“The Press” In 1866

Press, Volume CV, Issue 31018, 25 March 1966, Page 12

“The Press” In 1866

March 26 WOOL TRADE.—The closing prices for 1864 having ruled moderate and for faulty and inferior descriptions comparatively low, induced a rather better trade than had hitherto existed; this coupled with a gradually decreasing rate for money, caused more inquiries, and many parcels held over from the closing sales of 1864 found buyers at quotations more in accordance with current prices, quality and condition being considered. The large demand for manufactured goods that sprung up for American orders, helped the gradual, but steady advances in wool, and many who bad cleared out all their manufactured goods and taken large contracts became eager buyers at the November series, and combing wools now commanded extreme rates; all other descriptions full of body and of fair staple excited lively competition, imparting such a firmness in tone

that all clothing qualities and inferior sorts were eagerly competed for, establishing a very firm market and closing the year with confidence to holders of all classes of wool, and also to manufacturers, for their trade was very lucrative and large, many having orders to occupy them for some months. Thus closed the year, so different from its predecessor, when all descriptions of wool sold heavily and with loss; but this year has been one of interrupted profit to all parties except importers, whose imports for the first three sales of the year had left little or no profit; indeed many purchases had left a loss even with so good a market, an evidence of what we have constantly pointed out, that on the other side the prices paid are too high for a fair margin, and that buyers for shipment home had better abstain from purchasing than run such risk.