FREE TRADE AND THE WOOL MARKET.

Hawke's Bay Times, Volume 7, Issue 354, 1 March 1866, Page 2

FREE TRADE AND THE WOOL MARKET.

The following valuable article on the results of the prevelant practice of free trade, especially in connection with the rapidly increasing consumption of wool, we have much pleasure in laying before our readers, to many of whom it will be of great interest. We take it from the ‘ Sydney Morning Herald’ of the 13th February ; It is very satisfactory to find that, whatever other matters there may be to regret in our European telegram, price of wool is well sustained. Full-bodied and good combing wool is reported as fetching an advance of twopence a pound at the November sales, whilo the latest telegram reports tho December sales as being well attended, and with biddings brisk, at full rates. There is no stock pressing upon the market; on tho contrary, it is to be remarkably bare, and that the scarcity is the good price obtained. This is worth noticing because of the larger quantity that lias been disposed this year in the London market, larger than in any previous year. A few months ago, the brokers called attention to the very largo quantity that bad arrived, and that was on tho road, and at the marked annual increase there was in the supply. They expressed a fear that this supply was increasing faster than the demand, and tuut growers would have in conseuuenco to submit to reduced prices. But these expectations have been entirely falsified. The whole* quantity, large as it is, has all been taken up at good rates, ana the sales closed with the market bare. This satisfactory disposal of our staple commodity is vers encouraging to ova- woolgrowers, and will enable them witu confidence still to extend their producion. It may be asked, what becomes of all the wool ? The answer is, that there is an increased consumption of woollen manufactures. Tho world is getting richer. A larger number of people are getting into a position to buy woollen garments and new markets arc being opened, while old markets are being extended. This is mainly the result of a growing freedom of trade. It is almost impossible to follow tho ramifications of free trade, and to trace ail its indirect advantages, but its general result is very visible. . Every fresh barrier that is thrown down allows tno stream ol commerce to How more evenly, and to reach localities from which it had been previously excluded ; and the natural apd almost unpeiceiyecl operation ofeoonomical laws opens out markets in places and to an extent which even the fo'st informed had not anticipated. Tho benefits of free trade to a producing colony are thus clearly indicated. The producer as well as the consumer shares in the gain, and yet amongst our local advocates for protection arc to be found some of the very gentlemen whose pastoral pursuits are rendered more profitable by the very tree trade thev affect to despise. * Tho whole world is the market for our produce, and it is impossible for us to get tho maximum benefit of that market under a system of restricted trade. We do that which is best for our own interests when we get the highest price for the commodity which we can produce with tho greatest advantage, and to do that we must be content to buy what we want from those countries where those arlicles are most cheaply produced. Commerce is a system of give and take. It is impossible for any country by anylystem of protective laws to monpolise to itself all the gain of commerce, and to share none of it with tue countries from which it buys its raw materials, or to which is sells its finished articles. We must participate in the freedom of trade to participate m its advantages.