ENGLISH AND AMERICAN COMMERCIAL.

New Zealand Herald, Volume XXVIII, Issue 8669, 11 September 1891, Page 3

ENGLISH AND AMERICAN COMMERCIAL.

[from our OWN correspondents.] London, August 8. Corn. —Since I last wrote values generally have already appreciably hardened, the imperial averages recorded since our previous circular being respectively 389 7d, 3Ss 3d, 3Ss Gel, and 38s 9d per quarter. From France reports continue to be of a somewhat conflicting nature, but it appears that the results of the threshing of the new wheat in the south have fallen considerably short of general expectations, while wet weather has considerably retarded progress in other parts of the country, and a very short yield is now generally looked for. A smaller crop is likewise cxpected' in Hungary, the outturn being estimated at some 14 to 15,000,000 quarters, as against 19.750,000 quarters last year, but from South Russia latest advices point to there being some improvement in the prospects. The market in all positions opened quietly, but, with a decrease in quantities afloat, a falling off in exports from all sources of supply, and unfavourable weather, a better feeling supervened, and a considerable speculative business has recently been done, Doth for United Kingdom and the Continent. On the spot, New Zealand wheat has continued to meet a very fair demand,-and - values at the close mark an improvement of from Gd to Is per 4981b on the month.

The c.i.f. market, during the greater part of the period under review, has been very depressed, buyers exhibiting no inclination to operate, and values have been more or less nominal. Business in white wheats has been almost a standstill, sales being restricted to one Australian cargo, which changed hands " off coast" at 39s 6d per 4801b. Two New Zealand cargoes, " on passage," are on offer, but there has been little or no inquiry for them. During the last few days, with unsettled weather, a better tone has prevailed, buyers showing more inclination to operate ; but, on the other hand, holders are exhibiting increased firmness, and so far but little business lias resulted.

Oats.— market for New Zealand has been fairly active, fresh arrivals having met a good demand at about late rates. Barley has been in fair request at rather better prices. Beans and Peas.—There is-no change to report. Flour lias met more inquiry at an advance of fully Gd per 2801bs. Cocksfoot.—The inquiry has been quiet, buyers' attention at the moment being mainly directed to watching the movements of the American market. The American new crop is reported to show an increase of about 50 per cent, as compared with last season, but so far but little business has been transacted. Fine re-cleaned descriptions were for a time quoted at 50s per cwt, but values subsequently declined fully 4s per cwt. Should, however, there be a brisk inquiry from this side, some improvement in prices may be for. Cable advices received from New York to-day state that values there are advancing, 49s Gil per cwt. being now quoted for re-cleaned seed c.i.f.

Wool.—No change of importance has occurred since the close of the auctions oil 7th ultimo, and but little business has been passing by private treaty, sales practically being restricted to a few parcels of South African produce, for which firm rates have been secured. Advices from the various manufacturing districts point to a quiet trade, but this is by no means an unusual feature atjthis season of the year; and, as there would appear to be nb material falling off in the scale of consumption, while stocks generally are not considered to be in excess of trade requirements, the outlook may bo considered on the whole as satisfactory. The arrivals to date for the fourth series of sales are 355,915 bales, distributed as follows: New Zealand, 95,885: New South Wales, 95,985 Queensland, '29,775; Victoria, 45,8*25; South Australia, 3557; Western Australia, 3563; Tasmania, 0974; and Cape of Good Hope, 74,351; of the total, 62,000 bales have been forwarded direct.

Kauri Gum.—At the auctions which took place on the Kith ultimo, 23G4 cases were ottered, and 1289 cases were disposed of under the hammer. There was a moderate demand. Fine selected qualities realised late rates, and good chips were rather dearer, but partly scraped sorts declined from 3s to os per cwt, while the brown and dark varieties were mostly bought in, as satisfactory bids were not generally obtainable for them. A comparative statement of stocks, landings and deliveries of kauri gum to July :il, and to the corresponding date last year, is as follows

IS9I. 1890. Stocks on July 31 .. „ 9.17. tons 812 tons Landed during Jan.-.]uly ..1,900 „ 1,22;! „ Deliveries .. .. .. 1,74(5 „ 71:1 „

