LONDON COMMERCIAL NEWS.

New Zealand Herald, Volume XXXI, Issue 9489, 19 April 1894, Page 6

LONDON COMMERCIAL NEWS.

;■:*:& [FEoueoBOWN :cqbbespon'dent.]) ,'-' ■ V ' . London, March 9. jWooL-^-Messrs. \ C. Balme and Co. say :— i" ; Since the j opening of the sales' the general tone ■ of^the ! market has. sensibly weakened, and!" with tlie exception' of well-conditioned crossbred, Rood combing greasy merinos, Cape scoureds, an average decline of : 5 per oent.=froniif January values must be quoted. Consumers operate on; this basis with i rathers more confidence, and although some irregularity in demand '■ is noticeable in particular descriptions/competition has : oh' the: whole,gained; in steadiness." 'Messrs.' W. Weddel and Co. J report :f- The attendance of buyers ' on the opening night, and up to 'the present time has been well up.to the average.-■.■«.' Competition on the j whole-ihas| been well" maintained, and prices for sound good-conditioaed Merino grease haveruled on a; par with the last sales closiug rates. i On. the other hand, heavy and faulty descriptions have sold with irregularity, and values - are generally : about 5 per cont. lower than in February. Scoureds, both fleece and pieces, have, also v ruled | about five per cent, v lower.'\>.New- Zealand 'staple|has| again been in : very 'short* supply, only some: 17,000 bales, the bulk of which is crossbred grease of medium character. These have sold well, .with good competition from home and foreign trades at last sale's closing rates. • The finest grades, it anything, are hot .-quite]' so •' firm - as i then. :vAi re-arrangement or the sales has , been effected, and they will 'howclose on Saturday, 17th inst.>v There does nob" yet appear to be any disposition on the part of ■: the ' American '■ buyers •to 'operate to any: large extent; in fact they are content, for the present to supply their immediate and present requirements.'- The final settlement of the tariff legislation seems somewhat distant, and the basis of settlement uncertain, so that there is no : likelihood of any very active inquiry from : this quarter in the immediate future." * i.:,- -• ', • J - : -'"", : -!: ? ll r 7i ' .' Grain.—l hear from Messrs.. Weddel that the wheat market has continued in a state ofdepression during ; the past fortnight, and a further decline in values I has to be recorded.| At the j close;' however, • a slightly improved „ tone is evident, but j the weakness apparent in : America discourages buyers. Operators are now beginning to take a more hopeful view of the prospects. The rumours'of exceedingly large surplus stocks iu the Argentine appear now to be quite unfounded ; andthe fact is that the country has very little, if any, | more to expect " : than last year. The I stock in the United Kingdom is now, quite normal, owinc to the heavy drafts upon ib since last November. "-. /These facts and \ the I present low level of values; - which will restrict supplies coming forward from exporting countries, encourage the impression that the ■ lowest point has been; reached. ( New Zealand wheat; is down. New Zealand' oats ; are ' in limited • demand . at unchanged' prices. - '-' ■ i " ■.:■'■ FLAX.--The l market is inactive and quotations are nominal. ,-,•<■ • - . Tallow.—Market .very/quiet price unaltered ; excepting an advance of 6a in good mutton. " • Hides, Bones, Rabbitskins, :and ; Sheepskins, etc. —Demand .inactive and no change of importance to. record." f:. m Canned Meats.—Market steady at about 3d per lb. New Zealand: rabbits 3idto4sd. Messrs. Flack, Chandler, and Co., say that the market has' ruled firmer in prices owing to'shorter supplies at the moment. r: ■' - ' Copra.—Messrs. Flack, Chandler, and Co. say : There is no material change to report in this article, but the market is inclined now to be rather speedier.' ■". ;'■■; Kauri Gum.—Messrs. S.' Figgis and Co. inform me that ample supplies are offered and the market is weak in the. continued absence of demand from America, and with the large supply of Macassar, copal'->.at very low prices. At the auction yesterday.prices were rather ! in the buyers favour generally, but good dark gum and chips sold well, and fine re-scraped steadily. Three-quarter scraped was irregular in quality ' and. price ; half scraped sorts neglected. :':;.'- ,»'- : -'-:.: ;:; -- S! :■ :..';■ Frozen Meat?