Markets.

Lyttelton Times, Volume VIII, Issue 509, 19 September 1857, Page 4

Markets.

LONDON WOOL REPORT.

The report of the London "Wool Market given below from the ' Home News,' was accidently mislaid at its first arrival.

June, 1857. —The second series of sales of colonial wool, which commenced on the 30th of April, closed on the 29th of May; the number of bales catalogued consisted of—Australian, 16,326 ; Port Philip, 21,509; Van Diemen's Land, 8252; Adelaide, 9028; New Zealand, 423 ; and Cape, 7904; total, 62,152. In our last report we mentioned that, notwithstanding the large operations for continental account at each night's sale, prices gradually drooped from the opening rates, until the reduction established was fully 2d. to 3d. below the closing prices of March sales. This declension in price, coupled with the steady purchases for export, brought in some of our large dealers whose operations gave confidence to the timid buyers; and although the accounts from the north continued unsatisfactory, home buyers were compelled to come in, and a feeling of speculation existing tended much to assist the market, about 3000 bales having been purchased to hold foi the autumn or spring.

To the competition of the large buyers for export we are entirely indebted for the satisfactory result of the past sales; thej-entirely ruled the market; had prices been left to our own buyers, the reduction would have been very serious, the panic feeling existing in the minds of many, leading them to look fora reduction of fully 4d. to sd. per Ib.; but merchants were quite alive to their position, they would, had prices declined so seriously, have withdrawn about 15,000 bales. At the present moment stocks of wool are large in the hands of the dealers, and the imports to date amount to 55,000 bales; it is expected that 80,000 bales will arrive in time forthe July-August series. The condition and growth of wool from all parts were an average; some satisfactory exceptions noticeable from Sydney realized high rates. At the German wool fairs a reduction of 3d. to 4d. per lb. has been established as compared with rates ruling last year. Tabular prices same as last.