THE WOOL MARKET.

Lyttelton Times, Volume CXIV, Issue 13934, 16 December 1905, Page 5

THE WOOL MARKET.

The successful wool sal© which ua© concluded yesterday is proof that the buyers who are resident in New Zealand or who visit this colony annually are capable of purchasing as much wool as can be placed before them, at prices quite equal to London values, less the cost of shipment. Indeed, while buyers undoubtedly have had two or three good years in the last decade, it is pretty certain that, on the whole, woolgrowers have done better by selling in the colony than hy consigning to the Home market. The colonial markets, both Australian and New Zealand, have been severely tried this year by the large quantity of wool which has been crowded into the first part of the season for sal©; yet high prices for good wools have been realised, and excellent values have been obtained for other grades. Growers of what may be termed “ordinary ” oroas-hreds have had to accept slightly lower prices than they anticipated three months ago, but it should be remembered that this class’ of wool made the greatest appreciation in value and is etm at a high level in comparison with the 'finer descriptions. Growers of merino wools were for some years in an enviable position, owing to the been competition of the colonial mills for their staple, which had the effect of making prices actually higher here than in London. The change of fashion to rougher fabrics for clothing has left merino without this support, and its value is again governed by the London market, to the disappointment of those who had enjoyed the benefits of local industry. The preference of colonial manufacturers for fine cross-bred wools contributed to the advance in thee© descriptions, but the finest half-breds, particularly, seem to be keenly wanted at present by all' sections of buyers. The best authorities are agreed that the outlook for the immediate’ future is distinctly encouraging. The present level of values is likely to be maintained unless large shipments of Australian wool should cause a temporary weakness in the early part of the year, a.s was the base in the past season. Further than this, we need not speculate just now.