Markets.

Lyttelton Times, Volume VIII, Issue 525, 14 November 1857, Page 4

Markets.

The near approach of the wool season renders the accounts of the London sales lately received peculiarly interesting. The extraordinary rise which took place from the commencement of the July sales, will have benefitted this colony to a great extent, the first part of last year's clip, ex Oliver Lang, having been then put into the market. The account sales of this wool scarcely reach the highest figure quoted by the 'Home News' for New Zealand wools; the highest price obtained, as far as we have had opportunity of observing, beingSs. 2\&. for some bales of Canterbury wool. The highest price from other provinces is Is. ll^d. The good prices obtained and the marked advance upon the best got up sorts, ought to stimulate our growers to the greatest care, not only in washing, but in sorting and packing, all brokers' circulars speaking strongly on this point. The following paragraph is taken from a late price current of an eminent firm: —

" We ought not to omit again to notice, as we have done before, that the very unwise manner of packing two or three sorts in one bale will lead to serious difficulty if not abandoned. The Colonists can scarcely appreciate the unpleasant correspondence to which it .gives rise. Complaints even of a more general character have been made during these sales, which we cannot think are well founded, as fraudulent packing occurs, as far as we know, in very few cases."

Some few bales are beginning to come down both to Christchurch and Kaiapoi, and at most stations shearing is in progress. Towards the close of the present month the arrivals •will begin to be more rapid. We subjoin a further account of the July London sales as given in Chas. Jacoinb and Son's WOOL CIRCULAB. London, August 17, 1857. Dear Sibs,—Since the 16th July, public sales of Colonial wool have been in progress, and will finally close on the 22nd instant. Up to the 15th, the quantities sold have been— 15,338 bales Australian . 24,523 „ Victoria 5,320' „ Tasmania 7,163 „ Adelaide 1,014 „ Swanßiver 4,202 „ New Zealand . 10,377 „ Cape

Total 67,937 bales.

The sales opened under favourable auspices in a reduction of the Bank rate of interest to 5£ per cent., splendid weather for the then ripening harvest, and an unprecedented attendance of home and foreign buyers. The former, however, not animated with the same determination of stocking at the commencement, as was the case with their Continental competitors, and with an evident "reluctance to concede an advance in prices unless compelled to do so.

The first sale commenced at rates a little in advance of tHe, closing or dearest period of the May series, and under the influence of extensive purchases of all kinds for foreign account, prices gradually hardened until an average advance of 2d. per lb. on-those rates" was obtained, and have so continued to the present time. The most remarkable advance has been on wools in the grease, mostly from 'Adelaide, which have been sought after with much avidity by foreign purchasers, at prices apparently much above their intrinsic value, as compared with washed and scoured wools. The purchases for export have also been large of all fine and well-condi-tioned parcels of combing and clothing wool f c om all the ports, and we can hardly estimate the total of these purchases up to the present time, at less than 22,000, to 23,000 bales.

Judging from the complaints of manufacturers, and the spirit of the Trade Reports, clothiers and spinners must find the enhanced value of the raw material acting prejudicially upon them, as no sufficiently compensating advance ha 3as yet taken place in goods. This difficulty appears still further to induce the necessity of reducing the cost by the use of inferior qualities, or by the admixture of other materials thereby sensibly depreciating the standard! These remarks of course do not apply to the makers-of fine goods in the West of England, or the West Eiding of Yorkshire. It is an indubitable fact that the highest priced and best-conditioned wools are taken for the continent, the intrinsic value of which, even at the higher cost per lb., must be greater than those of inferior condition and quality.

Present prices are such as to give every encouragement for additional care in improvement of breed and condition.

The general exhibit from all the colonies has been good, and a marked improvement in many stocks is developing itself. Perhaps the greatest progress is in the growth and wash of Van Diemen's Land Wools this year, the " Three Legs " flock ranging from 3s. to 3s. l£d. per lb., whilst several other flocks appear to be approaching even the high standard of that favorite brand. We wish we could make the same remark on Victorian produce, the bulk of which is exceedingly heavy, and in many cases badly grown: satisfactory exceptions to*these remarks are' of course to be met with.

The supply of Sydney Wools being smaller than usual at this period of the year, the competition for them has been even greater than that for other descriptions, and as the sales advanced, a greater desire, on the part of home buyers to supply their wants up to October at least, was evinced. New Zealand and Swan Riyer Wools have (considering quality and condition)produced highly satisfactory prices, but much irregularity in the packing of the former still exists. It is an evil easily remedied, and has a prejudicial effect on the sale of this produce.

The purchases for Bradford, for a long time past, have been extremely limited, English wools continuing to be the chief staple of consumption by the combers of that town.

Prices here are very far above the average of many years past, and should the result be to re-

duce consumption at the same time that production is, as is probable, increased, and further, should any at present unforeseen event prevent the competition of foreign buyers, it is not difficult to predict what would be the result; We should have abstained from these remarks, but that the last quotations from some of the colonial ports indicate a range of prices about equal to the rates now current here for the identical descriptions. .

At this critical time for the harvest, the weather has been for some days broken, and heavy storms have in various places done, hitherto, but partial damage; otherwise at present all looks well; but with interest at 5£ per cent., consols at 90 and 91, and a yet unquelled mutiny in the Indian army, it is as well not to take too sanguine a view of the future. We are, dear sir, Yours, very truly, Chas. Jacomb & Son.