REVIEW OF 1860.

Colonist, Volume IV, Issue 359, 2 April 1861, Page 2

REVIEW OF 1860.

Col ltrary to general expectation the opening year was riot so favorable to holders of the raw material as migh; •; have been anticipated from the active state of our 10 arket at the close of 1859, for notwithstanding the-pa ucity of stock held, manufacturers did not appear ai i willing buyers ; and although a few contracts wei c ; made principally for France, stocks in dealers' hands1 were not cleated off so rapidly as might have been an ticipated, and a general wish being manifested by all to, quit old stocks ere the new clip was offered enabled } buyers to obtain a concession for their " hand to mouth operations. OFhe fii st sales of the year commenced on the Ist of March *nd, as had been anticipated, opened at the aveaage pi ices established in November; the only exception beii/ig for a few brands of extra combing from Port Philip, which were competed for by the French buyers amongst themselves, and established the high ramgeof2ssa vto2sßd. The attendance of buyers was a full average of the »se from the ..North, but for the first few days operatioi is for the continent did not equal expectations. No doi ibt the uneerta/nty of the day on which the raw ma terial would bo admitted free of duty into French ports may partly .account for the small attendance ; not • withstanding this our home buyers gave the tone to < ;he sales, and w*e eager bidders tnronghout—the ma rket receiving .much subsequent support from the Fn inch, who toolc about 6000 bales chiefly of the bet ter classes of combing,. a competition and support which gradually- strengthened prices until an advance of about Id to l£d. was established on the opening rat es.

During the interval fcetwHsen the March and May salt 3s, transactions were ( very /unimportant, indeed in the* "north, more difficulty was experienced than "Jn

London in. quitting wools ati a fair profit, an impression existing there that the May'sales would ..rule cheaper, hence the few contracts made; sndthe ill-advised ar-rano-ement of offering Borne 2000; bales; Port Philip wool at Liverpool in the interim,, viz., in April, was apparent by the prices realized, the large concession-of "3d to 4d. was submitted to, wool selling irregularly, Dealers in the North who had purchased in tho February-March sales were thus compelled to quit stock at a great loss or hold over till more favorable times; nor did tho evil end here; buyers imagined that at the sales in London fixed for the 3rd of May a decline would be established, but the great advantage of the London market was at once apparent, prices opening about 2d. to 3d. per Kb advance on Liverpool rates, a satisfactory result after the depression which the low rates thence had created. , . At the opening sale in May the attendance of buyers was large, both home and foreign, the latter especially' so, and it was at once apparent from the bids on the first night that continental operators would take the lead, and their operations became so extensive that it may fairly T>e said they ruled prices; their large purchases to the extent of about 27,0.00 bales quite astounded the home buyers, who, however made their purchases with extreme caution, relying upon the probability that if the French and Belgians supplied themselves so liberally at these" sales, in order to avail themselves of tho drawback allowed on goods and yarns, the July-August series might offer a better opportunity for them to stock—an impression which afterwards received confirmation, for at this series the attendance of buyers was a fair average one (but certainly not equal to May, particularly of continental operators), and prices opened at about lid reduction, which, as the sales progressed was increased to about 2d to 2£d on the heavy and inferior descriptions from all ports; the better brands, however, nearly maintained May rates, except towards the close, when all descriptions were more in favor of buyers. - - The interval between the July and November sales was marked by a very large demand for all descriptions of wool, those possessing staple being eagerly taken at l.Jd to 2d profit, other descriptions Id. to ljd.; under such favorable auspices the November opened, and although some qualities, did not realise the same advance as recently paid by private contract (in consequence ol the rise in the Bank rate of 1 pet cent in less than a week) still all stapled sons were eagerly competed for at fully 2d. advance on JulyAugust average prices—there were exceptional cases in which some realised 3d. to 4d. advance. The close of the sales was exceedingly animated and augured well for the new year, v