NEW ZEALAND PRODUCE IN LONDON.

Press, Volume LXV, Issue 13547, 7 October 1909, Page 3

NEW ZEALAND PRODUCE IN LONDON.

WOOL.

IMPROVED POSITION AND NEW

BUSINESS

("Weekly Press and Referee.")

LONDON, August 13.

In spite of the Bank-holidays and a onsequent curtailment of working days he tone of the wool market during the ast fortnight has been characterised y considerable firmness for all grades, lessrs Weddel mention that merino tops aye been changing hands readily and iiat there has been sufficient new busiess in yarns and goods to stiffen the acks of holders of the raw material ho two weeks ago were disposed to ccept just under market values rather iian miss a sale, and top prices are eing again insisted upon. Crossbred wool has also improved its osition. An increase in the export irn business has been experienced, and i this has been the weak spot for some ttle time back, the general outlook for il coarse wools has improved. There as been a very fair American enquiry s well. Greasy wools have changed finds on this market at a good 5 per >nt advantage over last sales rates, it slipes remain difficult to move. DAIRY PRODUCE. Messrs Dalgety and Co. give some nires relative to butter imports from ew Zealand. In the month of July, !9 cwts were received from the Doinion, compared with 9924 cwts. m ily of last year and 14,699 cwts. in ily of 1907; for the seven months ided July 31st, New Zealand sent 9,136 cwts. as compared with lu.dll r the first seven months of last year Ld 266,112 cwts. for the similar period 1907 It is anticipated that the ason will open well for Australasian There is still no market for colonial itter in London, although 2938 boxes >re imported last week. Messrs A\ ed- , note that at this time- last year bw Zealand butter was selling at 114s 116s per cwt. for "choicest. *EW ZEALAND CHEESE CRITICISED. It is remarked by Messrs Dalgety and jmpany that the sale of New Zealand eese is disappointing, especially for loured. At the close of the season, id before the arrival of September inadian. there is, however, a certain mand for old white cheese of finest lalitv, but the bulk of recent arrivals om New Zealand is coloured. It is so short of quality and is soft coated, msequently the higher price demand- , comparecl with that asked for Canaan whose quality is now often very

good, renders it inattractive to buyers, and sellers may be compelled to reduce prices somewhat in order to make progress. During the month of July 21,580cwt of New Zealand cheese were received, in comparison with 14,302cwt during Jnlv of last year and 10,760cwt in July, 190". For the seven months of the current year receipts from New Zealand have been 320,872c\vt, against 244.154 in 1908 and 169,871cwt in _.07. Total imports for the seven months from all sources have been 1,158,703cwt to date for this year. Canada_ is represented by a decrease of 16,730ewt, as compared with the corresponding period of last year, while New Zealand has sent 76.71 Scwt more than she did last year. Messrs Dalgetv quote New Zealand cheese at 59s to 60s per cwt, anu Canadian at 56s to 58s. NEW ZEALAND MEAT. There have been no arrivals of New Zealand mutton during the past fortnight. Messrs Weddel mention that small and medium weight Canterbury sheep are a shade easier, and are now quoted at 2,d per lb. The heavier carcases have been in fair request, and 2,« per lb is about current value. There has been a little- more enquiry for North Island sheep, and with supplies of this class not apparently excessive, it has been possible to obtain i slightly better prices. Best quality carcases are offered at 2gd to fTjd P<*r lb, and secondary qualities at 2Jd to per lb; ewes are quoted at 2d to 2*d per lb. Messrs Dalgetv and Company state that there is a better tone for heavy carcases of mutton, but other grades are weak at last week's prices: 2-;[d is the highest quotation for light-weight Canterbury mutton, light-weight Wellington is quoted at 2_d per lb. The C.C. and D. Company report receipts of New Zealand mutton for the past five weeks to amount to 180,816 carcases, the total arrivals to date from the Dominion being 1,467,791 carcases, which are 427,756 carcases in excess of last year for the same period. The position discloses further weakness in the value of Canterbury sheep, which is now relatively nearer that of North Island mutton, the range in price being 2Jd to 2£d per lb for tho former, and ljd to 2_d per lb for the latter. The demand generally is perhaps a little better, but the extreme!v low prices at which lambs are being sold has had the effect of displacing mutton by tho latter article. The quantity afloat is considerably lighter than at the same time last year, but this factor does not seem to have much influence on sellers, who continue anxious to realise their meat. The stores in London are still reported to be full, but in the provinces there is more space- available. Present indications do not point to any improvement in price, and whilst Plate sheep, of quality reported to be quite equal to New Zealands, are being sold at very low rates, ranging from 2jd to 2gd per lb, there does not appear to be much hope of a revival; STOCKS OF LAMB STILL EXCESSIVE. During the last two weeks there hay© been no arrivals of New Zealand lamb, but stocks in store are so excessive that the market has been in no way affected by the small importations from Ansti'alia and the River Plate. On the contrary, prices all round are Jd to id per lb lower. This has been mainly brought about by holders forcing sales, but it is doubtful if this reduction in values has brought about the desired effect—.namely, increasing the outp.it. Messrs Weddel say that Cantorbaxy lambs, on account of low values, still command the chief attention of buyers. North Island and secondary lambs of medium and heavy weights are very difficult of sale. There is a good enquiry for very light weight carcase, which command a premium over other weights. Prime Canterbury lambs under 36!b are quoted to-day at 3_d, 36-481b at 3d per lb, and 42-501b at 2Jd. Sotithland lambs are on offer at about j|d per lb below these quotation*?. For North Island lamts 3d to 3,d is being realised for under 361b grade; 23d, to 3d for 361b to. 421b and 2.d to 20 for -2-5011). Secondary descriptions are worth 2|d to 3_d according to weight. Even at 2jd-,d per lb Australian and South American lambs meet with very little demand. Of New Zealand lamb the C.C. and D. Company write:—On the average 100,000 lambs have arrived per week in the past five weeks, the actual quantity beinjr 499,045 carcases, and a fresh record with regard to price has been created in the frozen meat trade. Market quotations may te taken as from 3d to 3_d per lb according to quality and description, but it is almost ; m----possible to say what prices are accepted for clearances, 2,d to 2£d per lb being reported.,as paid for jots of good quality at the close of the market. Losses to the extent of 3d per lb nre stated to have been made on parcels recently sold, and there has probably been no more startling episode in the history of frozen meat than the present disastrous (position of the lamb market.,, At this time last ye3r prices were, from 2Jd to 3d per!lb higher, at what was then considered a normal pbsition for the height of summer, and it certainly would not have entered into :,'«e wildest calculations that any combination of circumstances could bring about a reduction of 5.0 per cent, in value. Lamb was considered to be in a fairly safe position at this time of the year, a large demand at steady prices being experienced for a popular article of diet in summer weather, but the fact is now apparent that, having reached saturation point with regard to stocks, immense sacrifices are involved in getti.ig back to a healthy, state of affairs.

The total onantity of beef which haa been reoeived during the past month shows a considerable increase, particularly from New Zealand and Australia, in comparison with last year's figures. But th© C.C. and D. Company say thatsupplies on hand are not great, so that prices have teen fairly steady. New Zealand hindquarters are now making 3Jd to 3Jd per. lb, while foreqnarters ar© worth 2?d-3d; occasionally per lb can be obtained for something very prime. River Plato beef is teing wld nt about the same price as New Zealand.