LONDON COMMERCIAL NOTES.

New Zealand Herald, Volume XXXI, Issue 9400, 5 January 1894, Page 3

LONDON COMMERCIAL NOTES.

[feom ocb OWN cobresjpondent.] London, December 2, WOOL. Feom various leading London wool brokers i learn that the opening of the fifth and final series of wool sales of the current year, on Tuesday last, established no very appreciable alteration in prices. In view of the many adverse influences lately prevailing, this fact is thought to testify forcibly to the inherent soundness of the position of wool, which I have of late frequently inferred. And it is thought that there are some elements of latent strength which suggest the possibility of a hardening tendency in values in the early future. Among these favourable possibilities may be included the likelihood of the early re-opening of the American markets to English and colonial wool and its manufactured products, on a far freer scale than for some time past. It is considered that the magnitude of the requirements of the wool-wearing population of the United States, under reduced traxiff conditions, can hardly be over-estimated. It is fully anticipated that the effect of this source of demand may be very sensibly felt in the course of the new wool season. In fact, bo strong is the confidence in this prospect that I hear of some important anticipatory operations for American account in the Anglo-Colonial markets. Should these anticipations be borne out the effect on prices must be very marked. Wednesday's sale showed no variation from opening rates, but although there is no quotable change to record in Australasian wool, some weakness was observed in the case of inferior greasy wools and also in the better descriptions of scoured. It may be remarked, however, that the few lots of crossbred staple so far offered have realised fully previous values. South African wools ranged from par to £d lower. The attendance of buyers at the sales has been large, and, competition general. I am sorry to say, however, that in the opinion of the experts the wools of the new season's clip, as judged from the specimens so far submitted to competition, compare unfavourably with last year's growth in in point of condition, that of several flocks, mostly Australian, being described as "leaner in staple, shorter, and generally heavier, as well as showing a considerable amount of fault." No explanation of this difference seems to have been suggested. DAIRY PRODUCE. ._ __ Messrs. S. Page and Sons write to me that during the last tour weeks there have been some slight variations in the prices of French and Danish butter, but the values to-day are almost the same as they were a month ago, while the trade has on the whole been very quiet. They say, "Since our last report three shipments of Australian have been marketed, the Valetta bringing 4650, the Oruba 5937, and the Ballarat 8934 boxes, in all 19,521 boxes. The bulk of this was of fine quality and sold promptly on arrival at an advance of 4s to 6s per cwt. on the first two shipments of the season. There have also been landed 6191 packages from New Zealand. The greater proportion of tho latter was stale butter, and some of it very inferior, only a small percentage realising our top quotations. American cheese is generally dull, but finest is held for 54s to 55s per cwt. Some New Zealand has been landed ex Tainui, aud sold at 46s to 52s per cwt." Messrs. Covey and Co. report: Colonial butter per Austral and Doric landed in fine condition. Trade shows a slight falling-off for these ships, mainly owing to late arrival of Ballarat last week and the high rates ruling. At present prices, several country districts are not using colonial butter. The tendency is towards a 4s to 6s per cwt lower range of prices. Cheese : Market remains quiet, demand very dull, prices very firm in America. Latest market quotations:— Butter—Danish: Finest, 132s per cwt, last year 136s per cwt; tine, 120s to 124s per cwt. Colonial: Choice factory, 120s per cwt, last year 124s per cwt; fine factory, 112« to 116s, last year 120s per cwt; medium factory, 108s per cwt, last year 1123 per cwt; fine dairy, 110s per cwt, last year 116s per cwt; medium dairy, 100s to 104s, last year 100s per cwt, CHEESE. None in market from New Zealand. KAURI GUM. The gum sales have just concluded, and the demand proved to be better than had been entertained, holders were generally very firm particularly in No. 1 class; most of which was bought in. What did sell fetohed 78s to 82s. The market is generally firm. Messrs. Souratty and Co. inform me that the quantity offered was less than expected, consisting of 2575 cases, which met a fair demand, and in all 1480 cases were sold under the hammer. Selected and scraped gums were again somewhat scarce and sold with good competition, generally at 5s and in some instances 10s advance, -J and '£ scraped was mostly held tor higher prices, what sold went irregularly, in some instances easier, in others dearer. Half scraped gum, sorts, and scraped brown and dark, generally 2s lower. Bush, good to fine, 5s to 10s dearer. Other kinds but little alteration. TALLOW. Messrs. Flack, ('handler and Co., inform me that at the four public sales held since their last report 7358 casks of Australasian were offered, of which 4974 casks were sold. There has been an improved demand, prices on the whole showing rather more firmness. Sales of fine edible mutton have been made at 