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The Relocation of the Market for Australian Wool, 1880-1939

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Between the 1880s and 1930s the international wool auction market shifted decisively from Britain to Australia. A series of historical developments altered the efficiency criteria for the existing institutional arrangements, notably the growing international dominance of Australian wool production, the evolution of the small grazier, the geographical diversification of demand, and improved international transport and communications. Central to this market shift was the role of large pastoral agent firms based in Australia who employed their local knowledge, producer contacts, and trade specialisation to reduce costs. Australian graziers benefited from local market signals and quicker sale realisation. Overseas buyers increasingly came from outside Britain, and their contacts with Australia were aided by much improved long distance shipping and telegram communications.

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File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow012133.pdf
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Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp02-14.

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Length: 36 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:uow:depec1:wp02-14

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Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3659
Fax: +612 4221-3725
Web page: http://www.uow.edu.au/commerce/econ/
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