COMMERCIAL & FINANCIAL. Evening Post Office, Wednesday. WOOL.

Evening Post, Volume LXVII, Issue 147, 22 June 1904, Page 4

COMMERCIAL & FINANCIAL. Evening Post Office, Wednesday. WOOL.

In 1038 than a fortnight, that is to say | on Tuesday, tho sth prox.. tho fourth of tho series of London wool sa'ea will bogin, and the prorpecta nro distinctly favour- . able for croi>t.t>rcd wool. At the May sulos co.u-xo crofsbrod wool commanded tho most attention, vuluos advancing 5 pdr cunt., and it sooin3 likely that thero will bo at least ilrmnui 1 ?, if not a further advance, at tho approaching rales. Tho ovidonco points strongly to -a me, for tho top market hns advanced id per lb for noany all count* i during tho past week. Our wool growers | will need (ho jneroased money, as from roconl statistics it is apparent that tho Now Zealand production is loss than it >vaa in the past senson by over 50,000 bales. This decreaso at £12 per baio represents £600,000, but tho advance in value ought to mord thpn make good lhi«t deficiency . Tho following figure', compiled by Dalgoly anc) Co., Ltd.; showing tho export? of wool from Australasian ports from Ist July, 1903. to 31st May, 1904, in comparison with thoao for the corresponding period in tho previous season, aro interesting: —

Thiß shows a decrease of 64,3?.5 haled, and , New Zealand accounlu for 50,000 bnlos. j SVith Iho oloco of this mouth tho colonial wool yrar will terminate, and according to Iho estimates of somo authorities thoAus- ' trnUsian dip of 1903-4 will approximate j to 1,400,000 bales, of which a lil,Uc under 400,000 bales will bo from New Zealand, tho rost frojn tho Commonwcnlth. In 1894 tho clip was 1,983,000 bales, and to find a clip as small na tho present ono we must go back to 1888, whon tho total Australasian dip was only 1,360,000 bales. Tho clip of tho following yoar jumped up to 1,484,000 balm, and fivo yo&is later roso to 1,083,000 billon. With fayourablo bcusons on Iho Australian Continent a sirnil.ir expansion may bo oxpoclcd in tho future, and it is this knowledge that loads nome authorities to think thai valuofi aro now at about their highest. Crossbred wool is influenced by three factors just now — the favour of fashion, the fcesiroily of cotton, and the compnrativo scarcity of tho staple. Fashion has fixed upon crossbred wool fabrics hecauso of its rolative cheapness, but with an increasing supply of monno tho coarso wools cannot hope to maintain their position. With respect to cotton, thero is no doubt tho world, in on tho ovo of witnessing a great expansion m production. Those interested in the cotton industry in England ar<» making strenuous effort* to expand production, and ovon in America tho disposition is to dovolo, a larger area to tho cultivation of cotton. In two or three years' timo cotton will bo down to its lowest lovel — to tho level that will enable Lancashire to supply tho Kasl with all that mny bo required. Wool will then havo to_ compote with shoddy, and will bo further harassed by tho incroased production of crossbred wool. It would bo folly to inflate tho value of Hhoop country simply bocauso prices to-dRy aro high. Tlio outlook is not- as favourable) aa many would liko it to be. DAIRY PRODUCE Except for a few belated shipments from Atu-lrafia and New Zealand, tho colonial dairy produce season has ended. Owing to favourable climatio conditions production began o«rlier than usual, especially in Australia, and has boon carried to a lat<*r period j tho output has been cnormou*, an Australian record and a New Zealand record having been established. Tlio average of prices shown a dceliuo of about 7s 6d per cwt, but this will scarcely bo Mt,<in view of, the increased output. It in tho speculators who havo lost, rfnd lost heavily. It is estimated that "Tooleyistreet" ha» lost from £200,000 to £250,000 in colonial buttor mid choose, and "thero i« nn uneasy feeling of npprolionfciou in butter trade as to tho effect of such lioavy lotsos " Tho interval brlwoen Iho close of tho ecniion 1903-4 and the opotiinjr of tho new icanon wilt bo very short, and will bo. tho maincauiio of awkward accumulation* of old season's bultorH ill cold stores. Tho atorod-bulter problem i» ono that will havo to bo taken in hand, for it constitute* the ijrcatMl monnoo to the trade. A very considerable quantity of butter \t bouig stored; in colonial .porln and in London, to be brought out or dumped on Iho market whenever vulues show any improvement. Stored butler wrorkod tho opening prices of tho past iteason, and will cuu«o gioator havoo in tho next seasoni. It may pay to f>toro tlio very best quality of butter for a. litno, but uufortunatoly nlmost all grades aro going into store just now. Tho volumo of thin stored "butler, together wilh iho strong probability that productign noxl seiu-on will bo larger than evor, points very strongly to tho probability that values will be oven lower than they havo bncn. Tlwo inleroslod in tho industry will roq'iirf» fo bo extremely watchful, and overv ■, pffori should bo made to maintain high quality, and to incroaso tho output by Fcionlific work ; above, all ctirn must lm tnkpn tlitt.tr Iho, cost of production is kept PERISHABLE PttODUCK. The details of Iho shipments ami oplimatod values of butter, ehcoec, and frozen meat exported from tho colony for tho eight months pndod 31fl Mny arc interesting. Tlio quantities and values compare

