Wool Prospects.

Feilding Star, Volume XVI, Issue 95, 16 October 1894, Page 2

Wool Prospects.

■♦ From the New Zealand Loan and Mercantile Company's report, dated London September Bth, we take tho following : — Wool. — The acceptance by the American Congress, on the 14th ultimo, of the Tariff Bill, providing for free wool and a sensible reduction in the duties upon manufactured articles of woollen fabric, quickly induced a feeling of increased confidence both at Home and abroad, which at first manifested in a sharp advance in tho value of tops, bas been succeeded by considerable enquiry for tbe raw material in this market. The demand has to a large extent emanated from America, and has embraced docriptions of wool, which, owing to customs restrictions, have not hitherto been purchased for that quarter. In all some 3,000 bales liave changed hands by private treaty at an advance of from 5 per cent, at 10 per oent. on Fourth Series closing rates, but these figures are by no means indicative of the full extent of the demand, inasmuch as holders generally are disinclined to entertain bids at the moment, preferring rather to await the opening of the forth* coming series. In tlio case of textile goods, the revised tariff does not become operative until Ist January, 1895, but reports from the homo centres of the industry, which, uuder the McKinley Act were the chief sufferers, are already of a moro cheerful character, while advices from the Continent, though less reassuring, point in the same direction.