New Zealand Hemp.'—'The improvement recorded in the al>ov£ a. month ago was well maintained at the auctions of the 15th ult., when buyers conceded a further advance of ; about 10s per ton all round. At the subsequent sales, however, held respectively on the 22nd and 29th idem, prices again relapsed and may now be quoted about on a par with those ruling four weeks since. The total offerings at auction aggregated 2284 bales, of which 1400 bales consisting principally of the better dressed sorts were disposed of at and after the sales. Since the last public sale the market has been extremely (lull, owing no doubt to some extent to the holidays, but at the close there is rather more .enquiry for the better qualities. Mors.—Notwithstanding unsettled weather, the growing crops give promise of a favourable harvest. Holders are exhibiting some anxiety to clear out their stocks, and pi ices have consequently given way appreciably. The shipments of New Zealand new crop received to date have not come to hand in as satisfactory condition as could be desired, there being much room for improvement as regards drying and packing. Preserved Meats.—Recent importations of New Zealand boiled rabbits have been on a large scale, and prices have declined. The market for these lias also been adversely a fleeted by the sale of considerable quantities by auction at prices much below current quotations. The price of American compressed corned beef lias been forced down fully id per lb by competition with South American shipments. Importations into London for the four weeks ended Ist instant amounted to 9474 cases from Australia, 5759 cases from New Zealand, 23,444 cases from America, and 1762 cases from other sources. Frozen eat. —Supplies of home-fed and foreign mutton have been fairly plentiful, but the enquiry has not been brisk, and values generally have had an easier tendency. Importations of frozen mutton have again been - ou a considerable scale, and difficulty has in some instances been experienced in finding storage accommodation. The demand on the whole has been disappointing, and as some holders have sought to force sales, it lias not at times been practicable to maintain values of New Zealand, although at the close quotations for prime qualities show little change from those recorded a month ago. Prime descriptions of lambs have proved fairly ready of sale, but in view of the closing of the London season values have ruled lower. Secondary and inferior qualities continue to meet a slow enquiry. During the earlier part of the period under review receipts of American beef were light, but lattrely supplies have been on an increased scale, a considerable portion of the meat recently to hand being in unsatisfac tory condition. For New Zealand descriptions there has been a fluctuating demand, and values have not been maintained, the enquiry at the close being dull. A fail" trade has been passing in the provinces, but values on the whole have scarcely been so well maintained, importers in some cases, in order to effect sales, accepting unnecessarily low prices. The Ruapehu's Wellington cargo of 15,119 sheep, G354 lambs, and 1497 pieces of beef was sold at 3Ad to Aid for the sheep, 4:J d to sjcl for the lambs, and 3d to 5d for the beef. The Canterbury's Oamaru cargo of 11,024 sheep has sold at 3}d to 4jd. The Massilla's Sydney cargo of 11,085 sheep has sold at 2id to 3d. The Cuzco's cargo, from the same,, city, of 4G71 sheep has sold at 2Ad to 3d. The Tainui's Wellington cargo of 18,982 sheep, 11,402 lambs, and 2GOI pieces of beef has sold at 3"d to 35d for the sheep, 4d to 5d for the lambs, and 3|d to 5d for the beef. The Duke of Buckingham's Lyttelton cargo of 20,305 sheep and 21,015 lambs has sold at 3Ad to 4Ad for the sheep and 4Jd to sjfd for the lambs. The Celtic King's Napier cargo of 39,875 sheep and 592 pieces of beef has sold at 3.1 d to 4d for the sheep and a price not quoted for the beef. All the above cargoes are classed as having been in good condition. The cargoes of the Ivaikoura, irom Lyttelton, the Duke of Westminster, from Napier, the Lusitania, from Sydney, and the Victoria from the same port, are not yet on the market. The prices for best quality of New Zealand mutton and lamb continue firm. To-day's prices are (per stone of Sib) : —Scotch sheep, 5s to 5s 4d ; English sheep, 4s 8d to ss; Continental, 4s to 4s 4d ; ewes, 3s Gd to 4s ; Canterbury New Zealand sheep, 2s Sd to 3s 2d ; Wellington ditto, 2s Gd to2s 8d : Queensland sheep, Is 9d to Is lOd; River Plate sheep, Is Gd to la Sd; New Zealand lambs, best, 3s 4d to 3s 8d ; ditto, inferior, 2s Sd to 3s ; New Zealand beef, hind quarters, 3s to 3s 2d ; ditto, fore quarters, 2s, to 2s 2d ; American beef, hind quarters, 3s 4d to 4s 4d; fore quarters, 2s to 2s 4d. [From Messrs. Scales and Co. on August 7 we extract: —]

Butter. — Our market is abundantly supplied with home grown and Continental butter, and no demand is likely to arise for Colonial produce before the winter, say end of November. The taste for line Australian and New Zealand is steadily increasing, and we quite anticipate a keen demand at high virions for all really fine qualities that may arrive. ...

