THE LONDON MARKETS.

Otago Witness, Issue 1495, 10 July 1880, Page 15

THE LONDON MARKETS.

We make the following extracts from the New Zea« land Loan and Mercantile Agency Company's circularof May 20th, received by the San Francisco mail :— Wool— The salos in progress oil 22nd ult, were yes« terday -resumed after an interval of three working days, in consequence of the Whitsuntide recosß. For about 10 days succeeding the opening on 20th April the rates then established, as recorded in our last issue by this route, were for Australasian sorts either fully maintained or in some instances exceeded. French buyers were throughout that period by far the chiel operators. The occurrence aud continuance of strikes at soveral leading manufacturing centres In Franco during the past fortnight has tended vory materially to check tho keenness of Continental buyers, and while at the opening tho Homo section of the trado operated with some degree of caution, although confessedly bare of stock, they have not more reently so extended their purchases as to give that support to the market which might reasonably have been expected. The result has been a certain measure of irregularity in the attendance and competition from day to day, and a decided relapse in values at all points. To such an extent has this proved to be the case, that at the close of the market on 14th inst., not only was all tho ground gained at the commencement of the series lost, but the best rates current last March could not be obtained for merino sorts, while crossbred descriptions declined 2d to 3d per lb from tho highest point reached. In explanation of the fall being more pronounced in the latter than in the former, it may be stated that the prices paid for coarse wools at tho close of the first series were due to paucity of supplies. A standard of value was thus reached which was not maintained when larger quantities of crossbred and halfbred wools, especially those of New Zealand growth, were placed on the market. These continue to exhibit the same irregularities in quality and classification which have been observed in previous 3'ears. Speaking generally, however, they appear to be somewhat lighter in condition. According to existing arrangements the series will be brought to a conclusion on the Bth nstead of 12th proximo 'as originally intended. This curtailment of the programme has been agreed to in consequence of the very large quantities brought to the hammer during the first three weeks of the series. While the market has thus exhibited considerable fluctuations in value during the first portion of the sales, the opinion seems general that throughout the second, which commenced yesterday, provided an early adjustment of the labour disputesjin Frrnce be secured, a gradual hardening of prices may ensue, and although from any one section of the trade the same eagerness of competition may not be shown, hopes are entertained that the biddings may become more general and greater support mayj be given by Home buyens. The state of the American woollen industry has not according to previous expectation warranted any purchases of raw material being thus far made during the current sales for shipment to the United States. Viewed statistically the position of the article is good, and as between the close of the second and the opening of the third series an interval of 10 weeks will elapse, ample time will be afforded for wools bought during the present series to be worked off into consumption. Inclusive of this evening's catalogue, 245,232 Dales bales have been brought forward, where it is estimated that some 10,400 bales have been withdrawn. The arrivals for the third series are as follow : — Now South Wales and Queensland . . 10,662 bales Victoria .. .. .. 19,666 „ South Australia .. .. .. 6,395 „ Western Australia . . . . nil Tasmania „ .. .. 3,410 „ New Zealand .. .. .. 19,003 „ Cape of Good Hope . . . . 18,902 „ Total .. .. .. 77,948 „ Corn Market.— -Since our last report the weather has not been generally favourable to the growing crops, which from want of warm rains are, in places, somewhat backward. On the whole, however, the prospects of the coming harvest are still cheering. The most noteworthy feature in the foreign wheat trade has been the revival of Continental demand, both for cargoes arrived off coast and 'on passage. This has had the effect of strengthening prices, producing in some descriptions a reaction to the extent of Is to 2s per quarter. Imports have been light, but a large fleet of wheat ships is now overdue, and should arrive with tho next change of wind to a westerly direction. Exports from the United States are being made at the rate of about 100,000 quarters per week to Great Britain, and 160,000 quarters to tho Continent. The visible supply is still large, vie., 21,200,000 bushels. Harvest prospects in America are still considered good, and offers for June-July shipment of tho new crop of winter wheat are made at 45s per 4801bs— or 4s to 6s under existing values. The business transacted in Australian cargoes inoludes the sales, off ([coast, of the Mary Blair, 2029 quarters, and the Queen of the AVest, 2794 quarters, at 52s 6d to 535, for Dieppe and Rouen respectively. Sales of cargoes on passage range from 49s 6d to 51s, according to date of bill of lading. For immediate shipment the current value is 46sCi.f. On the s_th inst. a cargo of New Zealand wheat, prompt shipment, was sold at 42s c.i.f. to U. K. Very little of this description is in granary, but a few small parcels in second hands have lately been placed on the market. Quotations ex granary aro as follow :— Australian wheat . . 52s 6d to 53s per 4961bs New Zealand wheat . . 49s to 52s „ Australian flour .. .. 35s to 37s per 280lbs New Zealand flour, nominally 34s to 36s „