LONDON WOOL REPORT.

Southland Times, Issue 987, 17 July 1868, Page 2

LONDON WOOL REPORT.

The following is the report of Messrs S. B. Edenboroagh and Co, of Moorgate-sfreet. London : — May 21st 1868. The Second Scries of Colonial Wool Sales for 1868, commenced on the 14th inst The arrivals up to that date were , 209,947 bales, viz :—

But owing to several thousand bales having been forwarded direct into the Country, and abroad for Importers' account, and some considerable lots having also being placed privately before - the sales, only 200,000 @ 250,000 are expected to be lotted. The sales opened with a fair spirit, at fully March rates for Australian, and rather more money for some classes of Capes ; and have since then gone rather dearer for thejbetter descriptions, foreign buyers being the chief bidders, and having so far taken nearly two-thirds of tiie quantities offered. We consider the better classes of washed and scoured Anstralan Wool to show an average advance of about £d @ Id per lb., but faulty lots of washed and grease remain without much change, selling irregularly at about last sales rates, and occasionally for grease rather lower. Lambs are decidedly cheaper. New Zealand Woob are about Id dearer than last November December series, but so far no large quantities have been brought forward. Capes are eagerly competed for, at an ararage advance of £d @Id per lb. Good long grease is especially enquired for, and very scarce. Choice would make 8£ or more. There appears a larger proportion than usual of Snow White Scoured, for which foreigners compete with spirit. Some fair Greasy Monte Video Mestiza sold at 7d @ 8d per lb. The manufacturers in general seem pretty bare of stock of the raw material, but manufactured goods are abundant, and do not yet move off briskly, and with .the large quantity of wool still . to be offered in these series, aud an almost equal supply in August, it is hardly reasonable to expect much higher rates even under the influence of a good harvest, and with peace on the Oonti nent. Still there appears a decidedly improved feeling, and we may fairly hope for a good business for the rest of the year. English Wools are flat, and the tendency downwards. The clip is now shortly coming on,, and will be \ cry large. This will also for the present slightly depress foreign Low Wools.

By the last English mail we received the subjoined slatemenfc of the progress being mado in the no;ptia!in-j: of th.2 Now 2 -aland loana by the ilorae Agent : — • Early in tho mmt 1 -! the -schema for the conversion of all tho various loans of Now Zealand rito one 5 p-!!- cent srotrk, to hi r idled tlio " Now '•■ Zealand Oeusoli iatod Loin," was announced by the Crown agents for the colonies, and at once attracted favorable attention. Th-» principal features of tlw transaction are summarised in the following memorandum furnished to the press : — "Under 'he authority of acts recently passed by tho Legislature of NVw Zealand, for :he conversion an i consolidation of the various loans of the General and Proviucinl Governments, the Crown agents for the colonies have invited the holders of the 5 and 6 per cent, debenture j of the General Government, and of the 6 per cents, of the Governments of Auckland, Canterbury, Otago, and Hawke's Bay, to convert them into new debentures of uniform character, secured upon the consolidated reveune of New Zealand. The amount to be so converted is stated to be £4,510,000, exclusive of about half a million of [ provincial bonds bearing higher ratea of interest, , 1 and having but short periods to run, which it is intimated may hereafter be dealt with separately on a similar principle. The chief features of the proposal are a* follows: — 1. The new debentures to bear iuterest at the rate of five per cent, per annum, payable quarterly, from 15th April, 1868. 2. A sinking fund of one pel cent psr annum on the principle (together with the interest on all bonds drawn) will be applied by annual drawings to paying off the loan at par. By this process the whole debt will be extinguished in about thirty-six years. 3. The rates of conversion offered are — for £100 Old Five per Cents, of the General Government, payable in 1914, the holders to receive £99 J New Five per Cents. For £100 Old Six per 1 ents. of the General Government, payable in 1891, £113£ New Five per Cents. For £luo Old Six per Cents, of the Provincial Governments oi Auckland, Canterbury, Otago, and Hawke's Bay. £109 New Five per Cents. AH interest accrued on the old bonds prior to conversion to be paid to the holders, in addition to the foregoing rates. 4. The period to which the operation is limited will end on the 15th of June next. The financial operation thus sketched is proceeding very satisfactorily, and will unquestionably be completed by the date specified. Nothing, indeed, could be more gratifying to the friends of Australasia than the high position of all your stocks in this market.

In addition to this operation, the Crown agents afc the same time invited subscriptions in money for £1,114,000 of a new 5 per cent, loan, to be issued at 97. The popularity of the colony is shown unmistakably by the eagerness with which the new security was sought. By ten o'clock in tho morning of the day fixed for the tenders, subscriptions to more than double the required amount had been sent in, and a pro rata allotment was made of £41 17s 4d per cenb. A new and advantageous feature ha 9 been introduced into this loan — that of paying the interest quarterly instead of half-yearly, which will prove convenient to most investors, and add to the popularity of the securities. Since the allotment, transactions have been numerous, at a premium. The stock is to be marked in the official list, and~ last Friday (the 15th) was a special settling day in the scrip. The total debenture debt of the colony of Sew Zealand will, it is reported, be £7,000,000. i 3XELBOXTENE AND HOBJON'S BAT BAILWAY. The interest due the Ist of May on the Melbourne and Hobson's Bay Railway Company's six per cent, bonds is advertised for payment in due course by the Colonial Bank of Australasia.

Bales. New South "Wales and Queensland 31,536 Victoria 90,857 Tasmania 6,274 South Australia 26,527 "West Australia 3,030 New Zealand 19,161 Cape of Good Hope „ 32,562 Total 209,947