COMMERCIAL.

Marlborough Daily Times, Volume III, Issue 301, 24 October 1881, Page 2

COMMERCIAL.

The New Zealand Loan and Mercantile Agency report, under date London, Sept. 9th. as follows : Wool. —The third series of Colonial wool sales for the present year opened on 23rd inst. The market was well attended, and for the hulk of the purchases good competition was evinced. Cross-bred descriptions, of medium to inferior quality, were apparently slightly below the closing rates of last series, but the quantity submitted to auction was not sufficiently large or diversified in character to admit of the market being thoroughly tested. Merino wool, scoured, washed, and in grease, exhibited but little variation save in the case of faulty lots, which, if indifferently scoured, were less readily taken than the better parcels. Cape wools were sold at prices slightly in favor of buyers. Since the opening day the progress of competition has developed some further features of interest and although irregularities of bidding have been frequently apparent, the market has on the whole assumed a definite tone. The better grades of merino growth have shown some increase of strength, while first-class fleece washed wools, of which several parcels have been offered, mark a quotable advance. It must, ■ however, he borne in mind that fine and | superfine wools did not in the earlier sales ! of the year command relatively such high j prices as other descriptions. Short stapled middle-class merino shows no tendency in an upward direction, and when faulty and offered in quantity is difficult of sale even at sensibly lower rates, the decline ranging from Jd to ljd per 11), according to condition. Lambs’ wool, scoured, unless quite free from fault is neglected. The finer grades of cross-bred wool are in strong demand at full prices, while the coarser and lower types are without change. The conditions of manufacture continue difficult, and the more hopeful feeling as to the future of the trade which prevailed j during the early summer has of late been ! somewhat disturbed by unfavorable harvest j weather, and the apparent failure of the 1 negotiations in reference to the French ! Treaty. It is yet too early to form a defi- ! nite opinion as to the ultimate course of 1 the sales now in progress, but it may rea- ■ sonabiy he assumed that under the less j cheerful prospects of trade generally the j abnorma'ly large supply of wool now here | will bo found to press heavily upon the market before the series is brought to an ! cm!. If. as is not improbable, some porj tion of the wool forwarded direct to buyers ! f,-om ship should he catalogued for sale instead of going into immediate consumption the pressure would he intensified. On the other hand, with a return of steady and seasonable weather, and having regard to the existing level of prices, there seems to l e nothing in the present condition of the woollen trade to prevent an upward tendency in the value of the raw material ensuing at an early date. The total quantity offered since theopen- ! ing is 131,074 bales, of which ‘2(i,707 are j New Zealand. It is computed that about i 11.700 hales have hem withdrawn. A;rivih for the fourth series arc 1.1,379 hubs, I of which 2907 are f.o it New Zealand

Cork Market. —The wheat market has been unusually active during the past month, the heavy and almost continuous rainfall having caused serious damage and delay to the harvest in all parts of the United Kingdom except those districts in which the crops came early to maturity. The increased demand thereby.occasioned for imported produce lias reduced stocks to a low point and enabled holders to ask proportionately increased prices. Assisted by a strong combination of speculators in the United States, operating for a rise in view of the deficiency of the American harvest, values at one period marked a clear advance of Os pur quarter on those current at date of our last report by this route. Subsequent competition from other sources of supply has forced sellers to modify their pretensions, and prices may now be quoted as generally 7s higher on the month. Supplies on passage to the United Kingdom arc estimated at 1,777,500 quarters against 1,823,070 quarters at same date of last year. The net importation of breadstuds for the cereal year ended 31st August last represented 15,188,238 quarters wheat and flour against 1G,275,755 quarters for the previous year, and home deliveries 8,497,21)8 quarters against 5,581,994 quarters- Australian cargoes of wheat on passage are offered by second hand holders at (i ts Gd, i.p., a cargo, May Bill of Lading perc iron vessel, having been sold on 13th ultimo at 525.

New Zealand wheat on passage has been dealt in at 52s 3d and 52s Gd, and to-day’s value would be about 52s c.i.f. Lora shipment per “Himalaya,' 1 now at Queenstown, 54s has been refused, but 53s would not probably now be realised. The larger supplies of home grown wheat during the last few days have depreciated the spot values of this description, which are about 3s per quarter lower than those ruling a fortnight ago. Recent arrivals of New Zealand Barley have been of satisfactory quality, and have been placed at full rates. It is feared that a large proportion of the English crop will he suitable only for grinding purposes, and if that proves to be the ease malting qualities should be in good request. Oats are somewhat clearer, but are still plentiful. Beans and Peas are in demand at improved rates. Flour has risen in sympathy with wheat, and is about 5s per 2801 bs. clearer on the month.