The Australian Wool Trade, 1891-2

Feilding Star, Volume XIII, Issue 115, 26 March 1892, Page 3

The Australian Wool Trade, 1891-2

— ♦ We make the following interesting extracts from the Annual Eeview of the Australian wool trade for the season 1891-2, of Messrs Goldsbrough, Morfc and Co., limited. The slight retrogression shown by the figures relating to colonial sales of 1890-1 has been eftaced by the progress apparent in the period under review, and the record is again higher than •that of any foregoing season. For the past year the total sales in the colonies ihaye been 634,043 bales, as against 568,170 bales, and 524,978 bales in 1889-0 and 1890-1 respectively. This quantity was consumed as follows : — Bales. Home Trade 201,000 Continental 325,000 American 51,300 Japan, India, and China ... 1,700 Local Manufacturers and Speculators 55,000 Total ... 634,000 The attendance of buyers at the Melbourne sale -from all sections of the trade was very large, considerably in excess of former years, and it is gratifying to record a further substantial increase in the quantity of wool sold, which is also the largest yet recorded. The total sales for the sea* son amounted to 292,694, of which Goldsbrough and Co., of Melbourne, sold 76,254 bales and the N.Z.L. and M. Co. 70,612 bales. This, quantity, it is estimated, has been taken for consumption as follows : — Bales. England and Scotland 84,000 France and Belgium 105,000 Germany 34,000 United States and Canada ... 43,000 Japan 1,200 Local Manufacturing and Speculation 25,800 Total 293,000 At Sydney 283,338 bales were sold, the destination of which was estimated to be— Bales. Home Trade 92,000 Continent 170,000 Local Scourers 13,000 America t 7,500 India, Japan, and China ... 500 Total • 283,000 The extensive competition now secured from all manufacturing centres affords ample assurance to growers that values current in colonial sales are based upon the condition of trade, while the economic advantages in direct purchases for the Continent and America secure for the bulk of the wools an improvement on London parity. The figures evidence the growth of this belief, which promises soon to attach the bulk of our producers to Colonial markets. About 50,000 bales were sent to America in 1891-2. As to the prospects of the trade the report says : The present condition of the wool trade scarcely warrants very sanguine antipations for the forthcoming year. Manufacturers, although pretty fully employed, find little margin for profit, even with the present low values of wool, and the latest movement of prices for raw wool has been again downward, while the economic conditions in Europe do not afford much hope of immediate revival. The de* liveries of wool into Europe for the year ending December, 1891, were almost entirely absorbed, but as it is nnderstood that a proportion of this must be credited to the necessity for keeping machinery employed, it becomes a question whether the circumstances attending manufactured products are equally favourable. On the other hand, chenp goods are invaribly a stimulant to trade, and the present low prices of wool may at any lime produce a new and vigorous demand, capable of materially enhancing values. The modification or repeal of the American duties would also be of unmcn.-e influence ; and, in any case, the year starts with an abnormally low level of values which jnay of itself induce a return of pros, perity.