LONDON COLONIAL WOOL SALES.

Hawke's Bay Herald, Volume 12, Issue 946, 26 May 1868, Page 2

LONDON COLONIAL WOOL SALES.

(From Mi". Helmuth Schwartze.) The first series of London colonial wool sales, which commenced on Feb. 27, closed on March 27, the catalogues having comprised 10,983 bales Sydney, against 20,350 bales in 1807 ; 43,115, hales Port Phillip, against 47,335 bales in 1567 ; 19,295 bales Adelaide, against 14,235 bales in 1807 ; 1201 bales Van Dicmon's Land, against 443 bales in 1S07 ; 3449 bales New Zealand, against lUSS bales in 1807; 816 bales Swan River against SOS bales in 1867 ; 3(5,303 bales Cape, against 32,421 bales in 1867; KOO bales sundries, against 2071 in 1867. Total 122,192 bales, against 118,745 bales in 18G7. These sales mark the stopping point in the downward course, in which prices of wool have continued for the last two years. A slight rise must bo chronicled, placing Australian wools about id., and Cape Id., above the level of the previous sales' rates. At these prices, wools enjoy a fair but irregular competition— irregular especially in the case of defective sorts, which since they have been produced in such abundance, can hardly be said to command fixed rates; the degree of deterioration which a mass of burrs and moits cause, being variously and often fancifully estimated. The Continental trade has throughout been the mainstay of the sales, about 60,000 to 65,000 bales having been bought for export. The protracted depression which the wool trade has suffered, renders it natural that any rally should be ascribed to an amelioration of business. This, however, would probably be incorrect in the present instance, for excepting the manufacture of coarse yarns and goods, which enjoys greater activity, but more independently of merino wools, the position of the trade appeal's everywhere unaltered. The only improving element observable is a return of a certain amount of confidence, caused probably by the more settled appearance of political matters on the Continent. Confidence is frequently a forerunner of a better trade, and it is to be hoped may prove so in the present instance; but, that not too much may be expected from it, we would point to the very slight degree in which it as yet exists. People have, indeed, confidence that no warlike complications will arise to interfere with business, but it would be incorrect to say that they have confidence in the maintenance of the present prices or that they act upon such a supposition. The Very reverse is tlie case ; buyers expect a fall in May, and far from operating largely at the present rates, they really buy only from hand to mouth. The true cause of the slight advance obtainable in this series has, probably, little to do with either improvement in business or return of confidence, but may be simply explained by the brisk demand for good combing wools, which after tho scanty supplies in autumn, is always observable at this particular season of the year. Tho rise of Cape wools must be chiefly ascribed to the retarded shipments from Buenos Ayves. The sales close with fair spirit for Australian kinds, but slightly dull for Cape wools. As regards the prospects for May, we must look forward to enormous supplies, but at tho same time may confidently expect a good competition from all sides, manufacturers being everywhere but poorly ' stocked. Trade may revive if the weather be favourable to the crops, and in that case tho present range of prices may possibly be maintained.