LONDON COMMERCIAL NOTES.

New Zealand Herald, Volume XXXIII, Issue 10020, 6 January 1896, Page 3

LONDON COMMERCIAL NOTES.

? [FROM OUU OWN CORRESPONDENT.]

London, November 30. Wool.—Notwithstanding tho lull which, as usual, pervaded both the London market and the English and foreign centres of the woollen industry on the eve of the opening of a fresh series of auctions, advices from the home districts show the revival of confidence to be woll maintained. There has been little or no indication of any improvement in the position on the Continent, although the recent small recovery which has token place in the "t&rw}' markot appears to have slightly improved .the general tone of the Continental industrial centres. In these ciroumstauces the nt.iV wool sales opened last Tuesday evening with 7052 bales, including 588 from New Zoaland. Buyers from all quarters were present in large numbers, and competition was free and general. New Zealand and Australian merinos sold at rates ruling from those of September and October to 5 per cent, below, the least umount of change being noticeable in wellconditioned greasy combing wool. Crossbreds were in poor supply, but so far as may be judged from the selection offered, last Bales' closing rates were firmly maintained. South African wool sold on the average 5 per cent, lower than the final quotations of the previous series, " superior scoured" and " heavy grease" being especially weak. For the remaining sales of the series about 160,000 bales will be offered, including 16,811 from New Zealand. Upon very high authority I am assured that the impression produced by the opening of the present scries of wool sales is distinctly satisfactory. Various outside and speculative influences of a prejudicial nature had been at work duriug the recess, and it is pointed out to me that value? in the Colonial auctious have been materially affected by the want of confidence among dealers and " top " makers, engendered by clevor manipulation of the "terminal" market. However, effective as the " bear" raid may seem to have been, this effect has been upon tho surface, and has had little or no result bo far as tho actual consumer is concerned. The experience of the opening of this week's auctions fully testifies to this fact, which is eminently satisfactory and encouraging. Buyers hare attended this week's sales in full force, and competition, though occasionally a little irregular, was on the whole animated and free. Continental and American operators were active, the latter bidding keenly for all well-conditioned parcel of the new clip. English buyers, however, showed some reserve at first. New Zealand merinos iu grease, when in good condition, have realised September quotations; but faulty and inferior kinds ( as well as medium to good scoured descriptions, frequently fall short of that valuo by five per cent. Ac is usual at this time of year, crossbred wool is in small supply, aud what is to hand chiefly consists of skin wool. So far as can be judged from the experience of two sittings, the coarser grades, whether "aliped" or in tho grease, command fully last sales' final prices. On tho other hand, some weakness is occasionally noticeable in "scoured." especially when fine-haired. As regards South African wools, tho prices mark an average decline of five per cent, upon September rates. " Scoureds," as was the case during tho last series, still suffer from want of support from the Scotch trade, prices for superior descriptions having fallen Id, and for medium and inferior grades id per lb. Dry, light-conditioned greasies meet with a ready market at about last sales' prices, but heavy " wasting " parcels feel the full force of the decline. South African fleeces liavo lost ground to the extent of Jd to id per lb. The specimens of the Adelaide new clip which have come forward so far are for the most part well grown and in good condition. As regards the other colonies, their production appear, though lacking length of staple and carrying a considerable quantity of fault, to be finer haired and lighter in yolk than last season's growth. Many of the flocks, however, show unmistakable evidence of the recent drought. New Zealand is lucky in being free from this drawback.

Fkozkx M hat.—Frozen meat has been dull of sale 'and prices luve fallen, best Canterbury mutton having been sold at 4d, though the average is fractionally above that point. During the past fortnight, I am informed, a large number of stale, off-colour carcases have been marketed and sold at very low prices; many of these were recent arrivals, and their condition is not the result of long storage in Eugland or of ship damage. Their sale has had the effect of lowering rates all round, and prices have receded from 3Jd per lb for wethers to 3id per lb, and for ewes from 3d to 2|d per lb, and holders are still desirous of pushing sales. The best Canterbury sheep have made 4d per lb, others can be bought at 3|d per lb, probably less, "good fresh bright Dunedins" have commanded 3Jd per lb. North Island from 3§d to •'id per lb according to condition. Some Mew Zealand mutton was sent some time ago to Manchester, but being unsaleable at any price in that market was brought thence, and has been sold in Smitlifield at a little under 3d per lb, This does not encourage experiments in the Lancashire market, but the fact is that an improved method aud system will have to be adopted, something after the stylo of that pursued by Mr. H. C. Cameron. He has been successful and so might others be. But it is worse than useless merely to "dump down" the meat on the market and expect itto sell spontaneously. The frozen meat market, according to latest advices received this morning from the principal dealers and agents, is still somewhat depressed, but owing to the scarcity of really prime sheep the best North Canterbury mutton holds its own; secondary and inferior have fallen substantially in price, Messrs. Wcddel remark that the presence of a considerable number of stale and slightly damaged carcases on the market has tended to aggravate tlio depression, but in view of light shipments afloat the position lias become somewhat more hopeful during the : last few days, though on to-day's market I prices are almost nominal, owing to the I bad weather and slack demand.

