NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2722, 16 May 1906, Page 9

NEW ZEALAND PRODUCE IN LONDON.

(Fxou Ovx Own Cobbesponbent.l LONDON, March 30. WOOL.

The second series of colonia 1 wool sales of the current year, which opened on the 13th inst., were brought to a close on the 24th inst. Messrs Balme say that the available quantity was approximately 132,000 bales, including 58,000 bales from- New Zealand, Kew South Wales occupying second place on the catalogue with 28,000 bales. About 700 bale 3of New Zealand wool were held over. Of the quantity sold about 56,000 bales have teen taken, for export, including some 11,000 bales purchased for shipment to America.

Messrs Balme, in their review of the series, say : " Since the beginning of the year consumption of both merino and crossbred wool has considerably expanded, and as spinners' and manufacturers' stock of the raw material Lad been reduced to a minimum during the previous 12 months, the requirements of machinery are proving more than sufficient to absorb the increase in this season's supply, with the result that prior to the opening of the auction's values in the manufacturing districts both at Home and abroad distinctly appreciated. The attendance of buyers has been unusually large, and competition eni-j mated from all sections of the trade. A feature of the. sales has been the extreme prices paid for tKe fine and medium qualities of crossbreds in the grease, which, have met with, a keen demand from American buyers, and .have realised higher figures than for many years past. Merinos were 5 per cent, to 7J per cent, dearer at the beginning of the series, the rise being most pronounced on average to good grease and inferior scoureds. With the progress of the sales quotations gradually hardened, and finally ruled a per cent, and 10 per cent, for average and inferior descriptions above January rates. At the cutset, fine crossbreds appreciated 5 per cent., medium 7^ per cent-, and coarse 10 per cent. Later on tinder the influence of a keen American demand for the better sorts, the market further strengthened, and ultimately fine and medium grades made 10 per cent., and ccarss qualities 12 per cent, more than at the close of the previous auctions. Scoureds and slipes have been in small supp"y, and have sold at an advance of 7J per cent, to 10 per ceat."

It is further observed in the same review: " Values for both merinos and crossbreds

have now sl'ained a high level, but in view of the increased consumption in progress, not only in this country but also on the Continent and in America, and the limited quantities to be placed on the market during the next few months, there seems every prospect of a maintenance of present quotations, notwithstanding the difficulty spinners and manufacturers are reported to experience in obtaining remunerative prices for their cutput."

As compared with the closing rates of the previous leries, Messrs Balme now quote the following prices for New Zealand and Australian wool : —Merino in grease, superior, Jd to Id per lb dearer, current price la 2id to l» 5<3 ; meriso in grease, average to good, Id per ib dearer, current price Is to Is 2d; merino in grease, poor condition, Id per Ib dearer, current price BJd to lljd per ib; merino in grease, inferior pieces and locks, id per lb dearer, current pries 4|d to 8d; merino washed fleece, exceptional lots, 2s 3d to 2s sd ; merino scoured, exceptional lots, 2s 3d to 2s 6d; merino scoured, super, Id per lb dearer, current price 2s to 2s 2Jd; merino scoured, average to gcod, lid. per lb dearer, current price Is 9d to Is Hid ; merino scoured, inferior, lid per lb dearer, current price Is 21d to Is BJd ; merino scoured, faulty pieces ar.d locks. Id to lid per lb dearer, current price 8d to Is 2d ; merino lambs' wool in grease, superior, Id per "b dearer, current price Is to Is 4Jd ; merino lambs' wool in grease, medium, Id per 'b dearer, current price BJd to lljd; merino lambs' wool in grease, inferior, Jd per lb dearer, current price 5Jd to 7Jd; crossbred in grease, fine, lid per lb dearer, current price Is Id to Is sjd ; crossbred in grease, medium, lid per lb dearer, current price Is to Is 4d ; crossbred" in grease, coarse, ljd per lb dearer, current price lid to Is 2d ; crossbred in grease, inferior pieces and locks, Id per lb dearer, current price 5Jd to lOd; crossbred in grease, lambs, lid per lb dearer, current price lOd to Is 3d ; crossbred scoured, fine, Id per lb dearer, current price Is 5Jd io Is lid; crossbred scoured, coarse, ljd per lb dearer, current price Is Oid to Is 6d; crossbred, sliped, fine, Id per lb dearer, current price Is Id to Is 6d ; crossbred, sLped, coarse, lid per lb dearer, current price lid to Is 4Jd.

