COMMERCIAL INTELLIGENCE.

Otago Witness, Issue 877, 19 September 1868, Page 17

COMMERCIAL INTELLIGENCE.

The following are the prices realised at the London wool sales of wools of the tandermentioned brands, ex William Davie :—

Messrs Jacomb, Son, and Co's Circular, under date 27th June, reports aa follows :—: — The second series of public sales of Colonial wools for the current year, which commenced on the 14th ult., has closed to-day. Throughout this series (the aggregate quantity having been larger than ever before) there has been a greater fluctuation in prices i than usual. The average difference between' 1 the highest and the lowest points having been 10 to 15 per cent., the bißtory whereof being that, at the opening, • Home and j foreign buyers mustered in very strong force, ' showing eager competition to supply their! more immediate wants, under the influence of a slight recuscitation in trade and very good prospects of grain harvest throughout Europe. This feeling lasted longer, perhaps, thaa even the more sanguine expected, and, for about the first three weeks, in the face of catalogues of larger dimensions than have before been seen in London, the market daily strengthened till, instead of the highest j rates of March being fully supported, as was the oaae at the commencement, we were enabled to quote an advance on those rates for most sorts, After three weefcu, however,

satiety began to show itself, large quantities of South American had been sold at Antwerp and Havre at rates lower by sto 10 per cent, than their previous quotations, in addition to the large bulk of Colonial that had been placed here and the German and French merino wools came to market and were sold at a very low range, which told more especially on lower Colonial sorts. During the latter half of the sales, instead of | the confident competition of the earlier ones, a very different tone has displayed itself ; speculation has, under the prospect of a very large sale again in August, been absent, and almost all descriptions have with difficulty been sold at a reduction from March rates. Muoh as we may regret the ability of our Continental neighbours to outbid home consumers, the benefit of a central market has again been shewn by foreign purchasers to the extent of more than £0 per cent, of the whole quantity offered. Victorians have been in large supply, on the average fully equal to last yea?s clip, with a goodly shew of superior flocks in fine condition, which were eagerly competed for at high prices in the earlier sales. The finer aad better Australian flocks have been in demand, but the heavy weight of medium, low, and faulty sorts thenco has realised a low range at the best; the bulk of this clip has however yet to be sold. Adelaides and New Zealands, on the average compare badly with last season — of the former, a large quantity of low, earthy, greasy has sold at a very low range ; of the latter, stout deepgrown parcels have been in demand, but the majority has been shorter and poorer than last year. Of Tasmanians, even the better flocks have not given the range of last year. All the well-grown and "better sorted Swan River flocks have shewn an improvement. In Capes all, and good Western flocks especially, Bhewed an improvement at the commencement which has not been maintained. From all ports, greasy wools have given a low proportionate range, scoured i wools with body have excite! good competition, lambs have been on the average lower than in March, and latterly locks and pieces have shown a curiously high progprtionate range of price to the flocks to whieff they appertained. The next series of sales will probably commence about the 13th of August, by which time there will be a stock of 200,000 bales. Annexed we append table of imports, &c, and prices current.

Ranges of Prices o! Colonial WooL MayJune Sales, 1868 :— New Victoria. Zealand, a. d. s. d. b. d. a. d. Extra flocks 2 Sa3 6 110 a 2 0 Superior flocks in best condition 20 2 2JIB 19 Average to good in fuir condition 18 111 10 17 Ordinary and ill-condi-tioned 13 18 10 14 Scoured 18J26 18 24 „ inferior IS 18 12 17 „ Lambs' 18 2 0$ 1 0 2 0 Fair and Hand-waßhed Skin 13 17 11 14 Inferior and Kcmpy Skin 010 12 0 9 011 Lambs', good 19 23 10 17 Extra.. 3 Qj „ inferior to average 12 18 10 14 Broken, Lacks, &ie 010 1 8A 0 fi 011 Extra.. 110 2 0 In Grease 09 14$08 12$ Postcript. — London, 16th. July.— Since issue of the above there have been no transactions of moment in the market to record. Arrivals are large, inquiries have been very limited, and accounts from all manufacturing districts are not encouraging in the face of heavy stocks of wooL A sale of about 35,000 bales of South American (equivalent in weight to 70,000 Colonial), opened on the 14th, at Antwerp, at pricesfrom 10 to 15 per cent, under .their May rates, — a considerable reduction considering the decline then established,

