LONDON WOOL REPORT.

Southland Times, Issue 1297, 23 August 1870, Page 2

LONDON WOOL REPORT.

The third series of wool sales of the year commenced yesterday with a catalogue comprising the following quantities : — Cape, 2,130 bales; Sydney, 1,731 do; Port Phillip, 1,535 do; New Zealand, 751 do; Adelaide, 683 do; total, 6,830 do. There was a numerous attendance of home buyers, but the foreign element in the tirade was by no means so well represented.

A certain amount of caution was observable m ; the biddings, which, considering the heavy amount of Wool forwarded for sale is perhaps hardly a matter of surprise; prices, however, < on the whole may be stated as ruling fully up to the rates of May, with the exception of Lambs Wool, which sold on rather easier terms, lne New Zealand selection offered, included no good flock of a representative character, but commanded good competition and fuU rates in relation to other descriptions. Notwithstanding the efforts made, \, 7 ..instituting fire for four ann'ial series.- - Of Wool Sales, to ettcct a more even a«mM"» of the annual Wool supply, the arrivals for these sales, it will be observed, far exceed any V™™™ accumulation of the raw material. Trade in the Woollen districts both at home and, abroad, during the past few weeks has been fairly steady, and consumption satisfactory, nor would any misgivings have been entertained as to the pro- , bable course of quotations, but for the apprehended effect of the pressure of so excessive a In view of these circumstances, the Merchants' Committee have arrived at a most timely decision —to hold only one more series, instead of two, durin" the currency of the present year, thus allowing an extended interval for the absorption of a supply which otherwise would have come upon the market under circumstances calculated to aggravate any natural tendency to depreciation. This alteration, though reversing tor the present season the plan for the management ot the sales so recently made, has involved no sacrifice of principle or consistency, inasmuch as the object sought by the multiplication of the sales, was completely defeated by circumstances entirely incapable of control. The arrivals in time for the series were a3 under :—Sydney, 59 452 bales ; Pjrt Phillip, 78,594 do ; Adelaide, »,06* do; Tan Piemen's "Cape, 27,068 do ; total, 273,785 do. ________—— N.Z. Loan and Mercantile Agency Company (Limited), June 17th, 1870.