Hawke's Bay Times. Nullius addictus jurare in verba magistri. THURSDAY, JULY 15, 1869. A FURTHER DECLINE IN WOOL.

Hawke's Bay Times, Volume 14, Issue 700, 15 July 1869, Page 2

Hawke's Bay Times. Nullius addictus jurare in verba magistri. THURSDAY, JULY 15, 1869. A FURTHER DECLINE IN WOOL.

We notice amongst the English tele- ; grams published in a Herald extra ' yesterday, that Colonial wool suf- ' fered a further and serious decline, during the late sales which com- ( menced on the 6th May. Tt seems : no alteration was perceptible at first, ; but, competition being weak, it gradually sank in price, and the decline increased towards the close,, notwith standing the withdi-awal of large quantities from sale. The latent news, however, dated 11th of June, ' shows a slight improvement. 12,000 bales having been withdrawn, limited the quantity for sale to 9,000 bales, ' and consequently caused an increase in competition. This is serious news for our wool-growers, and points strongly to the necessity of establishing local centres of manufactures for the staple products of the Colony —wool, hides, and tallow. At present the prospects of exporters are very bad, it being questionable if the returns on the«e articles will defray the cost of production. Certainly they would be worth something as raw material to work up in the Colony, and the public would have the satisfaction of wearing cloth made from the genuine article, and free from the " shoddy " that enters so largely into the imported fabrics. It will be a good day for the Colonv when confidence is restored so as to enable it to exercise the principle of self-reliance in such matters as the production of cloth, leather, soap, candles, and other articles of universal use and necessity ; but this will not be until the incubus of the native difficulty be thrown off, and who can tell when that will be 1