LONDON MONEY AND WOOL MARKETS.

Otago Witness, Issue 299, 22 August 1857, Page 7

LONDON MONEY AND WOOL MARKETS.

The " Home News" of May 16 reports the Money Market as improving. A reduction in the previous high rates was expected. Consols for money were quoted at 93|. Colonial securities were low. The shares in the Dun Mountain Copper Mine (Nelson) are quoted at £ to f premium. The following is the London Wool Report of the same paper: — The first series of sales of the new wool clip commenced on the 30th of April, the arrivals to that date consisting of — Australian, 17,100 ; Port Philip, 19,904 ; Tan Diemen's Land, 6,613; Adelaide, 8,942; Cape, 6,852; total, 59,411. Prior to the announcement of the sales considerable stagnation existed in the Northern markets ; and the difficulty felt by dealers in placing their purchases from the February sales at a profit, coupled with the fact that manufacturers could not sell their productions (made from the wools purchased at these sales) at a proportionate advance, led all to look for easier rates at these sales ; some, carried away by excitement, confidently anticipated a decline of 4d. to 5d. ; others better versed in the actual state of things, concurred in the opinions of the more thoughtful buj-ers, and a declension in price of l£d. to 2d. was expected. At the opening sale, the attendance of buyers, both home and foreign, was very large ; many came up from the north to participate in th decline so wished for. The sales, however, opened with firmness at a decline of Id. to l|d., and the competition was good, although not brisk at this reduction. After the first few evenings' sales prices had declined, and a fall of 2d. to 3d. was established. Had not the foreign buyers been eager competitors and larger operators than ever before known, prices would have further receded, but their steady „ purchases night after night soon told on our home buyers, and after 30,000 bales had passed the hammer, their biddings became more spirited. Importers have been materially assisted in these sales to an extent hitherto unprecedented, by orders from the continent, and are much indebted to the spirit evinced by foreign competitors, who, notwithstanding the sulky appearance of home buyers, have taken, to the present time, rather more than half of all the avool offered. Our buyers had evidently reckoned without their host, for the daily prognostications that the foreigners would " soon fill their cheques," and then they would come in at a material decline, caused "many, not very sanguine, to hold off; and now, when the best (at least the bulk) of the choice brands are sold, all buyers are beginning their operations on a rising market — the prices being decidedly firmer than for some days past. Should the operations for Germany, France, and Belgium continue on the same scale, prices will fully J recover to the opening rates. Our own buyers continue to act with the greatest caution, preferring to confine their operations to supply immediate wants.