The arrivals here to date areBales. Australian 49,458 Victorian „ ; 50,178 Tasmanian 6,716 Adelaide 7,911 Swan .River — New Zealand 29,366 Cape 15,006 Total 158,635 and "would have been much larger but for long prevalence of easterly winds. The Perth Inquirer (West Australia) re- ! marks in a recent issue :—: — In trade and exports, there is nothing noteworthy beyond the fact that, in addition to sandalwood, flour, and other produce exported, the timber of the colony promises to stand higher than before in the export returns of the year. Large quantities are being supplied for railway construction in India, and no timber in the world is so admirably adapted for works of the kind. The time will come when its great durability and other qualities will be universally j known ; and probably that time will be hastened when we begin to use it ourselves in the construction of works of magnitude and [ importance, and bring it, in all its abundance j and character, to the notice of engineering skill.

With regard to the New Zealand clip Messrs. Southey add Sons ?state : "a considerable part of the shipments from .New Zealand have been from the Northern Island, and, as a rule, inferior, both as regards character, growth, and conditionirregular, and showing generally great room for improved management. The shipments from the Middle Island have included portions of several flocks of good repute ; but we are of opinion that they will not, on the whole, bear comparison with those of last season."

Messrs Morrison and Co.'s oircular, of date the 2nd July, reports as follows :—: —

When we issued our last circular (on 24th March), a slight improvement in trade was noticeable, and we hoped that things had taken a turn. No ground has been lost since then ; but, at the same time, the onward progress has been by no means rapid, or very decided. The demand for money for I -usiness uses is, in fact, still so moderate that the Bank of England rate of discount re- j mains unchanged at two per cent. Our restricted commerce has permitted it to stand at that figure for nearly twelvemonths. We have had an unusually dry season, and a bteady decline in the price of grain ; and very sanguine expectations were entertained as to our harvest, on which, it is felt, that this year everything depends ; bnt latterly the continued dry weather has cauaed some anxiety as to the yield, and the tone of things generally is not quite so hopeful. Wool. — The condition of the market, under the influence of easy money and declining prices of corn, held out hopes of a steady improvement, which have not been realised to the full. The increasingly large quantity of wool has exercised a pressure on the market, which it had hardly gained strength enough to sustain. Our second series of Bales commenced on 14th May, and concluded on 27th ultimo. The quantities catalogued were, of — Bales. Bales. New South Wale^?) ( at same and Queened 31 > 500 aS«nßta S« nBt 29 ' 000 P«*«l ) \ 18G7. Victorian .. 87.G00 „ 61,800 „ South Australian 25,600 „ 19,400 „ Western Australian .. .. 2,900 „ 2,300 „ Tasmanian .. 6,000 „ 8,700 „ New Zealand .. 19,900 „ 28,100 „ 174,000 149,300 Capo of Good Hope .. .. 32,500 29,700 20G,000 179,000 This immense exhibit (206,500 bales), representing a value of five millions sterling, drew together a very large number of buyers, and the sale opened with animated biddings. Under the influence of foreign competition, and of the brilliant weather which was giving such good hopes of the harvest, an advance on March sale rates was at once secured, and prices became firmer from day to day, establishing a rise of a Id on most descriptions. Towards the middle of the sales, when the more pressing wants had been supplied, and when theGermanfairs, which opened very low, ! had tempted away a good many of our foreign friends, rates receded, and the advance was lost on all descriptions ; while on some sorts (inferior greasy Adelaides, illconditioned New Zealands, and Sydneys of low quality and condition), we must even own to a reduction below March rates. The drop in prices has not induced any material holding over for the next (August) sales. There have already arrived for them, of new wools — Bales. New South Wales and Queensland .° 40,">00 Victoris .. „ 47.000 South Australian.. .. .. .. 8,000 Tasmanian .. .. .. .. 5,000 New Zealand .. .. .. .. 20,000 120,500 Cape of Good Hope .. .» .. 8,000 129,000 And there are afloat and expected in ample time :—: — Now So uth Wales and Queensland . . 20,000 Victorian 14,000 South Australian 4,G00 [Tasmanian .. .. .. .. 3,(i00 New Zealand .. 31,800 .r, = 74 > 000 Cope of Good Hope „ .. .. 11,000 • 85,000 214.000 So that this last enormous sale will be at

