Commercial.

Hawke's Bay Times, Issue 1633, 1 December 1874, Page 446

Commercial.

LONDON WOOL MARKETS. The New Zealand Loan and Mercantile Company report uuder date 2nd October:— The third series of public sales of Colonial Wool, which commenced on 18th August, was brought to a close yesterday. The quantity sent forward direct to the manufacturing districts prior to commencement of the sales, which was estimated at 17.000 bales, thereby reduciug the available arrivals, has been about balanced by Wool catalogued which had been held over from previous auctions and parcels twice offered during the sale.

The result of the sales has chiefly turned on the extent and character of the demand from the home trade, which, fortunately for "lowers and consignors, has held of late a position so far improved as regards consumption, and so reduced as to 6tocks of raw material, as to enable it to meet steadily the very considerable amonni of Wool comprised in the late series. Of 'he quantity catalogued about 100,000 to 110,000 bales only have been taken for export, including about 5,000 bales for America.

The heavy purchases made by the French trade in the spring leave them still well in stock, aud have made them independent of the necessity of operating largely at these auctions. Moreover, the character of die vast proportion of the Wool (as usual at this period of the year) has been such as is more suited to the Home trade than for export, It is not surprising, therefore, that there has been no very vigorous competi.ion from the latter quarter, or that any marked increase in demand from abroad was postponed until quite a late period of the auctions. With respect to prices, the rates paid during the first ten days of the sales for certain descriptions of Wool—notably scoured, halfbred?, and pieces and locks—by Home buyers, who urgently needed renewal of stocks, were very extreme, and these pressing requirements satisfied, the market assumed a calmer and more consistent and uniform aspect. In fleeces and grease Wools, during all the ear l ier part of the sales, there was no improvement on the May-June rates, and it was not till the accession of some increase in French competition towards the close of the series that these descriptions at all shared the advance previously established in other classes. Middle aud low greasy Wools have remained comparatively neglected throughout. As the result, of the sales we quote an advance on scoured Merino Wools of -|1 to -/1J per ft ; washed fleeces -|1 to -/l| per ft, and good greasy Wools -/I per ft ; on half-bred washed -flj, and greasy -|1 ; locks and pieces 1-J ; medium and inferior greasy there has been little or no alteration. During the last few days there was some slight falling off in attendance, but not such a difference iu prices .as will warrant any modification of our report. In a long series of this kind most consumers take care to provide themselves with stock before the last week, aud consequently frequently return home some days prior to the i lose of the'auctions. In addition to this cons deration is also the fact that the financial capacity of the Home trade has been a good deal stiaiueel by the paymtnt for so heavy an amount of raw material within a comparatively very short period. The influence of such causes as these cannot but be felt to some exteut in prires, but they do not in icateany change in the real condition of the trade or demand.

Many of the New Zealand flocks of the Merino stamp show very plainly a need of recruiting with fr«*h blood oE fine growth to keep up their original standard of quality. The influence of climate and pasture in that Colony evidently tends to make such Wools

stronger in growth and coarser in quality, and the remarks among French combers of the increasing scarcity of flocks from that quarter of true Merino character and quality are becoming general. By the Agricultural Returns of the Board of Trade, recently issued, ir appears that the number of Sheep in the Unite l Kingdom on 25th June, 1874. was 30,313,949, being an increase of 886,314 or 3 per cent, on the number at same date in 1873, and of 2,392,442 or 8£ per cent, on 1872. This consideration must not b 1 lost sight of in estimating the course of prices in the future, coupled with the fact that we have already disposed of a quantity nearly equal to that sold during the whule of last year, and that for the next sales, to commence 17th November, the arrivals will probably amount to 100,000 bales. We however, consider the Wool trade to be sound, and the prospects on the whole favorable, a position to which the abundance ot the harvests everywhere secured has largely contributed.

The arrivals up to this date for the next series amount to 39,728 bales, including 7,361 New Zealand.