THE WOOL MARKET.

Patea Mail, Volume V, Issue 463, 1 October 1879, Page 3

THE WOOL MARKET.

We take the following from the New Zealand Loan and Mercantile Agency Company’s home Circular for August: The third series of wool sales for the year 1879 opened on the 12th instant, the available arrivals at that date being as follows: Bales. N.S.W. and Queensland 73,651 Victoria ... ... ... ... 75,878 South Australia 19,617 Western Australia 1,273 Tasmania ... ... ... ... 18,462 New Zealand ... ... ... 91,663 Cape of Good Hope 58,139 Total 333,683 Of this quantity some 22,500 (7,500 Australasian and 15,000 Capes) have been forwarded direct to the Continent, Yorkshire, &c., the remainder, added to what was held over from previous sales, will give a gross total of about 341,000 bales for disposal. The opening catalogue was made up as follows : Bales. N.S.W. and Queensland ... ... 3,909 Victoria ... ... ... ... 2,590 Tasmania ... ... ... ... 1,120 New Zealand ... ... 1,681 T0ta1.... 9,300 On the first night there was a large attendance of home atid foreign buyers, both sections being well represented. Competition was regular and fairly animated, at rates which* for Merino wool* exhibited a maintenance of the average values current in the May-June sales. This description of wool* both washed and greasy* with tew exceptions, was the subject of good demand, the slight weakness occassionally noticeable in the biddings being almost wholly confined to inferior parcels of clothing sorts. Cross-breds of tine quality, though not perhaps quotable at the full fates of last series, were still in request; but the lower grades showed a decline of from £d to Id per lb,, in sympathy with the depreciated value of our home grown wool* which is in large supply. On the following night opening rates Were found to rule with little or no change. Some scoured Capes, however, were sold at about -|d per lb. lower than their closing prices of last series. A formidable obstacle to any marked improvement in prices as the sales progress* appears in the probability that the English harvest is again likely to prove deficient, both in point of quality and quantity. It had been hoped that with an average yield of cereal produce in this country, a much needed stimulus would have been given to business generally, under the influence of which woollen manufacturing interests might have been favourably promoted ; but from the latest reports.from the agricultural districts it is now almost beyond doubt that these

expectations must be considerably modified, or altogether abandoned. Lastnigbt’ssale comprised 8,651 bales, mad up as follows ; Bales. N.S.W. and Queensland ... ... 1,471 Victoria ... ... ... ... 2,354 South Australia ... ... ... 592 Western Australia... ... ... 4 Tasmania ... ... ... ... 130 New Zealand ... ... ... 2,32G Cape of Good Hope ... ... 1,780 Total 8,657