AUSTRALIAN WOOL.

Otago Witness, Issue 569, 24 October 1862, Page 6

AUSTRALIAN WOOL.

(rROM Till: SHIPPING AND -MMCAXTILE g\zkiti:, juke 25 )

The great inc'-euse in the pro luction of wool in our Australian colonies during the list two or three years, has had a marked influence upon the value ot that description of produce in this country, as well as on the continent, where il continues to be iibcd in large quantities. The consumption of Australian wools has been cheeked by the adverse tariff upon woollen goo Is in America ; consequently, the high range in the quotations in ISSS), and more particularly in 1860, has not been supporte 1, whilst the inv.nonse growth of English qualities has tended materially to infurfere with the prices realized f,r inferior parcels received from abroad. however, that the currencies are nuw fioin 3d. to 6d per Ib. lower than at the corresponding period in 1860, and that the supplies have lie-ome unusually large, the trade is> in by no means so unfavorable a position as might have been anticipated, considering theadvei*einfiue: c.sop?r.Uin» a^-iinst \alui\ Prior to the? commencum -n t of 1860, and during the per od of lnexanijlel prosperity in the expoit trade in woolle.r,, tluro was an opinion current amongst the i"p.>rters that there v, as pi actually scarcely any li.nit to the value of any kind of wool. The -iiippeis in Australia demanded and obtained cxtraviigantlv high rates, the rage for sheep-farming became excessive, and enormou-5 profits were r< al zed by growers generally. Since that time the trade has shown lc .s activity. Prices have given w;iy. the protection afforded the producers of woolen fabrics in the States luu reduced our exports considerably, and, for a tinu-, production has exceeded the consumption. During the first five mouth's of the present year, ihe toial im.iort of wool fi-jin our colonies amounted to 194,190 bales, against 1C4,211 bales in the roricsponding period in IS'3l. The excess this soason is, therefore, 29,979 bales. Tnis is certainly an unusually large quantity ; but, as nearly the whole of the last clip has nuw come to hand, tlie importations during the remainder of the year will be comjcuAtivjly limited. In order to show tlie imports from each colony, we insert the following comparison of airnalb di'nm> the first five months of the present and previous years :—: —

This return is highly favourable to agricultural produce in Australia. Taking the three principal places— viz., Sydney, Port Philip, and South Australia — we find the shipments exceeding 18G1 by about 22,000 bales. The arrivals from New Zealand have steadily increased, and as they have mostly consisted of qualities well suited to the wants of manufacturers both here md on the continent, they promise to maintain a high position here. The want of adequate labor may opeiate against large exports of clean wools ; but our impression is that a long staple must always command remunerative prices. Tlie Cape has sent us a full average supply this year ; but, as the quantity has not increased to any extent, there has been comparative firmness in the quotations for good and fiae samples, which, even now, are rather a scarce commodity. The deficiency in the quanty from India — 9,237 bales— must be chiefly attributed to the scarcity of tonnage at Bombay for -wool, aribiug from the great activity in the cotton trade at that port. Hitherto, this year, less cotton has been shipped than we had a right to expect, when it is considered that we are offering very high prices for it : but the quantify is certainly 50 per cent, laigcr tlian in the general run of years, and for which so much additional tonnage has to be provided, to the partial exclusion of wool. Judging from the prf s-nt state of feeling in the States, the enormous profits on Indian cotton disposed of here, the reduction in the import duties on cotton goods and yarns, and the advanced rates realized for the two latter articles in the Indian markets, it may be safely assumed that very little wool will come to hand from the East for several months. East India wool is, therefore, likely to command present rates until the end of the cotton famine ; but. of course, it forms but a small portion of the quantity actually worked up : consequently, even firm quotations for a particular description can have but little influence upon the general demand. That the future course of the trade will, in a great measure, be regulated by the extent of tlie stock on hand and tlie fresh arrivals is evident enough. A few statistics may, therefore, be useful at this moment. The supply of colonial wool now in the metropolis is about 70.000 bales — a very large quantity for the time of year — while about 30,000 bales, we understand, be received between tins and the end of July. Hence, there w ill be nearly 100,000 bales on hand for the next public sales. The continued upward movement in the value of cotton may have some effect upon the price of low wools, and the steady demand for fine qualities on continental account may prevent a further serious decline m the quotations; but, apparently, wool has not yet seen its lowest rnn«,-e. Tlie state of the money market, aud the great abundance ot capital for commercial purposes, are in favor of steady currencies ; but we arc disposed to think, that more wool will be brought forward at the next auctions than the trade will be able to purchase. Still, to some extent, the quotations will be regulated by the views of holders, arid the pros pect. of arrivila after the sales shall have been brought ro a close. Nearly the whole of the new clip of English wool— perhaps the largest in quantity and best in quality ever produced — is still on hand, and the flock-masters show no inclination to sell at present rates. Possibly, the majority of them will wait the result of the next sales of colonial qualities before entering the market with large quantities. We may now consider the extent of the importations of foreign wools into Eugland. In the first five months of the present year they amounted to 64,814 bales, against 59,139 baled in 1861. Here we find an inciease of 5,075 bales, neatly the whole of which is from South America, liussia has forwarded about 5,000 bales less than lust year; whilst the total quantity received from Spaiu and Portugal has not exceeded 3,817 bales. The annexed shows the arriral from each country: —

