus freely met the market. Tho latest information regarding’ trade and supplies in tho principal consuming districts is that though littlo or no increase in the production- in tho ensuing year is.anticipated, tho prospective supply will he fruxHcieut for all requirements, and therefore, while present values are likely to be maintained until Australian production increases, no further material enhancement ia to be oxpcctc-d. Indeed, thanks to tho demand of tho colonial mills, prices fur merino and Half-bred wool have been as high at the. local sales as they are in London. More than a little, too, is due to the strong demand on United States account which was manifested here, and which extended to descriptions which dto not- generally come within tlie scop© of American competition. It may bo hoped that the remaining sales of the season will bo equally satisfactory.