THE LONDON MARKETS.

Press, Volume XLVI, Issue 7346, 26 June 1889, Page 4

THE LONDON MARKETS.

Messrs W. Weddel and Co. report under date London, May 18th, as follows:— WOOL. The second series of sales closed on 4th inst., spirited competition characterisingthe auctions throughout, and especially during the last week, when large quantities were catalogued. The general improvement in prices as compared with the rates current in February was about 5 to 10 per cent, in the case of merinos, and 5 per cent, in the case of fine crossbreds, coarse crossbreds remained about on a par with February rates. Since the close of the sales there has not been much inquiry for wool in this market, but advices from the manufacturing districts report a considerable turn over in wools of all classes at very firm prices. On the Continent, also, business has latterly been even more active, and prospects generally even more encouraging than for some time past. The third series will open on the 18th proximo, the list being closed on the day on which 400,000 bales, new arrivals, are reported. Present arrivals amount to 331,000 bales, of which 121,000 are New Zealand. GRAIN. A fortnight of warm weather has forced growing crops forward unusually quickly, and this factor has not been without its effect upon the market, even although the prospects of a good harvest here and in America nave been largely discounted. It is now difficult to realise the prices current a fortnight ago on the London market. Arrivals off coast have been heavy, and for parcels in that position values have receded 6d per quarter during

the present week. On 16th inst,, a cargo of fine wheat, grown in Oregon from Aus- , trallan seed, was sold at 359 per 5001b, equal to 33s 7£d per 4801b, eLL, Havre, sea damaged, for sellers' account; ™p}? only 31s per 5001b ie bid for ordinary Cali; fornian. The statistical position is still good, the total visible stock (comprising the quantity afloat, stored in United Kingdom ports and in America) being only 6,992,000 quarters on Uth inst, against 8,296,000 quarters in May, 1888, and £784,000 quarters in May, 1887. New Zealand wheat, ex stand, has been very little Inquired for, the supplyof English being still fairly abundant. We quote— per 4061b s. d. 8. d. Sound long berry, good to fair 38 oto 40 0 Sound short berry „ „ 35 otoSβ 8 Off coast—Glenhuntly, from Lyttelton, 8519 quarters, sold at 34s 3d, ci.t, Southampton. BEANS. Unchanged. New Zealand, 39s to 40s per 5011b. Loweswater, from Timara, 120 sacks wheat; Tongariro, a., from Auckland, 119 sacks peas; Arawa, s., from Wellington, 100 sacks peas, arrived. CHEESE. The market has become firmer, the better inquiry in our last having resulted in an advance in values. American is today worth 56s per cwt. as against 503 and 52s a fortnight ago. A small consignment ex Doric, ofmedium quality, made 56s per cwt. BUTTEB. All descriptions have been slow of sale. Supplies are plentiful. There have been no important arrivals from New Zealand. We quote:— Finest Normandy, 90s to 100s per cwt Finest New Zealand, none. Finest Danish, 98s to 108s per cwt. Secondary do, 60s to 82s. per cwt. FROZEN MEAT. The Home fed and Continental mutton and American beef markets have been very irregular during the past fortnight. The rapid growth of grass throughout this country has induced farmers to keep back stock to fatten. Values suddenly advanced last week to a' point which has brought out supplies more freely, and quotations have again receded from the highest point, i.e., for English and Scotch mutton. Continental mutton has sold irregularly in consequence of unsatisfactory condition of some arrivals. American beef, after a severe glut, has come to hand more favorably for sellers, and values have recovered from the depression prevailing a fortnight ago. Amidst all these changes, frozen mutton has steadily improved in value. Stocks have been replenished by recent arrivals per Tongariro (s), Bayley (s), Arawa (s), and several sailers, but being fairly strongly held, these shipments are likely to yield satisfactory returns. Unfortunately the Arawa (s), now discharging, is nob reported in good condition. Prices have advanced nearly id per lb for mutton. Itiver Plate sheep are still in moderate supply, and the best of them are to-day being sold at the same price as many New Zealand parcels, viz., 3s to 3s 2d per stone, 4£d to 4M per lb. The immediate outlook is satisfactory. It is likely, however, that in the latter half of the current year there will be very heavy supplies of mutton from the River Plate (owing to the dislocation of the steamer service by reason of recent accidents), and reports received from America point to the exportation thence of unusually heavy quantities of beef.

