Markets.

Lyttelton Times, Volume VIII, Issue 532, 9 December 1857, Page 4

Markets.

LONDON WOOL MARKET.

The July sales, which closed five days after our last advices, namely, on the 22nd August, appear to have been conducted with great animation and consequent firmness of prices to the last. Closing quotations are not however higher than those reported as ruling at the date of our previous advices. The following is the report of Messrs. Bradbury and Cook, referring to the whole series of sales:—

" The total quantity of wool brought forward at the late sale was 80,294 bales—lß,o73 New South Wales, 29,483 Victoria, 6,135 Tasmania, 7,685 South Australia, 12,541 Cape, 5,290 New Zealand, and 1,177 Swan Eiver. The high prices obtained for the recent clip of German and other wool on the continent, prepared buyers to expect a decided advance in the value of colonial wool; and although it is acknowledged that a corrresponding advance has not been obtained on the manufactured article, buyers were encouraged by the favourable circumstances under which these sales commenced to look hopefully on the future. The recent decline in the bank rate and the prospect of an abundant harvest have, no doubt, had due weight, and have exercised a most favourable influence on the market. Continental buyers were the most eager competitors in the early part of the series. Their purchases will. probably exceed 25,000 bales, and they have again selected a very large proportion of the finest and best conditioned flocks. Prices of all descriptions of Australian wool were at the opening about l|d. per lb. higher than those obtained at the close of last sales, and during the first fortnight there was a further advance of Id. to l|d. per lb. Buyers for the home trade operated with great caution at the commencement, and appeared very unwilling to pay the advanced prices. For the worsted trade the demand is still very inactive. The bulk of Port Phillip wool was in heavy condition, and a large proportion of that from Adelaide has been offered in the grease; the greater portion of the latter being taken for continental account, at an advance relatively greater than that on other descriptions. The supply of Sydney wool was smaller than usual, and there being an active demand it realised very high prices. The advance in Cape wool at the commencement was Id. per lb., and as the sales progressed, a further rise of -|d. per lb. took place. The New Zealand wool offered was in heavy condition and very unevenly packed. Lambs' wool has been very plentiful, and has not advanced to the extent of other descriptions."

The following paragraph from the report of Messrs. Hagard and Sons will be read, with interest:— ,

"As compared with last year, up to the present date 10,000 bales more have been sold in the present, to which increase Port Phillip contributes 6000 bales, which may chiefly be accounted for by shipments from that port in particular having taken place earlier than in the previous year; but it is evident that the demand is more than keeping pace with the supply, and that there is ample room for greater increase than is likely to occur without any detriment to prices. Wools of good quality, in good to superior condition, underwent the greatest augmentation in value; the advance on such may be quoted at 2|d. to 3|d. per B>., which also applies to scoured wool. Heavy conditioned wool realised Id. to 2d. advance; lambs' wool l|d. to 2|d., and greasy wool participated in the rise to a similar extent. Cape wool is l^d. to 2d. per ib. dearer. The condi tion of the wool from Sydney, Port Philip, and Tasmania, was generally satisfactory, but some flocks were heavy in condition, and much troubled with grass seeds and burrs. Of the South Australian a very large proportion was in the grease, but which was in great request, particularly for the continent. The Cape wool generally was of fair average quality. The New Zealand, while continuing to show improvement in breed, does not exhibit a corresponding improvement in assortment and regularity of packing, which also may be said of the Swan River wool. The quantities brought forward, ■prices paid for New Zealand wool, were as follows:—s29o bales. Fleeces, Is. 3d. to 2s. 3|d.; lambs', Is. 3d. to 2s. Id.; scoured and handwashed, Is. sd. to 2s. 6|d., five bales at 2s. Bd. and one at 2s. 9d.; unwashed, Bd. to Is. 7d."

Speculating on the future, the * Home News' thus indicates the probable course of the market in the November sales :—

" The small arrivals to date as a nucleus for owr sales in November has imparted much con-

fidence to holders, particularly of Port Poland Sydney, it being generally anticipated that the total for our next sales will fall far BWf3 the requirements of the trade. The fact of large increase in our exports of manufactured goods, a larger consumption of colonial wool abroad all lead to the supposition that prices will rule higher at the closing sale of th

Looking at the number of bales sold thi* year and the anticipated import,it is probable that before the new clip can arrive, wool will hi very, scarce, and extreme rates be paid Th» stocks in second hands in London and the North are very light after so large a sale' and should the course of the money market'and political events be such as to justify more con fidence, a rise^in all descriptions, particularly combing and fine clothing sorts, of Ml 1U Z 2d. may be looked for. a °