COMMERCIAL.

Wairarapa Daily Times, Volume 2, Issue 82, 11 February 1879, Page 2

COMMERCIAL.

From J. Morrison & Cos. Trade Circular, Tho revelations of the unsoundness of trade which have been elicited by the failure of the City of Glasgow Bank, and tho other disasters which followed it, have excited an extraordinary.amoimt of distrust, and materiallyaggravated tho depression which has so long prevailed, and which has now culminated in positive and wide-spread distress. Prices of all produce are very low, and the Board of Trade returns show a large diminution in tho value both of Imports add Exports. This is particularly remarkable in the Imports, the reduction in which is no less than six millions in each of the months of October and November, as compared with the corresponding months of last year. WOOL. The Fourth and concluding Series of Colonial Wool Sales for this years, commenced on 19th November and shouldhaveterminatedon 14th December but owing to foggy weather the closing day was postponed till tho 17th. The following wero the arrivals of New Wool: NewSouthWales&Qneensland 25,610ba1es Victoria 23,080 ~ South Australia 14,020 „ Western Australia 375 „ Tasmania 325 „ New Zealand 12,280 „ Cape 42,200 „ 117,890 bales Less forwarded direct to Manufacturers— Australasian .. 390 Cape .. .. 8,500 109,090 „ To the above quantity there has to bo about 50,000 bales held over, in first hands, and say 12,000 bales brought in from the previous Series, making a total of 172,000 bales. The attendance of both Home and Foreign buyers has been as fully as largo as usual at this season. The distrust which has prevailed for some time past in commercial circles, and the continued depressed state of trade, led to the expectation that tho Series would open at some decline in value, and this, at the outset, was confirmed. Biddings were reserved, and with a decidedly hesitating tone on the part of buyers, prices gave way for all descriptions, and, we regret to say, to a serious extent. The decline on September prices must be quoted as follows : Merino Fleece lid to 2d per lb. „ Greasy .. Id „ ljd ~ „ Scoured .. Id ~2d ~ Cross-bred Fleece .. Id „ „ G"asy Id „ 2d „ On faulty and defective parcels, and on the lower grades of Cross-brods, which form a large proportion at this season,' the fall was even grata than indicated above, being sometimes as inucn as i)d per 10. as compared with September-October lowest rates. Pieces and Locks also showed a great fall in price, especially on Scoured Burry lots. Lambs were neglected, aud have sustained the heavy fall of 30 per cent, on the extreme prices ruling in the two previous Series, Very soon after the commencement of the sale 3, when the decline in value became fully confirmed, importers seemed to be willing, as far as possible, to accept the lower rates current, and this bad the effect of creating greater steadiness in the competition, For good Merino greasy wool, suitable for export, and also for some descriptions of Australian scoured, thero was rather inoro demand but, without any recovery in prices, Indeed, as the sales progressed, the decline becamo more marked on faulty wools? The large quantity of 02,000 bales held over from previous Series aud offered in the present, did not help to improve things, and in such a weak market, told against prices generally, Nearly 20,000 bales have been withdrawn, and, including this quantity, thero is about 35,000 bales in first hands to bo carried into next year. About 4,000 bales of the new clip, chiefly in the grease, have been catalogued in these sales, and attracted a good deal of attention, but prices realised are generally Id to 2d lower than the clips brought in l''eb. last. It is estimated that abo.t 85,000 bales have been taken for export, being about half the quantity catalogued, and nearly two-thirds of tho quantity sold, WHEAT AND FLOUR, The demand for wheat for some consider' able time past has been quiet. Home produce has been offercd'freely at current rates, which are so slow that little or no profit can result. The Imperial average for English wheat last week stood at 40s. lOd. against 51s. 7d, for the corresponding period last year. The Imports of wheat aud flour into the United Kingdom for the three months ending 30th November, amount to 3,513,900 quarters, against 4,205,500 quarters in tho same period of 1877. The arrivals of Australian wheat have been small. The '• Janet Court" arrived at Scilly on 25th November, and was ordered to Havre, and the "Kingston" on lltli instant for Dublin sold at 49s 3d per 4801bs, bags free to buyers, The supplies on tho market of both Australian and New Zraland wheat being small, prices of these descriptions are relatively high, viz:—Australian wheat, 50s @ 51s per 4961b5; New Zealand, 42s @ 40s do. The market for iiour is extremely quiet, present prices being as follows: —Australian flour, 28s @ 35s per 2801bs; New Zealand do, 27s @ at 30s do,