THE LONDON WOOL MARKET.

Star (Christchurch), Issue 152, 6 November 1868, Page 2

THE LONDON WOOL MARKET.

The Wool Circular of. the New Zealand Loan and Mercantile Agency Company, Limited, of the llth September, report* : — We have no improvement to report in the condition of the wool market since the publication of our last issue on the Ist instant. The heavy reduction in quotations has failed to attract any fresh competition, and manufacturers and staplers — both foreign and English— already more than fully stocked for present purposes, show the greatest reluctance to add to their purchases even on the most favourabie terms. The present range of prices — the lowest known in the trade for a period of twenty yesrs — may be stated as regards the production of New Zealand at 2d to 3d per lb on all greasy aud fleece-washed descriptions, under the closing value of the ay- June sales, while half-washed and ill-conditioned wools, which form unfortunately so large a proportion of the shipments, command a sale only at a still heavier decline. Holders in many instances have preferred to withdraw their interest rather than meet the market on such disastrous conditions, but the extent of these withdrawals, which amount already to upwards of 16,000 bales, will, in addition to the shipments, the sale of which has been postponed till November, in all probability bring the total for that series considerably in excess of 100,000 bales, and in a great measure tend, in the present overstocked condition of the trade, to render very improbable any improvement, which, under other circumstances, might probably have resulted from a more moderate supply. The position of the woollen industry, both English and foreign, is, as regards the domestic consumption, not otherwise than satisfactory, but the expert branches remain still most unfavourably influenced by the American tariff, and other causes, and the inability of the trade in its present limits to absorb the enormous and increasing supplies produced in our colonies and South America, at auy thing like the prices which ruled in our market during the early portion of the year and spring, is becoming from day to day more clearly apparent. With these considerations before us, and having regard to the prospect of a still larger colonial production, which, according to latest advices, may he expected during the coining season, we are forced to the conclusion that the present depreciation must be regarded in a great measure as confirmed, and the actual quotations of wool looked upon as a more or less permanent standard of value for some time to come.