COMMERCIAL.

New Zealand Times, Volume XXX, Issue 4364, 16 March 1875, Page 2

COMMERCIAL.

LONDON WOOL MARKET. REVIEW OF TUB YEAR. Messrs. Jacomb, Son, and Co., report under date 31st December The import of colonial wools to London for the past year has been materially in excess of that of 1873 (109,813 bales); almost the whole has been brought to public auction in four series of sales ; it was originally arranged to have five series, but the course of arrivals in the middle of the summer rendered it inexpedient, if not impossible, to hold more than four. As usual, almost every woollen manufacturing district in France, Germany, Belgium, and elsewhere on the Continent, has been represented at our public sales, in wholesome competition with home and American consumers, and it is estimated that of the 801,703 bales catalogued, about 362,000 bales have been taken for export and the balance for home consumption, A serious decline from previous high values during the two closing months of 1873, discounted a fall in price which was expected to inaugurate this year ; and, after a winter mild and warm and not very encouraging to woollen interests, the opening sales showed a firm market, with a very large demand for Prance. Stocks in manufacturers' hands were very light: the closing rates of last year were in most cases well upheld for good scoured, and such other descriptions as were susceptible of comparison with those rates, whilst Cape wool improved Id, to thereon, which advance was not, however, maintained throughout. A larger proportion of the Australian clip than usual coming forward in the grease, clothing parcels in that condition were somewhat neglected at lower rates—an increase of burr and seed being patent in the new season’s growth of all the Australian colonies, especially South Australian. Prices generally ranged between those of February and those of May of the preceding year. Lambs’ wool, of which there was a limited supply, was in good demand at higher prices than the end of the year and a recovery was also evident in all coarse and half-bred descriptions.

The first scries closed with dulness at somewhat lower prices; little more than five weeks’ interval allowed for the digestion of 100,000 bales between this and the second series passed without any striking features and ended on the 28th of April in tho fresh arrival of 293,880 bales for sale (less 13,000 forwarded) the largest quantity ever here before in time for one scries.

in order to deal satisfactorily with so large a stock it was found necessary on the 3rd day of tho sales to announce that no further auctions should be held till the 18th of August, and that there should be only four series altogether this year Instead of five as in the previous year. At first, till this announcement was made and appreciated, hesitation and irregularity characterised the sales, and an average fall from previous values of about IJd. to 2d. on washed, and Id. on unwashed merino wools occurred (on coarse and balf-breds and lambs a moat serious decline had to be submitted to, nor was there much recovery thereon), confidence and stability were however very soon established; this very large andgood selection attracted a very extended foreign competition, especially from France, and, instead of the average decline on merino wools as above quoted from the average of March rates, during tho further progress of the sale an advance on those rates on some qualities to a similar extent was established. New South Wales and Queensland fleece wools being in very seedy and defective condition exceptionally recovered but little from tho original decline. Capes hardened in price towards the close. It said not a little for the internal sound condition of the wool and woollen industries, and for tho trustworthiness of a market which concentrates to its service the competitive demand of so vast an area of consumption at one time and in one place, that with a stock of nearly 800.000 bales brought to sale, only a fewdays of slight flatness at a moderate decline should ensue, while for seven successive weeks nearly 7000 bales per diem should be turned into money, with a

strengthening market and advancing prices throughout. „

While these sales were in progress the English clip was coming to a very flat market, prices, ruling nearly 20 per cent, lower than’ those of May-June, 1873, and 40 per cent, lower than those of May-Junc, 1872. , ». . i ' y. After the auctions had closed a fair enquiry still existed in this market, which was an encouraging sign ; no great business ensued, importers ■ mostly electing to await public sale. By the 18th August a fresh nett quantity of 243,000 bales had arrived for sale, forming however, with the exception of Cape wools, the bulk of the whole supply available for the next five or six months. Trade had been good, home consumers were understocked and the sales opened with an extraordinarily largo attendance of home and foreign buyers, and prices ranged throughout, with a firm market on a par with the best rates of May-June, with an advance in many cases of Id. to lid. and 2d, per lb. Foreign competition was not quite commensurate with the large foreign attendance, and where an advance was secured it was chiefly duo to the requirements of the home trade. Capes opened at an advance of Id. to Ijd. per lb., which was not supported throughout; in the absence of foreign demand, they would have further declined but for a very brisk Scotch trade. A curious demand for the small quantity of black wool offering, raised prices for little parcels free from burr and seed up as high as 2s. 7id. for scoured, 2a. lid, for washed, and Is. lid. for greasy ; coarse and half-bred wools and lambs recovered considerably from previous depressed prices. This was the principal sale of the year for New Zealand produce, which attracted brisk competition.

