Commercial.

Hawke's Bay Herald, Volume 13, Issue 1083, 14 September 1869, Page 2

Commercial.

THE LONDON WOOL MARKET. The following is Messrs. Miles Brothers and Co.'s wool market report for Australia and 1 New Zealand. It is dated London. July 16 : —A rather better feeling has prevailed in the trade since the close of last sales, and several transactions have taken place at closing rates, Advices from the manufacturing districts show some improvement in trade. The prospects of our harvest seem goodj and we anticipate that rather more spirit will be exhibited at the opening of next sales, and that May prices will be maintained. It is anticipated that the next series will be fixed for the 12th proximo ; about 137,000 bales have already arrived, and, with the parcels afloat and held over, it is estimated that the quantity for offer will be about 200,000 bales. The London correspondent of the Argus, writirg on July 16, says :— During the last fortnight, a somewhat firmer feeling has prevailed in the wool trade. There is no ohange in prices, nor is there likely to be for the better- with the present large atooks and the immense quantities known to be on the way from the colonies. At the low wool sales, which followed the colonial series in June, the attendance was tolerably good, and the I tone fairly animated. As compared with the previous London low wool sales, prices of East India show a decline of £d, to £d. per lb., which places them on a level with, ov perhaps a shade lower than the quotations of the second Liverpool series. The commercial advices by this mail, says the Lyttelton Times, of the 9fch insfc., are certainly more encouraging than any that have been received for some years past. In the first place the greatest encouragement is held ont to New Zealand to enter upoa the business of meat-pre-serving. The market is stated to be almost unlimited. With regard to wool, the opinion generally entertained is that the- lowest point has been reached, and a recovery is looked to as ultimately certain. The advices with regard to flax are equally encouraging, as every prospect is held out in favour of a large demand at improving rates. At the same time, we hear that should the price of wheat unfortunately fall very low, the London market may be relied upon to absorb with ease all our surplus. With these prospects, we think we are justified in predicting a gradual return of prosperity. Even if it should turn out that gold does not exist in Canterbury, we are certainly, able to produce large quantities of material that can always be readily exchanged for that metal. The following extract is from a private letter dated Melbourne, August 30 ;--The news received by the mail is of a very encouraging and satisfactory nature. All the preserved moat and tallow to hand had beensold by the Company's Londonagents, at very remunerative prices, and our correspondent says that the demand for preserved meat is in excess of anything that Australia is likely to be able to produce. ' On the same subject we have been favoured with the following extract from a letter dated London, July 16 : —Before entering upon boiling down, we hope your community will aim at a higher object than having recourse to the old fashioned system, and establish a Meat Preserving Company. You need not. fear of over-supply-ing the market. The Admiralty alone are prepared to take all that the Melbourne Meat Preserving Company can supply, and when, you come to consider the vast popu« lation of London alone, and then go to the manufacturing districts, the area for the demand is almost unlimited. Which process is best we are unable to decide, but as the Melbourne process is such, a great success, why not try that. The first number of . a report to be issued monthly in London by the manager of the Australian Preserved Heat Agency

has reached us. It is dated July 9. ; f he manager, Mr. P. Tallerman, says that the applications for information (torn all, the colonies, respecting Australian meat, &c., hare become so numerous that it.has been determined to issue this monthly circular for transmission by each mail, giving reliable information as to the various shipments that arrive, their condition, and market price. Meat of all descriptions, if in good condition, sells readily at paying rates. Orders for rolled meat have become so numerous that 100 tons per week could be placed at prices up to 425. The Australian Meat Agency has been favoured with instructions from the Lords Commissioners of the Admiralty to supply a quantity of this class of meat for trial on board six of Her Majesty's ships in actual service. The transactions of the month include :— 46 tierces mutton and beef, ex Bed Jacket, at 4|d. ; 15 do do, ex Moravian, at 4|d. ; 10 do, ex Champion of the Seas, at 4d.; 19 tierces mutton, ex Somersetshire, at 3|d. ; 61 tierces mutton and beef, ex Johanna Maria, at 4d. ; 100 tierces beef in pickle, ex Quickstep, from Brisbane, at 50s. The above were all faulty. 50 kegs sheep's tongues, ex Orient, in good condition, but badly butchered, were quitted at a price not mentioned. For Whitehead's essence of beef the demand is steady at 6d. per lb. Tinned meat is quoted at 6d. per lb. ; none on hand. Curers cannot be too particular as to the quality of meat they pack ; inattention to this can only result in loss to the shipper. . . The Home Neios, for the first time, contains the following interesting item with regard to New Zealand flax: — Flax — In auction on July 12, 988 bales New Zealand chiefly sold; good and fine clean, £37 to £40 10s. ; middling to fair, £30 10s. to £36 55. ; ordinary, with more or less straw, £25 to £28 ; tow, £6 ss. to £13 155. ; chiefly £10 per ton. New Zealand flax is also quoted in the JEurojpean Mail Prices Current at £29 to £40.