150 



THE FARMER'S MAGAZINE. 



in shipments for sonij years past has been very considerable ; 

 and, although in the previous year they had reached a very 

 high point, we expressed an opiciou in our last annual report, 

 judging from the state of the markets abroad, that there was on 

 reason to apprehend any falling off. This has been realized 

 to the fullest extent ; and, notwithstanding the decline during 

 the latter months, chiefly to the United States, the exports 

 for the past year will greatly exceed any former period ; and 

 we venture to predict that during the present year, to the 

 United States, they will at least show no diminution. 



Consumers.— Even at the commencement of the year 

 there was a strong disposition to resort to short time, chiefly 

 by those who had missed the opportunity of sapplying them- 

 selves while wools could be bought at anything like reasonable 

 rates ; but it was found the least evil of the two to work 

 without profit, or even at a little loss, for a short time, till the 

 new clip came to market. For some time after this, prices 

 continued to advance ; and those who purchased early must 

 have done well, although parties holding large stocks at pre- 

 sent (which, however, is quite exceptional) will have little 

 cause for satisfaction. While the consumption has been very 

 large, we believe, on the average, profits have been very small 

 in the worsted districts ; but those engaged in the clothing 

 trade have occupied a much better position. 



Wool Trade. — The home clip is computed to have been 

 somewhat deficient in quantit}-, partly the consequence of 

 increased demand for stock during the last two years, the 

 improved position of the labouring population enabling them 

 to expend more in animal food. The consumption of do- 

 mestic wools has, at the same time, verj' materially increased 

 in the worsted districts. Prices were firmly maintained in 

 in the spring, particularly for bright-haired descriptions, 

 which have throughout the year been much run upon. The 

 defeat of Ministers on the '4th of March, on the Chinese 

 question, rendering a dissolution of Parliament necessary, 

 gave a check to business ( Yorkshiremen taking a 

 ■warm interest in politics), and, as clip time ap- 

 proached, prices became unsettled, buyers generally- 

 feeling indisposed to operate freely at the existing high 

 rates. But as soon as the new wools came to market, great 

 ea<rernes3 was evinced to stock themselves freely ; and 

 prices continued to advance, and probably at no time were 

 ■wools more rapidly taken out of the growers' hands. The 

 enlarged demand for home descriptions in the combing dis- 

 tricts has been greatly to the exclusion of fine combing 

 colonial, where formerly this description commanded the 

 highest rates. It has nevertheless been in good demand for 

 clothing purposes, the length of staple, combined with the 

 healthiness of the wool, enabling them to mix up a large 

 quantity of shoddy in the manufacture —a system which, 

 owing to the high prices of wool, has been greatly on the 

 increase. The reaction in business, which began early in 

 October, took the trade altogether by surprise, even the 

 most cautious ; for up to that time the condition 

 of the article was, on all hands, admitted to 

 be as sound as could be desired. It is true 

 prices were high, but this was clearly traceable to the large 

 scale of consumption, which had existed up to that period, and 

 if no interruption had taken place there cannot be a question 

 that much higher rates would have been attained. There is 

 scarcely an article that has maintained its position so well, or 

 has been so exempt from failures during the late crisis. With 

 the exception of the Public Sales in London, business has been 

 at a complete stand for the last two months, and profitable 

 inaction has been the rule, excepting an occasional forced sale 

 either from alarm or to meet some pressing emergency. Some 

 improvement has lately taken place, but prices must still be 

 considered to a great extent nominal. The consumption, ou 

 the average, has been reduced to three or four days a week, but 

 we think that our trade will be one of the first to feel the effects 

 of returning confidence. The present position is widely dif- 

 ferent from the former panic in 1847, which was mainly the 

 result of reckless overtrading and inordinate railway specula- 

 tions. We had then also to contend with famine prices of sU 

 necessaries of life, whereas now they are correspondingly low — 

 a very favourable feature in futiure prospects. At length we 

 have been relieved from the 10 per cent, minimum Bank rate, 

 which was reduced on the 24th ult. to 8 per cent., and there 

 are indications that a much easier rate of money will ensue, 

 and we think there is every reason to expect an early and gene- 

 ral revival of trade. 



