. In circular dated London, November 6, the New Zealand Loan and Mercantile Agency Company (Limited) report as follows on the London grain market:— During the earlier portion of the month tins market exhibited much excitement, : the various fluctuations which were then talking place in America being to a considerable extent reproduced on this side. The highest point of improvement in value found New Zealond wheats on offer at 60s. to 615., and Australian at la to 2s. higher. A few small extra choice parcels were sold at perhaps Is. more, but generally speaking these were the top quotations. Then there came not only a partial lull in speculation, but a desire on the part of those who h*d already speculated to realise profits, which, taken in conjunction with an abatement of the Foreign demand and a simultaneous relapse in the American markets, brought about a sudden depreciation of values to the extent of 4s. per quarter. Reduced rates tending to a renewal of purchases for Foreign account, the demand, supported by a firmer tone from America, has again revived, and prices have reverted to nearly their former level. As to the future of the market and its prospects for the remainder of the period which has to elapse before another season’s crops can reach us, opinions are divided. On the one hand it is urged that the Continental demand, which has been one of the main causes of the reeetit upward movements, must presently be satisfied, even if it be not nearly so already ; that the visible supplies in America have materially increased ; and that large, and continuous shipments from that country, especially from the Pacific Coast, will probably be arriving in our ports through, out the Winter and Spring. On the other hand it is demonstrated that the crop of • the United Kingdom is not only deficient in quantity—possibly barely more than half an average—but poor in quality as well; that the other grain-growing countries of Western Europe have nothing to export; and that America will be almost the only source from which our wants can be supplied. Those who support the latter view do not hesitate to publish their opinion that before the commencement of next season prices may be expected to rule even higher than those current during the period of the late excitement. This anticipation may or may not be borne out by the result. In the meantime shipments from American ports continue to reach the United Kingdom at the rate of over 400,000 quarters per week. Since the Ist September our net Foreign imports have aggregated 3,282,216 quarters, as compared with 2,253,143 quartets for the same term last year. In Australian wheats few transactions are reported. One cargo on passage changed hands five weeks ago at 56a. 6d. for the Continent, and another (the “ Trevelyan,”) arrived at port of call, is on offer at 595. The highest bid yet made for it is 58s. for Continent. It was originally sold to present holders four weeks ago at 60s. New Zealand wheats have shared in the general advance, their fine quality and condition being appreciated by buyers, who have taken them freely. The stocks are much reduced, but importers generally continue to meet the market whenever full values are obtainable. Closing quotations are :—South Australian wheat, 60s. and 625. per 496 lbs.; Victorian wheat, 60s. and 625. per 496 lbs.; New Zealand wheat, 565. and 60s. per 496 lbs. ; Australian flour, 38s. and 435. per 280 lbs. ; New Zealand flour, 355. and 40s, per 280 lbs.
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