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New Zealand Mail, Issue 44, 25 November 1871, Page 2

A Wool “ Ring.”— The writer of “ Talk on ’Change,” in the “ Australasian” of October 21st says Our American cousins have not taken much by an attempt to work a wool ring. The trans. Pacific buyers had come to an understanding among themselves about wool purchase. They felt that it would be folly to oppose each other and raise the price against themselves. So -it was agreed that one should buy, and that the others should stand in for their shares. This didn’t suit the Melbourne woolbrokers who had not been engaged by the new buyers, and who seemed likely to be left out in the cold. So one or two of the youngest of the local wool-dealing brotherhood bought nearly every bale of wool suitable for the American market, to the astonishment of the new men who stood aghast. A few days later they found themselves constrained to take over, at a handsome advance, the clips which had slipped through their fingers at the public sale. In this first conflict of business shrewdness between America and Victoria the colony hasn’t come off second best.