Wool Imports. — Ourreceipts have greatly increased, having 

 been 176,144 bales in the past year, against 134,346 bales in the 

 preceding one, which may be taken as evidence of the central 

 position and growing importance of this market. The late 

 disastrous events all over the continent have greatly tended to 

 divert shipments to this quarter, but we regret to observe that 

 they have consisted to a large extent of uncurrent kinds, un- 

 suited to our requirements, which are only saleable in brisk 

 times, except at very low prices. It wiU be noticed that 

 no less than 24,679 bales froni the Australian colo- 

 nies have reached this port, of which only a most insignifi- 

 cant poriioa was left here for sale ; but this wUl create less 

 surprise, when those interested ia monopolizing the trade in 

 London l^iave freely stated that they will have them sent up 

 there, even to be sold at lower prices than could be obtained 

 here. Trade is of course at all times liable to vicissitudes, and 

 it is well to place on record at least two occasions during the 

 past year, when, if the wools had been retained here, the sales 

 would have resulted in signal advantage to the importers. A 

 great portion of the early arrivals from Port Philip was brought 

 by the Liverpool clipper ships, of which part was sold here on 

 arrival by. private contract at 2^d. per lb. advance on the 

 closing rate of the previous London public sales, and the whole 

 might have been most advantageously disposed of here at the 

 same time at auction, as the stocks were then quite exhausted 

 and there was an eager demand. The next public sales in 

 Loudon, commencing iu February, opened with a corresponding 

 advance, which was well maintained for a short time, till the 

 defeat of Government at once caused a reaction, the whole ad- 

 vance was soon lost, and up to the close the sales proceeded 

 with very great heaviness. In confirmation of this, we may state 

 that for some of these wools we ourselves made offers on arri- 

 val which were refused, and they were subsequently sold for 

 3d. per lb. less. The second case to refer to is the public sales 

 held here September 30th, when 1,000 bales Port Philip met 

 with a brijk competition at very satisfactory prices, fully main- 

 taining the highest rates current at the previous London sales 

 in July and August, but as we stated at the time, if the quan- 

 tity had been of more importance, we have no doubt the result 

 would have been more favourable. The subsequent public 

 sales, in London, showed a decline from our prices of this 

 description of at least 2d. per lb., but in most cases even 3d, 

 to 4d. per lb. In both the instances stated there were cir- 

 cumstances to account satisfactorily for the decline in Loudon, 

 and we do not mention them for the purpose of unduly 

 asserting the importance of this market, but they are at least 

 evidence that two most favourable opportunities were lost to 

 the importers. 



Wool Exports. — A good demand has existed during the 

 greater part of the year, chiefly for fine Colonial, which shows 

 considerable increase. The alteration of the American Tariff 

 admitting wools costing 20 cents (lOd.) per lb. entirely free of 

 duty after the 1st July, caused in anticipation a very brisk 

 demand bcth iu this country as well as abroad for all low 

 descrintious, and, owing to the scarcity at that period of the 

 year, prices were considerably enhai.ced in consequence. 

 Notwithstanding the liberal scale of imports, the increase has 

 been almost absorbed by the greatly increased quantity re- 

 exported, and the supply on hand embraces a comparatively 

 small proportion of really saleable descriptions. 



Australia. — The first sales of ti.e year continued from 

 the 26th February to the 17th March, and the quantity of fine 

 colonial offered was 41,375 bales, including 18,744 bales Cape 

 of Good Hope. The interval between the previous sales was 

 longer thau usual, and the stocks being extremely light, these 

 sales opened with considerable spirit at an advance upon No- 

 vember rates of 2d. to 3d. per lb. on Australian, and 2d. per 

 lb. on Cape. There was much apprehension with part of the 

 trade, owing to the small supply announced, and it is probable 

 that even a larger advance would have resulted but for the 

 very opportune additions of new arrivals just before the sales 

 commenced. The opening prices were firmly maintained for 

 about the first week uutil pressing demands had been satisfied, 

 and the dissolution of Parliament occurring at the ti;iie, at 

 once caused a reaction, and the advance was almost entirely 

 lost before the close. The second series continued from the 

 30th April to 29th May, consisting of 62,143 bales colonial, 

 including 7,604 bales Cape. The quantity was larger than 

 usual for this period ; during the first fortnight prices showed 

 a decline of l^d. per lb. from the close of the previous sales, 

 and as they progressed, a little further weakness for a shoit 



