LONDON WOOL REPORT. September 24, 1862.

Otago Daily Times, Issue 290, 24 November 1862, Page 4

LONDON WOOL REPORT. September 24, 1862.

x, Tfe *ul Kl, serie, s °f sal es tWs year commenced on tuedlst julys.net closed Gth Seotember. The total quantuy catalogued consisted of 29,772 bales Sydney ; Land ; 8.998 bales Adelaide ; 15,826 bales New Zealand : . 139 bales Swan River ; 15,8-58 bales Cape. Total, 100,184 bales-being the largest number of Dales ever catalogued in one series It is remarkable that so large'a sale should have lound ready buyers throughout at such uniform rates, the only exception being very .faulty and inferior sorts, which about the middle of the sales were in Jayor of the buyer, and several large parcels were withdrawn. •

For all good anrl well-grown flocks the competition was spirited throughout, and towards the end of the sales all better descriptions were more in demand at ratner higher rates. •

It w worth noting that the high price of cotton had not led to any speculative demand in our market when the low range for wool-all things considered —would, under ordinary circumstances, have left a fair margin for profit had they been held ; but lookto the fact that wool is cheaper than cotton, it is somewhat surprising that this was not seen, aud tiiat operations of a speculative character were not commenced earlier. This leeling only displayed itself during the last three days of the sales, when som* large purchases were made of that character, and smce the sales closed to the present date, our market has been very lively with a steady demand for all sorts at Id to 2d advance on the average of the last sales—speculators being ready buyers to any extent that holders would sell at this advance. Some recei t arrivals (chiefly Cape) have been sold at about Ucl advance, and a ftw of other sorts have changed o/S3f' c aggregate of which may be computed at o,COO bales.

Vie thmk as rule it is better that importers should await t.ia sales and allow the intermediate demand to be supplied by dealers to whom we must look durin^ the heavy Bales, and it is to iheir purchases we are always indebted for the uniformity of prices. This was very evident during the last series, when dealers bought very heavily; at least one-third to one-half of all the wool submitted, and it is only fair to them that -the interval between each sale should be lelt them to clear stocks.

It is difficult to form an opinion as to the future prices of wool, but looking to the consumption at present, _there is nothing to justify any great advance • but jtnow requires six weeks to "the sales, during which time if any demand of moment should sprint up there is yet room for 2d to 3d advance, wool eveh at present rates being lower than those of 1860 b^ 10 percent. . J •

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