THE WOOL MARKET.

Dominion, Volume 2, Issue 469, 30 March 1909, Page 4

THE WOOL MARKET.

The London wool sales which closed last week proved very satisfactory, for practically every class of wool met with better sale than •at the previous sales. The actual advance in values was from 5 per cent, to 15 per cent, on the closing rates of the January sales, the greatest gain being seenred by fine crossbreds—the class of wool suitable for America. It was in November last that the market first gave promise of an improvement. The November sales opened at a strong advance, but a part of this was lost subsequently; still the close saw prices a shade above September values. At the January sales this year there was a further improvement, and once more the market has afforded satisfaction to wool-growers. Just what the improvement amounts to may bo judged by a comparison of the prices current at the closo of the November sales, and those realised at tho sales which ended last week, iho following quotations arc those cabled by tho High Commissioner:. Nov., 1308. March, 1909. (1. d. d. il. Superior Merino ■ ... 11l to 13J 12 to 14 Medium Merino ... 9 to 11 10 to 12 Inferior Merino ... CV to 8} 7 to 9} Fino Crossbreds ... 1H to 13} 12 to 15 Medium Crossbreds ... 8J to 11 9i to 11$ Coarso Crossbreds ... 6' to 9 tfi to 0| In every grade there is a distinct gain in value, crossbreds showing an advance of id. to lid. per lb., which is decidedly encouraging. The market is now on tho upgrade, that is to say, values will, subject to the inevitable fluctuations, advance steadily, and this in sympathy with the general trade improvement. In Germany and in France the textile industries arc now more active, and America has given evidence of a revival by buying larger quantities of the staple. The change in the outlook is to be seen in the' distribution of wool at the March sales this year as compared with the corresponding sale of 1908. The figures are as under: — March, 130 S. March, 1909. Bales. Bales. Homo trade. ... 77,000 90,000 Continental ... 44,000 09.000 American -1,000 IS,OOO Held over ... . ... 78,000 ' 13,000 203,000 19G,000 In March last year the dullness in the trade was most marked, and the heavy carry-over of 78,000 bales clearly indicates the depression. This year there has been free buying, especially on the part of America. The outlook is distinctly encouraging, not only because wool promises to yield better results, but also because of the proof it affords of a general trade recovery, which will help us", to market our products at enhanced prices.