Commercial Intelligent.

Hawke's Bay Herald, Volume 1, Issue 52, 18 September 1858, Page 2

Commercial Intelligent.

LONDON WOOL REPOET.— JiraE 14. ("From the. Some Neios.J During the last fortnight several coutracts have been made in our market, principally for wools in grease at an average advance of Id. to l^d.per lb., and some faulty Port Phillips bought early in the sales have been quitted at a satisfactory profit. Sales to some extent might 'have been made if holders of first hand wools had been willing to sell at recent rates. The tone of the market is decidedly firmer, and the anticipation of many dealers and manufacturers that lower rates in July were sure to be established is not likely to prove correct, as the state of trade coupled with an easy money market -will be sufficient to support prices and if any tendency to speculation should arise, wools ( notwithstanding the quantity arrived, 59,000 bales), will be decidedly dearer, and should a prevalence of easterly winds keep out arrivals* the general feeling thai existed last sales of 85,000 bale 3 being submitted in the July- August sales, will prove incorrect, and our market receive the benefit, many of tho dealers having purchased scarcely sufficient for their requirements till the ensuing sales.

In the present state of public feeling and a general mistrust as to the intentions of France it would be very unwise if the caution observed by the home buysrs was not again exercised. Operators for continental accounts will no doubt purchase only for actual requirements, and any speculative feeling that exists will be of trifling moment, all parties looking with anxiety to the political horizon.

Wool of all articles would suffer very mucli from any misunderstanding ■with our neighbour — as was evidenced in 1818 — for to the purchases and bids of continental buyers we are entirely indebted for the present state of our market, and any circumstance which may shake confidence in the minds of foreign buyers would tell seriously on our market, particularly on the prospect of an extensive sale.

It seriously concerns buyers in the Colonies to act with extreme caution for the coming clip, and a good margin should be left for contingencies which it is hoped may not occur, but advice in the present state of our foreign relations must be pressed on the notice of the colonists, as the fevar for purchasing at 'long prices has produced very unsatisfactory results, and the losses on which are exceedingly heavy — very many lots having been purchased apparently without any regard to character and condition as long as it was wool.