The lamb trade has been rather slow— sometimes dull—but closes with an upward tendency in values. Sinithfield quotations:— Prime Scotch mutton, 5s -4d to 5s 10d per Bibs. Prime English mutton, 5s to 5s 6dperßlbs, Prime Foreign mutton, 3s 8d to 5s perßlbs. Prime New Zealand mutton, 3s 3d to 33 4d per 81bs. Secondary New Zealand mutton, 39 Id to 3s2dperßlbs. Prime River Plate mutton, 3s to 3s 2d per 81bs. Prime New Zealand lambs, 3s 8d to 4s 2d per 81bs. Secondary New Zealand lambs, 3s 4d to 3s6dperßlbs. New Zealand beef, hind quarters, nom. 2s 6d per 81bs. New Zealand beef, fore quarters, nom. 2s 4d per 81bs.

Messrs Berry, Barclay and Co. report under date London, 15th May, as follows :—

Wheat—A change to warm forcing weather, with frequent rains, has given a great impulse to vegetation, and wrought a wonderful improvement in the appearance of the growing crops. The favorable prospects on both sides o< the Atlantic encourage buyers in their hand-to-mouth policy, and have a depressing influence upon the trade. Holders of distant parcels are firm, but off coast, with large arrivals, prices have given way 6d to 9d per qr., notwithstanding the revival of a Continental demand.

English wheat has been more freely offered, and some of the country markets are quoted weaker, but upon the whole values are about the same. The average price last week of 29s 10d per Imperial qr, is 3d higher for the fortnight, and compares with 31s 5d in the corresponding week of last year. Foreign has been in abundant supply off coast, and some four or five cargoes of white wheat have been ordered to the Continent. Californian in that position has been sold at 34s 3d to 34s 9d. To-day's value is 34s 6d, while for May-June and August-September shipment to United Kingdom f.o. there are sellers at 35s per 5001b. Fine Russian qualities command full rates, but secondary sorts are 6d cheaper. Indians are very little offered by first-hand sellers, and are not quotably lower.

The Continental markets report very little charge. America has shown rather more steadiness under the influence of an improved export inquiry. | The report of the Agricultural Bureau, puts the winter wheat crop at Oβ per cent, on the Ist inst., as compared with 73 per cent, last year, and 85 per cent, in 1887. The spot quotation of No. 2 red winter in New York at 85£ cents is the same as a fortnight ago. ~, Their " visible supply " has decreased to 23,850,000 bushels, against 29,272,000 bushels at the same time last year. Their shipments to Europe in the fourteen days amount to 133,000 qra, of which 61,000 qrs are from California. The total quantity of wheat and flour afloat for the United Kingdom, including ports of call for orders, is now estimated at 1,843,000 qrs, as compared with 2,255,500 qrs twelve months ago, Australian —On the spot finds a limited sale at a further decline of 6d per qr, viz, 37s 6d to 38s 6d for Victorian, 39a to 40s 6d for South Australian, per 4981b, ex store, according to quality. Off Coast—SeiriolWyn, from Melbourne, 7516 qrs, sold at 35s cLf. Rouen. A cargo 7221 qrs, grown from Australian seed, per Poonah from Oregon, is now on sale. New Zealand—Goes off slowly on the spot at about previous quotations, viz. :— Fair to good Tuscan, 383 to 40s per 4961b ex store; fair to good short-berry, 35s to 36s 6d per 4961b ex store. Off Coast—Glenhuntly, from Lyttelton, 3519 qrs, sold 34s 3d c.i.f. Southampton; Willem Christiaan, from Oarnaru, 2888 qrs, not yet disposed of. Flour is dull and generally 6d per sack cheaper. Australian being in larger supply is offered at Is per sack less money, say, 27s 6d for ordinary superfine and 29s for patent roller, per 2801b, ex store. Barley—Grinding steady; malting no demand.

Oats—3d to 6d per qr cheaper, with large arrivals.

Beans unchanged. New Zealands at 39s to 40s per 5041b, ex store. The arrivals of grain at this port from the colonies during the past fortnight consist of:—

Oaeida, from Melbourne — 3945 bags flour.

Loweswacer, from Timaru —120 bags wheat.

Tongariro, 5.8., from Auckland —119 bags peas. Arawa, s.s., from Wellington—loo hags peas.