THE WOOL MARKET.

King Country Chronicle, Volume III, Issue 122, 14 January 1909, Page 5

THE WOOL MARKET.

—-♦- An interesting letter has ben received by the secretary of the Auckland Farmers* Freezing Company, relative to the state of the wool market, from Messrs Willans and Overbury, the wellknown wool brokers, of London:--"In our annual circular, which will have reached you some time ago, we referred to the extraordinarily low position of crossbreds, pointing out that though consumption of wool and epecially of coarse qualities has greatly increased, values of crossbreds were 30 per cent, below what was regarded as the normal level in years when the use of these grades was on a much more restricted scale. After the experience of the past eight months, the sodden change that has occurred, advancing prices 15 per cent., is as welcome as it was unexpected ; but this relative improvement must be greatly extended before crossbreds can be regarded as having returned to anything approaching their proper level. "The readiness shown by buyers in distant markets to pay the quoted advance at the commencement of a new season is of itself evidence that future prospects are very different from those which have recently governed the situation, and the rapidity with which the decline of 50 per cent, took place, affords good ground for anticipating an unusually quick recov : cry in prices. "The revival in American business, the result of the Presidential election, the improved political outlook, and the settlement of the great North of England cotton strike are factors of great importance, making for better trade generally, and the volume of business, at Home and on the Continent, has recently been very considerably increased. After a prolonged period of uncertainty, resulting in great curtailment of orders, confidence appears to be restored, and in consequence there is an all-round inclination to replenish stocks, which have been brought o a very low point. German spinners are reported to have orders covering them up to June next, and in this connection it will be remembered that the depressed condition of the German yarn trade during the first part of the year was to a large extent responsible for the slackness in Yorkshire, which so adversely affected the position of Bradford crossbreds. It is to be hoped, therefore, that the present advance is only the beginning of a return to a level of which during recent years New Zealand growers have become accustomed."