N.Z. PRODUCE IN LONDON.

Evening Post, Volume LVII, Issue 21, 26 January 1899, Page 5

N.Z. PRODUCE IN LONDON.

[FROM OUR SPECIAL CORRESPONDENT.] London, 17th December, 1898. WOOL. On the 13th inst. the sixth series o£ colonial wool sales of the current year, which opened on the 29th November, was brought to a close. The available quantities totalled about 158,500 bales, of which some 149,626 bales were catalogued. To the quantity offered, New Zealand con- » tributed 29,668 bales. la all, about 20,500 bales were held over, including 10,000 from New Zealand. Of the quantity sold., approximately 80,000 bales hava been taken for export. Messrs. Balme and Co. note that nothing was purchased for shipment to America. In their report for this week, reviewing,' the series just closed, Messrs. Balme and"' Co. tell me that the low level of value to which crossbreds fell in October failed to stimulate their use during the interval which proceeded the sales. Indeed, the embarrassment in Yorkshire, brought about by the congestion of stocks, Tor a time actually prejudiced the position oi merinos, without, however, materially influencing foreign centres, although these' were in turn, of course, affected at on© i point owing to acute political tension. '.Cheseries opened with prices fo. 1 merinos practically on a par with those aarent in October, the market being made by Freunh and German buyers, while the Home trade played the part more or le::a. of spectators. Ere long, however, continues the report, the. buoyant strength of foreign competition began to impart confidence in English operators, who sooi altered their tactics. The result was a gradual hardening of rates ' for well-con-ditioned wools, excluding superior descriptions, "cmtil prices stood 5 per cent, above initial quotations, although drough-i ty wool failed to make any headway. Fine, light-conditioned crossbreds in the, grease have held their own steadily throughout, and heavy-conditioned parcels of fine quality, which were neglected in October, have appreciated Tuily 5 per cent, during the auctions. Medium and crops grades, including slipes and scoureds, hoy, ever, deprived of the support of the Home trade, fell a full 7£ per cent, in value. This depreciation slowly induced purchases on foreign account, French and German buyers being unable to oblain their usual supplies from the River Pate, since the drop in the gold premium in that country has caused purchasers to postpone marketing -heir clips., The increasing volume, of French competition soon brought about a rally in the market generally, medium qualities recovering most of the initial decline, while the coarser grades sold with greater readiij ness and regularity at firmer prices. 1 Summing up, Messrs. Balme and Co. observe: — "So far as the prospects for mej'inos are concerned, there is little to add to what has been fairly apparent for some time past. The extreme lightness of act«»l and prospective {Applies con-ii tinues to dominate the situation, so that* in spite of unsatisfactory trade conditions, there appears to be little feat ofi values falling away. A" regards cross-* breds, however, the position is very different. Although stocks in London have oeen considerably reduced, largo accumulations of raw ard semi-manufactured »i| terial are now burdening the Yorkshire* mai'kets, and *he trade will have, eto\ long, to shoulder another season's pro-* duction. The expectation that low prices would force consumption is slow of; realisation, and some little time may yefcs elapse before this comes about. Mean* while, it is possible that some temporary* relief may be afforded by a further in-< crease in Continental competition, owing} to the delay in the marketing of the Buenos Ayres clip." J As t^mpared with the closing prices of the previous series, Messrs. Balme fur*! nish me with the following quotations^ fo? New Zealand and Australian wool ;— < Merino in grease, superior, par ; merino* in grease, medium, £d per lb dearer;! merino in grease, inferior, par to peri lb cheaper ; merino, scoured, superior, £d( wer lb dearer; merino, scoured, medium^ pa,r to id per lb dearer ; merino, scoured^ inferior, par ; merino lambs wool, sup-* erior, par ; merino lambs wool, medium' and inferior, id per lb dearer ; crossbred grease, fine, light, par ; crossbred, grease* fine, heavy, id to Xd per lb dearer j crossv bred, grease, medium* parj orovtW^U

grease, coarse, id per 1b cheaper ; crossfared, washed and scouned, fine, par ; crossbred, washed and scoured, coarse, id per lb cheaper; crossbred, sliped, fine, par ; crossbred, sliped, coarse, -£d per lb cheaper.