LONDON WOOL MARKET.

Otago Daily Times, Issue 2587, 23 May 1870, Page 2

LONDON WOOL MARKET.

The Home News says :—

The first series of public sales of colonial wool for the present year commenced, as our readers are already aware, on the 17th February. They terminated on the evening of the sth March. The postponment of the sales from the 10th to the 17th did not giv;e the hoped-for accession of quantity, and the sale of only 72,000 bales of fresh arrivals opened with a very large attendance of both home and continental buyers, who operated with great spirit, the sales showing increasing animation as they progressed till within the iast few days, when a slightly weaker tone was apparent, jtis reckoned that fully onethird has been taken for continental account. A' large quantity of old and second-hand wools has appeared in the catalogues, realising prices apparently not much to the benefit of the holders. Of Victorians there ha /c been a few of the test flocks in• prime condition, the bulk being middle and inferior fleece, with a fair proportion of scoured wools. The new wools on the whole do not cempare favourably in growth or condition with last yeav. Scoured wools have sold a little over November prices. The best combing fleeces, both washed and in grease, have brought slightly over last August-September rates, medium and inferior parcels giving little.improvement thereon. A few Tasmanians have sold at about late rates. Of Sou fh Australians a small instalment of the clip, chiefly in grease, has realised, about the same rates as last summer, a few better flocks giving slightly enhanced rates. The New Zealands were a poor assortment of old wools with two or three good parcels, washed and scoured, which, have sold a little better than last sales, The next series of sales is fixed for 7th April (Good Friday, the 15th, and the 16th of April only, are to be blank days). The prospect of so large a sale about ;a month hence has doubtless much controlled prices in this series. Colonial advices speak sanguinely of decreased supply from some of the colonies this year; there nuy, however, be some compensation from South Australia, New Zealand, and other quarters. i

Mr Helmuts: Schwartze, in his circular, writes as follows :—

" Since my last circular of the Sfch instant, reporting on the close of the first series, the market has remained very quiet. Hardly any transactions have taken place, and the advices from both the English and foreign manufacturing districts speak of a steady but calm business. The trade is everywhere looking forward to the next and more important series of sales which is to begin on the 7th of April, and for which the following quantities have arrived to date: — Port Phillip, 60,569 bales ; Sydney, 14,809 ; Adelaide, 25.241 ; New Zealand, 1,005 ; Swan River, 1148; Cape, 10,872; total, 116,644 bales. The total to be offered will probably reach 170,000 bales. As no change, either for better or worse, has taken place in the condition of business, the same prices as were cu-rent at the close of the first series may be expected to rule in the second. The quantity will be considerable, but as the requirements from all quarters promise to be large likewise, and the belief in the probability of a decrease in the production gains ground, I do not apprehend a depression on the score of heavy supplies."

The directors of the Bank of Australasia have declared a half-yearly dividend on the capital of the undertaking, L 1,200,000, at

the rate of 10 per cent, per annum, free of income-tax, payable on April 12th.

At the meeting of the Liverpool and London and Globe Insurance Company, at Liverpool, the report stated the fire premiums for the past year at L 904.616, being an increase 'of-'1(37,242 ; the new life premiums at L 24,085 ; the annuities payable at L 56,121 ; and the invested funds at L 3,650,617.