32s 6d to 33s 6d for special brands, while best ordinary brands have realised 28s 6d to 30s 6d per cwt. jr Beef has ruled very steady, edible descriptions being rather scarce, the finest brand is now worth 32s per cwt, fair to good sorts, 27s to 28s; and good, bright, sweet qualities, 29s to 30s per cwt. As we are now approaching the end of the year some curtailment of business may presently be looked for. but the market closes fairly steady. With fair deliveries and unprecedented small arrivals during the past four weeks it is anticipated that the stocks will show a considerable diminution. RABBIT SKINS. At the concluding periodical auctions for the current year, held on November 10, the full quantity of 2474 bales Australasian was offered, and 2181 bales sold under the hammer. The trade was represented by the usual buyers. A steady demand prevailed throughout the sales, which was more than to be anticipated considering the excessive supply from all quarters, and the bad state oi trade. A lower range of values was established for all descriptions. New Zealand skins show a decline of Id to 2d per lb on average of parcels ; prime selected skins, of which there was a large collection, suffering the most. SHEEPSKINS. At auctions held on November 23 and 24 4264 bales Australasian were offered, and 4005 bales sold. There was an improved demand f romja good attendance of buyers. Good clean parcels, both of merino and crossbred descriptions, were more inquired for at firm prices; common and dirty lots were slow of sale, values for these still tending in favour of buyers. HORNS. There were 383,572 Australian and New Zealand ox and cow horns offered at sales of 22nd November, and practically all clcarod at very full prices, the demand being good. COPRA. Copra keeps fairly steady on the spot, values nominally £16 to £16 23 6d per ton for good Sydney sun-dried in bags; % for forward f .-rivals prices would be fully £2 per ton below this. ;..••,.-■; CANNED-MEATS. Canned meats still remain in a depressed condition, and there is ho improvement to report either in demand or value. '•, : '• ' FROZEN MEAT. ' With reference to the frozen meat trade, Messrs. Nelson Brothers report During last month the meat trade generally has been slowj in sympathy, probably,with slackness of trade throughout the country; the coal strike affecting not only the mining districts, but paralysing to a great extent manufacturing business of all kinds. Happily that crisis is past, and though the influence may, not be felt for a week or two, prospects of a revival of trade, are hopeful, and brisker markets arid better prices should obtain in the near future. The supply of sheep and cattle has been adequate to requirements, and though ; the better, grades have not been too plentiful i they have;not been so scarce as to much enhance '.values, and slightly; higher prices have been well : maintained, any fluctuations having been due chiefly '.to changes iof weather. American and Canadian cattle have been in fair supply, the best qualities rather shorter than usual, the numbers being made up by Ranch cattle, many of indifferent quality; the same applies to refrigerated beef, much of not very prime character having been < offered, Danish, beef has also occasionally been put on the market. In mutton the prime neat wethers of suitable Weights have commanded good prices, but ewes and second-rate sheep have had to compete with Dutch, which have" come forward freely, and as their quality and condition have been good, comparatively low prices have often been taken to effect sales. During the last fortnight whenever the weather has been seasonably cold, prices have hardened and the market has shown a better tone. As to New Zealand mutton, notwithstanding that 145,721 carcases have been added to stocks, there has been a marked improvement in prices, fully id per lb in advance of last month's quotation being realised for # all sorts ; at times trade has been very dragging and the advance has been difficult to maintain, but as the mutton is now much concentrated, the lack of competition may prevent any lowering of rates. Bayers have been

■—. ' 'l " ■ha———■■—— accustomed so long to such very low prices, * that they have been very loth to accept the rise, and often have fallen back on Dutch and home-killed ewes, the prices of which have been nearly on a par with frozen; really useful English ewes have been plentiful at 4d per lb. Messrs. Nelson quote 4d per lb [ for best sheep, exceptionally 4Jd, and even 1 4£d per lb for small choice lots of the old Canterbury type, which now but rarely come on the market, the bulk of mutton now 5 coming from Lyttelton being of distinctly r - North Island character, and realising accordI ingly. ' ■ -'V'-.y i Frozen Beet: The only arrival has been L the Te Koa, from Queensland, with 20,436 * quarters. Beef has sold freely, and prices E have gradually risen till 3£d per lb for hind ' quarters, and. 2§d for fore quarters has been i reached, and these prices could have been " maintained had the Te Koa's .cargo been ' concentrated, but as it is distributed amongst 9 several. consignees, the market day seems weaker, and there is a tendency downwards. ! The market was eased to a slight extent by P several parcels having been sent to Germany, * but if present prices can be obtained at home, > the foreign market does not hold out much ' encouragement to continued consignments.