COLONIAL WOOL REPORT.

Tuapeka Times, Volume IV, Issue 221, 25 April 1872, Page 6

COLONIAL WOOL REPORT.

Messrs Willans, Overbury, and Co., wool brokers, London, have published the following interesting review of the Colonial Wool Trade, 1871 :— The most significant feature in the history of the Colonial wool trade for the past year is the fact that, with continuously rising markets, about 750,000 bales have passed into consumption, while only 692,154 bales have been imported. Disturbed in 1867 by the coincidence of widespread commercial depression, with a rapid and ' enormous increase in production, the equilibrium between supply and demand disappeared I from the Colonial wool market for several years. Slocks, indeed, rarely accumulated in first hands, and the arrivals passed into consumption with tolerable regularity; but this result was only achieved by a submission on the part of importers to prices about 30 per cent, below those which had ruled in average from 1849 down to the year in question, to prices in fact which it is understood were generally unremunerative to the grower. In the short period of six months all this is changed. The lost equilibrium is not only restored, but the preponderating influence is found for the moment to be altogether in another direction from that to which the market had for so long been accustomed. The extent of this change in the relations between supply and demand may be estimated by the following figures. In the three seasons from 1865 to 1868, when the rate of increase culminated, the importation rose from 432,975 bales to 633,406 bales, or 46 per cent.; whereas, in the year just concluded, the arrivals only exceeded those of 1868 (three seasons ago) by 58,748 bales, or under 10 per cent. On the other hand, the export of woollen manufactures from this country presents an enormous increase, and although the disturbance to industry from the late war may have prevented corresponding results in the case of France and Germany, yet it is understood that the manufacturing powers of both countries are at present taxed to the utmost. Its causes, too, are not far to seek. They may be found, firstly, in the check to production which occurred' in the Colonies and at the Biver Plate, as a result of the low prices which have prevailed ; and, secondly, in the steady increase in the consuming power of the world at large, and to that of the United States of America and to this country in particular. No doubt the diminished number of sheep in England, and also in France, the short clip in America, the interrupted transport at the Cape, and the waste caused by the war, have contributed something to the general result ; but to the two first-named causes the present state of the market must be mainly ascribed. How far current rates should be regarded as normal and likely to hst, is of course a matter upon which opinions will differ. Much will depend upon the continuance or cessation of the commercial prosperity which now universally prevails. There can, however, be no doubt that the Colonial wool trade has just surmounted a double crisis, long foreseen and seriously dreaded, that, namely, of the arrival of a period of excessive supply, and the occurrence of a Continental war, and that neither danger is at all events likely to recur for several seasons to come. High prices will naturally have their effect upon the action of growers ; but the ill-advised occupation of inferior country, and the multiplication of sheep, without regard to quality, which prevailed so extensively previous to 1867, is not likely to be repeated, and the increase henceforth may be expected to prove gradual in its character, and probably not beyond the requiremei ts of a trade showing such exceptional powers of expansion. The fiist series of sales for the year commenced as early as the 3rd Fetruary, and comprised about 75,000 bales new arrivals, and 50,000 bales old stock. A brisk demand from Germany and Belgium, chiefly for wools suitable for army purposes, gave an impulse to prices from the commemcement, a movement which was confirmed and extended about the middle of the series upon the arrival of a considerable number of buyers from France. Towards the conclusion some slight indications of weakness were observable, the result, no doubt, of indisposition on the part of operators to do more than supply immediate wants pending the heavy arrivals expected in April ; but the sales closed at an advance of £d. to Id. per lb. upon all but the finer descriptions of Sydney fleece wools.

