Extracts.

Lyttelton Times, Volume IX, Issue 557, 6 March 1858, Page 3

Extracts.

THE SUPPLY AND CONSUMPTION OF WOOL.

(From the " Economist," Nov. 7.) One of the^great sources of loss which have attended former periods of commercial pressure has been the large accumulation of the stocks of forehjfh products in our warehouses, the consequence of extensive and improvident import-

ations, stimulated by high prices, and the necestay reaction which took place at such times In one respect, it is fortunate for our manufacturing classes that this cannot be said at the present time of any of the chief raw materials in which they are interested, if we except the s.ngle one of silk. Of that important article the quantity imported in the present year is no IeSS- V" 1? H ss '.000 ib *> whereas in the same period ot 1806 it was only 4,573,000 lbs, th* excess consisting in round figures of about 2,000,000 lbs of China and 500,000 lbs of East Indian and Egyptian silk. Of cotton the imports are aboi.t 900,000 cwts less than last year and the smallness of the stocks of this article, which till lately were the subject of so much inconvenience and complaint, will probably turn out to be rather a fortunate circumstance than otherwise. Of sheep's wool the importations of the year show a slight excess over those of last year, but a closer examination of the subject will show that the supply for home consumption has actually been considerably less. The importations have been in the first nine months of the two years as follows :-—

Wool—Sheep and Lambs'. „ 1856. 1857. Fril m. lbs lbs Various parts of Europe 16,375,076... 19.626,352 South Africa 7,826,596... 8.720,644 British East Indies ... 9,341,564...12.094,986 Australia 44,956,362...42,237,470 Other countries 6,026,583... 7,978,012 Total 84,526,181 90,057,464 According to this table, there has been an increase in the quantity of wool imported of about 6,000,000 lbs, composed chiefly of continental and East India wool in about equal proportion?. li\ however, we return to the quantitiesofthe.se wools re-exported, we shall find that the quantity in the present year is in excess of that of 1856 by nearly 10,000,000 lbs. These exports compare for the nine months as follows :— Wool—Sheep and Lambs'. 1856. 1857. Of British Possessions— lbs lbs To llanse Towns "2,535.413... 2.917,507 Belgium 4,299.502... France 5,699,186...11.834,609 Other countries 1,899,858... 3,933,662 Foreign— To Hanse Towns 399,530... 410,913 Belgium 990.432... 543,260 France 3,716,527... 1,283.453 ; Other countries 416,8.36... 2,323^369 Total 19,957.304 29,629,787

: But _ the most remarkable feature in these returns is the large proportions of our colonial wools which are now taken from this countrvto be used abroad. It will be seen from the above tables that from our different foreign possessions including India, Australia, and the Cape, the quantity of wool imported in the first nine months of the present year was in rouud figures 53,000,000 lbs, while "the quantity exported to the Continent was 25,000,000 lbs, or two-fifths of the whole, France alone taking nearly one half of the quantity. But not only has this large increase taken place in the quantity of foreign wools exported, but a further increase has taken place in the demand for English wools, the exports of which for the nine months have been as follows:—

Wool—Sheep and Lambs'. IS-36. 1557. lbs. ibs. To Hanse Towns 714,166 ... 637,279 Holland 245,496 ... 434,92S Belgium 609,453 ... 1,118.871 France 9,928.130 ...10,332,535 Other countries ... 41,956 ... 968,773 Total 11,539,201 ...13,492,386

If, then, we take into account the additional quantities exported of all descriptions, we arrive at_ the conclusion, that in place of an increase in the home supply, as appears at first sight' by the table of imports, of about 6,000,000 lbs., there has been an actual reduction by about that quantity. But to embrace a longer period of comparison, —the total imports and exports of wools in the first nine mouths of each of the last five years have been as follows :—

Imposts. Year. Foreign. Colonial. Total, lbs. lbs. lbs. 1553 ... 37,586,199 ... 46,277,276 ... 83,563,475 1854 ... 27,006,173 ... 50,157,692 ... 77,193,565 1855 ... 17,293,842 ... 53,596,173 ... 71.190.015 1856 ... 22,377,714 ... 62,145,467 ... 54,526,181 1557 ... 27,604,364 ... 63,053,100 ... 90,657,464 Exports. Year. Foreign. Colonial. Total. lbs. lbs. lbs. 1853 ... 2,450,410 ... 5,343,166 ... 7,723,576 1554 ... 5,993,366 ... 13,117,102 ... 19,110,46S 1855 ... 8,560,904 ... 12,948,561 ... 21,509.465 1556 ... 5,523,345 ... 14,433,958 ... 19,957,303 1857 ... 4,561,000 ... 25,068,787 ... 29,629,787 The quantities of foreign and colonial wools retained for home consumption have therefore been in these years — fts. 1853 76,139,899 1854 55,053,397 1855 49,380.550 1556 64,565,878 1557 61,127,677 But here again, in order to arrive at a correct conclusion as to the comparative quantities actually available for consumption in this countiy, we must take into account the quantities of home-grown wool exported, which during the same periods have been as follows : — lbs. 1853 4,755,443 1854 9,477,396 1855 13,592.7.36 1556 11,539,201 1557 13,492,356 If, then, we deduct from the quantities of

foreign wools imported into this country, first the quantities re-exported, and next the quantities of English wools exported, we shall arrive at an accurate measure of the ixtent to which the home production of wools has been aided for the consumption of the British manufacturer by the quantities imported.* By that process we arrive at the following figures, showim* the quantities of foreign wools retained for home consumption, in addition to our own growth, after deducting the quantities of both exported:— lbs. 1853 71,284,456 1854 47,606.001 1855 35,787,794 1856 53,029,677 1857 .' 47,635,291 This brings to light the remarkable fact that while we have been congratulating ourselves on a steady and rapid increase in the supply of wool from our own colonies, the portion left available for home consumption has greatly diminished. - The imports of colonial wool, as . will be seen by the table above, have increased from 4<;,277.276 lbs. in the first nine months of 1853, to 63,053,100 fibs, in the same period of 1857; while the total imports of all kinds have increased in the same period from 83,863,475 lbs. to 90,057,464 fts :—but such in the meantime has been the increase of demand for the continent, that, deducting the foreign and colonial wools only which have been exported, the quantities retained for home consumption have diminished in the five years from _ 76,039 899 lbs. in 1853, to 61,127,677 lbs. in 1857 : —and taking into account the quantities of home-grown wools exported, the reduction has beeu from 71,284,456 • lbs. in 1853, to 47,635,291 lbs. in the present year. The great and increasing scarcity of this important raw material has, for some time past, been a matter of anxiety and embarrassment to those engaged in the "trade. Attempts have been made to account for this scarcity by the fact, which to a considerable extent is no doubt true, that the stock of sheep at home has considerably diminished during the last three years. Bat, at the outside, we do.not believe that a reduction of supply exceeding from two to three millions of pounds is to be" accounted for in this way. It is obvious that the true reason lies in the rapid development of the woollen trade abroad, and particularly in France, without however in any way interfering with that of this country, except by entering into so effective a competition with the English manufacturer for the raw material.