374,433 £1,538,065 277,620 £U70,97"i The total exhibits a Rain of about £350,000. which ii very Mtinf|U'loiy. ptovided, of cour«o, tho vahiition 'is in uyrrcmanl With market \aluus. The output shows au ex-

collont expansion, boing about 70,000cwl in butler and übout 18,U00owt in. oheono. Tho poKition with regard to frozen meat is shown in tho table appended: —

Hero lliero is a lorn of about £350.000, piui'tieally wiping out the gain under dairy produce. Valuos haw not mtcrfcrod much, but thero w v, le«sL > ne<l output, which Feryns to iudicuto th»l tho limit of production ha-i for Iho piosont boon reached i lit this colony. This will be clearer if wo lako tho numlier of circa-ei. Tho poni-

In ei^ht mon(li9 thoiv is a df>ere:uo in tlio export -i of mutton and lamb of 557,277 earpanc. Thin ifl no doubt in purl due to tlio hoiuy exporia last your nnd tho ypnr provioiiH ; nL the came limo it eeoirn probable that (hero U no room for tho joint expansion of tho butler industry and Iho meat industry, tho growth of Iho one boiiiß at tho oxp<>n«o of the o]>her. Shpop-fnrms aro bphiß converted " into dairy- farms, and that appears lo bo tho truo explanation. MONEY MARKET. * Tho London money market has witnewecl another movement, in that tlio open, market din'ount rate has revetted to 2 1-16 j per cent. It is likely that inonoy will bo i comparatively dear for tlio next week or bo, but with tho quarterly distribution of interest and dividends an ensier toiio should prevail. Tho market, howovor, is not favourable to colonial loann ; still, snmn of tho colonies oaiuiot wait any longer, and must mako tlio best ter'ma possible. The movements that have taken placo in Iho Kfock Exchange quotations for colonial stocks are significant, for they point lo the probability tlint more than one colonial Treasurer is nosotiating. terms with London finoneioj-ii. • Ono or other of thp colonies is almoel certain to announco a loan early noxt month. SOUTH AFRICAN MARKETS. The Department of Industries and Cornmono hR» received tho following report from tlio Cominoroial Agent for tlio colony in South Atrica, dated JJ urban 21at ult. : — Oats. — tfpot market eommvlut baro ; good bright clean "ii" grario iirm at 08 Ocl l.b. Wire quotations olfonng 5s 9d c.i.f. for immediate shipment by vcpscl now loading in. New Zealand forthcoming from two or three sources. Algerian fairly active, 7s i.b. Bran. — New Zealand 4s 9d, Australian and Capo ss, all d.p. Lucerne. — Firm, 5b 6d ex store' Flour. — A fow consignments from Australin latoly have helped to „ weaken figures, and for upot parcels to-day it will bo difficult lo RPt £8 15» del. American hard wheat quality standing at £11 ox etorc. Fodder.- -Purclnisott aro being mado from Ausfcrnlin on tho basis of 87s ucl c.i.f Spot market full. A parcel o( a fow hundred tons of a very good brand to arrivo within a fow days by tho Waikato ib offoring at 4b *id per 1001b c.i.f. without 6UCPOSB. Maizo. — Only localii aro Rolling at 9i per bag of 2001b. Tho crop roturnii chow that thero should bo no need lo import until next March. I'otatoea. — Heavy frosts havo affected tho prospects of local stipplic*, with tho result that ordors havo been cabled to Australia for about 30 tons to bo shipped at once, i'rico is £6 por ton o.i f. packed in" biiga of 1531b gross. Terms demand draft. Onions. — Trndo wa« fo bad in theso last Reason that many dealeru dropped tho bupinoSH. Tho fow loft aro making fair profits, and it is not difficult td gat Id per lb IB very fino quality Australian. Contracts have been obtained Melbourno £6 to £6 10» to about 60 lonn por mouth up to oud July. Cape supplies should ond directly. Butior. — Stocks accumulating. Choico creamery Now Zealand or Australian lib cloth and par pats wholesale 1« l£d to Is 2d lo le 24d. Australian getting lOd, Argcntino 9id, New Zealand lOjd f.o.b. for primeßt cloth «and par pats. Argentine iw likely to do fair businobs for tho next throo months. Chocse. — Spot tcareo. wholesale Wd, 50 cases put through at Ud Ooudo*. Recent London advices 51s cwt f.o.b. London or Amsterdam for tweho months contract*). Poultry. — Two hundred eases Now Zealand fowls avoraging 3£lb to 41b arrived by Devon. Offored at 5a 8d i.b. ; a» no jnifinoKg horo, were sent to Johannesburg. I hear of a New Zealand shipment birds 41b to 51b at 5s 3d pair c.i.f.; that liguro ehould keep out American! and other supplios. Apples.