COMMERCIAL.

Globe, Volume V, Issue 536, 7 March 1876, Page 2

COMMERCIAL.

ENGLISH COMMERCIAL. The New Zealand Loan and Mercantile Agency Company report on January 13 th as follows Wool—ln reviewing the course of the colonial wool market during the bygone year, attention Is directed toward* the following characteristics, *LTThe continuous Increase of supply and its result. . , and. The drawbacks to a maintenance of previous values during the year 1875. 3rd The effects produced by special events operating indirectly on the woollen industry. The continuous increase in supply of colonial wool U exhibited in the following tabulated statement of importation* during tbf j?Ht (our yw» i-

These statistics show that between the years 1872 and 1875 there has been an increment of 211,713 bales; Allusion has frequently been made in these columns to the unprofitable nature of the trade in woollen manufactures both at home and abroad, and to the reiterated complaints on the part of manufacturers that the prices paid by them for the raw material were not commensurate with those secured for their goods. Under these conditions, any development in supply might naturally be expected prejudicially to affect a corresponding increase in demand, unless purchases of the raw material could be made on more favorable terms than formerly. It has accordingly been found that the reduction in the average values of the year 1875 is fully 6 per cent on those of 1874. This decline has been more marked by reason of the following concomitant features directly connected with the production and consumption of wool (a) The material increase in the growth in the Australasian colonies and in New Zealand of cross or half-bred wools and those of a kindred type to English wool. „, . ~ (b) The intrinsic inferiority perceptible in the clip received last year as compared with that in the year 1874, more especially in the case -of New Zealand shipments. , (c) The sensible reaction in the value of domestic W °d)' The conspicuous absence in demand on the part of American operators, caused in a great measure by direct importations from the various colonies to the United States. Apart however from those direct adverse influences, certain special features have arisen which, although indirect in their action, have none the less most materially interfered with the woollen industry. These may be briefly summarised as follows The period of commercial distrust which ensued after the announcements of the failures in the East India, iron, and other trades, made prior to the close of the May-June and the commencement of the August-September serial auctions, effectually tended to induce caution on the part of consumers, and to curtail the credit usually accorded to dealers and speculative operators. The favorable prospects of the harvest of 1876 were overclouded by disastrous floods both at home and on the Continent, involving the importation of large quantities of cereals to supply consumptive wants. This untoward event reacted most unfavorably on the manufacturing industries of Great Britain, and enforced the acceptance of lower values for home-grown wools, to which allusion has already been made. For facility of reference we epitomise the result of the four series of sales which have been held during the past year. The first opened on 23rd I eb, and was brought to a termination on 25th March. The arrivals available for disposal and quantities catalogued were as follows Arrivals, Quantities catalogued.

Of the former about 14,008 bales were forwarded direct to the various centres of consumption, and in the latter were included about 7000 bales which had either been held over from previous sales, or were more than once offered in this series. The sales opened with a good attendance of both home and foreign buyers, but at rates showing a decline varying from -ad to per lb on those current during the corresponding series of 1874. It was originally intended that they should be continued until 9th April, but on the curtailment of the programme to 25th March a better tone supervened, and with freer competition on the part of French buyers, the decline submitted to at the commencement was with but few exceptions recovered before the close. About 115,000 bales were purchased tor export to the continent, n The second series commenced on 4th May and terminated on the 17th June, the arrivals and quantities catalogued being as follow, viz;— Arrivals. Quantities catalogued.

Of the former fully 12,000 bales were forwarded direct to the manufacturing districts, and from the latter about 6000 bales were withdrawn: Owing to adverse winds about 30,000 bales did not arrive in time for disposal, which, under ordinary circumstances, would have been added to the available arrivals. Opening rates showed that the prices current at the conclusion of the February—March auctions were fully maintained, and under the influence of an active demand on French account, an advance ranging from £d to 2d per lb was at one period of the sales secured, the most notable being in the case of superfine Victorian combing wools and cross-bred descriptions generally, which had commanded less attention during the first series. Towards the close of the sales, however, symptoms of weakness in the biddings were apparent, owing to reports of failures and financial difficulties not Immediately connected with the woollen trade. The quantity passed for export exceeded 135,000 bales, but not only were no purchases made on American account, but wools originally Intended for shipment to the United States were diverted for disposal to this market. The third serial auctions were initiated on 17th August, and were closed on Ist October. The available arrivals and quantities catalogued for this series were exceptionally large, being as fol-

