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Poverty Bay Herald, Volume XXVI, Issue 8424, 24 January 1899, Page 3

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Ekctrio Tolcgravh- Copyright— United Prcsa Association. London, Jan. 23. The total quantity of wool catalogued to date is 46,315 bales, of which 44,356 have been sold. Wellington, to-day. The Agent-General cables : — Butter 995, cheese 50s. Trade quiet. Reviewing the sixth series of 1898 wool sales, which closed on December 13th, the Bank of New Zealand produce report says : — Merino wool, which was mostly represented by new clip, met with a rather irregular competition during the first few days, but the demand subsequently became firmer, and values hardened. At the close all superior medium kinds showed an advance of about 5 per cent, on October rates, while wasty, shabby lots barely maintained their position. The same remarks apply to the finer grades of crossbreds, but in regard to the coarser qualities a further serious decline in values has to be recorded. At the outset the demand was extremely weak and irregular, but with the help of several Continental buyers a change for the better took place towards the end of the first week, and from that point down to the termination of the sales the bidding was fairly strong, and prices were occasionally Jd per lb higher than at the commencement. The average decline for the series cannot be put at less than jd per lb, which applies to all kinds of coarse crossbreds. The decline in the value of that class of wool since January is about 2d per lb, which, in view of the probable continuation of the depression, is a very serious matter for the colony. The general opinion is that no material improvement can take place until stocks in second hands, which are excessive, have been greatly reduced. At the present rate of consumption that will take a long time, and very soon the new season's produce will be on the market, and will help to aggravate the position still more.