LONDON WOOL REPORT.

North Otago Times, Volume XI, Issue 360, 3 November 1868, Page 2

LONDON WOOL REPORT.

The following is from the circular of the New Zealand Loan and Mercantile Agency Company, dated London, September 1, 1868 : — By our last issue by the Marseilles mail we were enabled only to report the opening of the August series of sales and the result of the first catalogue, showing a decline of Id to lAd per lb. The succeeding sales have since established" a further depreciation of considerable importance, and the current rates for all descriptions of Australian and New Zealand wool may now be stated generally as ranging from 2d to 3d per lb. under the closing quotations of the May•>une seriea, while ill-conditioned and defective kinds, the supply of which was never more abundant, are hardly marketable even s on these terms. The condition of the woollen industry ab a whole is as satisfactory as it has been at any time during the past few months, but it is evident that the present rate of consumption falls short of the actual supply ; indeed the growths depends upon pi ice, which in many cases can hardly repay the cost of production. "W"e shall defer a fuller report on the general character of the New Zealand shipments till the close of the series ; in the meantime we may remai k that in the matter of washing and classing a great deal yet remains to be done. Many of the clips of so called washed wool are in reality hardly more than half-washed, others again are packed with a total disregard of the combing or clothing properties of, the wool, besides showing an indiscriminate mixture of old ewe and wether with the hoggett and younger fl'3f>ces, which it is most desirable should be separately classeiL To this date 89,927 bales, out of a total of 226,127 bales, have been catalogued, and of this amount 13.200 bales have been withdrawn. Since the declaration of the total quantity for the current sales, we have only to advise the arrival of the Leichhkidt from "Wellington, with 1.917 bales.