About 4000 bales were taken out of these sales for America -not quite so much as was expected, but the anticipated revival In American trade halts sadly. 17,000 bales of old stock were brought to the hammer, giving the impression (which succeeding sales proved delusive) that the market was now pretty well cleared of old wool.

A considerable sale of sheepskins was held on 23rd September. Full-woolod super skins sold—washed, la. sd. to Is. 9d. per lb. ; unwashed, 0-Jd. to Is. Id. ; inferior and short-woolled washed. Is. to Is. 4d. ; unwashed 7d. to 9d. The interval between the Ist of October and the 17th November was marked by quietude and absence of demand, which did not augur well for the concluding sales of the year—the fact being that, even on the latter date, the seats of woollen consumption were mostly very fairly stocked. The fourth and last series of auctions opened on the 17th November ; at the first blush September rates were about maintained, except for Capes which foil about Id., the market however drooped weakly and languidly, buyers turning sellers, old stock was brought forward in larger quantities than was anticipated (about 10,000 bales altogether), and prices settled down to fully Id. to 2d. on the average below September ; the least fall being in good combing washed and scoured, and extra Capes free from seed ; the greatest being in New South Wales and other clothing wools both washed and in grease, especially heavy and faulty parcels, faulty scoured Australasian and all seedy Capes. Towards the close of the sales there was an irregularity of price and an apathy on the part of buyers which made one look back on the large sales of the summer with extreme satisfaction. About 1,500 bales of Victorian wools of the new clip (ex Great Britain, s.s.) arrived iu time for this series, and were briskly competed for, greasy parcels being taken at high rates for experiment. From New South Wales and Queensland ports about 9,000 bales more have been received this year than last; this does not fully represent the increase in the growth of those countries, part of which finds its exit through Victoria. A great change has come come over New South Wales produce of late years, and the proportion of small superfine clothing wools is now very little compared with that of deep grown combing parcels, which have doubtless been found to yield a better result. There is however a considerable quautity of wool now produced of a sort of wild rough breed with no particular character at all. The last season’s clip has been, with a few favorable exceptions. as seedy and faulty as the preceding one ; prime, faultless parcels being very few indeed ; an increased proportion has been in the grease which as a rule has proved lighter in condition, but some northern grown clips have scoured up to a very poor result. Shipments from Victoria show the very large increase this year of 40,000 bales, for the most part of deep shafty growth, set off however with great increase of burr and seed. Rivcrina clips have not generally shewn the same evidence of a good season. Tasmanian wools have, for the first time for some few years, shewn a fair increase (2,500 bales), more than usual have been in the grease ; which, being in very heavy condition, have intrinsically realised very high rates. The range of prices do not run so high for washed fleece wools as in past years even of the best flocks, which must in the most part be put down to their wasty condition. The steady progressive increase in South Australian produce has this year been further developed by about 13,000 bales, chiefly as usual unwashed ; the effects of a good season have been evident in a pretty generally sound shafty growth. As regards condition these wools have proved not less wasty than last year, and are considerably more burry. The West Australian clip in quantity has remained in statu quo, which is more than we can say for its growth and condition, which has shewn a great falling off: heavy, wasty and irregular, these wools have sold, as might have been expected, at a range of prices comparing in almost every instance unfavorably with previous seasons. An increased export from New Zealand for the year, equivalent to some half million sterling, is indicative of most satisfactory progress in those islands. The catalogues show a falling off in the prices of most fleece wools this year: many of the quondam prime hot water-washed flocks have come to hand in very different order and wash; and many of the middle flocks in a condition hardly to be called washed at all. Coarse and half-breds still increase in proportion, in these descriptions more careful classing is still much wanted. '

