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COMMERCIAL., Ashburton Guardian, Volume 1, Issue 49, 17 January 1880
The following report on the London wool and corn market we extract from the New Zealand Loan and Mercantile Agency’s circular of 4th December, 1879 : Wool. —The fourth and concluding aeries of the year commenced on 18th ultimo, and according to the existing programme will terminate on 6th inst. The available arrivals are as follows : New South Wales and Queensland ... 16,208 Bales. Victoria ... ... 9,375 ~ South Australia ... 7,145 ~ Western Australia ... 88 ~ Tasmania ... ... 1,561 ~ New Zealand ... 10,451 „ Cape of Good Hope 48,358 „ Total 93,186 Bales. Of these, some 8,400 bales, chiefly Cape sorts, have been sent direct to the manufacturing districts and the Continent. In estimating the supplies for the current series regard must be paid to the large quantity of bought-in, held-over, and second-hand wools which, despite sales by private treaty since the close of the third series, will probably reach about 35,000 bales. These, under the influence of higher values, are now being brought to the hammer. The opening catalogue contained the following assortment, viz : New South Wales and Queensland ... 949 Bales. Victoi'ia ... ... 1,603 „ South Australia ... 311 ~ New Zealand ... 401 ~ Cape of Good Hope 3,998 ~ Total 7,262 Bales. It will thus be seen that upwards of one half consisted of Cape produce. On 9th October, in our circular No. 154 by this route, attention was called to the very low range of value established during the third series for merino clothing wools and for all coarse descriptions, and it was pointed out that in view of the very liberal purchases made by foreign buyers the chief support during the fourth sei’ies ought to come from the home section of the trade. This opinion gained strength from the course taken by the market during last month, resulting in sales by private contract, in great measure to home buyers, of upwards of 6000 bales. Surprise was not therefore felt that at the opening of the current series these views, not only received abundant confirmation, but that, even a greater upward tendency than had been looked for was manifested. The attendance of buyers for the season of the year was exceptionally good, and the biddings on the part of the home trade unusually spirited. The wools offered not being so suitable for foreign requirements and the revival in our domestic woollen industry not having been yet fully reflected in continental markets, export operators naturally exhibited less keenness than home buyers. The rise established on 18th ultimo is, as the sales progress, firmly maintained, and may be quoted as follows : per lb. Greasy combing merino ... Id. Washed and scoured combing merino ... ... lid. to 2d. Greasy coarse wool ... lid. „ 3d. Washed and scoured coarse wool...fully ... ... 2|d. ~ 3d£. The rise on clothing merino sorts, ‘in any condition, and on lambs’ wool has been less accentuated, and the same remark applies to Cape produce. Lambs’ wool of superior quality shows a slight advance, but short and faulty parcels are almost without change. Clothing sorts are from id. to dearer as compared with the closing rates of September, and Capes are higher by from lid. to 2d. owing partly to the bringing forward of considerable supplies of second-hand wool as indicated above, and to a little restriction in demand for the mass of middle and low class produce forming the bulk of the catalogues, buyers have become somewhat more discriminating in their purchases. This, however, has not led to any radical change in the market, though in a few instances its effects were perceptible in a slightly weaker competition. The fox*eign section of the trade have not increased their operations, which remain upon approximately the same scale as on the opening day of the series. It is satisfactory to notice that the values of all domestic wools exhibit a marked recovery, varying from 2d. to 3d. per lb. from the lowest point, and that the periodical auctions of East Indian wools, which opened on 18th ultimo, show an enhancement in value 011 September prices of from 15 to 20 per cent. It being generally recognised that the stocks of raw material in the hands of Consumers, in consequence of restricted manufacture dux-ing the past eighteen months, have been brought within very harrow compass: if the revival of our domestic trade now initiated rest on a solid basis and receive further support by increased orders for textile fabrics from America, in the absence of political complications, and provided there be no recurrence in 1880 of the disastrous harvests with which in 1879 this country as well as France has been visited, the position of the woollen industry both at home and abroad ought to be much more assured next year than it has been during the past twelve months. Exclusive of this evening’s catalogue, the following assortment has been offered to date : New South Wales and Queensland ... 20,899 Bales. Victoria ... ... 24,356 ~ South Australia ... 9,372 ~ Western Australia ... 97 ~ Tasmania 1,257 ~ New Zealand... ... 15,081 ~ Cape of Good Hope... 36,961 „ Total 108,023 Bales. Of those it is computed that 4,300 bales have been withdrawn. The arrivals for the first series of 1880, the commencement of which has not yet been fixed, are New South Wales and Queensland ... 1,709 Bales. Victoria 22 ~ South Australia ... 772 ~ Cape of Good Hope... 4,574 „ Total 7,077 Bales.
Corn Market. —Under the influence of very heavy imports” of foreign wheat and liberal supplies of homo grown grain, the wheat market has assumed a more quiet tone. The quantity on passage is estimated at 2,001,640 qrs., of which about 1,300,000 qrs. are from Pacific ports, and stocks continue to accumulate at the principal depots of the United States. The visible supply there at the close of last week was advised as 3,750,000 qrs., a total which, though large, is generally supposed to be far below the quantify actually available. We are, however, attracting but little grain from other sources, South Russian shipments being for. the most part still absorbed by the Mediterranean ports, while exports from North Russia have practically come to an end for the time being. Several sellers of Australian wheat of the new crop for December-January shipment have already appeared on the market, and transactions in cargoes for the U.K. have been reported at about 5(55. c.i.f. Sales of the old crop on passage to London have been made during the last few days at 565. to 565. 6d , and for a small cargo under October bill of lading 575. Gd. has been refused On the spot quotations show little change, but owing to the considerable offers of English wheat, New Zealand descriptions receive less attention. The present value of good milling lots is about 58s. Other quotations are as follow : South Australian Wheat 58s. 6d. to 60s. per 4961b5.; Victorian wheat, 61s. to 635. per 4961b5.: New Zealand wheat, 555. to 595. per 4961b5.; Australian flour, 375. to 435. per 2801b5.; New Zealand fb'ur, 365. to 40s. per 2801bs. Arrivals during the month have been as follow : Bags Wheat. City rf London (s). from Adelaide 1,800 Trevelyan \ ~ ~ 4,050 ~ J ~ Port Pirie 8,140
COMMERCIAL., Ashburton Guardian, Volume 1, Issue 49, 17 January 1880
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