— Messrs. Weddel and Co. say:—" There - has ~ been !no very j material change in the general market during the past fortnight, supplies continuing to be moderate rather than heavy,irwhile" the consumptive demand shows ;no ■ signs of improvement. Home-killed beef and mutton fully maintain their value, ■'■ some,; grades eveu showing - ; a slight improvement ; continental mutton is scarcer, but no dearer;'; American beef on the other hand has been plentiful, both alive and chilled— prices have given way con:siderably. . A new feature in the trade has been the arrival of several important shipments .' of frozen mutton/; from the ..United States: but only a small proportion.of these sheep have been Offered for sale at Smith field where their quality and condition met with only qualified praise. -Being largely of a merino type, though well-framed and full of lean, they are not. likely to come into direct competition with prime New Zealand sheep, but :• they may interfere '-with the c value of Australian ; mutton if : received in large quantitiesa somewhat improbable contingency," even ; .'"with' : values so •;lowas they are at .present in the States." Messrs. Nelson Bros. say, under to-day's date:—With smaller supplies at the MetroSolitan Market, and a firmer steadier trade, :■ English meat, both beef and mutton, have recovered the check in rates noted in our 1 last. We have remarked on regular shipments of live sheep and cattle from the River Plate, but recently consignments ,of live sheep from North America have appeared in the markets. Metropolitan and Provincial, the first for several years past.- -In \ the Central Dead Meat Market supplies have been very heavy and both refrigerated beef and mutton difficult to clear at reduced prices/ New Zealand mutton: The: only arrival has been the Rimutaka', with 16,147 carcases. v-The Duke of Westminster, which left , New .Zealand two days before : l the Rimutaka, is reported at St. Vincent (C.V.) with disabled machinery, her ' non-arrival ■ has temporarily left stocks very light, and holders have advanced prices Jd per lb, but demand is very inactive,'' and business restricted. -.There are complaints from all ; quarters of the shortness of money, and depressed trade, and reports are rife of shops closing, from inability to obtain' the advance in prices now ; required. Best sheep are worth 44d to 4|d : per lb, second quality 4Jd to 4|d. per. lb.;-;". New Zealand' lamb : The Rimutaka brings 13,105. Stocks, are very light and the number now received will barely suffice to 1 satisfy requirements until the Tainui, due ■ about the $ 23rd ; irist.. brings a further supply. 4 Prices are high, 7d per lb has been touched, and for the present: there should ;be no; great reduction. V The Tainui will be followed, inquick succession, by several steamers with very heavy, shipments. Australian mutton : There 1 has/ been no addition to stocks/sales are not made freely, and Plate/ sheep interfere considerably with the numbers disposed of. The Melbourne sheep ex Hornby Grange are very mixed in quality; some prime crossbreds have realised 4d to 4Jd per while ;the ordinary merinos are worth 3jjd ; old ewes, of which there are "a large number, are selling at; 3gd \ to 3Jd per' lb. There seems a probability of prices falling ; stocks are heavy, Band;other shipments close. at | hand. j Some . Sydney sheep were recently/sent to Gibraltar by mail-boat, and there distributed amongst official Heads of departments : and others; in \ every case the reports .were most ; eulogistic, and ; wishes • expressed that the supply could be continuous. Australian lamb : The Melbourne lambs per Hornby Grange arrived to a capital market, advantage has been taken /of / the present dearth of New Zealand lambs to dispose of these, and any of really good quality, of which there wero: a; number, have - made 6d aud : 6Jd: per lb, the V very; poor' inferior .ones selling \at . 4£d ; to .'• sd \ per lb bring I the average down. Australian beef : ; With heavy, supplies of refrigerated American and Danish beef selling at low prices, there ;;has been/no inquiry for frozen beef at Smithfield,/ and but little country demand. With the Sydney mutton sent to Gibraltar was some' Queensland beef, distributed in the same way ; this, too, was i very } highly j approved "of, and comparisons between it and the Barbary beef, of general consumption, ; were very \ unfavourable to the, last. As the Government have already placed orders for freezing machinery, for cold chambers at Gibraltar,; it is to be; hoped that the hear future will see \ Australian beef and mutton the ; sole supply for troops and civilians. •.: Prices unaltered— for hindquarters, 3|d for fores per lb.' - ..