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London Markets.

The New Zealand Farmers' Co-opera-tive Association through their London agents, Messrs W. Weddel and Co., report under date London, 22nd February, 1890:—

Wool.—The first series of sales for the current year will close on 24th inst.,' having been postponed on account of fog yesterday. Competition has latterly been steady, the position in the manufacturing districts warranting purchases at the present level of prices. That, however, is distinctly lower than was current in last series, being generally nearer the level of values in October. The stringency in the money, market has probably been the most adverse factor in determining the course of prices, but fortunately the situation is now clearer in that respect, and the immediate outlook is by no means discouraging. Faulty merinos have suffered most depreciation, the finer qualities shewing least change. The comparatively fewcrossbreds offered have received excellent support, but relative rates are about 5 per cent down from last sales' level. The condition of the New Zealand clip marketed has hardly reached last year's standard, being generally more Vasty, and not so good in point of Color. The quantity catalogued during the series will amount to 260,000 bales (16,000 New Zealand) and probably 55,000 bales will be held over. Next auctions will commence on 10th April. Grain.—The weather lately has been cold and seasonable. Easterly winds hare dried the land, and enabled farmers to make progress with field work. The autumn sown crops in this country, on the Continent, and in America are promising well. The general tone of the market has been dull, and although most holders have refrained from pressing sales the tendency has been somewhat in buyers' favor, a decline of 6d per quarter being accepted in some cases.

English Wheat.—The " gazette average" has further declined 5d per quarter to 29s Bd, despite the better condition of most parcels. The country markets are very slow. Foreign Wheat.—Russian and Indian sparingly offered at previous rates. Californian cargoes unchanged. American quotations weaker. Australia offers very little, and original estimates of crop must now be con-, siderably modified owing to damage by red rust. Two or three cargoes, January, February, bills, of lqding, are on sale at 355, but buyers' ideas are about 6d per quarter less. The stock of old wheat in London is exhausted.

New Zealand on the spot meets with a fair consumptive demand, but prices are the turn lower. We quote :—Sound long berry, fair to good, 375, and 38s per 4961bs ; ex store, sound short berry, fair to good, 33s 6d and 34s 6d per 4961b5. Neyr Zealand Beans still hang fire at 33s per 5041bs ex store.

Arrivals :—Margaret Galbraith from Lyttelton, 8634 sacks wheat, 100 sacks beans; Nelson from Wellington, 1485 sacks barley; Brier Holme from Timaru, 11,170 saokn wheat, 137 saoks barley; Arawafroin Lyttelton, 200 sacks oats.

Butter,—Since the date of our last report an important rise has been established in the values of the best descriptions of European butter, but the market does not close at its best point. The lower and inferior descriptions have not patricipated in the rise, but are still almost unsaleable in an overstocked market. New Zealand arrivals have been very disappointing in respect of quality, great irregularity and general , inferiority characterising the bulk of the shipments received this season—up to the present. The finer qualities ex " Tbngariro " (s) and "Doric" (s) sold, readily at full prices, but the lower- grades have met a slow sale. Australian shipments have been very satisfactory on the whole, and have made full rates. We quote:— Normandy (per cwt), 96s to, 108s; Danish, liOjS to 1225; Brittany,. 90s to 100s; Australian, 90b, to 106s; New Zealand, fine, 96s to 102s; medium, 70s to 84s ; inferior, 50s to 60s ; grease, 30s to 40s. Cheese.—New Zealand parcels recently landed have been mostly strong flavored and of indifferent quality. Prices have ranged between. 36s to. 80s. per cwt, but gj^noraHy under 455. j Hemp.—At auction on 19th inst., 585 bales were offered, but only 53 found buyers. Prices are quite nominal, the absence of American demand, and the extent of stocks tending to a reduction inj the value of all classes. Manila a.nd, sisal hemps have given way a,b,Qut £3 per ton. Frozen Mb^ts.—WhifeV the general market, has beei} rathep.slow. and occasion--ally, lower (except for American beef^, the positionof-frozen mutton has, remained fairly strong. The demand has not been active, owing latterly to the approach of Lent,; but as supplies have been comparatively light, it has been found, practicable to secure an advance in, values, the coldness of the wea^hep materially assisting the advance.. A noteworthy incident haa been the, arrival; of the "Star o£> England "' (s), with thelargest cargo of i frozen' muttoji yet imported into $&, country—say 41,000 carca&os from. Queensland and New Zealand;., Th^sJiip--ment Has b^pn &nde<| ift wettest i Qo^d^tio^ and} being, the first, arrival of i the $e'el> of large ca,rgo steamers recently built for- this trade, and fitted with a new system of refrigerating engines has attracted considerable attention. River Plate mutton has not been firmly held lately. New Zealand beef has improved' in value owing to shor|ne^s m supplies' 6fAmejrjca.n,, Quotations.—Prime Scotch mufobn, 5s to 5s 6d per 81bs; prime English mutton, 4s lOd to 5s 4d per 81bfy prime Foreign mutton, 4s 5$ to 4s lOd per 81bs ; prime N^ew Zealand mutton, 3s Id to 3r 4$ per 8lbs; secondary New Zealand' nmtton, 3s to 3s Id; inferior New Zealand mutton, 2s lid; prinxe'New Zealand lambs, 4s 4d to ss; prime. Rijver Plate mutton,, 2s 6d to 2s 8d per' 81bs,; secondary River Plate mutton, 2s§d i ]D l er. 81bs ; prime Sydney mutton,, 2s Bd' to ,2s lOd per 81bs; prime Queensland mutt^ 2s 9d to 2s lOd per 81bs; secondary Queensland mutton, 2s 7d to 2s, Bdj pe£ Blbs • New Zealand beef;/ hin&s, 2& 16x1 per Blbs ; New Zealand beef", "fores, 2s' 18d per 81bs^ Queensland beef, hinds, nominal, 2s lOd per 81bs.

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Bibliographic details

London Markets., Ashburton Guardian, Volume xii, Issue 2394, 7 April 1890

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London Markets. Ashburton Guardian, Volume xii, Issue 2394, 7 April 1890

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