Commercial Intelligence.

Hawke's Bay Times, Volume 13, Issue 679, 6 May 1869, Page 2

Commercial Intelligence.

The London Colonial Wool Sales.: The following is Mr Helmuth Schwartie's circular as published in the Home News, 26th February :- The London colonial wool sales commenced onFebruary 25, with a catalogue in which' the-two-leading desciiptions of this series—Port Phillip and? Adelaide—were well represented: Thie quantitiesoffered comprised 2,503 bales Port Phi11ip,,2,279* bales Adelaide, 308 bales Sydney, 63 bales NewZealand, and 427 bales Cape—total, 5,580 bales. As usual at this period of the year a large number of both home and foreign buyers attended,, the competition was brisk, and prices, as compared with closing rates of November-December-series, for fair Port Phillip fleece and for fair Adelaide grease, were rather in favor of buyers. Of Capes there was but a poor selection, but as far as the sale of a few hundred bales offers a criterion, the prices paid were very firm. A confident tone seems to prevail generally among the trade. The arrivals in time for this seiies comprise—Port Phillip, 49,283 bales; Cape, 23,837 bales; Van Diemen's Land, 388 bales; Adelaide, 28,573 bales; New Zealand, 1,591 bales; Swan Eiver, 797 bales—total, 117,340 bales; and about 15,000 bales were held over from formerseries ; the total to be offered is, therefore, about 132,340 bales. The Times, 24th February, has the following, paragraph:— At a time when the necessity of adhering toessential principles of business is more than ever needful, and has been severely impressed by the lessons of experience, it is noticed with surprise that some of the Australian banks have become shippers and importers of wool, thus competing, it would appear, with merchants both in the coloniesand in London. That banks, in adopting this course, must be assuming responsibilities and risks never contemplated by their shareholders seem* obvious, and the question arises whether such transactions can come within the scope of charter* or deeds of settlement. It is understood that other banks strongly oppose the measure.