THE LONDON MARKETS.

Lyttelton Times, Volume XCIX, Issue 11554, 15 April 1898, Page 6

THE LONDON MARKETS.

[From Our Correspondent.]

LONDON, March 12

.Trade continues quiet, with an almost entire absence of speculation in all departments. 'I he phenomenally mild winter has done much to counteract the evil effects of the engineers’ strike, and business appears to have almost resumed its ordinary course. WOOL. Business in wool is very quiet, but the anxiety of the trade to cover their liabilities for future deliveries of manufactured and partially manufactured goods is responsible for a good turnover of the raw material, particularly merino staples, at full prices. It is becoming recognised that the supply of merino wool for the rest of the year will be deficient, and higher prices for tms class are regarded as not improbable. Cross-bred descriptions are, anticipated to. be plentiful, but as , the .consumption continues large,' values have not as yet weakened. Stocks in the manufacturing districts generally arc low. Out of 302,000 bales arrived since the list for last series of sales closed, 99,000 bales have been forwarded to the manufacturing districts and the Continent. At sales of sheepskins on March 3 there was strong competition and a good clearance was effected at an average advance of per cent on previous rates. About 4000 bales were catalogued, of which about 500 bales 'were from New Zealand. GRAIN. Last week there was a steady fall in the price of wheat, but the latest quotations show a recovery to the level of a fortnight ago. Heavy offerings of English wheat, large quantities of foreign wheat afloat for Europe, an absence of Continental 'demand, offers of Indian wheat at low prices for forward delivery, and improved crop prospects owing to the arrival, very tardily, of wintry weather, all contributed to the temporary weakness. The influence of low stocks and a firm market in the United States and some speculative inquiry induced by political complications has asserted itself during the last few days, and the tone of the market is decidedly sound. Last week’s Imperial average was 35s lOd—lOd per quarter higher than a fortnight ago and 7s 7d higher than in the corresponding week of last year. New Zealand oats are dull at 25s to 26s for fine heavy and 23s to 24s for fair ordinary, per 3841 b. New Zealand beans have improved, being in short supply, to 32s 6d to 34s per 5041 b. NEW ZEALAND HEMP. Messrs W. Weddel and Co. report: —At auction on March 9 there was a good demand, and prices for most descriptions are steady. Owing to a “ corner ” in sisal in America, a parcel of fifty tons of New Zealand arrived has been sold at £lB per ton, c.i.f. Floating parcels are offering at £l6 10s, c.i.f. We quote :—Fine Auckland, £lB nominal; fair Wellington, £l7 nominal; good Lyttelton, £lB nominal; common, £l6; tow, £5 to £7 per ton. FROZEN MEAT. There has been a general improvement in business during the fortnight, largely owing to old stocks,of mutton, except of some heavy weights, being cleared off. Messrs Weddel and Co. report that these large sheep are still difficult to move. Small sheep have ruled strong, and advanced prices have been obtained for both New Zealands and Australians. Small Canterburys (50 to 551 b) have been making up to 3|d per lb in a few instances when of really prime quality and oright, but the general price of sheep of this weight ranges from to 3fd per lb. With no quantity of medium weight sheep on offer, prices for these also are firmer, anything good and light has realised to 3£d per lb. Only a few 65 to 701 b Canterburys have been disposed of lately, and although holders endeavour to make 3d per lb, by far the larger quantity sold have made little more than 2|d per lb. Extra heavy Canterburys are a drug in the market at 2£d to 2|d per lb, or less than the rates current for ordinary Australian and Plate sheep. Secondary sheep are firm as far as small weights are concerned. Light Dunedins and Southlands have been selling freely at 3d to 3|d per lb, a few having touched 3]d per lb. Medium weights may be quoted at 2gd to 2|d per lb. Large sheep have been in little request at diet to 2{jd per lb. Small North Island sheep have been a good market at advanced values, say,'2|d to 2|d per lb, as against 2|d per lb a fortnight ago. The market closes fairly steady. The lamb trade has been weak and prices have given way sharply, and now the top quotation for best Canterburys is little more than which shows a decline of to -id per lb on the fortnight. Sales at 5d per lb are not fast, and a good number of Canterburys (30 to 401 b) have been sold at 4|d to 4|d per lb. ■ Secondary grades have given way in a similar manner, and prices mark a drop of about |d per lb, today’s value for these grades being 4jd to 4|d per lb. Generally speaking, the quality of the lambs that have arrived to date is not altogether satisfactory. There have been a few prime lots, but, taken as a whole, they are not up to the average of former years. Australians are mostly of secondary quality. The effect of the severe drought is plainly visible on the lambs, and only a small proportion could be classed as prime. Values are lower, in sympathy with New Zealand descriptions. The best may be quoted at 4|d to per lb, secondary 3|d to 4d per lb. Frozen beef continues steady, especially the fore-quarter trade. There is very little New Zealand beef in store, and best kinds have been making from s|d to 3|d per lb, fores about 3d per lb. The C.C. and D. Company’s statistics of the arrivals of New Zealand frozen meat since Jan. 1 are as follow: Mutton 248,336 carcases, against 326,951 carcases in the corresponding period of last year; lambs 103,629 against 58,479 last year; and beef 6227 quarters, against 2265 Quarters. Australian sheep have decreased 10(5,604 carcases, and lambs 33,566, and River Plate sheep and lambs have decreased 67,322. There is a net decrease in the total, of 98,313 sheep and lambs. ’