Of the former about 16,000 bales passed direct into consumption, and inclusive of unsold wools In the latter, about 18,000 bales were either withdrawn or held over for future disposal. The hesitation in the biddings observable towards the conclusion of the second series had, in consequence of the commercial distrust and financial difficulties arising out of the gigantic failures which were announced in the interval, been materially developed. The less favorable prospects of the coming harvest had likewise a prejudicial effect as well on trade generally as on the value of domestic wools. The midsummer series accordingly opened at a sensible decline on the closing rates of the preceding sales, which became more marked as the auctions progressed. Towards their conclusion, however, a slightly better demand existed, and they terminated somewhat more firmly than was at one time anticipated. Throughout their course great irregularity in prices was manifested, so that any quotations embracing the range of the decline must of necessity be wide. Superior greasy combingmerino wools did not give way more than per lb, while medium and inferior washed and scoured kinds, whether fine or coarse, were depressed in value fully 2d to 3d per lb, the latter figure more correctly representing the decline in washed cross-bred descriptions. Owing to the unsatisfactory nature of the sales, there were considerable withdrawals from the catalogues, amounting in round numbers to about 25.000 bales. Of these, however, a large proportion was from time to time re-catalogued, so that the quantity actually held over for future disposal probably did not exceed the figures already given--15.000 bales. Foreign buyers did not operate so freely as in the preceding series, and the quantity taken for export did not accordingly exceed 120.000 bales. The fourth and concluding series of the year' commenced on 23rd November and terminated oil’ 16th December. The available arrivals and quantities catalogued are given in the following tabulated statement, viz.

Of the arrivals, about 8000 bales were forwarded direct to the Home and Continental manufacturing districts, while in the quantities catalogued were included upwards of 25,000 bales, representing twice-offered and second-hand parcels, wools held over from previous sales and odd lots returned from the various centres o' consumption which the holders were desirous of realising before the close of the year 1875. For the season the attendance of buyers was exceptionally large, and considering the selection offered, good competition was exhibited, especially as the sales progressed, amongst the smaller consumers from the home districts, whose purchases naturally were not so extended as those of operators in the earlier sales of the year. The quantity passed for export to the continent was about 30,000 Dales. With the exception of Cape imports the result of the auctions was more satisfactory than had been generally anticipated. Save in the case of good stapled combing wools which were in small supply, no appreciable change In the values' of Australian and New Zealand imports on those current at the close of the previous series was exhibited, but at these rates more spirit was shown than was observable throughout the August-Sep-tember serial auctions.

Since the termination of the public sales but little business has transpired by private treaty, but it is generally conceded that notwithstanding the increase in supply during the past year, the stocks of raw material in the hands of manufacturers are now as light as was the case twelve months ago. While this position should strengthen the hands of holders, the continued increase in pro duction of colonial wool will have an opposite tendency sufficient to prevent in 1876 a return to the level of prices which was witnessed in 1874. It Is worthy of note, however, in estimating the future course of the market as regards supply and demand, that the aggregate quantity of colonial wool taken for export during 1875 exceeded that of the previous year by about 60,000 bales, figures greater than those representing the increase of colonial importations during the former year. That this result should have been attained despite a very moderate demand from Germany, and without any assistance from the United States, points to the conclusion that with a recovery from the depression in trade that has been for some time apparent at both these centres of consumption, which now may not unreasonably be looked for, foreign requirements during the present year, unless curtailed owing to political disturbances on the Continent, may be sufficient to absorb the increase in supply which the development of production in the Australasian colonies has secured.

The fixing of the opening series of the present year for the middle of February may, by reason of arrivals being later than at the corresponding date last year, give a temporary impetus to prices during their currency, so that while the closing rates of the first series should not be taken as a basis of calculation for those of the succeeding sales, any subsequent reaction need not be regarded as an indication of progressive decline. The following is a note of the arrivals to this date for the February sales, to commence on the 15th of that month

In consequence ol the intervention of the Christmas holidays the only auctions of Australasian tallow held since the departure of last San Francisco mail were on 17th ultimo and 7th instant. At the former, 517 casks were brought forward, and 420 sold, mutton realising 46s 6d to 50s 6d per cwt, and beef 42s 6d to 47s Cd; at the latter only 358 casks were catalogued, of whtch 103 passed the hammer. No parcels of fine quality were offered, but inferior to good fetched 40s 9d to 48s for mutton, and 36s 9d to 46s for beef. These prices show a reduction of is on those of previous sales, but in the smallness of the offerings and the disinclination of the trade to operate, they can scarcely be accepted as a criterion ot the present state of the market.

