COMMERCIAL.

Hawke's Bay Herald, Volume XX, Issue 3918, 29 May 1877, Page 2

COMMERCIAL.

MURRAY, COMMON & CO.'S WOOL REPORT. May 2Sxir, 1577. The first series for this year of the London sales closed March 26th, and was marked throughout by a tone of great indecision. Users appeared very little inclined to operate to any extent, owing to the general slackness of trade, the prospective large supplies of the raw article, and the uncertainty as to the course of political events. The result of the series showed prices to he only about 15 per cent, above the very lowest rates of June, 1876*. Prices having thus been brought down to what the trade generally considered a more reasonable point, it was thought wool would be hardly likely to go lower at the opening of the present series. This expectation has fortunately been verified, as, in spite of the large supplies, there has been a recovery in values to the extent of about Id per lb. up to date on all descriptions, and latest advices show a firmer tone in the sales, with increased competition. It is quite possible, therefore, that as the auctions progress there may be a further enhancement in prices, the more so as the many late failures in Europe and America have tended to clear the ground of unsound houses. This favorable turn in the market is the more satisfactory, taking place as it does whilst the political atmosphere is still so disturbed, and goes far to prove that the woollen trade generally is substantially in a healthier condition than it has been for some years past. At present enterprise is naturally greatly checked by the uncertainty of European affairs, and in the event of England taking a belligerent attitude, there is hardly a doubt but that the trade would suffer. On the other hand, should matters soon be brought to a peaceful conclusion, a fairly steady market for some time may be reasonably anticipated.