NEW ZEALAND FARMERS' COOPERATIVE ASSOCIATION
The London Agents of the New Zealand Farmers' 00-operatlve Aesoo'ation, Messrs William Weddel and Co., via San Franolsco rppnrt under date London 23? d March, 1889.
Wool. — Reports from the Home tnann faoturlcg districts oontioue to be fairly satisfactory. A considerable vo'urne of bushiest Is passing, but prices are still considered to be unremuneratlve. In France tbe financial situation tends to restrict business, but as yet tbe woollen industries appear to bave remained unaffected. The current auctions In Antwerp are pissing off steadily at January rates.
In London the prtvate enquiry during the past fortnight has bean limited, doubtless owing to the near approach of the sales which will open on the second proximo. The general value of Eogllsh crossbred wools having becojie rather weaker, It is becoming more unlikely that crossbred colonial descriptions will improve theie position In the next series. Arrivals to date embraoe 200,000 baleß Australian, 40,000 bales New Zealand and 36,000 bales Cape.
Grain.— The weather generally baa been quite seasonable aod although In lome districts heavy rains have made the land unworkable the agricultural situation may be deemed satisfactory. Tbe consumptive demand has been dfsappolntIngly clow duritg the past fortnight not only here bat on the Continent, and values receded to a greater or less extent m all markets. The prevailing depression may be assigned to a variety of causes, chief amongst wbiob is the financial crisis In Paris. The heavy losses and limitation of credit bave completely disorganised the French markets, and Instead of seeing a portion of the cargoes arriving off ooast i diverted to France, we find that holders there are anxious now to dispose of those oargoea whloh they had recently bought. English buyers are not slow to take advantage of this position, and have shown great leierve In bidding for the somewhat numerous arrivals off ooast. Many of these most apparently be sold at low prices or ordered away and consigned. A further adverse factor bas been found In the oollapse of prices In America, where, owing to the favorable appearance of the growing crops, holders are anxious to get rid of their stocks. Supplies, however, are steadily decreasing in' aggregate, and as the require* ments of England and Fracce during the next four months must be large, it seems bat reasonable to look for a return to a healthier state of trade as soon as the present depressing influences are removed Stocks of 19, Z. wheat on effer have been m excels of the limited demand, and being pressed for sale by Borne holders their value has receded to say, ex-store, long berry, good to fair, 39s 6i to 41b per 4961bs j ex store, short berry, good to fair 37s to 38s per 4961bs Yesterday's market closed rather firmer. The probability that a larger proportion of the new crop than was at ope time antiolpated will be required to supply ihe Australian deficiency, tends to strengthen the hands of importers of this description. There have been no transactions off coast, nor any arrivals since the date of our la«t report. A cargo loading m the colony has been offered at 38s 3d o.i.f, but without finding a buyer, N.Z Beaks quiet at 39s to 40s per f>o4lbsex store.
N Z. Peas steady at about 40a to 45s I per 5041 be. ! Cheese. — The market has lost ground of late, the value of American produce having receded Is to 2s per cwt. New Zealand shipments hive been scarce, and except for a small parcel ex Tainui just landed (m good condition but rather poor m quality) the market fa to-day bare of thst class. The nominal value is 453 to 52s per cwt according to quality. Buttbb.— As anticipated, a continuance of mild seasonable weather has induced a serious fall m prices during the past fortnight. Danish has receded from 136s to 110a per owt. A psrcel of New Zealand butter m boxes sold last week at 122s is to-day re offered at 84s without finding a buyer, Inferior qualities have become specially unsaleable. New Zealand arrivals bave been rather irregular of late. The shipment ex Coptio was on the whole Tery satisfactory, but ihe Buapehu brought not a few Inferior parcels. The Tainni's shipment Is not yet landed, but In any oaee roust be sold at a material reduction from recent currencies. Quotations are nominal at : Finest Normandy, 10Og to 120s per cwt ; best New Zealand, 100s to 108s; finest Danish, 110s to 125s per owt ; seaondary New Zealand, 76s to 90s
F»ozbh( Meat.— During the past fortnight the trade has been of an uneventful character. Supplies generally have not been heavy (except m the oaie of Amerfoan beef) bat have more than sufficed for the limited demand. As regards Amerloan beef It fs worthy of note Chat on Friday bat, 15th inst, over 3000 qrs were marketed* the heaviest offering on record. ! The low prices aooepted to effeot a dear•see on that and other days have naturally tended to depreciate values all round, and whan beef is low In prloe it is always difficult to maintain values for mutton— low priced descrlptf onsejspeoially la the abseoca of large supplies of Oontir cental and Elver Plate mutton, It has been fonnd possible to effect considerable •ales of New Zealand parcels but at prices which, on average, are somewhat lower than those obtainable • fortnight earlier, Pssplte farther arrivals stocks has been redooed to about 120,000 carcases. This is still too heavy, but as the demand Is evidently overtaking supplies on their present basis, It Is hoped that some improvement In prices may be established before long. The Asblefgh Brook (s) and Tainlu (b) shipments arrived In good order — apparently throughout. The general oomplalnt against New Zealand ■beep at present Is that they are too fat. The country markets hays been steady at fully London level of values for suitable earoaJfct.
The lamb trade has been rather slow, but prieei bave been fairly well supported. Heavy carcases are very numerous, and when weighing over 45 to 481bs must almost neoessarlly be sold as (prime) sheep at top rates current for mutton.
New Zealand beef has been praotlcally unsaleable, except In retail quantities. To-day's Smlthfield quotations ate as follows : —
Prime Scotoh mutton, 4s lOd to 6s 4i per 81bs ; English mutton, 4s 8d to 53 2d ; Foreign mutton, 4i to 4j 6d ; New Zealand mutton 2« 8d to 2s lOd ; secondary, 2i 7d to 2s 8£ ; Elver Plate mutton. 2s 6d to 2« 8i ; New Zealand lamb, 3s lOd to 4s 4d; heavy, 3s 4d to 3s 8d ; New Zealand beef, hindquarters 2s 8d to 2s 103, forequwters 2s-4dto2ssd.
(Note.— To-day's market is praotlcally the best of the fortnight )
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