LONDON WOOL MARKET.

Southland Times, Issue 1324, 21 October 1870, Page 2

LONDON WOOL MARKET.

Messrs Paixjettt, Dtt Cboz, and Co.'s Wool Circular, dated London, 12th August, reports : — The steady progress of the wool sales up to 14th July, was shown in our last circular, wherein we reported that 115,000 bales remained unsold of the 273,000, with which the series had opened. To that date there had been great' firmness in the market, and the sales were expected to close at about 4th August at some* what higher prices. ' On the. following day came the sudden intelligence of the delaration of war by France against Prussia, causing the action of foreign buyers to be suspended ; the experience of two more days satisfied importers and brokers of the imprudence of attempting to sell the entire quantity j the Bales were therefore closed on the 27th July, which occasioned 50,000 to 60,000 bales being held over, a majority of the Merchants' Association deciding nevertheless to adhere to their previous resolution, that no Bale should be held before 27th October. ■ ' The wool'Temaining unsold is chiefly Port Phillip, Sydney, and New Zealand, partly because of the great quantity, of these descriptions (over 200,000 bales at the opening), and partly because superior wools have throughout been the least in request. - dosing prices, necessarily irregular, show a fall of about 15 per cent, and the trade of 'our manufacturing 'districts is for the time depressed. As respects future prospects, the long interval for the consumption of wool, a fine harvest, the expectation of a return to cheap money, and the hope the sanguinary war may not be protracted nor extended, are fivoring circumstances. 'On the other hand; the state of Europe may cause consumption of all descriptions to be checked,

and River Plate wools to be diverted to our P orts > We are disappointed that the revised tariff of the United States, instead of reducing the duties, has raised that on sheepskins to the prohibitory rates on wood.