COMMERCIAL.

Globe, Volume IV, Issue 419, 15 October 1875, Page 2

COMMERCIAL.

ENGLISH COMMEKCIAL. WOOL. Messrs Miles Bros and Co report on August 24th, as follows The third series of sales of colonial wool for the present year, commenced on the 19th instant, and will terminate about the 12th October; The arrivals were as follows N. S. Wales and Queensland ... 52,210 Victoria 59,403 South Australia . 14,703 Western Australia 808 Tasmania 12,151 New Zealand 99.36 G Cape of Good Hope 59,907 Total 298,008 Of which quantity about 13,900 Capes and 1700 Australian were forwarded direct from ship to Yorkshire and the Continent. There was a fair attendance from all quarters on the opening night, but the competition was not very brisk, especially among the foreign buyers, and prices showed a decline of about -£d to Id per lb helow the average of the May series. Victoria and New Zealand parcels, particularly line combing descriptions, scarcely appeared to be affected to the same extent, but iNew South Wales and Queensland washed fleeces and scoured wool sold at fiom Id to lid per lb reduction ; Capes fell about id to Id per lb; half-breds. Id to A slightly improved ton. has been observable in the sales of the last two evenings, and as stocks are light, we shall not be surprised to see the market harden somewhat, as the sales progress. The New Zealand Loan and Mercantile Agency series of colonial wool sales for the

present year commenced on the 17th instant. The arrivals in time for these sales were as follow : Hah s. N. S. Wales and Queensland 52,210 Victoria J ... ... ... 50,103 South Australia 14,703 Western Australia 808 Tasmania 12,151 New Zealand ... ... ... .. 90,300 Cape of Good Hope 50,907

Total 298,008 Of this quantity about 15,000 bales (namely 13,900 Cape and 1700 Ulstralasian) were forwarded direct to the manufacturing districts of Yorkshire and the Continent, leaving about 283,000 bales of the available arrivals, in addition to held-over parcels, for the public auctions. The opening catalogue consisted of the following selection : Halos. N. S. Wales and Queensland ... 1,654 Victoria 1,979 South Australia 658 Tasmania... 320 New Zealand 1,526 Cape of Good Hope 2,337

Total 8,280 The attendance ol both home and foreign buyers was good, and the biddings fairly spirited, but the prices realised did not equal the closing rates of the previous auctions by Id to per lb in the case of scoured and fleece wools from the Australian colonies, and OJd to Id in greasy and Capes. Succeeding auctions have not shown any quotable improvement on this decline, though there has been a greater steadiness manifested in the biddings. The heaviest variation from previous rates occurs in the case of New South Wales, New Zealand, and Tasmanian fleece wools, including half-breds, the fluctuations In these instances amounting to fully IJd per lb, and occasionally more. Greasy wools, oil the other hand, can hardly be stated at more than Id down, and in the case of good Victorian descriptions scarcely so much. Parcels of a good combing type irom that colony show, in consequence of their comparative scarcity, less difference than any other kind of Australian wool, but those in scoured condition share the decline with produce similarly treated from the neighboring colonies. For Cape wools the rates of the opening catalogue were somewhat irregular, but the lowest decline established is id per lb on June rates. The course of the market as indicated by the results ot the first few days’ sales, is certainly less favorable than had been anticipated, and would appear to show that the recent commercial disasters have exercised a wider range of influence in shaking confidence than was previously thought probable. Apart from this consideration, there is nothing in the actual ponditionsof the manufacturing industry, abroad or at home, since the spring to account for so considerable a fluctuation in our staple. It is true that the margin on which manufacturers and spinners are working is very bare, but this is no new feature, and although with a continuance of such circumstances the raw material must in the long run suffer, such a process would, according to all precedent, lie one of comparatively gradual and slow development. Competition for the first few days was almost entirely confined to the home trade, a fact which encourages the hope that prices have seen their lowest, as the wants of the foreign trade, like those of our own manufacturers, are considerable, and their intervention may reasonably be looked to as an element of improvement should no untoward circumstances operate in a contrary direction. Including yesterday’s catalogue the following quantities have been brought forward in current sales,, Bales. New South Wales and Queensland.. 10,572 Victoria 11,146 South Australia 6,028 Western Australia 416 Tasmania 2,994 New Zealand 15,251 Cape of Good Hope 10,557 Total 55,964 Of this quantity about 3300 bales have been withdrawn. By the programmes already published the sales will continue to the 12th of October, but it is considered certain that arrangements will be made for their termination about ten days earlier. We subjoin note of arrivals to date for next series, the date of which has not yet been fixed . Bales. New South Wales and Queensland... 3,875 New Zealand 2,366 Cape of Good Hope 4,065

