LONDON COMMERCIAL-NOTES.

New Zealand Herald, Volume XXXI, Issue 9496, 27 April 1894, Page 3

LONDON COMMERCIAL-NOTES.

[FROM OCR OWN CORRESPONDENT.] London, March 24. Excessive dulness in trade still continues, and there is as yet no sign of improvement. While so much political 1 uncertainty remains and until it is known what the Government will do regarding revenue requirements stagnation is inevitable. New Zealand securities hold their own, and are likely to do so. Midland Railway (New Zealand) debentures fall steadily, but this is due solely to the uncertainty as to the company's position and prospects. Below I furnish a summary of the market news for the past fortnight. WOOL. , The second series of colonial wool auctions, which opened here on 27th February, was brought to a close on the 16th. instant, thus occupying sixteen selling days, the daily average offerings having been 11,781 bales. Messrs. W. Weddel and Co. state that the market presented few fluctuations during the course of the uales. Prices for superior merino grease ruled throughout quite equal to the previous series, while all heavy and ill-conditioned staples were about five per cent, cheaper. Scoured merinos of the better class receded about jd to Id per lb, while lower and inferior sorts were unchanged. Amongst the New Zealand offerings merino grease was an almost unknown quantity, the bulk consisting chiefly of medium and coarsegrown crossbreds. These opened at former sales' closing rates, and as the series progressed appreciated by a good id per lb. The finer grades, rather weak at the commencement, gradually recovered ground and closed firm. It remains to .be seen if, with larger supplies, this improvement will be maintained in the coming auctions. Crossbred lambs as well as merino were in short supply, but January rates could not be supported. At a reduction of Jd per lb on late rates, however, sales were readily effected. The total offerings comprised some 188,500 bales, of which 15,600 were from New Zealand, and 161,000 from Australia. About 173,000 bales were sold, iucluding 15,900 from New Zealand, and 145,700 from Australia. Arrivals to date for third series amount to about 97,436 bales, comprising 18,000 from New Zealand, and 64,000 from Australia.

AIM-WHEAT, ETC. I learn from Messrs. Weddel that there is no appreciable change to note during the past fortnight. The trade moves very slowly in all kinds of grain, without improvement in either demand or price. There is, however, no pressure to sell, except in the case of River Plate wheats, which are rather freely offered, sellers being prepared to accept a little less money. Shipmeuts on passage to the United Kingdom are somewhat heavy, and with a further decline in America, the market closes weak and spiritless. Feeding stuffs, generally, meet with a dull sale, and are the turn easier in price. The weather in the Un : ted Kingdom continues favourable for the growing crops, which are reported to be doing well in all districts. In the leading provincial markets wheat prices have remained a* about previous currencies.

New Zealand Wheat: The demand is of quite a retail character, and although stocks are considerably reduced, values are about 6d per quarter lower. Quotations : Sound long-berried, fair to good, 26s to 27s per 4961b ; sound short-berried, fair to good, 2oa to 26a per 4961b. " New Zealand Oats: Business has been done on a very limited scale at unchanged rates, viz : Fine heavy samples, suitable for seed. 27s to 30s ; lighter and inferior qualities 22s 6d to 24s per 3841 New Zealand Beans : The market is weak and depressed with a dull sale at a reduction of Is per quarter : 30s to 3ls per 5041b. HEMP. Public auctions were held on 21st inst., when a further decline took place owing to lack of demand. Some parcels were sold without reserve, and good fair to good Wellington was knocked down at £15 10s to £16. There is no enquiry for future shipment. Messrs. Weddel quote:—Fine Auckland, £17 10s to £18: fair Wellington, £15; good Lyttelton, £16 to £17; common, £14; tow, £5 per ton. PRESERVED MEATS. Messrs. Weddel and Co. say the demand for Australian beef and mutton has imroved considerably of late, and prices have eeu moving upwards. A larger proportion of tinned meat is now being taken for ship's stores, reducing in the same ratio the purchases of salt beef, which is not looked upon with so much favour by the Board of Trade officials. Mutton meets with a steady sale at uuchanged rates. Buyers of rabbits are holding aloof from the market, anticipating lower prices. TALLOW. The market has been extremely depressed during the past fortnight. Prices have shown a drooping tendency v and a fall of 9d per cwt has to be recorded. Small sales have been effected at about the parity of these prices during the present week. The demand for beef is practically nil, and a further decline is not improbable, while mutton seems a little steadier at the close. Forward business is almost at a standstill, the large quantities afloat making buyers cautious. It is rumoured than extensive supplies of China tallow will come to this country this year, but as yet no very definite information is available on the subject. No public sales were held this week owing to the Easter holidays. SALTED HIDES.