The second aeries began on the 13th April, a time when France, just emerging from a disastrous war, was engaged in a great domestic struggle whiph might have the most tremendous consequences, but the issue of which it was impossible to foresee. The absence of French competition appeared once more to threaten the market, and great relief was therefore experienced when, contrary to general expectation, the demand from that country proved to be of a full average character. Buyers from Germany and Belgium were also numerous, and America appeared on the stage as a considerable purchaser of wools in the grease. This active competition from so many quarters soon began to tell upon prices, and the most remarkable advance which the trade has ever witnessed in one season was initiated very early in this series. At first, wools suitable for export, especially greasy flocks, were principally affected ; but in the end, all but the finest descriptions of clothing fleeces participated in the general improvement, ani were quoted at the close at the following advance :— Greasy parcels and washed fleeces of ordinary character about lid, Australian and Cape scoured about 2d, Cape fleeces Id, and pieces lid per lb. From the steady demand wfiich sprang up immediately upon th« close of the May series, on the part both of the home and foreign trade, inportvrs were prepared for some further improvement during the sales which commenced on the 22nd June. The actual cpurse of these auctions, however, not only justified the anticipations which had been entertained, but was favorable beyond the experience of any previous occasion. The series opened at an advance of l^d per lb on ordinary to good washed Sydneys, £d to Id on medium Port Phillips, Id on greasy combing wools, on scoured Australians, and on Cape fleeces. The fact, however, that this advance did not represent the .ultimate limit prices were to reach was soon apparent, Under tbe influence of » continued

demand from America, and a certain eagerness among French buyers— stimulated, perhaps, by an anxiety to secure the arrival of their purchases before the possible imposition of a duty — prices for superior combing parcels in the grease rose rapidly. Other descriptions sympathised in a greater or less degree, and prices generally began to creep up, until an advance of at least l£d to 2d per lb upon opening rates was finally established, the sales closing with the utmost animation at extreme quotations.

In the interval between the close of the third, and the commencement of the fourth series of sales, the market was characterised by unusual activity, and a considerable business was done by private contract at slightly improved prices everything tending to show that the upward impulse begun in April was not yet exhausted, and that still farther improvement migkt be confidently looked for. The sales opened on the 14th September, and the direction prices were about to take was at once apparent — quotations, though somewhat irregular, ranging generally from Id to l^d per lb higher than at the close of the previous series ; the advance npon greasy combing wools, however, being not more than |d. After the first few days, under the influence of strong competition on the part of the Home trade, a further general rise in values took place, and scoured and washed fleeces from Australasia and the Cape improved to the extent of 2d and 3d, and greasy about Id per lb, on the highest rates of July, the advance being most pronounced in the case of superior combing flocks. These quotations were generally maintained until the close, with the exception of medium Sydney clotting wools, both fleece and scoured, which, owing to the larye quantities which were catalogued from day to day, receded a Id to l^d per lb from the highest point. Algoa Bay Capes also were obtainable on rather more favorable terms during the last week or ten days of the series, under the impression, which, however proved erroneous, that a very large supply of these wools would be offered in November. Crossbreds brought extreme prices throughout. On this occasion the great bulk of the wool was taken for home consumption, the demand from both America and the Continent having been in marked contrast with that of the two preceding auctions.

