THE WOOL MARKET.

Otago Witness, Issue 2387, 30 November 1899, Page 19

THE WOOL MARKET.

Tbe sheep farmers of the colony are to be congratulated upon the greatly improved state, of the wool market as compared with what it has been for some years past. The returns they will receive this season for their clips, while benefiting them individually, will also add a greatly increased amount to the ag-crre-gatc return the colony .will receive, from the export of this season's wool. The farmers of Canterbury have especial reason to be thankful for the turn that the market has taken during this j>ast year, for the sale on Thursday last, tne first of this season's series .to be held in Christchurch, was an exceptional success, not only for the prices given, but for the fact that only a comparatively small quantity was passeH aud not disposed of at auction. The principal rise in prices was shown in fine wools, merino, and halfbred, but as all the best clips have yet to come- in, the full extent of the advance has hardly yet been appreciated. The merino wool sold on Thursday last comprised very small clips, and was not of the same quality as will be sent forward later on by the larger growers, but nevertheless the highly satisfactory figure of 12^& for greasy merino was reached, while greasy halfbred sold as high as 13id, and scoured wools sold high in proportion. The rise in fine wools has been brought about chiefly by the great shortage in its production during the past few years, the chief factor in bringing about that result being the drought in Australia, which caused the loss of so many merino sheep, New South Wales alone having lost between twenty and thirty millions. Then again, New Zealand and the Argentine have gone in for the more extensive breeding of crossbreds, and thus diminished the quantity of fine wools produced by them. The fashions have also contributed to some extent to the rise in values, as of late years'there has been a greater demand for fine goods. The general opinion is that fine wools will retain a good level of values for several years to come, but that in the near future there will be a gradual appreciation of the values of the coarser grades. The lO3S of so many sheep in Australia has reduced the world's annual supply of wool, while the demand must go on increasing with the increase in population. TJaa outlook for fcha wookrrotrer is certainly

more favourable than it has been for many years past. — Press.