LONDON WOOL SALES.

Otago Witness, Issue 261, 29 November 1856, Page 3

LONDON WOOL SALES.

At the London Wool Sales prices were reviving, owing to the competition of foreign buyers, an abundant harvest, and other causes. The Borne News of the 20th August reports :— The public sales, expected to close on 26th August, continue with much spirit : and during the past fortnight prices have ruled higher, closing this day's sale at an advance as compared with the opening rates of full Id, to 1-^d., establishing the price current at the close of the May sales. It is very satisfactory to be enabled to give so flattering an account of our market, the misgivings so general in some quarters that prices must give way are entirely gone, and much confidence continues to be entertained in present prices being fully— we may say more than maintained for the next few days' sale. The competition for account of Continental houses has been great, and up to date it is computed about 18,000 bales have been taken for export ; these extentive purchases, coupled with the magnificent weather for harvest operations, have done much for our sales, and at present prices all buyers are excessively eager to get some ; and if the imports should not equal the expectations of some, high rates will be given for wool ere February sales — the absence of extraneous influences of course excepted. A stringent money market, if caused by legitimate trade operating, will not be productive of injury to the woollen trades ; for not long since, with discounts at 6| per cent, prices had an improved tendency. Stocks are exceedingly light of manufactured goods, and but little of the raw material except recent purchases remains in the North.