— Recent Adelaide shipmonU arrived in splendid condition, and realised 15-) per caso for good ; others 12s to 13j por case. Pears.— About 270 cases pears from Adelaide came in cool chamber, good but small, and picked rather greon ; realising 1« 3d per dozen wholesale. Frozen Moat. — Argentina, ox kidneys 5* dossoik, sheop do 8d dozon, ox liven? 2s each, ox hearts 3d, tails 7d, tongue* 2i ouch, nhopp Is 2d a dozen, all p.i.f. Beef, 3Ad. Porkoru, Canadian, 701b, 5Jd lb c.i.f. Durban. . ' Grapes. — Capes arc still coming forward, though tho soapon is ovor ; they have boon 0001-nlored ; condition good ; prieo 5d wholesale Tho United Farmers' Co-oporativo Association, Limited, quolo as follows: — Oats, sparrowbill seed 2s 3d, gar ton seed 2s 3d, long tartar good 2s 4d, black tartar sood 2« 3d, dun seed 2s 3d, good feed Is lOd. Wheat, wholo fowl, 3s; potatoes, £2 - 5» to £2 10s ftor ton. Maizo, 2s lid. Barloy, primti feed, 2s lOd ; beans, horao, 4s. Peas, partridgo, 4s ; pearl, 3s lOd. Bran, £3 5s per ton (sacks in). Pollard, £5 5s por ton (sacks in). Chaff, primo Canterbury, £4 5s per ton; »traw, £2 5m per ton; linrood, 12s Cd per cwt ; crushed linseed, 14s 6d pcjr cwt. Barley menl, £5 10» per ton; calf meal, Langdown's, 13s por cwt. in 251b bag*. Messrs. Freeman R. Jackson and Co. (in conjunction wilh Abraham and Williiims, L>td ) roport on tiioir .lolinnonvillo miloi ait follows: — Wo had a full entry of bullocks of good quality. Bidding w«s blow ivt tho start, but improved toward* tho end of Iho salo Last work's rates wero maintained. Beof made 10s to 20» por 100 ft} : bcHl bullocks £7 170 6d, others £7 7s> fxl to £7 TS« 6d, licjht £7 to £7 5«. A full entry of nhocp of mixed quality Hold at equal to last wenk's rateo. Bout wethers 20h lid, olhore 20* ; bout awe* 18s Bd, other.-) 16s lo 17» 3d; lnmbs 12s Id lo 14s Ud. Messrs. Thompson Bros , Limited, 9. HarriK-Htropt, report tlio following wholeeolo prices ruling on tho Wellington produco market during the pant w<'i>k:—Oatmeat £10 pvor ton, rolled oulh |s'k) 9h 6d per dozen, bran £3 5» to £3 10s por ton, pollard £5 5» lo £5 10a por ton, feed oats 2* to 2s 2(1 por hmhnl, inferior 1h 8d to 1* 9d por bushel, whont 3n to 3s 2d perbunhel, tnnizn 3"» to 3s 3d pr>r bushel, split pens 15k por owl, pearl bitrle'v 15a per owl, bacon (tides 7d per lb, rolln 8d per lb. hamn 8d per Hi, rifjrs, fro«h Ii 7tl to Is 8d per doz , prnuft vfl 393 9 2d lo li 3d per dozen,' butler, milled 7£d lo Bd por lb. Ropjjralor BJd por lb, fowl* ?,n 6d to 2« 9d uei pair, roosters 7m lo 3st fifl per pair, eibhngos 4<i lo 6r por nflf'lc, raiil'fldwrrn 8s to lls 6d per sack, Doltitocs S0« tn 55« pfr ton, oarrola 40a pnr ton, nwoclod 50s to 60s por ton, onions £5 10s per ton.

ns unner: — 19034. 1902-3. Cwt. £ Cwt £ Bultor 293,728 1,3*2,546 215,021 1,014,31' Chocao 80,705 196,419 02,599 157,66!

ion H «h imd lor: — Mutton Lamb 1903-4. C'aicaeoi'. ... 1,300,030 ... J, 375,512 2,765,542 1902-3. 1,732,260 1,590,5j0 3,322,819

Cwt. .0 Cwl. JC Mutton... 7(W,(«) WM.OM f)07,&}7 1,124, 1 PS hmb ... *n>,iso 73s.ioa noJM-m Bii,ai7 Joof ... m.SJi l2(l,fiO» l'J8,l!!0 177.084 1,ai0,u77 JL'l,7(i - J.UOS 1.n11.-t'.'t i-2.H2.WjS)

J.BUO-*. JLVVC-O. Victoria . . n Haw South Wolos South Australia Quconolaiul West Australia l'a<<nmnia Now Zonlnnd ... Kale*. ... 309,631 ... 470,733 ... 93,163 ... b3,874 ... 32,567 ... 12,710 ... 355,020 1,333,0-18 Bales. 320,4b2 480,789 | 95,058 j 43,900 ■ 32,522 19,557 405,085 1,397,373 ,