The fifth and last series of sales for the year opened with a larg6 attendance of home and foreign buyers, great briskness in biddings, and an advance on the- close of the previous series, which was reported as follows, viz.,— Australian fleeces and scoured Capes Id, and fleeoe Cape* lid per lb. Towards the end Capes and Sydney wools, of strictly clothing character, were obtainable on rather easier terms than at the commencement, while full-stapled parcels ruled rather stiffer than otherwise, but the sales were, upon the whole, characterized by a steady demand throughout, and the absence of any fluctuations of importance. Upon the whole, the course of prices during the past year must be regarded as unprecedented, whether as respects the extent of the aggregate advance from 40 to 60 per cent., its almost uninterrupted progress, or the fact that the rise is due entirely to a genuine expansion of demand on the part of consumers, and in no decree to the influence of speculation. The clip, although exhibiting some variations, was upon the whole an average one in character as well at in quantity. The choicest flocks from Victoria, Queensland, and Tasmania, were perhaps scarcsly so fine at in some former seasons ; but, on the other hand, the propor- ; tion of well-bred, well-grown, well-washed j wool, especiolly from the first-named Colony, was decidedly greater than usual, Adelaides in the grease were better and lighter than in 1870, while Swan River wools showed manifest evidence of deterioration. Capes from the western district were hardly up to their usual mark, while the best snow white scoured parcels from Algoa Bay rarely or never came to market in better quality or higher condition. New Zealands were a shade shorter in the staple than in 1870, but otherwise much as usual. An inspection of the priced catalogues will show that crossbreds maintained their advantage throughout the year, selling as a rule from Id to 3d per lb above the merinos from the same flock. This result is probably ia a measure due to the deficiency in the English clip, but the uniformly high prices which these wools have realised for some years past, would seem to show that a demand exists capable of absorbing a much larger quantity than has been hitherto produced in the Colonies. Hot-water washing appears to liave been applied with the greatest judgment, growers generally having completely remedied the excessive dryness which marked wools thus prepared in some former years. In the past season the degree of " nature" left in the fleece secured at once a good appearance without undue loss of weight, and, in the great majority of cases, was so managed as to leave nothing to be desired. With regard to the future, there seems reason to fear that the burr and seed are gradually extending to fresh districts, yet it must not be forgotten that the means at the disposal of manufacturers for destroying these pests are far more perfect than they were formerly, and they are consequently no longer so prejudicial to the interests of the grower. On the other hand, there are indications that a steady improvement in quality may be looked for. The requirements of the meat-preserving companies will probably create a permanent demand for carcass, which will encourage liberal culling on the part of flock-owners, while such increase in production as may occur will probably be the result of the fencing, &c, of lands already under pasturage, rather than of the occupation of fresh and less suitable territory. More than one-half of the entire quantity was bought for export, America taking perhaps 40,000 bales. The latter outlet, however, must not be calculated on as a permanent one, since not only is it understood that American requirements in the present season are being largely supplied by purchases in the Colonies, but the capacities of that wonderful continent for wool-growing are such as to forbid tha belief that she can in the long run be a considerable importer of merino descriptions.