The third series is fixed to open on the Bth May, the new arrivals being limited to 150,000 bales net ; to date the gross arrivals are 57.819 bales, of which about 15,000 Australian 11.000 bales New Zealand, and 13,000 bales South African have been forwarded direct to manufacturing districts. The remaining series for the year are arranged to open on the following dates- — July 10, September 25, November 27. So far no limit of quantities has been fixed in regard to these auctions. DAIRY PRODUCE. I hear to-day from Messrs W. Weddel and Co. that the market for Australian and New Zealand butter this week, especially for the secondary qualities, has continued, its " sagging" course, and prices are down about another 2s per cwt. For " choicest" quality the decline is not quite so marked, but even the test brands show a decline "of Is per cwt. An extraordinary feature of the market is the very great difference in value that exists between unsalted and salted butter. Generally; unsalted realises 2s to 3s per cwt more than salted butter, but to-day it is fetching 10a to 12s per cwt. more, which creates an absolute .record, in the Australian and New Zealand batter trade. This is due to the very. great scarcity of tmsalted and the large oyer-supply of salted. The quality of French nns*lted butter is unsatisfactory just now, and therefore the supply of this kind of butter in more restricted than usual, and thus the difference in value is aggravated. It is not that unsalted has risen in price, for it has remained stationary for some weeks at about 108s to 110s per cwt, but that salted fa»s steadily declined week by week. " Choicest" Australian salted is making 92s to 96s ocx cwt. and " choicest" New Zealand

98s to 935. Unsalted Australian is bringing 106s to 108s per cwt, and New Zealand 108s to 110s. Arrivals of butter from Australia this week have totalled about 50,000 boxes, and next week only 10,000 are due ; but about 50,000 boxes from New Zealand will j arrive, against none this week. j From tffe same firm I hear that the market i for Canadian cheese has -been fairly quiet tnis week, but prices have improved, and there is a good 64s per cwt for " choicest" whit© and a solid 67s for coloured, with an | occasional 68s. For New Zealand the market is firmer, but no advance in value has yet occurred. NEW ZEAXAND MEAT. Stocks cf New Zealand mutton are extremely light, but they will shortly be j -replenished by the Whakatane, which is j reported off the coast, while the Karamea, the Turakina, and the Marere are all due in the course of a few days. I am informed by the C. C. and D. Company that prices are very firm, but the business done is artificially restricted. A few Canterbury sheep are changing hands at 4gd per lb, but good quality of any description is very difficult to find. North Island sheep make 4gd per lb for medium weights, and heavy carcases 4jd. ■ Inferior sheep are now making more money ■ than could be obtained for the best carcases three weeks ago. There have been no additions to stocks of New Zealand lambs, but the supplies of inferior quality are far in excess of requirements. Good quality carcases are comparatively scarce, and the best Canterbury lambs are worth s|d per lb. A few North Island carcases make up to 5d per lb but the majority are of a plain chaTaeter-, selling at any price which can be obtained, and sales are reported at 3Jd per lb. Stocks of Australian lambs are still heavy, but large reductions are being made each week; indeed, the consumption i 3 said ' to exceed any previous experience for the , time of year. Prices are naturally very firm, but any advance i 3 precluded by the offerings of inferior New Zealand lambs; the quotation is 3Jd to 4*d per lb.