COMMERCIAL.

Poverty Bay Herald, Volume VI, Issue 691, 9 May 1879, Page 2

COMMERCIAL.

THE WOOL MARKET. (From the Home. News, March 27.) ' Messrs. Jacomb, Son, and Co. reported j on March 26, 1879:— "The first series 6f public sales of Colonial woolfor this year began on Feb. 18, and has closed this day. The result of these auctions has been unsatisfactory to almost all concerned, arid will certainly much disappoint Colonial shippers, who apparently had-by no means anticipated the low values lately established for our article, nor do we .think that the latter fully appreciated the ireat inferiority m the growth and condition of the major portion of the Australasian clip, as compored with last season. Our hdnie woollen industry is m a very alack and dV pressed condition, and has given but little support during these sales; two-thirds of the quantity sold has been taken for export. Opening at about on a par wittfthe prices of November-December, the market soon showed signs of weakness, and values thereafter drooped to an average of 5 to 10 per cent, reduction, and more m ,many instances ; a slight accession of strength has characterised the last 10 jdays or so, more especially on the part of the home trade, but any favourable reaction m price has been limited m its sphere. The wdrst market of all has been that for coarae aad cross-bred wools of the lower classes, which have been very unsaleable at small figures'there is a heavy stock of kindred wools m this country, and no trade to consume them ; the best 'lustre ' English wools are now selling, washsd, at Is. per lb. Infenor and faulty lambs' have also been very unmarketable from a variety of causes." The wool importers' committee have not yet fixed the date of any further public sales, last year the first series ended on April o, and the second began on May 14 Over twenty-eight thousand baled of old stock m first hands are held over at the conclusion of these sales ; about the equivalent of the old Btock m hand, at the commencement. : ■