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The Pamphlet Collection of Sir Robert Stout: Volume 29

Review of the Wool Market for the Quarter ending 30th June, 1877

page 213

Review of the Wool Market for the Quarter ending 30th June, 1877.

A few days before the date of our last review, the first series of the London Sales had closed rather unsatisfactorily, as more fully shown by news received by mail than by telegraphic cable. The principal support to the sale was received from foreign, chiefly French buyers, who took above one-half the quantity sold, showing that the Home Trade was in an inert condition; greatly, no doubt, owing to the state of suspense in which political affairs in Eastern Europe remained.

By cable news, we learn that the second series opened on 8th May with a decline in prices, although there was a good attendance of both Home and Foreign buyers. Soon afterwards, there was a recovery of prices, but this was again lost; and although latest news tends to show the prevalence of a better tone, the market for our staple can only be characterised as weak and uncertain. When the mail news has been received, we will be better able to judge of the course of the market than we can do from the disjointed telegraphic news received from time to time.

In the Colony there has been nothing doing in wool since our last review. The only lots changing hands are small parcels of stragglers' fleeces, which have been taken by scourers at prices which afford no criterion of value.