ENGLISH WOOL MARKET.

Hawke's Bay Herald, Volume 15, Issue 1192, 30 September 1870, Page 2

ENGLISH WOOL MARKET.

The following supplement to the circular of N. Z. Loan and Mercantile Agency Co. is dated 19th July :— Since the publication of our circular for the Marseilles mail, the declaration of war has caused an almost entire suspension of foreign competition, and produced a condition of things in the wool market very difficult. to describe by any uniformly quotable reduction. Prices may, however, be roughly stated at an average decline of 10 to 15 per cent., though to insure these rates considerable withdrawals have been found necessary. It is possible that this reduction may stimulate to some extent the operations of tho Home trade, and perhaps in some slight ddgree mitigate the severity of the decline. The displacement of consumption and limitation of trade on the Continent consequent upon the war, though it may benefit our own manufacturing industry, will by no means be adequately compensated for ad far as its influence on the raw material is concerned by any probable improvement in tho Home demand,, or by any t special activity in those branches of woollen manufacture specially devoted to military purposes. In view of the present condition of the market the committee of merchants have just passed a resolution recommeuding the curtailment of the series at the earliest practicable moment. No date has as yet been definitely fixed for the close, but it is probable it will not extend beyond Saturday, the 23rd instant. The following are the arrivals of New Zealand ships since the present series opened :— . Bales. Celaeno 1985 Victoria 1906 Chile 2776 Oity of Auckland 335 City of Dunedin 3507 Philip Nelson 1359 Helenslee ... .. ... 450 Timaru 1518 Total 13,830