Public auctions were held on the 21st instant, when about 20,000 hides were offered and 6000 sold. The competition was very inactive. Heavy ox were exceedingly dull, while light ox and cow were in fair request for export at previous rates. FROZEN MEATS. Messrs. Weddel say: — Although the weather has been generally favourable during the past fortnight, the retail demand has remained inactive throughout the country, and prices have not been fully maintained. The supplies of home-fed beef and mutton have not been by any means heavy, but the quantities of live cattle and chilled beef received from the United States have been far in excess of current requirements, and prices for American beef have accordingly fallen very materially, causing an all-round depression iu other kinds of meat. The only exception of moment is in the case of New Zealand mutton, which, being unusually scarce, remains dear. The trade in United States mutton continues to attract some attention, but further experience of the quality has not by any means improved its reputation amongst consumers, and with even ordinary supplies of Australasian mutton available, the sale of North American will probably become increasingly difficult. Frozen Mutton : New Zealand—As anticipated in our last issue, the breakdown of the Duke of Westminster has enabled consignees per Rimutaka to secure full rates, the quotation current for North Canterbury sheep having latterly been 4|d to 5d per lb, despite slow demand. The high price is checking the consumption in many districts ; but, until the heavy supplies now near at hand reach the market, the effects_ upon the retail trade of the prolonged scarcity of this description cannot be fully realised. The shipments due to arrive from Mew Zealand, within a few days, are., considerable, and curreut high values may not long be mainmained, but market being bare of stock, closes firm at quotations. From Ist January to date, only 99,195 carcases of New Zealand mutton have been imported, as compared with 283,500 carcases during the corresponding period of 1893. Australian Fresh arrivals have been moderate, but as several further heavy consignments are close at hand, holders have accepted a reduction of £d per lb in price, in order to make progress with sales. There are no prime crossbreds on the market at the moment, and ordinary Sydney and Melbourne sheep are now worth only 3£d to 3§d per lb. There are no Queenslauds available. * River Plate: Stocks have been amply replenished in Liverpool, and prices there nave fallen about §d per lb to 3£d at 3Jd per lb according to quality, while in London the reduction has not amouuged to more than id per lb on ordinary grade. Selected crossbreds have fully maintained their position owing to the scarcity of New Zealand sheep. Frozen Lamb: The Rimutaka brought a failr supply from New Zealand, and the quality being generally satisfactory good progress has been made with sales at full prices. The Easter demand has been fairly satisfactory. Best qualities have ranged in value from 6|d to 63d per lb, the comparatively few inferior carcases selling down to s&d.' : per lb. Australian lambs are very scarce, but fresh arrivals will come into competition with North American frozen lamb, for which as low as 3|d to 5d per lb has been accented, on account of inferiority. There are still no River Plate lambs on the market. Frozen beef: The unusually low level to which American chilled beef has fallen has attracted most buyers away from the use of frozen beef, especially as supplies of the latter now on hand are not by any means of prime quality. Quotations for Queensland beef show a decline of about id per lb on the fortnight, but those prices are almost quite nominal. The provincial demand has also fallen away to a very material extent, and is not likely to revive satisfactorily until supplies are more plentiful and quality is better. The provincial trade for sheep and lambs has been fairly good at about London values. _ . „ DAIRY PRODUCE. . Messrs. Coey and Co. quote colonial butter at 108s for choice faotory; 102s to 106s, flue; 965, 98s, medium; 925, fine dairy; 863,

medium. New Zealand cheese : Finest white, 555; coloured, 555. They say:—" We have made strong representations to the manager of the New Zealand Shipping Company to observe in future a lower range of temperature when conveying butter stored elsewhere than in the freezing chamber." KAURI GUM. Messrs. Louratty and Co. state that at the last sale the demand was less active. Prices were generally up to those of last sale, but in a few cases slightly lower. COPRA. Messrs. Flach, Chandler and Co., state that business remains dull, and without any new feature in regard to copra.