Hawke's Bay Times. MONDAY, MAY 4, 1868. THE RISE IN THE WOOL MARKET.

Hawke's Bay Times, Volume XIII, Issue 574, 4 May 1868, Page 2

Hawke's Bay Times.

MONDAY, MAY 4, 1868. THE RISE IN THE WOOL MARKET.

Nu’lius addict ua jurare in vcrha magistri.

A cheeking item of intelligence has reached us from the metropolitan market, which is the commencement of a reaction from the late depression in the price of Colonial wool, —a depression that has had most disastrous effects on many of our fellow-colonists, and which, had it continued, would have been fraught with ruinous results to many more.

When, a few months since, the disheartening news of the decline in the price of our staple export reached us, —and tins was again and again followed by news of further decline, —wo felt confident that, disastrous as that state of things was, it did not represent anything of a permanent character ; and we felt, a month since, that things had reached their worst aspect, and would revive. We are happy to know now that this anticipation is in a fair way of being realised, for it is not alone the advance of a penny per pound on the public sales—though even this makes all the difference of loss or gain iu many cases—but it is the more cheering fact that “ Colonial wools are enquired for,” and “have been sold privately at high rates.” It is true we are also told purchasers are disinclined to pay higher rates, but of course this is only what we might expect, and it will tend to make the rise iu value more steady, and consequently permanent.

Bat as out of evil good is often brought, so we think we may say that, unfortunate as the late depression has been in many cases, it has had a beneficial effect in a secondary manner on Colonial industry as a whole. It 1 has taught us the need of turning our attention to other productive industries besides that of wool growing ; and the promising progress of the tallow manufacturing company is an earnest of what we may ultimately do. We are convinced that ere long we shall not have to depend for our prosperity altogether on the state of a market on the other side of the earth, but shall have our own manufactories, which shall turn our raw materials to the most profitable account by local industry, and not only save enormous sums in double freights to and from ithe antipodes, but become ourselves a centre of supply to a vast area of con-i sumers. Then, and then only, mayj we look for what may be truly said to i be prosperity founded on basis of 1 permanent stability.