LONDON MARKETS.

Press, Volume XLVI, Issue 7345, 25 June 1889, Page 4

LONDON MARKETS.

The New Zealand Loan and Mercantile Agency Company report, under date London, May 18th, as follows :— WOOL. The second series of sales, which commenced on 2nd ultimo, closed on the 4th inst. Allowing for an interval of five days at Easter and for one day when, owing to the bad light which prevailed, no sale was held, the series occupied twenty-three sittings, tbe daily offerings averaging 13,529 bales as compared with 12,225 bales in the corresponding series of last year, and 9972 bales in 18S7. In the subjoined statement are given the available arrivals and quantities cata-

Totals 373,252 311,172 Of the former about 77,000 bales were forwarded to the manufacturing districts direct, whilst the latter included 11,000 bales held over from the preceding series. It is estimated that 182,000 bales were taken for export, including some 7600 bales for America, and that about 5000 bales remained on hand for future disposal. On the opening day, notwithstanding the poor selection offered, there was animated competition, and late rates were not only well maintained for nearly all descriptions but occasionally were slightly exceeded. The prices obtained for the few parcels of coarse crossbred brought forward exhibited some irregularity, but there was no quotable change in value. As the sales progressed the market gained strength, and, as pointed out in our last issue, when the sittings were suspended on the 17th ultimo for the Easter recess all classes of merino and the finer grades of crossbred had attained a distinctly higher range of prices. Coarse crossbreds showed no change as compared with the closing rates or the preceding series, but it is satisfactory that they held their own notwithstanding the somewhat heavy supplies available and the difficulty which had been experienced prior to the commencement of the sales in maintaining the value of domestic wool. At the resumption of the auctions on 24th ultimo there was a full attendance of buyers, and it at once became evident that they were prepared to operate freely at the level of values already established. The sales progressed steadily up to the close, and at their termination the position, as compared with the closing rates of the preceding series, was as follows:— Good combing merino, greasy, Id per lb advance. Good clothing merino greasy, $d to Id per lb advance. Medium and inferior combing and clothing merino, greasy, $d to Id per lb ad-

vance. Scoured merino, Id to l£d per lb advance. Fine crossbred, Id to l£d per lb advance. Medium crossbred, £d per lb advance. Coarse crossbred, par. Lambs, excepting coarse crossbred descriptions, which were unchanged, §d to 1 d per lb advance. The supplies of fleece washed were inconsiderable, and the superior Western Victorian clips did not meet with a ready sale.

The general tone of the market was satisfactory throughout. Continental, and in particular German, buyers operated with somewhat greater freedom than the home trade during the first half of the series, but after the recess there was increased competition on domestic account, and this was well sustained until the close. Trade advices continue to be very encouraging and point to the existence, both in this country and on the Continent, of an active consumptive demand. The margin of profit is still stated to be small, but indications are not wanting of an upward movement in the manufactured article commensurate with the recent advance in the raw material.

Logued:— New South Wales Queensland victoria .. South Australia .. Western Australia rasmanifi Sew Zealand 3ape of Good Hope Available Quantities Arrivals. Catalogued Bale-, Bales. .. 105,550 86,706 .. 29.149 „»,76'J .. 87.503 59,685 .. 33,482 30,350 .. 6,445 6.427 .. 6,557 6.710 .* 57,654 52,115 .. 51,912 39,419