THE AUSTRALIAN WOOL TRADE.

Gisborne Times, Volume X, Issue 976, 24 August 1903, Page 3

THE AUSTRALIAN WOOL TRADE.

ANNUAL REVIEW OP THE PAST YEAR.

Dalgofcy and Company Limited, in the July number of their monthly Review, publish their customary annual review and statistics of the Australian wool season for the twelve months ending June 30tb, 1903.

The reviow, as usual, deals concisely with the course of the market and the state of trade for the twelve months prior to date of issue, while tho exhaustive statistics, which are necessarily becoming with each year of publication more valuable from the comparisons they afford to preceding seasons, show, as hitherto, the total sales in eaoh market, the quantities sold of the production of each State, the breed, proportion of fleece and lambs, condition, and gross and averago values of the whole quantity dealt with. In reviewing the yoar it is remarked :

“The past yoar has, ns regards the market for merino wools, presented much the same featuros as its predecessor, namely, a steady accretion of values. Unlike its predecessor, however, it was free from the incubus of an accumulation of stocks, was attended with a matorial shrinkage of supplies, and throughout its entire course enjoyed increased con sumption and active manufacturing trade. Under those circumstances, values made in the aggregate a very great advance, the solidity of which lies in the fact that it has been in no way speculative, has received no further assistance from manufacturers than was necessitod by their actual wants, and appears based on the two essentials—supply, and the demand of trade. With but little interruption, the course of prices was uniformly* upward, until at the present level merinos stand about 25 per cent, higher than a year ago. Crossbred wools, which had during the year onding June 30th, 1902, fallen to an unprecedentedly low level, have also participated in the improvement, though the movement has been more spasmodic and fluctuating. Beginning from a level that was depressed beyond former record, an advance of soma 40 to 50 per cent., chiefly during the last quarter of 1902 and the first of 1903, was followed by a relapse of some 10, to 15 per ; cent., which has boon succeeded during the last two months by a partial recovery, that, though still leaving a large margin between current rates and the average of the past ten years, is a very material improvement upon the level with which the year 1 under review opened.

“ The wide divergence which still exists between the relative values of crossbred and merinos, ns compared with those that prevailed up to about 1900, is, of course, due very largely to the altered proportions of the production of each class, but it appears reasonable to bbsuhjo that, with the prevailing scarcity and high value of merino wool, consumption will necessarily be somewhat restricted, and be replaced by a greater employment of crossbred poods.

“ The steady rise in values during the winter months of 1902 have paved the way, the season opened in September and October with an advance of'ls to 20 per cent, for merino and fine crossbred qualities. The smaller advance was attached ..to inferior wools, and occasional irregularity whioh was shown during the opening weeks mainly affected the same descriptions. On the other hand, all wellgrown and sound wools, of which the proportion was distressingly small, sold to increased advantage as the sales progressed, until by the middle of November an improvement on opening rates of 10 per pent, was shown. A somewhat weaker market in December seems to be becoming a chronic feature of '.the Australian sales, and is probably the result of the weight of the offerings during this period. The usual weakness was shown, and prices generally fell away about 5 per cent., at which level the sales closed for the Christmas recess rather more firmly than' during the ,few prior weeks. On the resumption in January the fall was recovered, and though there was no further advance until the closb of the season proper, the market remained steady. After February sales were held at irregular Jintorvals, and wore only of moderate volume, but were attended with a further improvement in values of fully 5 tier cent.

“ Fino grossbred wools showed even a greater comparative advance than merinos, and opened at fully 20 per cent, above the previous season’s rates, to which a further 5 to 10 per cent, was added as the sales progressed. Medium and coarse 'qualities of crossbred, which had in the intormin botwoen the 1901 and 1902 seasons fallen to the lowest price on record, had partially recovered before the season opened, and, with a further advance, were