WOOL.

New Zealand Mail, Issue 1717, 25 January 1905, Page 62

WOOL.

Reviewing the past year’s wool market, the Melbourne “Leader” says: The past year has developed a gratifying revival in. ivoi prices, and has done much towards placing the pastoral industry once more on a sound basis. The reasons for improvement have been manifest-enough for gome time past. The years of drought in Australia, which reduced the flocks from some 91,000,000 in 1895 to close on 56,000,000 in 1903, and the clip from 1,595,000 hales in the former year to 994,000 in the latter, or a shortage of about 600,000 bales on the annual output of 1903 as compared with 1895, could not but have far reaching consequences. The reduced flocks could neither yield a sufficient quantity of wool nor meat, and the other sources of production had to be trenched upon. Argentina, perhaps, felt the effect first, and Tier sheep have been materially reduced in number, their last clip, in combination with that from Uruguay, manifesting a shortage of some 75,900 bales on the previous year’s output. The flocks likewise of New Zealand, the United States, and in parts of the Continent, have evinced a sensible decrease. Moreover, cotton was in small supply, and at one time there was something like a textile famine throughout the world. Trade, however, was the reverse of good, and this helped to relieve the strain on the raw material. Owing to the seriously reduced stocks of the fine wool, the demand, which at first had been turned upon crossbreds, owing mainly to their cheapness, continued, quite contrary to general expectation, to still rule upon them, and their values in consequence persisted to harden from the outset. Despite indifferent trade and an uncertain international outlook, the strong statistical position of the staple generally was beginning to strengthen prices sensibly all round at the inception of the year, and the January series of London sales proved firm, and closed at their best prices. The March event was disturbed by the outbreak of the Russo-Japanese war, and merino receded to about the previous November rulings, but crossbreds advanced materially. At the May sales there was a distinct enhancement all round, notably in coarse crossbreds. The following series (July) witnessed a further appreciation in both merino and crossbreds, and at the September series tin? advance was further accentuated. On the day that the September sales closed, viz., the 29th, the Adelaide season opened, at from par to 5 per cent., below the initial prices of the previous season; the free, fine grained merino being at par, while the burry, heavy or otherwise faulty staple manifested the 5 per cent, reduction. The comparison between the two seasons was, however, misleading, as the opening rates of the previous Adelaide sales were the best ot the season, the large offerings—some 17,047 bales —possibly tending at an initial event to keen values at a moderate level. The firmness throughout and the large quantity disposed of, viz., 16,032 bales, plainly indicated that orders were in full supply. On 191 !i < ictob-w our season was iuauguraied, i he and ions proving animated ones, and a good e!en ranco was effected. As i omp-,v i! h the opening rates of the pro, h.-us -

merino was without change, except in the case of the burry ana faulty sorts, which were some 5 per cent, lower. Fine crossbreds and comebacks were, however, about 5 per cent, better, while medium and coarse crossbreds appreciated some 20 per cent. The sales progressed about on these lines until towards the close of October, when the demand from America began to declare itself. From this point the specal characteristics of the season commenced to evolve, the chief features of which were the animated demand for the free light conditioned merino, and kindred staple, notably when fine in the hair, and the good medium and coarse crossbreds and Lincolns displayed brightness, the exciting cause being this demand as regards the first-named qualities, aind the Kusso-Japanese demands as regards the average coarse wools. This class of merino jumped from 2d to 3d per lb as compared with the rulings of the previous season, which, it will be remembered, were only on a relative basis with those of the ordinary wool. For the extra super, grades values touched 17|d per lb. for both fleece and lambs. Although these were high limits, they were exceeded by the boom level of 1899, when up to 19£d was secured; but the prices obtained for the coarser crossbreds from 40’s to 46’s quality nave never before been equalled hei'e, and are certainly on boom levels, as wool of super. Lincoln character sold freely from 12d to per lb., and in one instance up to 15d. These wools, were, of course, in the lightest possible condition free, and of high lustre. The good average xvools, whether merino, comeback or the finer crossbred, sold well from the first, and all soon began to show material improvement on the levels of the previous seasons, notably the comeback descriptions, which appreciated at the best point of the season over Id per lb. as compared with last year. Merino touched values up to, say, Id per lb. better than last season, and ordinary finer crossbreds to about per- lb. The strength of the market was especially reflected in the rates realised for broken, pieces, bellies, and locks, which sold relatively better than the fleece. Lambs was in fuller supply than it has been for years, but the super. sp-ts moved off freely at full rates. The ordinary descriptions, notably the short, faulty and burry, though showing on the average improvement on the rulings of last season, displayed irregularity and the levels are difficult to particularise. The good, bright coarse sorts, free from burr, sold well. Scoureds hardly reached a relative basis with the greasy as a whole, the exception being in the case of the superior parcels, suitable for Japan, which moved off for that destination aiTfuH price, 23id lb. being the top secured. The ordinary sorts only met an average market, while the miscellaneous and faulty parcels were somewhat neglected. So far, however, the offerings of scoured have not been important, the custom of selling in the grease where practicable yearly becoming more general.