LONDON PRODUCE MARKETS.

Southland Times, Issue 1812, 28 October 1873, Page 2

LONDON PRODUCE MARKETS.

. The New Zealand Loan and Mercantile Apency [Company report under date liofiaon, sth Sept., 1873, as follows:-— | -wool. ■■ The Midsummer series of Colonial wool sales which commenced on 10th July was brought to a close on 16th ultimo. The following is a comparative statement of the arrivals available for disposal and the quantities catalogued during .the, series :— ' - • ■ ■' • ■ ; .-■'".■" : > i 1 . . , Quantities Arrivals. Catalogue d.

Total 218,606 bales 214,525 bales. As 11,500 bales were forwarded to the manufacturing districts and the Continent direct, the quantities catalogued have been increased to the extent of about 7,500 bales by parcels twice offered or held over from previous sales- In reviewing the late series as a whole, we find that during the first fortnight the improvement •ecured at the opening became increasingly marked for all save cross-bred descriptions and lambs' wool, foreign and especially French purchasers being the chief operators. This position induced holders freely to avail themselves of the advanced rates which were being paid, while buyers became less eager to go into stock, and a quieter tone in consequence prevailed during the succeeding ten days. The announcement, however, that the sales would be brought to a conclusion one week earlier than the date originally Jixeu, gave an \mpetua to the market, and the home trade' became less inclined to hold aloof, a policy which they had to a great extent adopted during the early part of the sales. In accordance with the views expressed in our last Circular, it was therefore found that considerable- competition between home and Continental buyers ensued from Bth to 16th instant, the sales with certain exceptions closing firmly. The leading feature by which they were characterised has been the continuous demand for good combipg merino fleece wools,'both washed and greasy. The advance on May : rates secured for the former has, in aome instances, exceeded 2d per lb while for the latter an enhancement in price of 'fully lid has been paid. This favorable reiult was due to the very active demand evinced by Continental to whose share some | 120 000 bales have faUen. Clothing-wools, both scoured and washed, have not participated in this advance, and have been tbroughout the series subject to fluctuations in value. Crossbred descriptions at the commencement were disposed of at a discount of l*d to 2d per lb on May rates: According as the home trade began to operate more freely tbi» decUne was in part recovered, although the level attained during the preceding series was not regained for these qualities. Until the latter part of the late sales \ am hi.' w^i «!« n«crl«etedi_ for_some daysjprior to the 16th instant, however, it commaYiaed greater attention. The depression recorded with respect to medium and inferior greasy New Zealand growths in our Circular 74 was not recovered subsequent to~Bth_ult., and as the supplies of such and similar qualities were liberal, withdrawals thereof for future disposal from time to time occurred. ; The absence of any, ,demand for AVerica has k exeroised a prejudicial s -effect I upon all sa?e the superior greasy combing wools imported from' New -while foreign buyers have revived complaints previously made with regard ; to tl^e pqoß .outturn which the • medium and lower qualifies' give after being scoured. . Since, the ,olo.se of the public sales there bki been a fanr eriquiry 1 l»y private treaty, principally, however, for Cape sorts. In forecastirig tne-fuitttre ti£ .thi^ article throughout the . remainder of the present year, it is important to ' bear in mind the fact that the aggregate of the catalogues duri* g' the first 'three 1 ' series of the • present year exceeds those of the past year by about 78,000 bales, leaving under the most favorable onditiona-.of supply for the coming autumn and winter series a quantity considerably smaller than that which was brought to the hammer- collectively a,t ,the fourth and fifth series Wtheiyear 1872. ' ; In dor.firjoatidn tf tfc is i statement, the following figures may suffice -.—The quantities catalogued in 1872 were 657,086 bales, of which 184,653 bales were offered- at the fourth and fifth series of that year. Up to 16th instant, 550,551 bales ,had been brought to auction during the present year, requiring only 106,535 bales to raise th,e quantities catalogued during 1873 to the level of the catalogues of 1872. With respect, to the position of the woollen industry, 'it would appiar that while Continental prospecte, wiih tbeeneption of the deficiency in the French harvest, sire good, reiterated complaints are being made by home manufacturers that their profits are inadequate. This may lead to of operations, which will naturally react unfavorably on the demand for the raw material. During the past six weeks, however, the position of the domestic wheat) harvest Lhas slightly improved,! which may tend to stimulate the trade in manufactured goods. The accounts received with regard to the probable wool clip: during the season 187,3- 74 are thus far favorable. Should these be confirmed after shearing shall have- been completed,. the tendency of prices in this market will be downward, and a maintenance of the values current during the past and present years should not, we think, in that event, be looked for throughout the year 1874. The following is an approximate average of the prices obtained during the late series respectively for washed, scoured, and greasy wools, received from the leading Australian Colonies : —

The arrivals up to yesterday for the autumn series, to commence on 2nd proximo, comprise the following, viz.: — New South Wales and-Queensland 18,693 bales. Victoria 10,133 do South Australia ... ... ... 1,431 do Western Australia ... •... „21i : do j -Tasmania .J. X...;. ■ ' .;. '•■''... < 1,674 'do i New Zealand 20,960 do Cape of Good Hope 28,741 do 1 Total: l /;. " [;. 81,243 bale* NSW 3RAHND HBMF. j After the departure of last mail some: speculative enquiry was exhibited for this fibrej leading to an advance in quotations ranging from 20s to 40a per ton. This improvement wa| i manifested at the auctions held on 13th ultimo. 11,717 bales hemp and tow were then offered, oi'

which about 700 bales were sold at the following | rates, viz., ordinary to middling, one half cleaned, £22 to £24,_g00d to fine £25 to £29 per ton, and tow £9 5s to £11 10s per ton according to quality. - During the following week an intermediate jpublic sale took place, when 198 bales hemp arid 3 bales tow were brought forward and were disposed of at a concession on the quotations of? 13th ultimo ; good middling to. fairly cleaned bemD.realising^frdm £23 5s to £2^ 10s per ton. ~<&.-.w ; -'V\ 'v' -\ : . . - *"'-■ K "i " .. ;

New South Wajes and , Queensland 51,851 bales 50,502 Dales. | Victoria 53.638 „ 51,512 „ Sontb A«Btr»Ua 10.326 „ 10.265 „ j Western Australia .. 8,208 „ 3,226 „ Tasmania ... 7,583 „ 7,508 „ New Zealand 61,901 „ 62,254 „ Cape of Sood 30,099 :„ 29,253 >, /

fc.-S a . . , 2. , S II I r S' : per Ib. per lb. per Ib. per lb. b. d. a. d. a. d. s. d. Inferior to superior- -- - washed fleece ... 2 4 2 4i 1 9i 2 0± Do do scoured 2 1£ 2 1* 1 10* 2 1 Greasy 1 Q| 1 8t 1 .0.11 2