LATEST ENGLISH COMMERCIAL NEWS.

Otago Witness, Issue 1024, 15 July 1871, Page 14

LATEST ENGLISH COMMERCIAL NEWS.

The second series of wool sales terminated on the 13th. The competition was spirited, and enhanced prices were maintained to the close. Mora than 190,000 bales were disposed of, fully half heing taken to the Continent. Port Phillip greasy wools especially were in favour, at an advance of Id to 2d. Competition for Sydney wools was stimulated by the comparatively limited supply. The next sales commence on the 22nd June. 111,000 bales have already arrived, and it is expected that 220,000 will arrive altogether. Mr Helmuth Schwarlze says that the French industry has shown astonishing soundness and resources. France has been operating in the present sales as largely as ever. An advance of l^d per lb. was maintained throughout the sales. The attendance never flagged. 100,000 bales were taken

ito the Continent. The home busi- > ness is very \ risk, and the future is very I hopeful, pointing to a return of con- > iidence and prosperity. i Messrs Hazard and Caldecott, in reporting on the series of sales just con eluded, state that at the beginning of April it became evident that the home ■ trade would meet with much more foreign competition than was considered ever probable, as, contrary to all expectation, the French buyers operated very freely. Prices were fully up to the February rate. The attendance of both home and foreign buyers was large, and the bidding was brisk. As the sales progressed, a steadily hardening tendency was observable, Capes being especially firm, and before many days had passed, a decided rise in prices took place in scoured, lower qualities of fleece, and greasy descriptions. At the same time some American orders were given out, which caused a still further rise in greasy wool. The demand for scoured also increased, but for good and superior fleece no perceptible difference was apparent. The rise in scoured Capes has been very marked, increasing as the sales progressed, often to the extent of Id to 2d per lb as compared with February quotations. Port Phillip medium fleece and greaßy sold at an advance of to lid ; Sydney and Queensland, £d to Id ; lower qualities of fleece even nigher. Adelaide, |d to Id for greasy ; scoured, Id. Cape of Good Hope fleece, Id ; scoured, Id to 2d. Lambs' wool, free from seed, sold very dear, particularly in the earlier parts of the sales. It is estimated that foreign buyers have takon nearly two thirds of the entire quantity offered. The following quantities of the various descriptions have passed the hammer during the sales : — Sydney and Queensland, 20,110 bales ; Port Phillip, 93,353 bales ; Adelaide, 34,142 bales ; Swan River, 1100 bales : Tasmania, 1920 ba'es ; New Zealand, 17,171 bale 3 ; Cape of Good Good Hope, 24,544 bales ; total, 192,340 bales. Messrs G. and J. A. Noble report a dull flax market, owing to general depression in the manufacturing departments, and the lower quotations for Manilla hemp. At the last sales, 1800 bales were brought out, a good portion consisting of better qualities, of which 985 bales found buyers at previous rates, the remainder being bought in. For the bales sold the following prices were realised :—: — Auckland, sound, Lll 5s to L3O 5s ; sea damaged, Lll os to L 29 ss. Lyttelton, aound, Ll4 to L 22;2 2; sea damaged, Ll3 to L2l ; 2 Hales rotten, at 58s. Melbourne, sound, Lls to LlB sa. Welling ton, sound, L 26 103 to L 32 Ss. Sydney, sound, LI 6 to L22os ; sea damaged, Li 4 to L 22 per ton. Tow is selling at apn • j mium. The market for hemp is very flat, Manilla being hard to place, but sales of about 450 bales New Zealand flax are reported at steady prices. Both the position and the prospects of the money market are such as to inspire confidence in the stability and prosperity of business, both as it is at present, and as it seems likely to be for the remainder of the year. Taking a general view of affairs, it seems as though the re-establish-ment of peace in France, and the return to the industries of commerce in that country, would do more than anything else to give an impetus to trade, which is all that is wanting to place our markets in a thoroughly satisfactory condition. There is an absence of rash speculation, and investors wisely act almost upon their own convictions. Some new schemes meet with great success, such as the Costa Rica loan, which is at 4.\ to 5 premium, while others, from some inherent drawbacks of their own, receive no support. So long as this line of conduct is pursued, undue speculation is kept down, and the larger commercial interests of the country are preserved from disturbance. The demand for money, both at the Bank and in the general market, is pretty fairly sustained at 2] to 2| per cent., the supply being large, with a tendency to former rates, in anticipation of the early collapse of the French Commune, and the introduction of the new loan. Foreign stocks generally are at a trifle higher quotation. English railway stocks are showing increased buoyancy, and foreign railway stocks are steady. Colonial Government bonds are slightly improved. Bank shares are inactive. Mining shares are in good request, and telegraph shares are in moderate demand at firm prices. The French National Defence Loan is quoted at 94| to 95]. The failure is reported of Messrs Christopher Newton, Brothers, and Co., of London and Sydney. Their liabilities are L 203,000, and their assets L 21,300. Messrs Baines and Mackay, the well known shipping firm, of Liverpool, are also insolvent. The petition filed in bankruptcy against the Albert Insurance Co., referring the affairs of the Company to Lord Cairns, has passed the Parliamentary Committee,