Commercial Intelligence. WOOL REPORT.

Nelson Examiner and New Zealand Chronicle, Volume XXVIII, Issue 65, 14 August 1869, Page 2

Commercial Intelligence. WOOL REPORT.

[From the Circular of the New Zealand Loan and Mercantile Agency Company (Limited).] London, June 18, 1869. The May-June wool sales which have been in progress since the 6th ultimo, will close on the 19th instant, and we are therefore enabled to furnish by the outgoing mail an all but complete report upon the scries. The arrivals amounted to 239,346 bales, of which about 7.000 bales were consigned direct to the manufacturing districts, leaving 232,346 bales as the stock at the commencement of Iho series on the London market The quantities catalogued amount to 216,863 bales, and the withdrawals during the currency of the sales are estimated roughly at about 16,000 bales, of which about 6,000 bales havo been

re-catalogued and privately sold. It will thus be apparent that out of the total arrivals for the series about 30,000 bales remain iv first hands for future realization. The extreme depression which we reported at the date of our last issue, varying from 10-15, and in many cases touching as much aB 20 per cent, on the March rates, had the effect during the latter part of the sales of attracting some accession of buyers to our market, and for some time caused a generally more confident tone, and an advance in quotations to about the level of those of the opening sales. Towards the close of the series, however, the competition was again perhaps scarcely so animated, and the improvement waa hardly uniformly maintained to the first extent. Our prices, therefore, may now be roughly quoted as ranging about Id. per lb. under the March rates. The course of trade in the woollen districts has shown indications during the past few months of slow but gradual extension, and the depreciation in the wool market may be in a very great degree referred to the pressure of an excessively large supply. It has been urged, with some apparent foundation, that the excess of arrivals for the March, and May Bales over those for the snme periods of 1868, \9 entirely due to the accidental circumstance that the shipments from several ports have come on the market at an earlier period than usual, and that they afford no indication of any probable relative increase in the general annual production. Consumers, on the other hand, in the absence of any certain data on the point, have no doubt acted on the presumption of an increase in some measure proportioned to that of the past few years, and to this may be attributed the extreme caution they have observed. The information as yet obtainable will hardly allow of any very accurate estimate of the probable annual supply, but so far as can be judged from the latest colonial advices, it would appear that the total will in all likelihood very slightly exceed that of the previous season. The arrivals from New Zealand formed a comparatively small proportion of that clip, and the general character and condition of these wools so far appear fully equal to those of last year. In this respect, indeed, they present a marked contrast to the Australian flocks, which in almost every instance have, more or less, seriously deteriorated, and their soundness of staple and general freedom from burr or other mote, has procured for them comparatively active competition, and perhaps a relatively better market. The demand for half-breds, though somewhat weaker during the latter part of the series, has ruled more or less keen throughout, and the results obtained for this class, which on the whole cannot be said as compared with March prices to have suffered any decline, must be highly satisfactory to the producers. The arrivals to date for the August sales are stated at 93,765 bales, and the quantity afloat at 59,257 bales. The latter total will be without doubt further increased by arrivals of Cape wool, of which we have as yet no advice, to the extent of 10-15,000 bales, thus making, with the quantity held over, a total of between 190-200,000 bales for the third Beries this year. The arrivals for the August-September series of 1868, were 226,064.. bales.