Wool Prices in 1899. 



475 



on the wool market of this country until part of 1899 had run 

 its course, and it is stated that " the price of merino tops was 

 practically the same at the beginning of 1899 as it was at the 

 beginning of 1896, the lowest point having been reached in 

 July, 1 897. 5 ' In this delay in recognising scarcity may be found 

 an explanation of the rebound when the pressure of short 

 supplies was realised and of the rapid rise in price which has 

 been noted; while it was not until the movement in merino 

 wools had proceeded for some time that signs of s} T mpathy were 

 apparent in other wools. Eventually, however, the movement 

 in some degree spread to those varieties which most nearly 

 approached the merino in quality, their improvement being, 

 says the authority just quoted, in exact proportion to the 

 nearness of the approach. The English wool producer cannot 

 but usefully recall the warning, which has been given him on 

 more than one occasion of late, that the character of the 

 colonial and foreign competition is itself changing from year 

 to year, with results which flood the market with sea-borne 

 cross-bred wool, of which so very large a share of the home 

 production now consists. 