These returns prove conclusively the estimation in which colonial wools continue to be held by 'our manufacturers. Had it not been for an almost continuous increase in the supply, and the high duties upon woollen goods in America, the trade would haye been ia a most active state, and the

piofits of tin* growers Uir^e, while En<; ! U'') qualities w \s'd liiuu been hci.i at hm'ie-r eu'n wml rates. We may here vemailv, that the wool tiade has sn X "cd less from an almost <i< neral depression in our tominereial oi.erniiiMiu, ihiri'v *!,c List twelve inoutli^, lliuu mi<ji:c Imvc boen ejected. It must be nlmmed thai ra'.her a uea\\ tall has taken p'aeo in the quotations ; lint oui boli.-f is thut, at one period, nearly all kinds of wool were selling above<thur actual value A re action in the demand has brought down the nik-s to a more natural level, and there <•■> now a wider field for buyers to ope/ate u|i'>n th.-m i!mi '£ the las! siv months. We do not assert that prices have vet be^'ii (heir lowest r.iii^e, but it is evident enough that Ensihbh and foreign hour's will be in a position to take oft near!)' the whole of the stocks now <m hand. A much larger quantity of woollen Roods will be inauufaeluivrt t'us reason, owing t» ;hc hi^li prices of cotton, and the great difiiuiity nt importing adequate supplies of that aiticle.

18G1 18C2. ■n Bales. Bales. Germany - Spain and Portugal - Russia - South America - Barbury and Turkey - Syria and Egypt Italy Denmark - China - Sundry - 1,793 3 8(53 11,240 34,5b'0 1.653 1,405 003 35 44 3 933 2,(i27 3,817 6,301 30,956 2,814 2,05i5 401 1,911 (122 4,249 Total - 59,139 01,814

13G1. 1862. Ba'e*. lilies. •iydn.'v anl Moieton Hay - Port Pip lip - Portland Bay - Uobat t Ton a - ... Launecsion • 'outh Australia - Swiiii River - - > T o\v Z-ala-id - Jape of (iooJ Hope — Alaoa Bay ami Port, iVata! Port Beaufort and Mossel Bay (Jape Towu - East Indi&s .... 27.7;)°, 50,024 1,0(0 4.191 3,000 230:1 1.9 tf 5,352 31,082 67,42!) 3,-183 o.MG •V«52 »■■> U'J« -J. 183 7,411 10,781 7,33.1 23,071) 15,935 7,430 13,5i2 Total - 16 i, 211 191,190