Total ’ r ... 10,306 The New Zealand Loan and Mercantile Agency Company reports The weather having become more settled fair progress is now being made in harvesting. Some parcels of the new crop have already appeared on our market, and when in good condition have realised 48s to s()s, but the samples generally, especially of the white wheats, are considered poor and thin, and there is now no doubt that the result of our wheat harvest will be unsatisfactory both as to quality and quantity, and particularly so on the heavy and low lying lands. In Scotland and Ireland, however, better results are anticipated, the disastrous floods and unfavorable weather from which the English crops have suffered not having extended to these parts of the United Kingdom. As It is certain that our imports during the coming cereal year must be on a larger scale than In that just ending, the future course of prices will, naturally, be mainly influenced by the extent of the supplies available in other countries. American advices on this subject are as usual contradictory, but the wheat crop is generally represented as ha: dly an average, and, although shipments from the Atlantic ports Pave recently been very large, e g, 300,000 quarters during the past fortnight, exports of Californian wheat have been limited, and the last quotation telegraphed from Han Francisco is equal to 59s per 5001 b, c.i.f. to the United Kingdom, while cargoes of this description arrived at a port of call are only bringing 55s to 565. From North German ports liberal supplies will no doubt come to hand should our present prices be maintained. Many of the chief corn growing provinces of Russia have suffered severely from drought, followed, in some districts, by excessive rains, and exports thence are expected to be below an average. Hungary has a fair surplus to send us, while France, even with the help of the considerable stock which she still holds over from last year’s harvest, will have little more than sufficient to satisfy her own requirements. On the whole, it seems probable that while we shall receive full supplies of red descriptions, present prices of which may not be maintained, superior white wheats, such as Australian, New Zealand, and Californian will meet with a good demand and realise full values. Our floating supplies (exclusive of shipments from Baltic ports and from the United States, by liners), are now estimated at 1,133,914 quarters by 316 vessels, of which 52 cargoes, representing 152,493 quarters, are now on sale at ports of call. The quantity afloat at the same period of last year was 070,851 quarters only. Present quotations for Australian and New Zealand wheat must be written as at date of our last, advices, prices having in the interim receded 3s per quaiter, which they have since recovered. The Loch Ness arrived at a port of call with about 7000 quarters of South Australian wheat, which sold on the 16th instant at 54s per 3601b5, sellers having a few days previously refused 575, and on the 19th instant the Jungfrau, with about 4000 quarters of the same description, was placed at 56s 3d. The present value of such wheat on passage may be given as 55s per 4801bs lor orders, 54s to Loudon direct. Current prices ex granary are as under Australian wheat 56s to 57s per 496 lbs New Zealand do fine 52s to 56s per 496 lbs Australian flour 36s to 39s per 280 lbs New Zealand do 34s to 37s per 280 lbs Messrs Miles and Co report Owing to the line weather and the satisfactory progress made with the wheat harvest, millers have for the present to a considerable .'Xtent ceased operations, as their immediate wants arc supplied, and they are looking for better terms, especially as large shipments are on their way from the Black Sea and Atlantic ports. Consequently our markets have been rather dull, although prices remain about the same. The samples of our new wheat in the market are not spoken very well of, and w T e fear that a good portion is sprouted and discoloured. Consequently we look for a good demand during the ensuing season for good sound white wheat of foreign growth, although prices will not probably remain quite so high as they are at present. We quote, ex granary, Australian wheat, 56s to 575; Now Zealand, 52s to 655, per 4961b5; Australian flour, 36s to 395; and New Zealand, 34s to 37s per 280 lbs. PRESERVED MEATS. The New Zealand Loan and Mercantile Agency Company reports; This market on the whole shows no improvement. Small-sized tins of both beef and mutton continm in request at our quotations, but for other descriptions tiro demand is dull, and miscellaneous meats and soups aredlllicuit io clear except at extremely low rates. Current prices are as before : Boiled mutton, 6lb tins .., 4§dto 4Jd per lb. 41b tins ... do do do 21b tins ... 6d to 6Jd per lb. Boiled beef, 61b tins ... 6RI to 63d per lb. ilbtias ~, yjd to 7id per lb.