Commercial

Colonist, Volume II, Issue 166, 24 May 1859, Page 2

Commercial

1 LONDON WOOL REPORT.—March, 1859. The first sale of this year commenced on the 24fch of February, the number of bales being 32,G66. ' From the Ist of January to the commencement of these sales the activity of our market had considerably r abated, both dealers and manufacturers looking with great distrust upon the course of events; the former sold their stocks with willingness at the best profit they could obtain, and the latter fouud more difficulty in quitting their productions at recent rates. in London were more disposed to meet'the market, and those who held second parcels quitted anything they held at cost to a slight profit. These circumstances evidenced, an opinion- that wools would rule lower at the sales,'and buyers held: aloof, preferring to await the result. At the opening sale the attendance of home buyers was good, and although biddings could scarcely be quoted " brisk," there was a disposition to purchase, particularly by those who were actually in want of a few bales to keep their machinery going. As soon, however, as.immediate.requirements were satisfied, an indisposition to purchase became apparent, all parties bidding with indifference, the dealers especially so. The manifestation of this feeling soon told on the market, until the prices on the average as compared with lasfc sales may be thus quoted:— Sydney, good to fine, _d. to Id. advance; scoured, good to fine, Id. to t.d. advance. Port Phillip, good to superior, about _d. advance; fair to good, £d. to Id. decline; ordinary to average, l_d. to2.d. decline. Other descriptions an average of Id. to 2d. decline. Heavy and inferior descriptions continued difficult of sale, and in some instances biddings were so low that they were taken in. Purchases on account of Continental buyers were exceedingly small; with the exception of a few good Port Phillips and Capes their operations were almost nil. Indeed large parcels have been received from the Continent, this market being the only one at which wool can be sold at full market rates. Judging from the present aspect of political affairs at home and abroad, and the difficulty experienced by manufacturers to sell at cost, present rates will not be maintained at the May sales, afc which about 60,000 to 70,000 bales are expected to be submitted ; and it is worthy of particular notice that, at present rates, there is ample room for a drop—a hint which it is hoped operators on the other side will duly note, The possibility of war, and with it those evils from which trade does not so soon rally, behoves the greatest caution on the part of all, and it is a very gratifying feature in our market that all operate with the greatest caution. The probability of a change in our own Ministry and an appeal to the country will produce a stagnation in our market, the full effects of which will not be felt till our May sales, and it will be well for those who have operated on the other side at such extreme rates—the losses of whom will be very great should the present tendency to droop continueeven if a serious reduction is not established. What the result may be to those if a decline is established of 2d. to 3d. is apparent, when such prices as Is. 9d. tols. lid. are paid alt round for good flocks.— Home News.