LONDON WOOL REPORT.

Otago Witness, Issue 496, 1 June 1861, Page 3

LONDON WOOL REPORT.

The first sales of» the year commenced on the 28th of February, the arrivals to that date consisting of— Australian, 6201 bales ; Fort Philip, 24,431 bales ; Adelaide, 8454 bales ; Van Diemen's Land, 459 bales ; New Zealand, 1129 bales ; Cape, 14,693 bales ; total, 55,367 boles. , The inactivity which had existed from the opening of the new year arid the difficulty experienced in placing wool at a profit, had prepared holders for a moderate decline, to which ? they were ready to submit ; and although the at- . 'tendance of home buyers was good, with a moderate sprinkle of foreign operators, prices opened at a greater decline than was generally anticipated, particularly on scoured wools, of which the first day's sale largely consisted, hence about 500 bales of this description were withdrawn. The declension in price as compared with November may be now quoted — on Port Philip, 3d. to 3£d. j scoured, 3d. to 4d. ; Sydney, 1 Jd. to 2d. ; grease, 2d. to 2Jd. ; Cape fleece, 2d. to 2jd. ; scoured and hand, 3d. to 3jd. per lb. Although the above decline at the first view appears very large, it should be borne in mind that the rates established in November were extremely high, particularly on all stapled wools, both in fleece and scoured ; and looking to the serious aspect of American affairs and their suicidal tariff', which may be considered prohibitory of woollen goods, and the high rate of money which has existed for a considerable time, it is matter of gratulation to the trade that 55,000 bales should find willing buyers, even at the declension in price noted, for in six weeks from the 28th March there is every probability of fully 75,000 bales arriving here for the May- June, sales, and it augurs well for the flockowners' interests that our market should maintain the present good prices in the face of reduced trade, an* ■a general feeling of uneasiness which actuates the commercial classes ; the probability of civil war in America must considerably affect our trade with that country, even if the Morrill tariff had not passed. Wools from Port Philip have very much improved both in quantity and condition, which have been duly appreciated, and the prices paid for the bright plump combing qualities from Port Philip, ranging from 25., 3d. to 2s. 7d., must be very gratifying to growers. Operations on the other side have taking an average left' a loss, confirming the views we have so often advanced, that no fair margin is left for contingencies, a wish to secure wool and ship it to this country seemingly being the only object ; in some instances the losses will be very severe. — Home News, March 26,