Thk annual meeting of shareholders in the Tuapeka Mutual Benefit Building and Investment Society took place at the Commercial Assembly Boom on Monday night last. The President, H. Bastings, Esq., took the chair, and stated to those present the object of the meeting; The minutes of the previous annual and an ' adjourned meeting were read and confirmed. The President then read the annual report and financial statement, which showed as follows : — The number of investing shares at present is 273, and the number of borrowing shares, 136^. The amount out on mortgage is £1760 ; the present value of shares is £29 25. ; and the aggregate profit made by the Society is £5795 3s. 6d. The repoit was received. Dr. Stewart moved, and Mr. Williams seconded, that it be adopted, Mr. Hears moved, as an amendment, " That the meeting be adjourned for fourteen days." Considering the lateness of the time at which the report and balance sheet were issued, and the sinallness of the attendance, he thought it injudicious to proceed with the business. Sufficient time should be allowed to enable shareholders to devise some means of more economically managing the Society in future. Mr. Tuckey seconded the amendment, which, on being put, was carried. A vote of thanks to the Chairman brought the proceedings to a close:In order to encourage the youth of Lawrence to take advantage of the Athenaeum Library, the Comnritteefhave reduced the subscription to 2s. 6d, per quarter for boys under sixteen years of age. "We hope this reduction will have the effect of inducing a large number of boys to avail themselves of the privileges of the institution. The contract for the bridge over the Pomaliaka has been let, and the contractor is making active preparations to commence the work. The necessaiy timber has been ordered from Mr. M'Farlane, of the Manse Bush Saw Mill, Tapanui. The bridge will be constructed wide ■enough to allow the passage of a spring cait, and somewhat similar to the one which crosses -the Wendon Creek. This bridge will be a great boon to the travelling public, as great delays Lave frequently been caused by the Pouiabaka 3>eing flooded. Messes. F. Bastings and Arhuckle are getling up the proejamme for the winter evenings' "Readings to be given in the Lawrence Athenaeum. This is a sufficient guarantee that the entertainments will prove attractive. We understand that Mr. Mackney, of Weth" ■etstoiies, is the successful tenderer for the Wesleyan paraoqage, to be erected in White-iaven-street. The sum, we believe, is about £280. The Horseshoe Claim, at Ha relock — Messrs. Lus.combe, Pope, and party's -will be at work in a few days. The race and tramway are finished, and the trucks are all but ready. The company are very sanguine of success, and not without good cause. The prospects taken from the ground were so very rich that neither time nor money have been spared to make preparations for working the ground successfully. On Monday evening tbe Waitahuna Amateur Christy Minstrels gave a most successful entertainment in the Waitalmna Athenaeum. The object was to raise funds to pay liabilities contracted by the Club, and it, was satisfactory to ' them to realise by the entertainment almost as anuch as they required. The programme was excellent, and the whims and oddities of several of the troupe created immense laughter. Some «f the principal performers on the occasion were Messrs. Cook, Pennell, Buttolph, Baylis, ar.d Mrs. Cook. The first and second parts consisted of songs ; then the negro farce of ' ' The sham doctor" followed, the entertainment concluding with, a plantation ■walk-round. The somr, *' Babylon is falling," by Teddy and Muggins, took very well ; and Mr. Pennell's local parody on " Sally come up " was received with grea^ applause. Mr, Cook's tasteful singing of " Bonny Bloise " was much appreciated. The Club were almost placed in a fix by the resignation of Mr, Eaton, who was to take Johnson, and who had attended the rehearsals. Mr. Turner, however, filled the breach, and with one rehearsal performed the part well. At the close Mrs Pennell thanked the audience in behalf of the Club. St. Geokge's Day was religiously observed by the Lawrence banks. On the the morning of Thursday, the 18th inst., a man, named Teagne, while wrestling with another atWaipoii, accidentally had his leg broken Dr. Barrett was speedily in attendance, and the patient is getting as well as can be expected. Prior to his departure from Tokoinairiro, the proprietor of the deceased " Bruce Standard," Mr. D. Stark, was entertained by -his friends at a dinner in the Exchange Hotel, Milton. A large number of gentlemen sat down to an excellent spread. The Mayor, Mr Goodall, occupied the chair. Mr. Stark's health was drunk with acclamation. Great regret was expressed at his departure from Milton. The assemblage did not separate till a late hour. The Committee of the Lawrence Athenaeum, have procured a handsome glass case for the exhibition of the specimens sent from the Colonial Museum, by Dr. Hector. The case is about 10 feet long,' by 3 feet wide. ' The specimens Jhave been arranged in their places and neatly labelled, and are now on view. They comprise samples of minerals from every portion of the colony. The small collection of minerals can be looked upon in no other light than as the nucleus of an important mineralogical museum, valuable to the geological student and interesting to the general observer, which in the not very distant future will form a feature in the Lr wrence Athenaeum. Public

aid and enconragnieat is necessary to bring this about; and we feel sure that they will not be ■wanting. Conitrbutions of mineral specimens will be . gladly -received, by the Athenjeum Ctowwiiee, , , :

