ENGLISH COMMERCIAL.

Hawke's Bay Times, Volume 17, Issue 948, 20 February 1871, Page 2

ENGLISH COMMERCIAL.

We take the following from the New Zealand Loan and Mercantile Agency Company's Circular, dated 24th Dec.:—•

WOOL,

From the date of our last issue on the 22nd to the close of the November Series on the 29 th ult. the Wool market assumed a decidedly firmer tone in consequence of a marked increase of competi* lion from the Home trade. The improvement in quotations resulting from this influence was pretty generally, applicable to all descriptions, but especially notable in the case of greasy New Zealand flocks, which during the earlier part of the sales had suffered heavily. The closing prices may be stated generally, if we except perhaps middle-class clothing parcels, as somewhat in excess of the opening rates, and since the termination of the series some considerable private business has been transacted at very full quotations. It is not a little satisfactory to be able to record so favorable a condition of the market in the face of circumstances which apparently pointed towards a completely opposite result, and the natural inference of a considerably extended consumption in the various departments of the Home trade—mainly caused no doubt by the diversion of business to this country which under other circumstances would have been executed in France and also by a very considerable, demand for army woollens —affords a most striking instance of the tendency to compensation in demand in a highly developed system of free trade. The relative cheapness of the article and the improved scale of consumption at Home, taken in connection with the prospect of light supplies for February, promise the continuance of firm prices for the present, but the influence by which the future course of the market must to a great extent be regulated are of so complicated a nature and are so materially dependent upon the course of political events that is unusually difficult to form an estimate of any value. The demand for army clothing will of course cease with the war, w hile the return of manufacturing industry in France to its normal condition must at all events be the work of mouths, probably of years ; and regard being had to these considerations, and to the probability of an increased supply of Wool during the new season, the expectation of a moderate range of value will be perhaps all that circumstances will warrant. The quantity of Wool forward for sale during the late series, including fresh and old stock, amounted to about 215,000 bales, of which about 170,000 bales were catalogued, leaving, with considerable parcels bought in from time to time, about 50,000, roughly proportioned as follows :—Sydney and Queensland, 16,500 bales; Port Philip, 10,000 ; Adelaide, 1,200 ; Van Diemen's Laud, 800 ; New Zealand, 10,500 ; Cape, 1,100. Total, 50,000 bales for the first series of 1871, fixed to commence on the 2nd February ; in additioii to 25,124 bales of fresh arrivals.

NEW ZEALAND FJDAX.

We have again to report a good market fur New Zealand Flax, the demand lor both home use and export having kept up throughout the past month, but owiug to the small choice that had beeu offering the private transactions have been confined to about 3,000 bales ; and of 2,062 bales brought to auction only 800 bales were disposed of, the remainder being held for excessive rates. The arrivals since our last have been again confined to one vessel-r-the Alexandria, from Wellington—bringing 877 bales; and as we cannot now receive any important supplies till March or April next, when the New Season's Flax may be expected, our stock at the present rate of consumption must ere then- be worked off. The Dock returns shew that deliveries last mouth amouuted to 926 tons against an average of only 300 tons per montii

i) August, September, and October, a conclusive proof of the increasing favor this fibre finds." Tow of good quality is to-day saleable at .£ll to .£ll 10s per ton, and Flax at the following quotations, viz :■—Rough half-dressed JBI4 to £ls 10s, half to three-fourths dressed ,£lB to £2O 10s, three-quarters to fairly cleaned £22 to £2B 10s, good £3O to £33, and superior at .£35 to <£36 10s per ton, being an average advance of 30s per ton on last month's rates.