ENGLISH COMMERCIAL INTELLIGENCE.

Lyttelton Times, Volume XII, Issue 708, 20 August 1859, Page 8

ENGLISH COMMERCIAL INTELLIGENCE.

London,- June 18, 1859,

The settlement of an efficient line of postal communication via Suez having become a fait dccomplit the late Government, as one of the latest acts of their administration, have taken steps towards the establishment of the long^promised alternate ocean service via Panama, which irf to be hoped their successors will ratify and consummated According to the official notification, tenders for1 the conveyance of the mails by this new route are to be sent in by the Ist of July. The Royal Mail Steam-pftcket Company are making ,the most strenuous efforts to secure the contract, and an extraordinary 'meeting of the proprietary is to be convened 011 the 28th inst., to receive a communication on ■ the subject -from the Court of directors, and to "Consider the mode of raising the needful capital tor this important undertaking. There, is a rumour, too, that Mr. Thomas Howard, of Manchester, who has very recently purchased the fine fleet of eight powerful steamers formerly belonging to the European and American Steam Company, intends to compete for the .service* Other tenders aiso are expected. •' .

Influential deputations fro'ni.the General Associa* tion for the Australian Colonies have during the month had an interview with the Earl of Carnarvon on the subject of the Australian Mint, and a conference with the Postmaster-General in reference to the threatened increase of postage on newspapers tcf the colonies via Southampton. Lord Colchester held out slight hopes of a favorable response to the appeal. It is to be hoped that his official successor may be prevailed upon to repudiate the obnoxious scheme of the fallen Lord of Letters*

Wool.—The public sales of colonial wool, which - commenced on the sth of May, terminated on the 4rd instant. The following particulars are from Messrs. Southey and Son i— "These sales comprised—Port Phillip^ 27,958$ Sydney, "8,1.87; South Australia, 13,785; Van Diemen's^Lancl," 4,604; Swan Paver, 1,568; Cape of Good Hope, 6.153} making a total of 62.330 bales. Political events alone caused any anxiety as to the result. Our own consumers held light stocks, and, from foreign buyers having purchased so moderately the last six months; very little doubt prevailed as to the whole of the wool recently arrived finding huyers. Still the'commencement of a war exposed our importers to a question of price, and placed them in a disadvantageous position. A decline of 3d, was submitted to on Port Phillip, 2d. on Sydney, and Id. on Adelaide in the grease, which abounded in these sales. A slight improvement took place after a few days, and with little variation prices continued steady, concluding very firm at about £d. to Id. advance on the opening rates. This was most manifest in good-conditioned wools. Both Port Phillip and Sydney scoured were in request, and reached encouraging prices. Lambs' wool sold relatively at higher prices. About'l2,ooo bales were taken for foreign account—by far. the larger portion for France. German buyers no doubt reserved themselves for their own fairs, which they anticipate will go very low. Cape wool, although not in excessive quantity, hardly reached expectations. The great weight of low-conditioned Port Phillip and Sydney, being reduced to the level of Cape prices, got the preference, being of fuller staple and suited for more general purposes; it sold at Id. to lid. lower in February." Messrs. Jacomb and Son remark in their circu-

lar:— "The general result of the sales may be considered to lmve been an average reduction on Australian and Cape wools of H<l. per lb., on Victoria and Tasmania 2id. to 3*d. per lb., and Id. on wools in grease, as compared" with March rates; the better conditioned flocks from Australia and scoured wools showing a less decline than any other sorts. The supply of Sydney produce being very small for a May sale. " Much spirit has been evinced, and rather higher rates have been paid for some descriptions, towards the close, and the market wears a firm aspect, but it would be unreasonable to expect a return of *atea approaching to those of March until a scarcity again arises, of which there is no probability, in July at least." Money Market.—Bank rate reduced from 4* per cent, to 3 per cent. Money Market, very easy. Consols ,92| ex. div. Victorial Kailway Debentures have advanced to 109 to 110. > '

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