LONDON WOOL REPORT—MAY 21,

Otago Witness, Issue 555, 19 July 1862, Page 4

LONDON WOOL REPORT— MAY 21,

The second sciies of bales for the year commenced on the 2nd of May. Arrivals to that d.ite, consisting of— Australian, 10,523 hale^ ; Port Phillip, 15,497 ; Adelaide, 15,119 ; Van Diemeu's Lmd, 4,520; New Zealand, 1,701; Sw.ui River, 2,0(J'.); Cape, P. 53 1; Total, 94,91)3 bales Since the close of the Mai eh sales, business }>enerally in the north hub not been &atibfii('lory, and the buyers, both home and foreign, seem liltle disposed to purchase (except for immediate wants) fiom the parcels otl'ered ljy private cont -act. Several merchants wishing to quit at current Kites rather than hold for this series, some few parcels changed hands, particularly of stout sound Port Phillip. At the opening sale the attendance nf buyers was scarcely equal to former occisions, hut biddings were animated for all good qualities Inferior and faulty parcels weie not so much bid for. The average decline may b<> quoted on £oo<l and fine | tlocks,ltl. to 1U1. ; inferior to.ivoiaije, lM.to 2d. ;bmr and w.isty, 2d. to 2 .V1. Afc this reduction the sales continue to progress with uniformity— an exceptional dulncßs only in faulty andmoaty Sydney, which are in abundance. Judging liom the present tone of the room, the bales will continue at present rates, and it is estimated that fully 90.000 bales Mill be catalogued. A prospectus has been issued of the Otea Copper Mining Company, with .a capital of L 50,000 in shares of L 2 each. The object is to purchase and work a copper mine in New Zoaland, the property of the Great Banier Land, Harbour, and Alining Company. The payment is to be LIO,OOO in shares, and LSOOO in cash. A meeting of the Trust and Agency Company of Australasia was held on the 13th May, Mr. A. Bonar in the chair. It was stated that committees of local trustees have been formed at Melbourne and Sydney consisting of influential colonists, amongwhom are the treasurer in Victoria and the registrargeneral in New South "Wales. The whole of the second allotment of shares, issued with the view of increasincj the available capital, ha.s been taken by the existing proprietors, although offered at a time when the money-market was unsettled by the affair of the Trent and the threatened war with America. The total capital now paid up is L 250,000. The progress of the Australian coloniesgenerally was remarked upon as being veiy satisfactory, and it was observed that the resources of the country are well exemplified by the interesting collection of raw materials, including cutton of excellent quality from Queensland anil Alpaca wool, and minerals in the Exhibition. The prospect of the settlement of the land question opens a large tield of profitable business, by which advances can, it is believed, be safely placed at a late oi inteie&t of about 12.3 per cent. As previously contemplated, the operations of the company have been extended to New Zealand, and a manager and local board have been appointed to commeuce business in that colony. The later advices received from Australia were announced to be favorable. The report was adopted unanimously without discussion.