LONDON WOOL REPORT.

Hawke's Bay Herald, Volume 1, Issue 52, 18 September 1858, Page 5

LONDON WOOL REPORT.

London, 15th May, 1858. The public sales of colonial wool, which conij menced 29th ultimo, are still in progress, and wiil finally close on 29th inst. The commercial absence of demand in most of the manufacturing districts of this country and France (excepting for seasonable goods, in which some activity had lately appeared), had, with the large stocks of winter goods held here and abroad the result of last November's panic and a mild winter, led to a very general feeling that at these lower prices would range for all wools, and more particularly for such sorts as were in March in small supply and relatively dear. Tha sales opened with a very fair attendance of buyers from all parts, but all influenced by tho same determination to enforce lower rates. At the coinmencament all descriptions gave way — a reduction of — l£d. to 3d. on fine and well conditioned wools, 2d. to 4d. on heavy, burry, or otherwise ill-conditioned flocks, 2d. to 3d, on scoured wool, Id to 2d. on wools in grease, as compared with the average rates of [February. — March sales have" been the general ruling of prices up to the present time. It is difficult to particularise, but there has been some irregularity in rates, for most kinds from the Australian colonies are perhaps rather stiffer in price than at the commencement, but we see no improvement in any descriptions which are in any way faulty either in wash or condition as regards seeds and burs. Adelaide wools in grease are certainly selling better than in the early sales, when it appeared as if a very low range would have to be submitted to. Increased purchases of these descriptions by foreign buyers lead us to hope that no further decline in these sorts will occur, but as 5,000 bales have yet to come on from that colony,, it is impossible to predict. French and Belgian buyers have also operated freely in fine clean clothing and combing flock s, but these buyers totally ignore all faulty, and illconditioned or bury wools, which we ti-ust will be a serviceable hint to producers to pay more attention to condition than has been in numerous instances the case with this early arrived portion of the colonial clip. Up to the present time importers have, for the most part, met the market freely ; perhaps 1,000 to 1,500 bales may have been withdrawn. Within our own memory we never recollect such an utter disz-egard, by colonial purchasers, of all attention to quality and price, the only object having apparently been to get wool at any price ; and many purchases -would have left a loss here, even had the extravagant and fictitious rates of July and August, 1857, been maintained to the present time. In these remarks, we do not, oi* course, include the early purchases of first-rate wools, the losses on which are trivial compared to those of second and third rate descriptions. The course of July and November sales depends on many contingencies over which no man living has control, nor can foresee the issue. A fine harvest, a continuance of amicable relations politically, abundance and consequent cheapness of money, and, though last not least, the stability of a government without recourse to a general election, are all features which, in our opinion, would act favourably towards a maintenance of present rates for the better kinds of wool from all. parts, and possibly an improvement in those which are most depressed j but, on the other hand, it cannot be denied, that speculative purchasers in this market are scarcely to be found, and those by whose imprudent action in July and August the market rates were mainly forced up to an unreasonable height, to the great detriment of the legitimate trader and consumer have nearly all succumbed to the financial pressure of last year ; nor can it be for a moment ; questioned that consumption has materially decreased, not only- in this country but abroad ; whilst as regards any probability of a deficiency of wool, for the next 12 months, at all events^ we are no believers in. The decreased production of. the last clip of NewSouth: Wales, which we take as ah individual fact will not affect the import of this year, which owing to the large proportion of the . previous clip which has arrived this year, will as far as figures. and manifest prove, run up to at least as much as the import of 1857^ and most probably" exceed jit by 5,000 to 8,000 bales. x Victoria. produce, ifc-i's'. hardly -probablCj as far as -present advices go, will be much'less thatilastyear 3 while; ffb'm'Adelaide, New Zealand, and the Gape, there is every .chance of an increased import. . ; V . ; OaABiES Jacojeb &Sojr,