gS Owing to drought and other causes, our import of Cape and Natal wool has not increased in the same ratio as in the past two or three years. A large proportion of very carefully got up scoured wool suffers much from the drawback of seeds, from which most exceptional parcels now only are free. Natal wools are better classed than of old, but room still remains for improvement. ' The fluctuations in the Bank of England minimum rate of discount for this year have been : Jan. Ist .. 4£ per cent. June 18th .. 2\ per cent. „ Btb ..4 „ Aug. 6th ..4 ~ ~ 15th .. 3J- „ „ 20th .. 3£ „ April3oth ..4 „ „ 27th ..3 „ May 28th .. 3£ „ Oct. 15th ..4 „ Juno 4th .. 3 „ Nov. 16th .. 5 „ „ 30th .. 6 „ - Giving an average for the year of £3 13s. Bd. We are glad to find that the question of injury to wool bales by over dumping for shipment, to which we have for so long past thought it our duty to draw attention, is at last attracting notice in the right quarters ; while it appeared that no legal claim for depreciation could be established, still there was no doubt that the digraceful condition in which some cargoes have been landed in past years greatly militated in several ways against the satisfactory disposal of them, Messrs. Jacomb, Son, and Co., report under date, London, 20th January, as follows

, Since the close of the last auctions on the 7th of I December there has been but little doing in wool in i this market. Accounts from the manufacturing districts generally are not of, a very encouraging i character. The new Australasian clip arrives but slowly at present, but by the 23rd February, when the opening sales of this year commence, we may probably look for a total fresh stock of some 100,000 bales (Last year we opened with 164,000 bales). Till then it is difficult to judge of the probable future course of prices ; but it must be remembered, how- - ever, that we had a severe fall in values at the close of the year. | LONDON.-NEW ZEALAND MARKETS. The New Zealand Loan and Mercantile Agency Company report under date the 12th January;— MONEY MARKET. Under the influence of a 6 per cent, minimum bank rate the stock of bullion has steadily increased, the augmentation during the four weeks ending Cth January having been £1,769,049, namely, from £20,316,202 to £22,085,311. This improvement is due to a net influx from abroad of £1,094,000, and from the provinces of £75,049. Considerable shipments of gold have come to hand from various quarters. New York contributing £1,494,000; Australia, New Zealand, and Japan £545,130, and the West Indies and South America £101,380, in all exceeding two millions sterling, while the shipments for the same four weeks have been only £52,000. Under these circumstances, the money market has continued easy. The usual demand was experienced at the close of the year, and the weekly returns to 30th December showed a proportion of reserve to liabilities of only 38J per cent. This had improved last week to 40 per cent, (the figures being respectively £10,404,530 and £26,147,741), apd open market rates having ruled about 1 per cent, below the bank minimum, the Court of Directors at their meeting on 7th instant announced a reduction to 5 per cent. Notwithstanding its confirmation by the immediate decline of the open market rate to 4£, this step was by some authorities considered premature in the face of a rise in the premium on gold in New York to 112 J and a probable consequent cessation of shipments thence, of an expected relapse in the Paris Exchanges which might lead to a diversion to France of bullion arriving in this country, and of the maintenance of a 6 per cent. Bank rate at Berlin (yesterday, however, reduced to 5 per cent.) Wo observe it stated that the German gold manufacturers and goldsmiths have melted down considerable quantities of the new coinage for their purposes, and that some largo parcels have been converted into bullion for sale to the Belgian Mint. STOCK MARKETS. The general characteristic of. these markets was dulnoss until the turn of the year, when an improvement occurred in all descriptions, the prospect of cheaper money having encouraged speculative purchases. Consols have risen to 02g, Homo railways have exhibited considerable fluctuations, the estimates formed of the forthcoming dividends being unfavorable, so far as the leading Northern lines are concerned, and Great Western declined 2\ per cent, on the intelligence of the Shipton catastrophe. Colonial Government Bonds continue in favor, and have maintained firm quotations, with an advance in soma cases. Bank of New Zealand.—As already announced by telegram a dividend and bonus together equal to 15 per cent, per annum were declared at the meeting held at Auckland on 21st October. The sura available for distribution (Including £13,212 9s. 5d., undivided profit at 31st March) was £58,916 os. 3d., and the balance to bo carried forward to new profit and loss account was £13,010 6s. 3d. Union Bank op Australia.— At the meeting held yesterday of the shareholders of this Bank, a dividend at the rate of 7 per cent, per annum, together with a bonus of ss. per share, wore declared. It was stated that the net profit for the half-year amounted to £105,472. National Bank of New Zealand (Limited).— i The directors have announced an interim dividend at the rate of 6 percent, perannum for the six months i ended 30th September hist. ] New Zealand Manoanf.se Mines Company i (Limited). —This company Ims been registered, with i a- capital of £3s,ooo'in £1 shares. Its object is to i acquire mining rights in the Island of Waihcld and - elsewhere in New Zealand. i

