LATEST ENGLISH COMMERCIAL NEWS.

Wellington Independent, Volume XXVI, Issue 3251, 14 July 1871, Page 2

LATEST ENGLISH COMMERCIAL NEWS.

The second series of wool sales terminated on the 13tli. The competition was spirited, and prices were maintained to the close. More than 100,000 bales were disposed of, fully half being taken for the Continent.

Port Philip greasy wools especially were in favor at an advance of Id to 2d. The competition for Sydney was stimulated by a comparatively limited supply

The next sales com monce/m the 22nd June. 111,000 bales have arrived, and it is expected 220,000 will arrive altogether. Helmuth Schwartz says the French industry has shown astonishing soundness and resources. France has been operating in the present sales as largely as ever. An advance of l£d all round was maintained throughout the sales. The attendance never flagged. 100,000 bales were taken to the Continent. The hog business was brisk, and the future is very hopeful, pointing to a return of confidence and prosperity.

Messrs Hazard and Caldecott, in reporting on the scries of sales just concluded, state " that at the opening on April 13th, it became evident the home trade would meet with much more foreign competition than was considered even pobable, as contrary to all expectation. French buyers operated very freely."

Prices wore fully up to the February rate. The attendance of both home and foreign buyers was large, and biddiug became brisk as the sales progressed. \ steadily hardening tendency was observable, Capes being especially firm, and before many days had passed, a decided rise in prices took place in scoured and lower qualities of fleece and greasy descriptions. At the same time some American orders were given out, which caused a still further rise in greasy wool; tho demand for scoured also increased, but for good and superior fleece no perceptible was apparent. Tho rise in scoured Capes has been very marked, increasing as the sales progressed, often to the extent of Id to 2d per lb. as compared with February quotations. Port Philip medium fleece and greasy sold at an advance of £d to l^d ; Sydney and Queensland, |d to Id ; lower qualities of fleece even " higher ; Adelaide, id to Id for greasy ; scoured, Id ; Cape fleece, Id ; scoured, ]d to 2d; lambs wool, free from seed, sold very dear, particularly in the earlier part of the sales. It is estimated that foreign buyers have taken nearly two-thirds of tho entire quantity offered. The following quantities of the various descriptions have passed the hammer during the sales : — Sydney and Queensland, 20,110 ; Port Philip, 93,353 ; Adelaide, 31,1-12 ; Swan River, 11 00; Tasraanian, 10.90; New Zealand, 17,171 ; Cape, 24,544 ; total, 102,340 bales.

Messrs G. and J. A. Noble report a dull flat market, owing to general depression in manufacturing departments, and the lower quotations for Manilla hemp at last sules. 1,800 bales were brought on, a good portion consisting of better qualities, of which 085 found buyers at previous rates, the remainder being bought in. Of bales sold the following prices were realised : — Auckland, sound, £11 os to £30 os ; sea damaged, £11 5s to £29 sa; Lyttelton, sound, £14 to £22; sea damaged, £13 to £21 ; 2 bales rotten at 58s ; Melbourne, sound, £15 to £18 ss; Wellington, sound, £26 10 to £32 ss; Sydney, 6ound, £1 6 to £22 ss ; sea damaged, £14 to £22 per ton. The market for hemp is very flat, Manilla being hard to place, but sales of about 450 bales of JST. Z. flax are reported at steady prices. Both the position and prospects of money market are such as to inspire confidence in the stability and prosperity of business, both as it is at present and as it seems likely to be for the remainder of the year.

Taking a general view of the aspect of affairs, it seems as if tho re-estab-lishment of peace in France, and the return to industries of commerce in that country, would do more than anything else to give an impetus to trade, which is all that is wanting to place our markets in a thoroughly satisfactory condition. There is an absence of rash speculation, and investors wisely act almost upon their own convictions. Some new schemes meet with groat success, such as the Costa Rica loan, which is at 4£ to 5 premium, while others, from some inherent drawbacks of their own, receive no support. So long as this line of conduct is pursued undue speculation is kept down, and tho larger commercial interests of the country are preserved from disturbance.

Consols close at 93|- to £ prompt, and 93£ to £ to account on June I. The demand for money, both at the bank and at the general market, is pretty well sustained at %} to § per cent., the supply being large, with a tendency to firmer rates, in anticipation of the early collapse of the French Commune and the introduction of the new loan. Foreign stocks generally are at a trifle higher quotation. English railway stock is showing increased buoyancy; Colonial Government bonds slightly improved; bank shares in-

active ; mining shares in good request, and telegraph shares in moderate demand, at firm prices. The French. National Defence Loan is quoted at 94£ to 95|.

The following failures are announced : — Messrs Christopher Newton, Bros., and Co, London and Sydney ; liabilities, £303,000 ; assets, £21,300. Baines and Mackay, shipping firm, Liverpool.

The petition filed in bankruptcy against the Albert Insurance Bill, referring the affairs to Lord Cairns, has passed the Parliamentary Committees.

The import trade returns show large expansion.

The stock market is buoyant and healthy.

In tallow a large business has been clone during the month. In preserved meat quotations are : — Mutton, good quality, 3d dearer than last month ; beef has declined to the same extent, as inferior in quality. The hide market is unchanged; sales, 7770; imports, 5816 ; stock, 8340. Leather is in active request, at extreme rates. Horns —85,000 found buyers at a slight decline. Bones are in good demand. In bark a moderate business is doing at easier rates. Petroleum is steady. Copper in request ; quotations are unchanged. Sydney oil, 33s to 38s ; colonial sperm, 82s. The wheat business is more animated. Sales are effected at firm prices. The flour market continues depressed, as the stock is the largest that has been held in London for many years. Quotations, 02s ; Adelaide wheat, 43s to 455. Flour and wheat both landed.