Markets.

Lyttelton Times, Volume XI, Issue 684, 28 May 1859, Page 4

Markets.

The arrivals of the mails of February and March has done away for the present with most of the interest which other arrivals or departures might occasion. Nevertheless, it is worth notice that *he Lord Worsley brings from Sydney a large cargo of * horses, and, as a, symptom of the position of this market, €yen in its present condition, with reference to that of Sydney it is noticeable that the speculator on this occasion is Mr. G. M'Clymont, who should know, if any one does, the merits of such a speculation. Mr. H. 33. Alport held a sale of Pelorus timber, chiefly white pine, on Wednesday the. 25th instant. Timber delivered at the market Place, Christchurch sold at from 265. to 285.; at Aikmans wharf at 253. At Mr. Claude M. Ollivier'ssale of land on Monday last at Rangiora, sections fronting on the Oxford Road realized the average price of £48 per acre; allotments fronting on the private roads from j67 to £14 10s, per acre.

The following English Commercial intelligence is taken from the " Home News " of March 18:— City, Thursday Evening, March 17. Though the quotation of prices on the English Stock Exchange going out by the present mail will show some improvement on those given in our issue of the 23rd of February, these must not be taken as the exact indices of public opinion as to the question of peace or war. It is not too much to say that at present the majority of the public think the probabilities of a Continental Avar are as great as ever. That it may. be postponed is considered more probable, and this impression, combined with the steady absorption of stock by the public, has tended to support prices. The new political article in the 'Moniteur' attracted, as a matter of course, a great deal of attention, but had little effect upon the stock markets, many of the speculators being evidently at a loss as to the interpretations to be put upon it. By reflecting persons the new imperial address is regarded as a half menacing appeal to Germany to maintain a strictly neutral attitude, whilst France brings her quarrel with Austria to an arbitrement, whether by diplomacy or by the sword. The fresh fall which has taken place on the Paris Bourse proves that in French financial circles, as everywhere else, Louis Napoleon's professions of moderation, which thinly disguise a splenetic insult to the legislative assemblies of more than one of the German States, are little calculated to calm the deep agitation of the public mind. An attempt to extend the area of French dictation seems to involve a very circuitous route to peace, though possibly harmonising with the peculiar ideas of a potentate who, after driving all his neighbours into armour, complacently claims to have " established the tranquility of Europe upon a firmer footing." The number of those who believe that the trauquility now prevailing is as profound as can be expected during his majesty's tenure of power is rapidly increasing. The demand for accommodation has been more active during the last few days, and even first-class paper has been obliged to pay the Bank minimum rate—viz., 2\ per cent. Consols are officially marked at 95§ to 95£, both for money and the 7th of April. India Stock has been dealt in at 220; Indian Four per Cent. Debentures, at 98f; and Exchequer Bills at 345. to 375. prem. >

Victoria Eailway Debentures continue to maintain a high relative -value, closing at 112 to 113. The £98,800 brought by the Anglesey, from Port Philip, was delivered on March 17, and taken for the Continent, besides £20,000 from the Bank. The Half-yearly general Court of the Bank of England was held on March 17. The profits during the past six months have been £610,956, and the orest now amounts to £3,632,944. A dividend of 4 per cent., without deduction of income tax, was declared, leaving the rest at £3,050,824. No discussion took place. , London Wool Report.—March, 1859. The first sale of this year commenced on the24th February, the number of bales being 32,666. From the Ist of January to the commencement of these sales the activity of our market had considerably abated, both dealers and manufacturers looking with great distrust upon the course of events; the former sold their stocks with willingness at the best profit they could obtain, and the latter found more difficulty in quitting their productions at recent rates. Holders in London were more disposed to meet the market, and those who held second parcels quitted anything they held at cost to a slight profit. These circumstances evidenced an opinion that wools would rule lower at the sales, and buyers held aloof preferring to wait the result. At the opening sale the attendance of home buyers was good, and although biddings could scarcely be quoted " brisk" there was a disposition to purchase, particularly by those who were actually in want of a few bales to keep their machinery going. As soon, however, as immediate requirements were satisfied, an indis-■ position to purchase became apparent, all parties bidding with indifference, the dealers especially so. The manifestation of this feeling soon told on the market, until the prices on the average as compared with last sales may be thus quoted :—Sydney, good to fine,£d. to Id. advance ; scoured, good to fine, Id. to l£d. advance. Port Phillip, good to superior, about id. advance ; fair to good, fd. to Id. decline j ordinary to average,- l£d. to 2 jd. decline. Other descriptions an average of Id. to 2d. decUne. Heavy and inferior descriptions continued difficult of sale, and in some instances biddings were so low that they were taken in. Purchases on account of-Continental buyers were exceedingly smalL; with the exception of a few good Port Phillips and Capes their operations were almost nil. Indeed large parcels have been received from the Continent, this market being the only one at which wool can be sold at full market rate.

Judging from the present aspect of political affairs at home, and abroad, and the .difficulty experienced by manufacturers to sell at cost, present rates will not be maintained at the May sales, at which about 50,000 to 70,000 bales are expected to submitted; and it is worthy of particular notice that, at present rates* there is ample room for a drop—a hint which it is hoped operators on the other side will duly note. The possibility of war, and with it those evils from which trade does not so soon rally, behoves •the greatest caution on the part of all, and it is a very gratifying feature in our market that all operate with the greatest caution. The probability of a change in our own Ministry and an appeal to the country will produce a stagnation in our market, the full effects of which will not be felt till our May sales, and it will be well for those who have operated on the other side at such extreme rates—the losses of whom will be very great should the tendency te droop continue—even if a serious reduction is not established. What the result may be to those if a decline is established of 2d. to 3d. is apparent, when such prfces as Is. 9d. to Is. lid. are paid all round for good flocks. - RANGE OF PRICES 03? NEW ZEALAND WOOL. Superior flocks in good condition, Is. lOd. to 2s. lsd.j average to good in fair condition, Is. Bd. to Is. 10.; ord. and ill conditioned, is. sd. to Is. 7d.; scoured clothing, 2s. to 2s. Id.*, scoured lambs' do., Is. 9d. to 2s. 2d.; fair and hand-washed skins, Is. 3d. to Is. 6d.; inferior, Is. to Is. 3d,; lambs', good, Is. 9d. to 2s. Id.; do, inferior to average, Is. 6d. to Is. 9d.; broken locks, &c. 9d. to Is. 3d ; in grease, lid. to Is. 4£d.