COMMERCIAL.

Manawatu Standard, Volume XLI, Issue 8537, 18 March 1908, Page 2

COMMERCIAL.

WOOL MARKET. The following, dated London, February 7th, has been received by the New Zealand Loan and Mercantile Agency Co., Ltd.: — The first series of sales terminates today. In merino, values for medium to good greasy, as compared with December closing rates, rule on an average id per lb higher, but poor-conditioned and faulty lots are gd per lb, and most doj scriptions of scoured id to Id per lb lower, the best sorts of scoured and fine I crossbred showing but little change. The i course of the market for coarse and I medium grades of crossbrod, both greasy ! and slipe, since the opening has been ! very disappointing. It was generally anticipated that opening rates would be maintained, but with the progress of the sales a want of spirit became manifest in the bidding, with the l'osult that prices weakened, and at the close marked a depreciation of Id to lid per lb. It is difficult to assign any one reason for this retrograde movement, thought undoubtedly the lack of demand from the Continent for tops and yarns, and restricted purchases for America, were contributory factors. In the circumstances it is hardly possible to form an opinion as to whether bottom has yet boon touched, but unless some radical change occurs iri" the position—such as a resumption of the demand from Germany and the United States —it appears doubtful if prices will improvo in March. Fashion continues to favour fine class<p of wool, while the quantity of fresh arrivals of crossbred for the second series (to which must be added some 7000 bales held over from the current series) is estimated at from 100,000 to 120,000 bales. Thus the near future is fraught with much uncertainty, though later on in the year, should trade conditions generally be favourable, and supplies of merino prove inefficient for consumptive requirements. a turn for the better in the position of crossbred may reasonably be looked for. Of the not available quantity of 187,000 bales, 157,000 bales were sold, of which 76,000, inclusive of 6000 bales purchased for America, were taken for export, some 30,000 bales being carried forward.