Mr C. Tabor supplies the following report upon frozen rabbits and hares : —The trade in rabbits the past year has not been a bad one for shippers, as although prices have maintained a lower level, larger quantities have been sold. The fall in pride this side has been largely due to heavy c.i.f. sales in the colony, and as these have mostly been for far below market value on arrival, it has been difficult to raise the price on commission goods. The hare trade continues as bad . as ever, and in the anxiety of holders to clear and avoid storage until next autumn, tons of colonial hares left from last year are being offered at Is 3d to Is 6d each, and this price mostly carries a heavy storage account against it. The rabbit trade undoubtedly will continue, although, in face of the large New Zealand contracts at 7fdto Bd, the outlook is against the probability of high prices of three years ago; still, there is a large turnover to be done. With hares, the case is different. Buyers seem to have fairly set their faces against them, and many have said they would be afraid to buy again next season; and, if this trade is to be forced, it will have to be on even lower, lines than this last -winter. The general complaint of these

hares' is that ■■ they eat hard/ and - one wonders whether it is due to the,' freezing process, or to the. fact that so , many of the hares are old. There appeals 1 ' to be a good opening for a shipper who will 11 pack only young hares, full-grown. English hares, when old, are always sold at lower prices, and these colonials, to.. compete with them, must be subject to same conditions, and yet, with l the recent low prices, one can ■ hardly: see room for much .reduction .in. price. The fact that most of the haares shipped this winter have been sold to th®' trade prevents the loss falling on tpe colonies, but the public not having bought of the English retailer has left him a heavy loss, and one which he is not likely to risk making again. dairy produce. The C. G. and D. Co. reports that Australian and New Zealand butter has' been in. great demand, and considerably higher prices have been realised. Shipments have been readily cleared on! arrival, though the price is now rather above the popular range. The prices for ordinary finest varies from 100 s to 105s> but some pet brands bring as niuch 108s v to 110 s. The arrivals 'during: have, been ' fairly' maintained, ; but£ much" smaller shipments are now anticipated' on account of the hot. weather exprienced in the colonies and the numerous bush fires. Everything tends to show that the 1897-8 season will end in a much more satisfactory manner than might have been anticipated, and that the, beginning of the 1898-9 season will not dc hampered with large stocks of cold-stored butter which must be cleared. During February the total imports of butter are practically the same as during the same period of last year. Australasia shows an increase of 9000 cwt, sending 60,000 cwt against 51,000 cwt, the chief increase being from New Zealand. New Zealand cheese lias been little asked for in London, but good ‘ prices have been made—3Bs to 40s, coloured , being worth 6d to Is more than white. The qvality is very good and compares well with last season. The chief demand for this class has been in Scotland, where at the moment it is most popular, and large sales have been . made there. No large arrivals have come to hand, hut stocks have been cleared without difficulty.