Commercial Intelligence.

Hawke's Bay Times, Volume 8, Issue 397, 26 July 1866, Page 2

Commercial Intelligence.

LONDON WOOL REPORT. 25th May, 1866. The second series of sales for this year commenced on the 10th of May under circumstances which, had our market been less strong, might have been productive of a very heavy fall j the rapid rise in the Bank rate, coupled with large failures among the financial companies, had produced much distrust, and the general impression was that woolwould sell at about 2d or 3d decline on the average prices of last sal s. The opening sale, however, excited more competition than was anticipated, and prices might be quoted about to 2cl decline on March rates, which were exceptionally high ; alter the first day or two there were symptoms of a slightly easier

market, but the heavy purchases for French account strengthened the market, and notwithstanding the monetary panic and failures;:in the banking and and discount companies, our market has been well maintained, and prices have rather hardened during the last few days. The high rate of money has not yet affected our market beyond the decline quoted, but it is scarcely to be expected that 160,000 bales would realize the full rates now without an easier money market and more general confidence. At present the buoyancy of our market is attributable to the extremely large purchases of foreign buyers—chiefly French —and if they can continue their purchases on the same scale, no doubt rates will be maintained. Up to that date one-third has been taken for export.