LONDON COMMERCIAL NEWS.

Otago Witness, Issue 1630, 26 August 1871, Page 10

LONDON COMMERCIAL NEWS.

The circular of the New Zealand Loan and ' Mercantile Company, dated June 29th, reports :—: — WOOL. The third series of wool sales of the year opened on the 22nd hist. , and of the total arrivals, which were as under : — Sydney, ,18,024 bales ; Port Phillip, (57,942 bales ; Adelaide, 9,0.13 bales ; Swan liiver, 2,(532 bales ; Van Dieman's Land, 11,772 bales; New Zealand, 4.1,80.1 bales ; Cape, 2(5,409 bales: total, 221,(537 bales — the following proportions have to this date passed the hammer: — 11,10.1, Sydney ; 12,292, Port Phillip ; 3,150, Adelaide ;' 113, Swan Paver ; 2,021, Van Dieman's Land ; 9,213, New Zealand ; (5,284, Cape — giving a total of 44,784 bales. Buyers representing all brandies of the trade— home and foreign — have attended the market in large numbers, and for all descriptions excepting the best kind of fine wool a general advance varying from Id to 2d per lb upon the May rates has been established. Competition for greasy wool has been especially keen on the part both of French and Americsn buyers, and the quotations of wool in this condition — already disproportionately high, as compared with scoured and washed parcels during the previous series— haA'e been carried fully 2d per lb beyond the rates then current. The continuance of the demand from America on an increasing scale has been perhaps the main cause of the special demand which exists for unwashed shipments, and is explained by an estimated deficiency of nearly 20 per cent, in the American clip, in the face of an increasing consumption. It lias been supposed that the French demand has been somewhat stimulated by the prospect of the imposition of a duty on the importation of the raw material, and to some extent this may possibly have been the case, but so far no authoritative statement has been made on this subject, and the opinion prevails in some quarters that if imposed its action may to some extent be made retrospective as regards existing stocks. The home buyers met the advance in the market reluctantly, but having been sparing purchasers during the earlier sales of the year, are compelled to come into the market to a fair extent. Advices from the Colonies speak of the probability of a much smaller increase than has been generally anticipated, but these statements are looked upon with a good deal of suspicion. The condition and prospects of the woollen trade are sufficiently favourable to warrant confidence in the continuance of firm rates for the remainder of the present season, and if the moderate estimates of the quantity of wool to come forward prove correct, another most important element of strength will be added to those already existing. FLAX. We have to report a very firm market during the past month, but only a moderate business has transpired in consequence of the very limited supplies brought forward, and the scarcity of qualities suitable to the requirements of the trade. The private transactions reported since the Ist instant have not exceeded 800 bales, and of 1830 bales offered at auction only 550 bales were i quitted, the bulk consisting of old parcels in second hands, for which buyers are always I reluctant to pay the full prices asked by holders. Fair and good qualities continue in request, and are saleable at a slight advance on last month's rates. Inferior descriptions are also rather dearer, and the arrivals this month, which have not yet been brought forward, and consist of nearly 800 bales of flax ond 170 bales of + ow, will, we anticipate, meet a ready sale. The latest transactions have been at £12 10s to -£13 for fair to good tow, €15 5s to £10 for good halfdressed, £21 to -£24 for three-fourths dressed, £25 15s to £27 15s for fair clean, and£3operton for good quality. Fine and superior fiax, of which the market is now bare, would find buyers at £32 to £35 per ton. We have pleasure in appending copy of the following report on New Zealand flax rope used on hoard the Sheffield at IJclize, Honduras, for taking in logs of mahogany, which will doubtless be interesting. One of the chief objections to New Zealand flax rope has always been its not being capable of withstanding the action of water, but this report conclusively proves that, by careful preparation of the fibre and the extraction of gum, the objection can be removed. (Copy of report from Captain Shaw, of the Sheffield, with remarks by Messrs Edward Sheldon and Co. ) "The white rope sent on board the Sheffield in London has been well tested, as we have had it in use for taking in 3(50 logs of m.ahogany,.soine of them three and four tons weight, besides using it for winch ropes for the hold. I consider it superior rope to any we have had on former voyages that we have used for the same work." The test which the rope undergoes in working a cargo of mahogany at Belize is really very severe indeed. The rafting lines, constantly submerged in salt water during the night, are iv the day exposed to the scorching heat of, the sun, and when the weight and size of the logs are taken into consideration, and that they have been hauled through the surf a distance of some four miles, we should think that such a test of the quality of the rope could scarcely be exceeded. We therefore think you have reason to be satisfied with the report Captain Shaw makes. — Epwaku Sheldon & Co. CORK MAKJJET. Since our last j^arket report we have had

little movement in prices of wheat or flour, and the general tone of this and the provincial markets has been that of extreme caution on the part of buyers, and of indifference to effect sales on the part of importers. The state of the weather in England has not been favourable for the young wheat plant, but we do not hear many serious complaints. On the other hand, m Scotland there has been snow and rain, with some frosty nights, and here the young plant ia badly spoken of. Continental accounts continue to complain about the weather and their crops ; nevertheless, the demand here for cargoes for that destination lias been lately of a moderate extent only. Our stocks of flour in granary and in the hands of millers are still far beyond the wants of our home demand, and it is this circumstance that prevents any present rise in the value of wheat, notwithstanding other causes which might have allowed of some improvement. Several parcels of Australian wheat have been disposed of at from (JOs to Gls, and some inferior at rather less, per 4961b5, and the Hour at 40s to 42s per 2Solbs\ Since the Kith, there have arrived in our river the "Windward, from Hobart Town ; Bcrean, from Lauuceston ; both with wheat on board.