London Wool Report.

Feilding Star, Volume XVIII, Issue 186, 9 February 1897, Page 2

London Wool Report.

The Bank of New Zealand's London agent reports by the 'Frisco mail :— Wool.— The sixth and final series of colonial wool sales for the current year, which commenced on 24th November, closed here on 10th December. Of 197,000 bales available 193.200 bales were catalogued, of which 177,000 bales were actually sold, leaving about 30,000 bales (including 4,500 bales New Zealand) to be carried over till next series, as compared with 04,000 bales on hand after the close of the fifth series. Of the quantity sold 90,000 bales were taken for the Continent, 65,000 bales for the Home trade, and 32,000 bales for the Udted States. The attendance of buyers continued rery satisfactory up to the close of the auctions, but unfortunately prices did not keep quite up to the level reached during the earlier portion of the sales. The demand for the Continent showed no falling off until towards the end, but the American and Home buyers did not enter into the competition so promin* ently after the first seven days or so, the result being tbat before the close some classes of wool had almost lost the advance previously gained. Amongst those were greasy crossbred, which commenced with an average advance of about 5 per cent., but this was lost before the end. Sconred and sliped crossbreds, which were in large supply, sold firmly throughout the series, the coarser grades showing an advance of about 10 per cent, and the finer sorts about 5 per cent. Merino wool, both secured and greasy, showed an average advance of id per lb for superior and $d for inferior lots as compared with dos* ing rates in October. Although it is satisfactory to be able to record a slight advance in prices, the result has scarcely come up to the expectations formed prior to the opening of the sales, and if it had not been for the impetus given to the market by the favourable termination of elections in the United States it is very doubtful whether we shonld have ueen any improvement at all, for even now the trade is not particularly active either here or on the Continent of Europe. At the same time it is thought that the position is not such as to cause a depressing view to be taken of the future. The old stocks of wool, which have had a weak* ening influence on the market for some time past, have now been reduced within reasonable dimensions, and, with the new year at hand, it is to bo hoped that some improvement will shortly take place in consumption, whioh will, of course, reflect upon prices for the raw material. ___^