I learn that we only just escaped yet another inquiry into the Australian wool industry.

They were gathering around to start it all up again when ministerial orders came through to pack it in.

It does remind one, if one needed reminding, of just how serious the plight of the poor old farmer out there down under, in attempting to make enough to pay his bills when wool prices are so low.

As with the UK trade, it isn't just a matter of looking at things in terms of one's own currency, either.

The Australian market indicator may show quite a severe fall in wool prices, but the fall in the Australian dollar makes it a great deal worse.

They turn to other products, such as wheat or beef, when they can.

They hold back their wool from sale in the hope that prices will improve.

But for some of them out there, as around here, it becomes a matter of failing, and giving it up.

There is the wool stockpile to make the imbalance between supply and demand worse, but it isn't just that.

The fact is that wool isn't being bought as it used to be.

At first Russia and the old communist bloc countries fell by the wayside.

Then there was this Asian crisis to undermine demand in the region wool people saw as their saviour.

And in the meantime there were newer synthetics to compete with wool, and wool-orientated clothing steadily mattered less than it used to do.

A new inquiry could only highlight the problems once again.

There is no early solution. It looks as though times will remain destructively difficult for some time ahead, and that a more normal balance may be so many months away that some of those who thought they had survived won't do so after all.

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.