Cheese,— Finest quality New Zealand still finds ready buyers at about our quotations, but inferiors are almost unsaleable owing to the competition of cheap American and Canadian. The season for colonial cheese is practically over for the present Canadian and American, 4()s to 465; New Zealand, 30s to 425; Dutch, 42s to 525.

New Zealand Hemp.— C. Spurling reports at London, Bth August : —Having regard to the general dulness of our market for all textile fibres, and the consequent decline in values since my last report of the 10th ultimo, it is not surprising that New Zealand should also have been adversely affected. Our public sales of the 10th ultimo passed off at some slight advance on the prices obtained at the time of the departure of the last San Francisco mail. This trifling advance has, however, been since lost, and a decline of 10s to 20s has been established since my last advices of 15th July, mostly, however, on middling to fair descriptions, and our market to-day closes quiet. Common and ordinary, £18 to £19; middling, £20 10s to £21; fair to good fair, £21 10s to £22; good, £22 10s to £23; fine (well cleaned), £24 to £21 10s. For New Zealand hemp bars or toppets there is an increased demand, and there is little doubt that if well cleaned and of good colour, this article, in the future, would meet a ready sale. One small parcel has been sold at auction during the month, £17 5s to £17 15s for good fair quality, whilst good and fine would command a good sale, from £1S to £18 10s per ton. Arrivals since 10th ultimo have been much lighter than during the previous month, and include the Celtic King, Duke of Westminster, Persian Empire, Peri, Kaikoura, with a total of 658 bales. In Manila hemp only a very moderate business has been done during the montlv Mauritius hemp has continued to droop in value, and in Sisal there is little passing here. The prices current are :— Wellington. Auckland. Fine to extra .. £23 10 to £24 0 £24 oto £25 0 Good .. ~ 22 6to 22 10 23 oto 23 10 Good mid. to fail' 21 oto 21 10 21 10 to 22 10 Com. to raid. .. 19 oto 19 10 19 10 to 20 10 Lowandonl.,nom. is oto 19 0 18 10 to 19 0 AMERICAN. San Francisco, August 21. Flour. —Firm, family extras, sdol. to sdol. 25c.; bakers' extras, sdol. 15c. to sdol. 25c. Wheat.—Tone of market buoyant, and firm holding. No. 1, shipping quality, Idol. Utile, to Idol, 67^c. Barley.—Market stationary, Idol. 55c. to Idol. 60c. for Chevalier. Lumber.—Oregon pine, values unchanged. Redwood advance Idol, in cargo lots, but retail prices have . not responded; spruce, rough, 20dol. ; selected, 28dol. ; clear, 34d01. Coal. —Wallsend or Greta, spot and near at hand, 7dol. 20c. ; August and September loading, 7d01.; later loading, Gdol. 82 k. to 7dol. Canned Salmon. — Result of packing season on Columbia River, 393,070 cases. British Columbia: Pack on Skeena River, fair average; Fraser River, short; Alaska, fair pack, but considerably below past two seasons. Columbia River; Flats, Idol. COc.; tails, Idol. 40c., f.0.b., river. Skeena and Fraser rivers: Flats, Idol. 45c.; tails, Idol 20c., f.0.b., Victoria. Standard red Alaska Flats, Idol. 25c.; tails, Idol. 2ic. to Idol 05c., f.0.b., San Francisco. Hops.—l7Jc. to 22£ c. per lb nominal. Freights.—Spot iron vessels, 48s Gd to 50s, f.0.b., United Kingdom, Havre, or Antwerp. To arrive: 46s 3d, October cancelling; November, 43s 9d; December, 42s Gd; to Sydney, lumber freights from the North, 50s ; Melbourne, 60s to 62s 6d, same to Adelaide or Port Pirie.