The Conroy's . Quarte; Mining Company, evidently understand the art of " sticking it oh." For crashing quantities of stone under 10 tons, £2 per ton is charged. When cartage and other expenses are added, the expense of crashing amounts to more than a return of an ounce to the ton would pay for. This is scarcely giving encouragement to prospecting. The hopes generally entertained that there would he a heavy downpour of rain have, to the chagrin of a great portion of the mining com" munity, not been realised. Fine weather has again set in, and the prospects of the clouds affording a supply of the much needed element seem as remote as ever. The additions- to the Lawrence Court House necessary to rendering it suitable for holding sittings of the Supreme Court, were finished last week. The fhst sitting of the Supreme Court in Lawrence will probably be held in the month of June next. We have received a telegram stating that Mr. T. L. Shepherd, M.H.R. for the Dunstan district, addressed a meeting of his constituents at Cromwell on Tuesday evening; The Jbfayor occupied the chair. Jlfr. Shepherd's speech took two hours in delivery, and was well received. At its conclusion the following resolution was carried unanimously :— ''This meeting has every confidence in and approves of the c onduct of Mr. Shepherd, and thanks him for his address." The vehicle purchased by the Committee of the Roman Catholic School, for the purpose of conveying childien residing at a distance to and from the school, is now plying between Lawrence and Evans Flat, Tuapeka Flat, Munros, and Wetherstones'. It seems highly popular with the youngsters, and successful in effecting the objects for which it was provided. AN adjourned meeting of the directors of the Phoenix Water Company was held on Tuesday evening, to take into consideration the advisability of leasing the company's water to the Gabriels Gully Quartz Mining Company. It was decided to offer the Gabriels Gully Quartz Mining Company the lease of the water at a rental of J&52 per annum for a period of three years, the G.G.Q.M. Co. to have a prior right j to fifty inches of water only — the remainder, after supplying the town of Lawrence, to be let to the miners of JFetherstones, if required > We understand that the Gabreiels Gully Q.M. Co, decline to accept the terms offered. Mr. Alexander Humphrey, of Lawrence, has purchased the traction engine belonging to Mr. Lawson, of Tokomniriro, f or the purpose of working a planing and sawing mill, which he intends to establish. Mr. Humphrey has also procured a hydraulic engine to work a turning lathe. Mr. J. H. Cook, of Wetherstones, desires to acknowledge the receipt of £33, collected by Messrs. Henderson and Crawford, and to thank those gentlemen, and also those who contributed. We understand that the Gabriel's Rock Quartz Mining Company have made arrangements with Mr Savage, a gentleman of great experience in quartz mining, who has had the management of several claims on the Thames, to sink their shaft. Mr Savage expresses a very favourable opinion of tie Gabriel's Rock reef, and has every confidence that it will turn out to be very rich. We stop the press to chronicle that the first dinner of the Mushroom Club took place last night. The members sat down to a magnificent spread, and after it was disposed of, a number of eloquent speeches were made. The lateness of the hour at which the proceedings concluded prevents us from giving a full report in this issue. We may state, however, that the Prince of Wales was elected a member of the Club, and it was resolved to invite him to the next anniversary dinner. The Assembly lias been further prorogued to the 29th' May. The " Architect " of January 6th says :— " Agents have arrived in London from South Wales to secure the services of a thousand men to construct a railway in New Zealand. The men required to be skilled mechanics and steady labourers —such as mason?, bricklayers, carpenters, engineers, wheelwrights, platelayers, and excavators. They will have their fares paid out to New Zealand, and their wages will go on from -the day of sailing, and other privileges. The time of departure will be about five weeks hence." We notice by the Law List, published in "; the " Otago Daily Times," that the opinion of His Honour Mr. Justice Chapman, on a question connected with the late sale of land to Mr. Clarke, by the Waste Lands Board, is to be solicited. The " New Zealand Herald " says it has been hinted in Auckland that a gentleman Who formerly represented a Northern constituency in the Assembly is to be sent to Ireland as an emigration agent.

IMPORTATIONS INTO GREAT BRITAIN. 1871 1870 1869 1868 1867 1866 1865 New South Wales and Queensland "Victoria Tasmania .South Australia "Western Australia JNew Zealand 147,499 222,39* 15,957 66,369 4,884 110,521 142,352 209,261 17,318 68,545 5,298 106,628 120,544 206,188 17,362 66,097 4,861 85,329 121,290 210,669 17,969 56,066 4,136 81,658 101,420 170,444 15.943 45,236 3,596 76,729 82,184 141,931 16,422 40,510 3,565 64,243 79,116 135,040 16,304 46,475 2,991 53,107 Total Australasian (E. Province, 93,412} Cape of Good H6pe..X W. „ 15,499 V I Fort Natal, 15,620 J 567,623 124,531 549,402 ..124,473 500,381 134,286 491,817 141,589 413,368 128,287 348,855 106,794 333,033 99,942 • - _ - 692,154 Bales ...I 673,875 634,667 633,406 541,655 455,649 432,975