ENGLISH WOOL MARKET.
We take the following from the New Zealand Loan Company's Circular of Ist June :—: —
The second series of wool sales of the year which were still in progress at the date of our last issue, terminated on the 17th May the quantities actually catalogued falling short of the total arrived by 4,000 bales odd, which may be fully accounted for by private sales and direct consignments to the country.
The advance in price which we advised by the previous mail was, with the exception of a rather important fluctuation in lamb's wool, firmly maintained to the close of the sales, and this principally owing to the continual support of the Continental and in some measure the American buyers. Of the whole quantity offered it is estimated that about one half was taken by the Continent of Europe, and from 7,000 to 10,000 bales for America, leaving from 80,000 to 90,000 bales only out of a total of 192,340 for consumption by the home trade. The sudden and rapid recovery in the foreign demand has been the most surprising feature in the market, and though it is in some measure due to temporary causes, the great and steady development since the close of the war of the normal channels of consumption encourages the belief in continued support from that section of the trade, and taken in connection with the existence of a new element of competition from America, and the active condition of and the paucity of stocks of raw material held by the home branches of the woollen industry promise well for the June series, which will open on the 22nd of that month.
It must be a canse of congratulation with all sections of wool growers, that, after events of such importance, and so disastrous to trade as have been witnessed during the ten months following the declaration of the war, the value of the staple should again exceed by a material percentage the best quotations of 1870.
The arrivals from New Zealand for the June series are 26,903 bales — total, from Australia and New Zealand 135,267 bales."
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Bibliographic details
Taranaki Herald, Volume XIX, Issue 1112, 5 August 1871, Page 3
Word Count
352ENGLISH WOOL MARKET. Taranaki Herald, Volume XIX, Issue 1112, 5 August 1871, Page 3
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