With regard to the prospects of the market it is still difficult to speak with any approach to certainty. It may reasonably be anticipated that the level of values during the current year will be maintained higher than that which for some time past has ruled here, but the possibility must be borne in mind of a renewal of larger imports from St Petersburg, and an increase in the home yield. Stocks in London as estimated had been reduced to 8000 casks, but a cart ful investigation lately undertaken has shown that some important errors had occurred in the.caloulation, owing, it is believed, to the omission in the imports of pai cels sent to the warehouses by land carriage which had been subsequently included in the deliveries. The revised figures state the stock of all descriptions on Ist January at about 16,500 casks as compared with 20,001 casks at Ist January, 1875. The total imports for the year were 62,635 casks against 68,793 in 1874. Deliveries for the same period were 66,143 casks as compared with 74,752 during the preceding year. Arrivals of Australasian for the four weeks ending Bth January were 3114 casks. Shipments advised since our San Francisco Circular No 104 were 2701 casks.

For to-morrow’s auctions 281 packages are ad vertised.

There is an improved enquiry for both beef and mutton, stimulated probably by the return of cold weather. Prices of mutton show an improvement of id to id per lb on our last quotations. Corned beef, in 21b tins, is especially enquired for, and if available would fetch good prices, but It is very scarce, as is also boiled beef in 2lb tins. Prices current are as follows: Boiled mutton, 61b tins ... s|d to sfd per lb. 41b tins ... do do do 21b tins ... 7d to7idper!b Boiled beef, elbtlns ... 6|d to per lb. 4lb tins ... 7|d to 7id per lb. The general course of the market during the year has indicated some improvement, which, however, has been mainly confined to boiled mutton and beef, and corned beef, of well known and approved brands. Other descriptions give no evidence of an increase In public favor, and the results of consignments generally have not been encouraging to shippers. The quantity of preserved meats imported during 1875, according to the Board of Trade Returns, was 171,746 cwts, against 265,394 cwts in 1874, and 261,212 in 1873. Arrivals for the four weeks ending the 6th January ’ were 13,709 eases from the Australasian colonies, and 477 from Brazil. By the mails delivered since 16th December, .we have advices of shipment amounting to 7,321.

1872. Bales. 1873. Bales. 1874. Bales. 1875. Bales.. New South Wales and Queensland Victoria. South Australia Western Australia ... Tasmania New Zealand Cape of Good Hope ... Total Bales 128,852 198,367 70,459 5557 14,741 104,583 139,111 128,445 210,135 74,436 6322 14,713 117,803 155,926 137,499 264,287 85,774 6398 17,572 140,683 164,471 142,982 279,751 100,852 6745 19,076 149,896 174,081 661,670 707,810 816,684 873,383

Bales. Bales. N.S. Wales and Queensland 18,893 ... 20,675 Victoria 100,333 ... 99,617 South Australia 40,944 ... 40,558 Western Australia ... 337 337 Tasmania 410 ... 327 New Zealand... .. 4657 ... 5513 Cape of Good Hope 47,831 ... 39,170 Total ... ... ... 213,405 ’ ... 206,197

Bales. Bales. N. S. Wales and Queensland 50,606 .. 50,047 Victoria 112,130 .. 110,467 South Australia 37,430 .. 38,296 Western Australia 5,466 ... 5,469 Tasmania ... 6,214 .. 6,319 New Zealand 36,423 .. 35,682 Cape of Good Hope 31,178 .. 24,992 Total 279,447 .. 271,272

low, viz. Arrivals. Quantities. Bales. Catalogued. Bales. N. S. Wales and Queensland 52,210 ... 63,446 Victoria 69,463 ... 62,679 Soutb Australia .. 14,703 ... 14,627 Western Australia .. ... 808 826 Tasmania 12,151 ... 12,193 New Zealand .. .. 99,366 ... 102,919 Cape of Good Hope ... ... ‘59,007 ... 46,745 Total .. ... 298,608 293,435

Arrivals. Quantities. Catalogued, Bales. Bales. N. S. Wales and Queensland 19,919 .. 23,156 Victoria 10,011 ... 20,418 South Australia ... SI* i ,m ... 3,263 Western Australia ... 317 ... 402 Tasmania 115 ... 1,822 New Zealand 10,007 ... 18,100 C»P« Of Good Hop* m Ml 43,101 ... 37,095 • XoW iit iii 111 io£i«

Bales. New South Wales and Queensland... 3,737 Victoria 11,911 South Australia... 5,890 Tasmania ... ' ... 215 New Zealand 2,092 Cape of Good Hope 19,238 Total ... 43,083 TALLOW,

present prices current may be quoted as follow:— P.Y.C, New .. 518 per cwt Australian mutton, fine.. 48s 6d to 49s 6d per cwt Do medium 47s to 48s per cwt Australian beef, fine . .. 46S6d to 47s per cwt Do medium 45s to 46S per cwt PRESERVED MEATS.