LONDON COMMERCIAL NEWS.

Southland Times, Issue 1614, 2 August 1872, Page 2

LONDON COMMERCIAL NEWS.

The circular of the New Zealand Loan and Mercantile Agency Co., Limited, dated London, May 30th, reports as follows : — wool. In conformity with our advices last month fhe •second series of sales which commenced on ilth ultimo, was brought to a close on 11th inst. The ■proportions catalogued during their course were as follows, sriz. : — New South Wales and Queens land, 29,590 bales ; Victoria, 68,239 do ; South Australia, 22,296 do ; Tasmania, 3829 do ; New .Zealand, 21,588 do ; Swan River, 2398 do ; Cape, 11,664 do j total, 159,604 bales, of which about 15,500 bales were either bought in or withdrawn. •Of these a portion may have been placed priyately, but we think it may be fairly assumed -that the bult will be held over for future disposal. If from the arrivals announced in our circular, No. 58, 177,117 bales, be deducted the quantities «ent direct to the manufacturing districts or otherwise sold, 10,000 bales, the remainder 167.117 bales exceeds by 7,513 bales ths aggregate of the late catalogues. This excess therefore must be added to the withdrawals in order to make an approximate estimate of the arrivals prior to 11th ultimo, which are still available for gale, and will in consequence serve to swell those which take place on or before 20th proximo, the date fixed for the commencement of the Midsummer sales. These, as pointed out in our previous issue, "mil probably amount to about 200,000 bales, so that the aggregate supplies of ■wools in first hands which can be offered next month will exhibit a total of at least 220,000 bales. TLe course of the market between the 2nd and Ilth instant showed no improvement in value, and while towards the close of the sales there existed a better feeling as regards demand — between the dates named considerable irregularity in the biddings was observable. Allusion has previously been made to the paucity of competition on the part of Continental buyers, and at the termination of the sales it was found, on estimate, that only about 52,000 bales for the Continent, and £000 bales for the United States, had been alienated from the April-May sales — these totals representing about fifty per cent, merely of the purchases for export made at the corresponding saleß last year. The fact that South American and low wools were being offered at Antwerp simultaneously with the late Colonial series here may account, to a certain extent, for the absence of come Continental buyers, but a recurrence of this feature will not be present to interfere at Midsummer, because the next auctions in that city are fixed to commence on 30th July. At the beginning of the month we indicated the kinds of wool wherein the chief depression in value existed, and this until *the -close of the sales waß maintained. Croßebreds* acted in sympathy with wools of domestic growth, while in greasy descriptions a very liberaL reduction was made by buyers in their offers to cover the high rates paid by them in February-March, which the " scouring' result thereafter did not justify. As therefore for the latter so full a margin as 3d per lb has been left in their recent purchases on previous prices, exceeding probably by Id the actual loss sustained in scouring, for unwashed wools hereafter a recovery of id to Id per lb may not unreasonably be expected. The following approximate average of quotations of New Zealand growths has been prepared with a view of comparing respectively their prices current during the last three sales ; —

The arrivals to the 28th iust. for the JuneJuly series are subjoined : — New South Wales and Queensland, 24,621 bales ; Victoria, 40,402 do ; South Australia, 16,873 doj Tasmania, 5,515 do; !New Zealand, 32,813 do ; Swan Kirer, 2,612 do ; Cape, 21,498 do ; total, 144,334 bales. Since the close of the April-May DuWie sales there has been but a moderate enquiry by private contract, purchase? being chiefly confined to the supply of the

immediate wants of such buyers aa v/cr- ■■•;■-.■'. '■ to operate to their satisfaction during the late auctions. Meanwhile there ia an absence of any continental demand of moment, and the course of the coining series will materially depend upon the action taken by foreign buyers. We are not v. ithout hopes that some support may be serured from America : the concession in her tariff will, when brought into force, amount in the case of vrool to about fd per lb. TALLOW. Four auction sales of this product have, since our last report, been held, with the following result, viz. : — At the First — Of 1901 casks Australian offered. 1872 casks sold : mutton, 38s to 43s 9d : beef, 37s 6d to 42s 9d. At the Second — Of 2035 casks Australian offered, 2035 casks sold : mutton, 38s 6d to 44s 3d ; beef, 38s to 43s 3d. At the Third — Of 1058 casks Australian offered, 977 casks sold : mutton, 38s 6d to 44s 6d ; beef, 38s to 43s 3d. At the Fourth — Of 884 casks Australian offered, 395 casks sold : mutton, 38s to 44s ; beef, 38s to 43s 3d. I From the foregoing figures it will be seen that I while for the first three weeks there was a gradual improvement in demand, and consequent rise in price, at the last auction the advance so gained was for mutton nearly lost. In order to account for this decline, regard must be had to the fact that the recent holidays have interfered with business, and that during the past week Australian arrivals have largely exceeded deliveries. The former comprised 2859 casks, while the latter during five working days for all kinds -were only 1285 casks, thus causing the stock on 27th instant to stand at 30,353 casks, against 27,571 casks at corresponding date last year. By the Colonial advices to hand on 13th instant, there were 17,000 casks of Australasian afloat for this market, of which during the succeeding fortnight about 3000 casks were received, leaving, on the average of late deliveries, about two months' consumption now on passage from Australasia, irrespective of American and Russian supplies. Of these, during the past four weeks, we have received about 1800 casks, and as warmer weather has now Bet in, we may look for shipments of the latter coming to hand in quantity. The following are our latest market quotations : — P.Y.C., 53s per cwt ; Australian mutton, finest, 44s 6d per cwt ; do do fine, 44s per cwt ; do do medium, 43s per cwt ; do beef, finest, 43s 6d per cwt ; do do fine, 43a per cwt ; do do medium, 42s per cwt. NEW ZEALAND HEMP. Two public sales of this fibre have during the month taken place. The first was held on Bth inst., when 600 bales hemp and tow were brought to auction, of which about 400 bales found buyers at full prices. Low mixed, £25 to £25 ss ; ordinary to medium, partly dressed, £31 to £34 ss ; medium to good, £35 5s to £38 5s per ton. Tow, £15 15s to £16 per ton. The second being held during the holiday week, but little passed the hammer, although by private contract sales of a portion were effected. 300. bales were brought forward at public sale, of which about two-thirds have since been disposed of at previous rates, good medium fetching £36 15s to £37 per ton. The next auction will be held on sth proximo. Tha arrivals during the month hsve been the Asterope with 309 bales, and the Robert Henderson, with 61 bales. PBESESVED MEATS. Transactions in these continue to be of the most retail character at the quotati ns given in our April circular, preference being still shown for the smaller-sized tins. There have been no public sales to record. The mail, which arrived on 13th inst, brought news of increased shipments from Australia — 23,722 cases having been exported from Sydney, Melbourne, and Adelaide collectively during the month of March. The arrivals here between 3rd and 23rd instant°have been 12,383 cases ; and since then the Peter Denny and May Queen have been reported ; bringing, together, 3333 cases — making the total Australasian imports during this month 15 696 cases. Warmer weather having now set in, we cannot look for any improvement in demand for soiue time to come.

1871. 1872. 1872. 2foT-Dec. Feb-Mar. April-Maj. 8. d. s. d. s. d. Inferior to Superior washed fleece 1 lOf-lb 2 O*f"lb 1 10* <$-lb Inferior to superior SCOUr'd 2 0 do 2 2 do 2 1 do Greasy 1 Ii do 1 3i da 1 oi do