68 



K£W SOUTH WALES. 



position among the textile workers of tlie world. Once fairly estab- 

 lisliedj tlie Australian markets grew at a marvellous rate. They came 

 into existence because tliey filled a natural want, and tlie business 

 now annually transacted in tlie leading selling centimes is on a scale of 

 sucli magnitude as to warrant tlie belief that tlie time is not far distant 

 wlien all tlie wool grown in Australia will be sold locally, prior ta 

 shipment. Some colonies there are in which markets have not yet 

 been established ; but notwithstanding this, during the past two years 

 50 per cent, of the total quantity of wool produced was disposed of on 

 the spot chiefly to English, Continental, and American buyers, some 

 small quantities being purchased for the far East, with which latter 

 cpiarter there is a prospect of a large direct trade being done in years 

 to come. Users have found that by securing the first pick of the clip 

 each year in Australia, and by making their own freight and insurance 

 arrangements for their purchases of wool, important economies are 

 possible ; while from the building up of markets at his door, the grower 

 has likewise reaped unlocked for advantages. To the latter, the per- 

 sonal supervision of the sale of his produce, which he is thereby able 

 to exercise, is no small matter, and the promptness with which the 

 whole transaction is completed, and the net proceeds of the sale are 

 made available, is another important consideration. The grower has 

 also derived great good from being brought into close contact with 

 his best customers, with whose requirements he thus becomes more 

 thoroughly familiar. Eor long past it has been the practice to sell all 

 the wool dealt with in the Australian markets by public auction, and 

 for cash before delivery. Public wool sales were inaugurated in Sydney 

 by Mr. T. S. Mort in the year 1843, at which time the buying was 

 nearly all done on speculative account, but few purchases being made 

 for direct shipment to the mills in Europe and America, as at present. 

 No record of the annual turnover in wool in the Sydney market since 

 auction sales of that product were first held has been kept ; but this is 

 a matter of small moment, as it is more particularly during the past 

 decade that the local market has assumed really important dimensions, 

 and for that period the returns are available and are as follows : — • 



Sydney Wool Sales from 1884-5 to 1894-5. 



