COMMERCIAL.

Hawke's Bay Herald, Volume XXI, Issue 5381, 14 May 1879, Page 2

COMMERCIAL.

. + Market Repobt from, tlie National Mortgage and. Agency Company of New Zealand (Limited.) ■ • ■ ■ 37, Lombard -street, London, ,;.; , , . March 27, 1879. Wool— The first series oi' colonial wool Baleß for ,the present year, which commenced on the 18th February, was brought to a close yesterday. The foreign element has, throughout the series, proved the mainstay of the market; the purchases for export being estimated to have reached the unusually large proportion of 180,000 bales, being 75 per cent, of the total quantity sold. Prices at the opening were quoted as ruling about on a par with the November-December rates. After the first few days, however, the home trade still persisting in the position of reserve assumed.; nfrom the commencement, the foreigners, apprehending that such continued inaction must inevitably have its effecb on the market, in some measure their competition, without however restricting their operations. , The effect of such policy soon became manifest; and prices ruled in favor of buyers to the extent of from 5 to 10 per cent. During the last ten days; the reports from the Jiome manufacturing districts, have been of a somewhat more hopef ul nature, and tho home trade has in consequence operated much more freely; the -increased competition soon worked its effect' ~'on ; ,the , market, and prices for all descriptions 1 closed- with much less irregularity, moßt sorts, indeed, showing decided improvement. The decline established after the first week of the series has not, however, been fully regained in all instances. Good to medium, merino combing wools have, throughout the series, been in most demand, and prices underwent but slight variation from opening rates. Tho very superior flocks, both fleece-washed and in the grease, have met •with but indifferent competition, and prices realised, when compared with those ruling at the February-tMarch series, 1878, show a decline of fully 20 per cent. Crossbred wools liave been much, neglected, and for the deeper grown and coarser descriptions a lower level has been touched than has ever boen previously .known — there being, in truth, no precise standard of values. The liner grades nave held their value throughout, and show, on the average, but slight reduction on November-December rates ; this being principally attributable to the fact that the domestic; wools cannot aerve to fill tho place of the finer grades of colonial crossbred wool, whereas they enter into direct competition •with the coarser qualities. Tho prospects of the rougher descriptions of crossbreds in the immediate future must be. looked U2son as aomewhat' dark. The second series of sales will comprise some 70,000 bales of New Zealand woidl, of which a very large proportion will assuredly be crossbred, and these large quantities will be placed on the market before any decided improvement can be looked for in tho home manufacturing districts, and at the time' when the domestic clip of the present year ' will be imminent. Taking into consideration the general depression of trade, and the prevailing distrust and want of confidence in. the future, the results of the late series caiinot ' be looked upon as other than satisfactory, as much greater fluctuations in values than actually took place were un- • doubtedly expected. It has for many years been the custom' and rule of the trade that all single bale lots of sound wool should bo marked 'with a star in the catalogues, and should bo disposed of with the damaged wools at the end of the sale. At the instigation of the conunittee of wool importers, however, the innovation was adopted at the late series of including the starred lots, all such lots as „'j''i '..'.. . .fcftr.-f.vj,.:-,-,,-. ' ' ;

£ ,°o? com Vlise than three bales. This S°t ™tZ™J :a 7 ?? °Ut> fche belief that eatn logue hemf, sold more rapidly «jw\th & J Wd U1 b IOD ' a m °» »»Wl competi! tend anee of buyers would thus be secured

: "IFlax—A slow market foi* Ne-w Zealand at < ;ke following quotations :—Good to fine clean New Zealand, £19 to £20 6s 6d por ton ; fair half-dressed, £18 10s. Stock of New Zeuland 76 tons, against 174 tons last year. Wheat—Wo hare had a dull and dragging trade during the past fortnight with prices inclining in buyers' favor, and the advance reported in our last has been entirely lost. \ Consumers continue to restrict their purchase [■, to their immediate requirements, for although ! ,' our own stooks arc light, American supplies ! may bo poured in on us at any moment in such large quantities as to completely swamp our market. The re-opening of the Baltic ports also enablos shipments to be made from ■that quarter. New Zeuland wheat is in abundant supply, and prices have given way Is to 2s per quarter. We quote fair quality 43s to 4<ls; good, 44s to 45s ; whilst an exceptionally fino parcel of Talavira fotohed 46s for 4961b5. Australian buyers refuse to pay th.o higher prices demanded by sellors, and i 495, ex wharehouse, is the full value, although stocks are very small. Flour—The nominal value of Now Zealand is 2Ss to 30s ; but a good sound parcel sold nt 31s per 2Solbs ; Australian, in the absence of supplies, wo repeat our last quotations, viz., fine, 29s to 30s; superfine, 33s to 345. Tallow—Tho market lias been flat during the past month, and prices have declined fully . •! por cwfc on tho average; wo quote tox ' v good to fine mutton, 34s 6d to 35s 6d ; ;™> d " fair to good boef, 32s to 33s per ewt. tt Mes continue in moderate request, bnt ■mines, are cl t0 '*d P er lb I(nver ' F'oßent quoJJ OM aw 'lid to sil per lb heavy ,• and 8M °Leßth'e, l" lms been iv & lv' request without alterations. in -ralues. Basils hi IVo met witu aefcivo competition, n»rl urioM . "aTC ad™ncod id to Id por lb; we .So be* fc, WH *° lSd per lb , second

Arrivals A , „ _ Withdrawn to date Desci .igtoons. able. loaned, over. series. «,„,, Bales. Bales. Bales. Pnr *nTv-,r " J3S 00 35 ' 032 6.400 23,951 Por {ffi^ilhp 120,000 121,008 0 805 01945 Adi Jmiße .. 47,000 40,001 5.971 11,101 aw UiUiiver.. — 3 2 711 Ne »;» 3a land 20,000 15,092 1,057 31,734 Va tt\Wieraan's ■ UKWI .. 500 872 - 3.550 Ca fie . . . . 38,000 30,792 7.05S 15,190 i 'Total .. 203,500 2G2.0G0 28,471 130,212