LONDON WOOL MARKET.

Waipawa Mail, Volume 2, Issue 134, 24 December 1879, Page 3

LONDON WOOL MARKET.

The New Zealand Loan and Mercantile Agency’s report, dated London, November 0, contains the follow ing : Wool. —The enquiry noticed in our last issue by this route (No. 154) received further development towards the end of October, the result being that Upwards of 4,000 bales Australasian and Cape wools hare changed hands by private treaty at prices which exhibit a tangible advance on the dosing rates of the third series. This demand has come in great part from the home section of the trade, who during the past twelve months have operated with so much caution, their purchases throughout that period falling short of those of the preceding twelve months by fully 100,000 bales. Several causes have been at work in inducing our home operators to increase their stocks in anticipation of the next serial auctions, which will commence on 18th instant. Many qualities of the staple, especially of the coarser grades, reached at the beginning of autumn, a very moderate level, and so passed into consumption. The improved tone of business in the United States has recently been so marked as not only to warrant the execution of extensive orders for metals, but to create a demand for woollen goods. This favorable reaction lias been reflected on the raw material, and a distinct advance of 2d. Ser pound has been recorded in omestie wool, in sympathy with which Colonial kindred descriptions have recently commanded higher prices. Manufacturers, who confessedly had brought their stocks within very moderate compass have, therefore, made efforts to replenish them in anticipation of next public sales, under the belief that holders in view of moderate supplies will then demand considerably higher rates. With the near approach of the fourth series, the latter naturally become less free sellers. While the article has thus exhibited a decidedly upward tendency during the past month, any rapid return to a higher level should not be counted upon by shippers and growers. The full effects of the disastrous cereal harvest have not yet been realised hero, and in articles of produce, there have been considerable speculative operations, no material improvement has thus far been witnessed in our manufacturing industries. The supply of really good wool in the next series will of necessity be limited, and in the composition of the catalogues twiceoffered and second-hand lots and scoured parcels will be found to predominate. The total quantitv available will probably reach about’ 125,000 to 130,000 bales, of which but a very small proportion will consist of the new Australian elip. The chief support to the sales ought to come from home buyers, who can well afford to go freely into stock. If the competition amongst home and foreign operators be sufficient to warrant a clearance of old atoeks at the coming tales, much will have been done towards assuring greater regularity of prices next February, as the incubus of held-over parcels throughout this and the previous year has exercised a most prejudicial influence over the market. The arrivals for the fourth series are 85,120 bales.