COMMERCIAL.

Wairarapa Daily Times, Volume 2, Issue 150, 3 May 1879, Page 2

COMMERCIAL.

(From J. Morrison and Go's: Trade Circular.) There is as yet no recovery from the extrcmo depression of trade reported in our last Circular. It continues to be felt in all branches, and its reality is borne out in a marked manner by the Board of Trade returns, which indicate a continued falling off, both in exports and imports. At the date of our last Circular (20th September, 1878) the Bank of England rate of discount was G per cent.; on the IGth Jan. it was reduced to 4 per cent.; on the 30th to 3 per cent., and again on the 13th inst. to 2J- per cent. Wool. The first Scries of Colonial Wool Sales for this year, commenced on the 18th Feb. The supplies of new Wools, fixed as tha limit for these sales is as follows: New South Wales & Qucnnsland .. 35,G00 Victoria 123,000 South Australia 18,000 Swan Diver Tasmania GOO New Zealand 11,370 Cape .. .. 36,760 Less forwarded direct to Manufacturers—- ' ■ , Australasian Cape x , 256,230 .. 12,000 .. 8,000 20,000 230,230 Bather over 30,000 bales old stock in first hands having to be included, the total availablesupply amounts to 266,500 bales, against 250,000 bales at the corresponding Series lastyoar,

With the offering of the now clip, some hope was entertained that a reaction would take place, and that these sales would open with a slight improvement in the prices of tbo November-December Series; the continued depressed stato of trade, however, has piovented the expectation being realised, The Series commenced with a full attendance of loth home and foreign buyers, and on tho wholo with fair competition. Combing wool of, good sound staple maintained the reduced rates ef the previous Series, while other descriptions, such as cross-breds and inferior faulty parcels, whether washed, scoured, or in tho grease, sold at lulcclino of id per lb. Heavy conditioned Adelaides met with a weak demand at a fall of Id per lb,, tho wastage on these wools having been been proved by the parcels sold in November to be this season exceptionally heavy. During the first two weeks tho sales progressed pretty steadily, with here and there some slight irregularity. Tho Foreigners have, up to the present, continued to purchase on a largo scale, while the Home buyers, from the commencement, have acted with extreme reserve, and liavo, so far, purchased less than a third of the quantity sold, With the want of so important an element of support, the market has gradually become weaker, with prices generally tending in favor of buyers, Compared with prices ruling in the corresponding Series last year, the decline appears to be as follows • Merino Fleece, superior ■. Gd per lb, ii )i good.. .. 4d „ „ Greasy, superior ..3d ~ ~ i good., Uto 2d „ „ „ inferior.. 2tlto 2£d „ Gross-bred Fleece .. ~ (Id „ „ Greasy .. ..3d „ „ Scoured .. ~ (id „ Pieces and Locks now approach more nearly than before rates obtainable for fleece, and this tendency is likely to continue, Lambs wool is very much reduced in value. Port Philip Greasy Merino of fair medium quality has sold throughout at relatively better prices than other kinds. Cross-bred descriptions, in sympathy with English wool arc very difficult of sale. The result of this Series so far is very disappointing. The Home trade has seldom been so depressed as it is at present, nor is there any appearance of a change for the better. Under these circumstances importers wisely resolved to meet the market when current rates were obtainable, consequently the withdrawals aro moderate. Of 195,500 bales catalogued, only 17,000 bales have been bought in, The sales arc still progressing, and will probably continue to March,