Commercial Record.

New Zealand Spectator and Cook's Strait Guardian, Volume XII, Issue 1287, 2 December 1857, Page 2

Commercial Record.

Spectator Office, November 28, 1857. As the London Wool sales are of great importance, not only to but to the Province generally, especially now that the new clip is beginning to come in, we deem no apology necessary for publishing an extra “ Record ” to-day, so as to embody the latest advices from the markets of Europe. The following report of Messrs. Hazard and Sons, of the London XV 00l sales ending August 22, is quoted from the ?»ielbourne Argus of November 14 :— “ Prior to the opening of these sales, owing to the satisfactory state of trade, the position of the market, the prospects of abundant harvests at home and abroad, and the greater ease in the money market (which was fujther evinced by a reduction in the Bank rate of discount coincident with the commencement of the sales), a general feeling existed that an advance on the current rates of the June sales would be obtained, and which was immediately realized by a rise of to 24., and as the sales progressed increased buoyancy was observable, and a further advance of a to 1-}L was in the course of a few subsequent days fully established: thus making the average advance 2d. to 3d. per ]b., at which they have been maintained to the close with marked regularity. lhe attendance of continental buyers was large, and the support given by them considerable. The quantity taken for foreign account may be estimated at onefourth of the entire quantity sold. As compared with last year, up to the present date 10,000 bales more have been sold in the present, to which increase Port Phillip contributes (>OOO bales, which inay chiefly be accounted for by shipments front that port in particular having taken place earlier than in the previous year; but it is evident that the demand is more than keeping pace with the supply, and that there is ample room for greater increase than is likely to occur without any detriment to prices. Wools of good quality, in good to superior condition, underwent the greatest augmentation in value; the advance on such may be quoted at 2.Jd. to 3|d. per lb., which also applies to scoured wool. Heavy conditional wool realized Id. to 2d. advance; lambs’ wool, Ijd. to 2£d., and greasy wool participated in the rise to a similar extent. Cape wool is IA/1. to 2d. per lb. dearer. The condition of the wool from Sydney, Port Phillip, and Tasmania was generally satisfactory, but some flocks were heavy in condition and much troubled with grass seeds and burrs. Of the South Australian ft very large proportion was in the grease, but which was in great request, particularly for the continent. The Cape wool generally was of fair average quality. Tho New Zealand, while continuing to show improvement in breed, does not exhibit a corresponding improvement in assortment and regularity of packing, which also may be said of Swan River wool.” The official tables lately issued by the Board of Trade give the following comparison of the imports and exports of wool in each of the three years of 1855, 1856, and 1857, during the seven months in each of those years ending the 31 st of July : —

The Home News says (under date Sept. 16): “'The small arrivals to date as a nucleus for our sales in November has imparted much confidence to holders, particularly of Post Phillip and Sydney, it being gencrally anticipated that the total for our next sales will fall far short of the requirements of the trade. The fact of a large increase in our exports of manufactured goods, and a larger consumption of colonial woo*

abroad, all lend Io the supposition that prices will rule higher at the closing sale of the year. “Looking nt the number of bales sold I his year, and anticipated import, it is probable that before the new clip can arrive wool will be very scarce, and extreme rates be paid. |he stocks in second hands in London and the North, are very light after so large a sale, and should the course of the money market and political events be such as to justify more confidence, a (rise in nil descriptions, particularly combing and fine clothing sorts of full IJd. to 2d. may be looked for.” MJ. Henry P. Hughes, in his Wool circular of August 22, while reporting the result of the sales in terms similar to those employed by Messrs. Hazard, says with still more marked emphasis New Zealand Wool, of which there was a good assortment, created much attention. This, in some cases, os well us in Swan River growth, requires more care and regularity in packing, so as to induce the trade to buy with greater confidence.” Our readers will do us the justice to remember that we have repeatedly called their attention to this, and we again earnestly press it upon them, pointing out that while New Zealand wool in grease bears a price scarcely inferior to any (in Mr. Hughes' Price Current it is absolutely the highest) the “ scoured "and “ clean ” are from sd. to 16’d. per lb. lower than the best samples from Sydney and Victoria, and scarcely takes the fourth place in the scale of prices as obtained for the products of the six Australian colonies. Reserving further quotations of prices, &c. t until our usual issue, we cannot refrain from adding the following from the ‘'City article” of the Home News, September 15:—“This evening, at closing, Consols were quiet, at 90{ to | for money, and 90jj to $ for the IGth of October The extent, however, to which Consols have been affected by the late events in India, shows how* much importance is attached to the maintenance of our empire there. Consols were nearly 5 per cent, higher when our army was before Sebastopol than they are now when it sits before Delhi. The very idea of danger to our power in the East, seems tc have more effect than an actual European war.”

Im pouts. 1855 1850 1857 lbs. lbs. lbs. Colonial ....50,174,511 01,013,08-1 07,700,000 Exports. 1855 1850 1857 Foreign and lbs. lbs. lbs. Colonial . .1(1,575,309 11,202,323 10,072,931 Homo 10,962,224 8,800,091 0,905,353 27,537,532 23,150,010 28,978,287