THE WOOL MARKET.

Marlborough Express, Volume III, Issue 147, 5 December 1868, Page 6

THE WOOL MARKET.

(From the New Zealand Loan and Mercantile Agency Company’s Circular ) London, Met. Ist, 1868. The August-September series of Colonial Wool Sales terminated on the 27th ult., 238,223 bales only having been catalogued out ol a total quantity arrived of 226,127 bales, including 50,960 from New Zealand, thus leaving about 17,504 bales for future disposal in addition to withdrawals of about 23,600 bales, of which, however, it is esiimatad that 17,600 bales only remain unsold. The actual stock of wool therefore, including new arrivals to date of 41,605 bahs, including 7,628 from New Zealand, shows a rough total of 77,000 bales, which it is anticipated will be further increased for the November Sales by about 20,000 to 25,000 bales, giving a total of rather over 100,OOP bales against 107,404 bales for the same series of 1867. The course of the market during the concluding portion of the Sales presented no variation requiring any edification of the tenor of our previous advices issued from mail to mail during their earlier currency, beyond the notice of a slight increase of spirit and tone in three closing days —due more to a sense of relief experienced by buyers at the termination of one of the longest and most irksome periods of sale on record, than to any more tangible reason. A general review of the situation of the woolen trade, and the circumstances affecting its condition, at the close of a series which will long be remembered as having marked one of the most disastrous fluctuations ever witnessed, is tiie more satisfactory that it reveals the influence of no special cause affecting consumption to which such exceptional depression may be assigned. For very many years it has buen urged that the enormously increasi - .* proportions of the Colonial export of wool would sooner or later reach a point at which a serious depreciation in value would follow as a necessary consequence, but although at particular periods a reduction in price immediately traceable to the effects of war, bad harvests, or other misfortunes, has been aggravated by the progressively augmenting supply, the expansion of the trade has till now on the average proved equal to tiie increasing production.

Of the 50,960 bales which have comprised the contribution from New Zealand, a very small proportion is entitled to rank (either as regards breed or condition) as first-class wool but the minority ot well-bred well-conditioned flocks have, like the better descriptions of neighbouring colonial growth, suffered proportionately less, and may be quoted at a decline of 2d. per lb. on the lower rates of the May-June sales. The great bulk of the ahipments again show the .falling off in breed and quality on wnich we have before had reason to remark, and indeed In such a degree has this tendency been developed as to render them in a great measure unfit fertile continental markets, and to restrict their use to blanket purposes or the manufacture of inferm? twee«fs. In other instances, where the character of wool has been comparatively maintained, the great neglect shown in the washing, spirting and hacking has robbed them of any advantage arising from that ircumstance. For all this class of growth the depreciation has ranged from 3d. to 4d. per lb. The same remarks as regards grease wools will bear i n a great degree similar application, except in the extent of the reduction, which we may quote at l|d. to 2d. per lb. The actual circumstances of the trade do not point to the probability of any speedy or material improvement. ’ Both staplers and manufacturers are heavily stocked, and while the slock of wool for November will be ample to suffice for the remaining months of the year, the additional increase in the supply for the coming season, which has already been advised as certain, will probably fully meet the contingent requirements of any improvement in trade.

Though we can thus hold out but little encouragement to growers as regards batter markets, we would emphatically point their attention to the fact of the relatively satisfactory rates which really first-class wools have commanded during the lute series, and urge them to find here an indication of the true policy to lie adopted under (he altered conditions of suppiv and demand, viz , the introduction of better blood'to their floc.ks,,ami a untie ekiltui regard to thd* various elements of good management.