LONDON COMMERCIAL NOTES AND NEWS.

New Zealand Herald, Volume XXXII, Issue 10015, 30 December 1895, Page 6

LONDON COMMERCIAL NOTES AND NEWS.

fraou otJB own correspondent.]

London, November 15. Wool,— iny Inst week's report the London wool market lias remained extremely quiet. I find that the latest advices from the English industrial centres are couched in a ! somewhat more cheerful tone than has been observable during the previous fortnight. Reports from the Continent however, show that tho recent political and financial uneasiness has unfavourably influenced foreign trade. Meanwhile, there is no doubt that stocks arc being steadily reduced by the requirements of machinery. There are fair grounds, therefore in the opinion of those who are best qualified to judge for hoping that ore long, in spite of tho adverse circumstances at present prevailing, the active consumption which has now been in progress for some time past will result in the duo effect of steadying the market. The gross arrivals for the next sales, which opon on tho 26th inst., aro to date 92.18S bales, of which 14,097 aro from New Zealand, Of this quantity some 15,000 bales (3000 bales Australian and Now Zealand, and 12,(XX) bales South African) have been forwarded direct to manufacturing districts. The arrival list will be closed at 4 p.m. on thd 22nd inst. Motors, W. Weddel and Co. write to me to-day pointing out that an unmistakable attempt is being made to "bear" tho wool market. This explains the present dulness in tho wool trade, despite our undeniable strength of the situation in all the consuming centres, and the largeness of tho business being carried on. They urge that the grower should ha,vo the courage to resist this " bear" movement.

Dalgett and Co.'s An ai, Meeting.— On Tuesday last, the annus I meeting of Messrs. Dalgety and Co. (Limited), was held at the company's office in Lombardstreet, Mr. E. T. Doxat presiding. The report showed £00,193 to credit of profit and loss, after providing for bad and doubtful debts, depreciation, interest, taxation, etc. A dividend at the rate of 8 per cent, per annum was declared, which absorbs £80,000, leaving £10,190 to be carried forward. Tho resignation of Mr. F. A. Dn Croz, on account of advanced years, is inentined with regret, and thoappointmentof Mr. W.O.Gilchrist,to succeed him, is recorded as a very satisfactory one. The chairman in his speech, mentioned that thecompany, like others, had suffered from the low price of produce. Merino wool, he said, fell in January last to tho lowest price ever known. Wool, which in 1834 realised £10 per bale, fetched only £10 2s in January, 1803. Whilo the directors hoped that tho shrinkage in value had at last been arrested, Mr, Doxat said they had deemed it advisable to write down values further -by £102, In spite of this they were able to pay their usual dividend of eight per cent., and to bring forward £3816 more than last year. He thought this a most satisfactory position, and they could judge what tho position of tho company would no were the continual leakage once arrested. A vote of thanks was passed to the chairman, and tho retiring directors wore re-elected.

Frozen' Mutton,—Bad weather and heavy supplies have sent down the prico of frozen mutton by about }<1 per pound all round. Messrs. H. S. Fitter and Sons have just written to me as follows " The best quality New Zealand mutton remains tolerably firm, but medium and inferior quality is soiling very slowly at to-day's quotations, viz.: Canterbury, 4d to 4-i<l; Wellington, 3Jd to4d. The prices for Australian and River Plate mutton are also lower. I: Oil the same subject the Colonial Consignment Company write this afternoon : —" Trade has been bad, a very limited demand and a great fall in prices. Canterbury sheep selected are being offered in small quantities at 3Jd. 3|d, 4d, and ihe best at 4Jd per lb. Dunedin* fresh and bright and of prime quality at 3Jd, 3J 1, and 4d por lb ; North Island sheep at 3Jd, and ewes at 3Jd per lb. There is no reason for so great a lowering of values, stocks are not heavy and afloats are the reverse, but consignments are much divided, and with the present very restricted demand, lighter probably than has obtained for some years, with _ prospects of increased storage rates accruing, make holders anxious to realise." I find that the Gothic's mutton is not even yet fully discharged, delay having been caused by wet weather, and through the hold being blocked by the position of the chilled chamber. From Manchester I lmve just received a note that the New Zealand mutton brought by the Timaru exactly suits the requirements and trade of the Manchester market. So that is well. A dinner is to be given at Manchester by Messrs. MeKerrow, Pearce, and Co., and Messrs. W. Weddel and Co., to celebrate the arrival of the first produce ship direct from New Zea land. Sir Westby Perceval has accepted an invitation to he present and to speak on the occasion. The Manchester direct shipment movement may be fraught with momentous possibilities for the future of the New Zealand produce trade. It should be remembered that Manchester is the centre of as large a population even than is London, if you take a radius of say 20 miles. \Y heat and Oats.—Wheat has fallen again as far as foreign grain is concerned, but English wheat is quoted at 2l)s 4il, a rise of lid in the fortnight. There is no New Zealand wheat in the market. New Zealand oats are depressed, owing to heavy Russian supplies. The best is quoted at. 24 to 'Jos. New Zealand beans are firm, at 29s to 30». Flax.—ln flax there is absolutely nothing doing. All the New Zealand flax offered at last Tuesday's sale was withdrawn. Tallow.—Tallow is dull, and 9d down for mutton, Is down for beef. In the latter there is simply nothing doing. Hides.—The hide market is" demoralised." There is no demand, and buyers aro holding off in expectation of a further fall in prices. Preserved Meat.—Preserved meats are looking up a little, rabbits especially, but mutton is little inquired for. Reef is more in demand, owing to the very low prices asked, viz., Gs to 7s per dozen 21b tins. Chilled Beef That chilled beef per s.s. Gothic has sold, I regret to say, even worse than I feared last week would be the case. The prevalence of mould proved to he much larger than was at first supposed, and with a very dull market also to contend against, only 3d to 4d per lb was realised even for hind quarters. The re»n!t is exceedingly discouraging and means, I fear, a heavy loss to the nhippur.