LONDON WOOL AND GRAIN REPORT.

North Otago Times, Volume XI, Issue 348, 22 September 1868, Page 2

LONDON WOOL AND GRAIN REPORT.

The following is James Moirison and Co.'s circular, dated London, July 2, 1868 :— When we issued our last circular (on 24th March), a alight irnpio-\erneut in ti.ido was noticeable, and we hoped that things had taken a turn. No ground has been lost since then ; but at the same time the onward progress has been by no means lapid or veiy decided. The demand for money for bubine^ uses is, in" fact, still so moderate, that the Bank of England late of discount remains unchanged at 2 per cent. Our lestricted commerce has permitted it to stand at that figure for nearly twelve mouths.. Wo have had an unusually dry season, and 8 steady decline iu the price of giain: and veiy sanguina expectations were enteitained as to our harvest, on which, it is felt that this year everj thing depends ; but latteily the continued dry weather has caused some anxiety as to the yield, and the tone of things generally is not quite so hopeful. Wool. — The condition of tho maiket, under the influence of easy money and declining piices of corn, held out hopes of a steady lmpiovement, which have not been realised to the full. The increasingly laige quantity of wool has exercised a. pies3ure on the market, which it had hardly gained strength enough to sustain. Our fiecond series of sales commenced on 14th May, and concluded on 27th ultimo. The quantities catalogued were, of — New South Wales and Queensland ... HI, 500 Victoiia . .. . . ... 87,600 South Australian . . ... ... 25,000 Western Australian ... ... ... 2,900 Tasmanian ... . . ... ... 6,500 New Zealand ... ... ... ... 19,900 174,000 Cape of Good Hope ... ... ... 32,500 Total bales 206,500 This immeuse exhibit (206,500 bales), representing a value of five millions sterling, drew together a very largo number of buyers, and the sale opened with animated biddings. Under the influei.co of foieign competition, and of tho brilliant weather which was giving such good hopes of the harvest, an advance on March sale rates was at once secured, and the pricea became firmer from day to day, establishing a l lse of one penny on moat descriptions. Towaids the middle of tho sales, when <he more pressing wants had been supplied, and when the German Fans,, which opened very low, had tempted away a good many of our foreign friends, rates receded, and the advance was lobt ou all descriptions ; while on somo soits (mfeiior greasy Adelaides, New Zealands, and &ydueys of low quality and condition), svo must even own to a reduction below Mai oh lates. The diop in prices has not induced any material holding over for next (the August) Sales. Wheat— There has been, as we hnve mentioned, a consideiablo fall in prices Australian wheat, at the date of our last, stood at 82a per quaiter, but the constant sunshine we have had, and the steady supply arriving to our market fiom all parts, removed tho anxiety which at one time pi evailed regarding an adequate supply. Within the last fortnight between 60 and 70 cargoes of foioign have arrived off tho coast, and there aro now upwards of 1,000,000 quartets aflo.it. The stocks, too, of old English wheat have proved larger than was estimated so that our own haivest, which will be commenced almost immediately, will not find the market at all bo baio as was expected. Tho yield now about to be secured v, ill it is true, not be equal to the brilliant promise of a month ago, the drought having adversely affected all crops on light soils, but our supplies of all boi ts will be safe to reckon on oven present yatcs being maintained.