COMMERCIAL & FINANCIAL.

Evening Post, Volume LXII, Issue 87, 9 October 1901, Page 4

COMMERCIAL & FINANCIAL.

Evening Post Office, Wednesday. WOOL. The London wool sales close to-morrow, and although the opening gave rise to many hopes of a recovery the results show that except for good merino prices are weaker. Coarse crossbred wool scarcely held its position. The one satisfactory feature 1 about the sates is the heavy clearances. Up to last Saturday 217,674 bales had been sold out of 227,000 catalogued. A carry over of from 15,000 to 20,000 bales will be moderate oompared with what has been the rule at recent sales. It is interesting to compare the movements at the several sales held in London this year: — First series, 15th January to 9th February.—Opening—Merino, average advance 5 per cent. ; fine crossbred, unchanged. Closing — Merino, average advance, par to id per lb ; . fine crossbred, average advance, par to id per lb ; medium > crossbred, decline par to id per lb. Second series, 12th to 27th March. — Opening— Merino, par; crossbred, average decline of 5 per cent. Closing — Merino and fine crossbred, average advance 7i per cent. ; medium and coarse crossbred, average decline, 5 per cent. Third series, 30th April to 20th May. — Opening — Merino and fine crossbred, level of last Bales; coarse crossbred, decline 5 per cent. Closing— Merino, id to id per lb higher; fine crossbred, par to id per lb liigher; medium and coarse crossbred, id per lb lower. Fourth Beries. 2nd to 28th July.—Opening—Merino, decline about 5 per cent. ; crossbred, decline about 10 per cent. Closing — Merino, par to id per lb higher, since close of last Series; fine crossbred, par to id lower; medium crossbred, id to Id lower. Eifth Beries, 17th September to 10th October. — Opening — Merino and fine orosabreds, average advance, 5 to 7£ per cent. ; coarse crossbreds, average advance, par to 5 per oent. Advices received yesterday show that merinos were firm at the close of last week ; crossbreds irregular, and low crossbreds barely maintained opening prices. Thus it will be seen that all through the year crossbred wool has been on the down grade, afld growers will feel the effect next year. BEEF. The market for frozen beef shows a lowering tendency, and compared with a year ago the quotations show a substantial shrinkage. Ox fores are now quoted at 2§d against 3£d last year, a fall of lid per lb, or over 32 per cent. ; while ox hinds show a decline from 4|d to 3|d or fd lower, equal to more than 14- per cent. There is no doubt that in this branch of the frozen meat trade the competition of Argentina, is being felt. Mail ad-rices show that the Plate people are now shipping come 30,000 to 40,000 quarters of beef a month to England, a thing brought about by the stoppage of the live cattle shipment, owing to the outbreak of foot and mouth disease in the Plate last year. One report says that "the Plate people are finding that beef shipping pays them, and the consequence of their venture will be the wiping out of the Australian trade as a large and paying industry. The Plate beef is rather better than the average Australian, and the distance and freight are less." BUTTER. Nearly all the factories are by this time in full work, and the season promises to close with large profits to producers. The c.i.f. sales embrace a very considerable quantity of the season's' output, and the prices fixed are distinctly favourable. The London market continues firm, and the prospects appear to be favourable. Both from Victoria and New South Wales fair parcels of butter have been shipped, but the season has opened late, and compared with a year ago shipments are on a smaller scale. Australian shippers are finding a better outlet for their butter in South Africa, and the demand has been strong enough to force up prices in Victoria. The oheeee market is dull, but prices are still high enough to leave a fair margin of profit. SUGAR. Perhaps if the Colonial Sugar Company did not possess a monopoly of the colonial trade prices would be much lower than they are now. The tendency of the market is downwards, and with the enormous production in Europe it is difficult to see how prioes can be held up. Herr Lioht, of Magdeburg, estimates that the outturn of beet sugar will show a surplus of 551,000 tons for the season. The influence of this has been seen in the quotation for German beet sugar, which is now £7 10s- for ordinary and £9 10s for first-mark granulated. It would pay merchants to import beet sugar at these prices, but in that event they would lose the concessions they usually receive from the Colonial Sugar Company. The rebate payable after a fixed period and the primage operating in the same way foster the rings and monopolies that are to be found almost* everywhere. SOUTH AFRICAN TRADE. The withdrawal of the Tyser steamer fixed to sail about now for South African ports does not indicate that the companies engaged in the eervice intend to abandon same. The Tysor line could not in common fairness have sent a steamer to South Africa with the cargo, that was offering. It Beems that about 300 boxes of butter and 75 tons of oats was all the cargo to be obtained, and to secure this the vessel would have been obliged to call at Wellington and the Bluff. The freight on the butter and oats would not have amounted to more than £200, while that sum would have gone in expenses on the New Zealand coast. Taking cargo to South Africa is somewhat risky and expensive because of the delays in obtaining discharge. There is a block at almost all South African ports, and it takes days to secure a discharging berth. The local companies are not receiving any subsidy from the Government, and their South African service is being carried on at some inconvenience and expense. All the oats supplied to the British Government were shipped by specially chartered vessels. In another month or six weeks Mr. Gow, the New Zealand Trade Commissioner, will have sent in a report from South Africa, and we will then bo able to judge better of the prospects. ■Messrs. Freeman K. Jaokson (in conjunction with Messrs. Abraham and Williams) report on their stock sale at Johnsonville yesterday that the entry was under the average, tne quality being somewhat irregular. There was a keen- demand for the best bullocks, others Belling irregularly. Sheej> were in very short supply, and sold freeVy. . An entry of 30 rongh quality pigs came forward, and sold at lower values than recently. Ox beef brought from 22s to 23s per JOOlb • heavy bullocks, .£lO to .£lO 12a 64 ; prime medium sorts, £8 17a 6d to £9 15a : others £8 10s to .£8 12s 6d. Sheep-Good wethers) 16s ; others. 14s ; good ewes, 16a 9d ; other 9 12s 9d to 14a 4d. Pigs— Choppers, 32i to 345; porkers, 18s to 225; nmifal do, 14s to 15s ; stores. 8s 6d to 14s. [FBBBB A3SOOIAMOK.] (Received October 9, $.45 a m.) LONDON, Bth October. Copper on the Bpot is quoted at £63 10s per ton ; three months., £63 7s 6d. Tin, forward. £106 7b 6d per ton. Lead, JBll l7s 6d per ton. AUSTRALIAN PRODUCE MARKETS. (Received October 9, 10.8 a.m.) _ SYDNEY. This Day. Wheat chick, 2s 8d? milling, 2s lOd. Flour, .£6 10a to .£6 15s jManitoban, £11. Oats, New Zealand feed, "B," to Sa ; milling, 8s to 3s W. Maine, prime, 2s lid Barley, Cape, 2s 2d to 2s 3d. Bran and pollard. B*d! Potatoes, New Zealand Derwents, .£6 5sCiroular Heads, ■£?. Onions, American, £15 to £16. Butter', creamery, 10d. Cheese, New Zealand, 5Jd to 6d. Bacon, 6d to Bid Hams, New Zealand, «Jd. The above quotations are thoso ruling between merchant and retailer, and do not represent the slightly lower values obtained by recognised brokers. MELBOURNE, This Day. Oats, Algerian, 2s M to 2s 6d. Maize. .2s lOd. Bran, 9d. Pollard, 9Jd. Potatoes, £6 10 ato £6 15s. ADELAIDE. This Day. Wheat, 2s 9d. Flour, £6 5s to £6 10s. Bran ana pollard, 9d.