Tallow.—At the public sales held on 1 8th December, 631 casks Australian tallow were catalogued, of which--470' were sold under the hammer, at P r * < -* 3 ranging from 395. Cd. to 445. 6d. for mutton, and 345, to 435. for beef, and at the auctions, of oth. Instant, 1204 casks were offered, 1067 being disposed of at S7s. 9d. to 445, 6d., and 3Ss. Bd. to 48s. ’ 3d. for mutton and beef respectively. •; . ‘ Preserved Meats. —We are glad to report a continued fair demand for meats of good description and best brands, which can be cleared reaclily at our quotations. Mutton, it will be seen, lias slightly declined, but prices of beef continue firm. The demand is principally for boiled beef and mutton and corned beef, of good quality, but of inferior kinds, or of meat packed in tins only partly filled—giving it an unsightly appearance—there is great difficulty in effecting sales; indeed. It is almost impossible to persuade buyers to inspect such parcels even with the inducement of considerably lower prices. Kauri Gum.—The general course of the market during the year has been upwards, broken slight reductions in price in May and June. The principal inquiry has been for good bold scraped pud medium sorts, but inferior kinds have also participated In the advance in sympathy with the better qualities. Wc estimate tee average improvement at 4s. and 10s. per cwt. At present there is a fair inquiry, and good clean sorts may be quyted at 625. Cd. to 65 s. per cwt. New Zealand Hbmp.—Of this fibre 169 bales were brought forward at public auction on ICtb December, of which 40 bales fine were sold at £2O jer ton, the remainder being withdrawn. On the 7th instant only 73 bales were catalogued, which were all bought in. The course of the market has during the past year been again most unfortunate for shippers. With the exception of a slight advance in April, which proved to be but temporary, prices have steadily tended downwards, notwithstanding some considerable transactions, and the year closed with a decline- of £5 per ton, making a total drop ;of £ls during the last two years. This, as we have several times pointed out, has been due to a continued fall in manila hemp, the lower qualities of which come into competition with New Zealand growths, and as stocks of both kinds continue large, we do not at present sec any prospect of an improvement, BY TELEGRAPH. AUCKLAND, Monday. Mr, Alexander Saunders reports;—Buyers: Bank of New Zealand, 3605. ; National Bank, 60s. ; National Insurance, 275. ; Caledonians, 605.. City of London, 475. ; Beach, Cs.; Cure, Gs. ; Oak, 13s. Cd. Sellers : Fiji Bank, 58s. DUNEDIN, Monday. Wright, Stevenson, and Co. report Fat cattle, 255. to 2Gs. per lOOlbs. ; calves, 20s. to 30s. ; fat sheep, merino, 9s. ; half-breds, 16s. ; prime crossbreds, 3d. to 3Jd. per lb. ; merinos, 21d.; store cattle, £5 to £7 ; cows, £3 10s. to £5. The Hon. Mr. Holmes’ magnificent pure stock of shorthorns, Leicester?, Lincolns, and Clydesdales, will be sold on Thursday, 18th of March, and following days. Oats, 3s. ; 'for milling, 2s. ; for feed, 9d. , Messrs. Reid and McKenzie report:—Money tight, but anticipate good things from new lof .n. Banks: Colonial, £1 os. 6d.; National, £3 Ss. Insurance Companies : National, 2Ss. to 2Ss. Od.; South British, £2 65.; Standard, 13s. Mining: Kanieri. 18s.; Star of the East and'Lucknow, £3.