THE ENGLISH MARKETS.

Hawera & Normanby Star, Volume I, Issue 2, 17 April 1880, Page 2

THE ENGLISH MARKETS.

Mr. Freeman R. Jackson has received tl\u following Teport by the San Francisco mail from his London agents, Messrs Johnfcou and Allsup : — Wool.— The sales opened here on 17 inst. with very spirited competition at a rise of 10 to 13 per cent, over November-Decem-ber rates, and since the opening a further advance has taken place, making the total rise somewhere about 25 per cent, on the average. The most marked improvement \v\ h been in cross-bred wools, which are now 40 to 50 per cent dearer than in September lust year. The causes for this unforeseen revolution in our London market may be described as threefold. lat. The revival of demand for America, which after being almost quite dormant for many years, has suddenly revived, and seems likely to last at any rate well over the present season. 2nd. The low prices of last year have caused the stock to be much more rapidly absqrbed than usual, and as a consequence dealers have suddenly found their warehouses almost empty. 3rd. The wet season of 1879 has developed the "rot" in English sheep to such an extent that they are perishing by thousands, and the supply of English wool in 1880 must consequently show a very large diminution. The last of theHe causes has especially Yon apparent during tho past month, and Ins had the effect of removing much of the an \ ioty about tho probable course of prices for New Zealand cross-bred wool in the niiluinn, and thero now seems to be every l>.-..spect that present prices will be fairly i) aiiittuned. The valoe of merino wools v.'ll probably also be well sustained, with p<>i hups less fluctuation than in the case of - ijsa-bred.

Tallow,— This market has continued to droop, and last week's highest prices were »i".4 yd for mutton nnd 35s 6d for beef. We mo still suffering from reaction after the t<>u sudden inflation of last autumn, and w.' think the present state of stocks and n-iioct of future su2>plies warrant a belief that the market will improve at an early date.

Ilri'BS and Lbatheb. — In consequence of some comparatively largo arrivals, our market for both these articles has been depressed, and at last sales good heavy hides were .-.old at s}d, and lights 5d to 6|; 1> ::thcr being also rather lower. Basils ;uv still well competed for at full values. Kosvrie Gum is still scarce and selling at rather over the rates given in our last ciiviilur, inferior and medium descriptions having advanced about 5s per cwt. The p,rs L -ut stock is only about half what we luul at sunie time last year.

Whkat. — The American "ring" still exists, and has become rather stronger cltivini^ *blxe j>ast xnoxrbk, It liavingj \>ecoxxLe nj>])s\vont that Europe is mote dependent cm America for her supply of bread than •v .>.;-< supposed. Prices have consequently risou about 3s per quarter in England, and o quote Australian 59s to 61s, and New Zealand 56s to 59s per 4961bs ex store.

The New Zealand Loan and Mercantile Agency Company report, under date London, 26th February : — Wool.— The first series of sales for the current year opened on the 17th instant, with arrivals as follows : — New South Wales and Queensland 29,512 bales. VicLoria 72,920 „ South Australia ... 85,645 „ Western Australia ... 1,215 „ Tasmania 282 „ New Zealand 9,074 „ Cape of Good Hope ... 50,333 „ Total 198,981 bales. ' vliich about 22,000 bales have been forY<| direct to Yorkshire and the Conit. crowded attendance of buyers from the > .us centres of the woollen trade, mii<r some American representatives.. •il tho auction room, and under the initmco of very stroug competition it beet mo in ) mediately evident that the anticipations so generally formed as to an advnnce iv values would be fully realised. As the auctions progressed and prices were gnulually defined, the improvement -« us computed on average as 12 to 15 per cent, on the rates current at close of the \orembor-December sales. Since the first ni'.'.'ht there has been no abatement of the dt'umnd on the port of either the Home or Foreign sections of the trade ; on the con-tvtu-y, the competition has been marked by v d.iily increase in spirit and keenness, white prices have shown a corresponding tendency towards a still higher level. At this date the advance on the several descriptions of Australian and New Zealand w».ol may be quoted ob follows :— Combing njori-o, floece and grease, lid to 2d per lb; hi .thing do, Id to lid per lb; scoured do, l■' to [in per lb ; cross-breds, washed and i ..I, -id to 3id per lb; do. greasy, lid t . .1 i-.M- lb. : v- ill be seen that ooss-bred wools have so.nued the largest share of the improvement, and although we quote it in their

case as Hd to 3£d per lb, there have been several instances in which, for scoured pateels, a still greater advance has bee» secured. Lambs' wool; on the other hand, has been less eagerly sought after, and has only experienced a slight enhancement of value.

Tallow. — There has been rather more steadiness in the demand throughout the post four weeks, and about an average business has been transacted. The sales «it auction are 3,i »79 packages out of 4,132 catalogued, and of the portion bought in 550 casks are reported as having been placed by private contract. Values have steadily favoured buyers, and at present fine mutton, which has been offered in only small quantities, is quite Is per cwt lower than it was at departure of last mail via San Francisco. Medium mutton and beef tallow are also about Is per cwt lower. The most recent sales, held on the 20th instant, passed off with fair spirit, showing no change on the rates current at previous auctions ; and though we do not look immediately for any marked improvement in prices, there i 3 some reason to hope that for the present we have seen the lowest point for tallow. We quote :— P.Y.C. new, 44/ to 44/6 per cwt; Australian mutton, fine, 36/6 to 38/ ; do do, medium, 35/ to 36/ ; do beef, fine, 35/ to 36/6; do do, me-, diuni, 33/6 to 34/ C. The estimated stock in warehouse is 19,500 casks, of which about 5,300 are Russian, and 2,800 North American. Corn Mabket. — A renewal of the Continental demand and a continuance of speculation for the rise in America have imparted to this market a firmer tone, and there is now on extensive trade passing at an average advance ef 2/ per quarter on tho month. At present appearances seem to justify the anticipation formed in many quarters that the American " ring" alluded to in our j.>reviouß circulars will bo enabled after all to quit thoir stocks at remunerative figures. Much, however, depends upon the nature of the Continental demand during the next two months. A considerable business is current in Australian wheats, for the most part on account of Continental buyers. The present value may "bo quoted as 54/ to 54/6 for wooden ships, and 54/6 to 55/ for iron, Feb-ruary-March shipments, c.i.f . to U.K. More distant arrivals are wqrth 1/ to 2/ less. A small cargo of South Australian wheat, January bill of lading, was sold on the 23rd instant at 59/9 ci.f. ; and for shipments almost due at ports of call, 58/ is asked. A very fine parcel just arrived in London per " Mallsgate," is selling at 60/ to 61/ per 496 lbs.

Two or three cargoes of New Zealand wheat have lately been placed at about 48/ for direct port and 50/ for orders — March shipment. This description, from its comparatively low value, is just now attracting the attention of speculators, and further orders are understosd to have been lately sent out at about these figures. There is very little of this class remaining in store, and what there is is mostly in second hands.

We quote South Australian wheat, 60/ to 61/ per 496 lbs ; New Zealand do, 55/ to 58/ ; Australian flour, 31/ to 43/ per 280 lbs; New Zealand do, 37/ to 40/.