From the 1890s the sale of Australian wool was organised through a series of regionally based associations of wool selling brokers and wool buyers. They engaged in cartel-type behaviour by price fixing and exclusive dealing. We ask the question whether the wool selling brokers exploited their monopoly power to the full in setting fees and charges paid by the growers and buyers. Association records provide data on the pricing structure and rationale for changes. We surmise that the existence of the cartel lifted prices above competitive levels. However, the pricing behaviour was moderated to a strong form of limit pricing.