least equalled by our next j snd Atgußt bail unfortunately not generally received the rapport of foreign bnyera to the same extent ** May. Increased activity in trade at home> and a further opening of outlets abroad, are wanted to keep pace with the increase in imports, which is now from yeay to year of serious importance. When the August sales shall have included the quantity mentioned above, we shall have had submitted at auction, this year, in the three sales, 541,500 bales— being very nearly equal to the quantity sold during the whole of last year ; and presuming that there will remain to follow only the same quantity as appeared in our fourth (the November) sale last year, the total imports will this year reach 648.500 bales, equal to L 16,000,000 sterling, and the increase will be 102,690 bales, equal to L 2.500.000. The quantities catalogued for i three years will show the following totals : — ! 1866. 1867. 1868. February.... 85,200 110,400 121,000 May 1(57,300 179,100 20C.000 August 138,200 143,400 ( 214,000 \ o ,Hmflffcc[.H mfl ffcc[. November.... 77,300 107,100 \ 107,000 ) euwaaWk 458,000 £56,009 648,500 | Tallow. — This Market has shown few | fluctuations, but has, on the whole, receded. The Trade are supplied by a very lar^ehome melt, and have felt the Australian import, during the last three months, to be an important element in fixing prices. We have .had from the Colonies, for the six months exJpiring 30th June, 16,147 casks (against 2919 casks for the same period in 1867); of which 13,000 have been Bold, leaving as present stock, 3,147 casks. Quotations now are — Good mutton, 42s 6dto43a 9d per cwt. j good beef, 41s 6d to 423 6d per cwt. ; being an improvement of 6d and 9d on the lowest figure of onr late sales. Hides.— The quantity offering has not been large, and all have been been cleared at late rates, or even at a slight advance, especially for light, prices being :— Sydney. Ist heavy, s£d per lb ; Sydney, Ist light, 5Jd to s|d per lb ; Melbourne, the same j New , Zealand, Ist heavy, s|d per lb j New Zealand, let light, 5Jd to s|d per lb ; present stock is 7,450 against 9,460 in 1867. Leather. — A fair inquiiy still continues. All the arrivals, consisting of about 2,270 bales during the six months, have been vreil placed. Present prices being — Best tanned sides, 10|d to lid per lb; seconds and stained, 9jd to 10^d per lb. Wheat. — There has 1 been, a3 we have mentioned, a considerable fall in prices. Australian wheat, at the date of our last, stood at 82s per quarter, but the constant sunshine we have had, aud the steady supply arriving to our market from all parts, removed the anxiety which at one time prevailed regarding an adequate supply, W}thin the last fortnight, between CO and 70 cargoes of foreign have arrived off the coast, and there are now upwards of 1, t:OU 000 quarters afloat. The stocks, too, of old Eu^lish wheat have proved larger than way estimated, so that our own harvest, ■which will be commenced almost inimediacely, will not fi ud the market at all so bare as wa9 expected. The yield now about to be secured will, it is true, not be equal to the brilliant promise of a month ago, the drought having adversely affected all crops on light soils, but cur supplies of all sorts ■will be sufficient to keep prices much under last season's average : and we cannot think it will be safe to reckon on even present rates being maintained: — Best Adelaide wheat i 3 68s to 70s per 496 lbs landed. ; beat Adelaide flour 49s to 51s per 2SO landed. There will be an enormous snip' us this year in California, which will find its way to this market if anything like our present prices can be securad. Messrs F, W. Co&ens's Wine and Spirit Circular, oE the lOfch July, reports that the ships cleared for New Zealand pores from the Bth June to the 4th July, were as follows :—: —

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