Chilled Bekf.— With regard to chilled beef I learn that thu Gothic's lot turned out' better than it looked. The mould was only on thesurfaco and wheu scraped off the meat was bright and sweet enough, while when cut into it was all that could be desired. But the attempt to bring chilled beef from Queensland per kakaia, without a thermostat, has not been a success, after leaving Colombo it was found necessary to lower temperatures, and the beef has arrived frozen at-a with mildew developed.

Butter.—Butter does not look so well as it did wheu I last wi oto. The extraordinary inflation of prices that then prevailed was largely due to a somewhat ill-advised combination among Danish holders. This collapsed and then prices came down by the run. Early in this week although colonial butter was quoted at 104s to 1083, and sellers were holding for these rates buyers would not give more than 90s to 945, a very wide difference, and even theso prices were only obtainable for choicest brands. So for the time the trade is demoralised arid I fear that the first shipment of Mow Zealand butter, has with the colony's usual ill-luck in this respect, arrived just when everything is in the most uncertain and unsatisfactory state possible. It iB a great pity. If only a good slupment of New _ Zealand butter had come in a short time ago wheu even 130s might have been obtained! what a pull-up it would have given to tha trade ! Another thing that may damage the sale of this season's first New Zealand butter is that lately a good deal of old stale, stored butter, of last season has got into the market, in the hope of realisation during the scarcity. It was bought, but grumblings loud ana deep followed, coupled with vows never more to touch New Zealand butter. "You may talk about your New Zealand butter," said to me one man who had just purchased some at tho Army aud Navy stores, "but jou don't catch me going in for any more of the beastly muck; I'd sooner eat margarine at once." It was hopeless trying to explain to him thatjho had happened unluckily to gat hold of an inferior lot, justashe might have donein theoaaeof Danish or even English. "0,1 daresay I" he retorted with a sneer, "Of course you will say so. You may be right, but at any rate I'll take care to bo on tho safe side henceforward—l'll let it alone 1" Aud nothing would convince him that what he bought was not a fair samplo of all Mew Zealand butter. And lam afraid his caso will not be a soiitary one. Regarding Colonial Dairy produce Mr. Samuel Lowe (of W. Weddol aua Co.) says, writing to-day The samo unsatisfactory weather prevails at the end of this week that for the last month has been most unfavourable to the butter market. Dry, cold, genuine winter weather is what is requisite to give a fillip to the trade. The mar for colonial butter is dull, at last week's prices. A good deal of disappointment is !:elt by agents, as they anticipated an improved demand in harmony with the rise in Daiiish, but no appearances of a better market are visible. The difficulty of oiM.ing margariuo mixtures .from the grocor's counter is beginning to be felt much more serious than wis anticipated, and there can be no doubt thai; the lack of tone in the market for colonial is largely due to the hold the margarine mixtures have obtained during recent weeks. Some of the representatives of Victorian butter shippers, who are now in London, are by umtea efforts, doing their utmost to stiffen the market by urging agents not to sell below a. particular figure for certain standard brands, but we fear some firms will break away aua sell below the price arranged.": '' Latest quotations are for ohoiccat New Zealand factory butter, £5 8s to £510s; for '.' boat" factory. £5 to £5 6s ; for secondary, £4. to £4 10s. ..• There is no New Zealand cheese in the markyl;, - - - :■ •

Kauri Gum.—Kauri gum has been selling privately since the close of the' lost public auctions at easier rates, and at last week's sales competition was lees active. • Out of 0J27 cases offered, only about 1700 were sold. Messrs. ) S. riggis and Co., the well-known gum brokers, tell me that Rood three -quarter and half-scraped gum is not plentiful and remains firm, but that re-scraped is lower, also common dashed, the latter being very plentiful sittings and dust are very high. Live Cattle.— clings fast to the live cattle shipment scheme. The Hubbuck lost altogether 144 out of her 201 sheen from Adelaide. Only 57 arrived alive, and most of these showed unmistakable signs of it bad voyage, none of the sheep beiug in good condition. The Shropshire crossbreds were certainly the best of the consignment, and had they arrived in prime condition would'undoubtedly liavo sold woll. The shipment averaged about 30s per head all round, a price that can hardly mean anything but heavy loss to the shippers. Practically, it seems to mc, that the bottom has fallen out of the schema for shipping live stock from New Zealand and Australia to England. Bad luck in one shape or another has attended all the trial shipments made up to the present time. Perhaps it would hardly be inaccurate to read " bad management for " bad luck," for in somo cases very good opportunities were simply muddled away, mainly through unwise prearrangements at the colonial end. Tallow.—As to tallow I learn that the market has shown a little more animation during the past fortnight, and at the sales held last week there was a fair demand at prices ruling on a par with those of the previous week. Within the last day or two, however, tho enquiry has eased off and Bales are not so easily effected. It is generally reported that manufacturers' stocks are low, and should the shipments this month from the Colonies be light there will, in all probability, be an improvement in values, notwithstanding the heavy stocks in London. Messrs. eddel tell mo that on c.i.f. terms sales of good beef tallow have been effected at 21s to 21s 6d, November and December shipment, and good mixed at 21s Gd to 22s 3d per cwt. Their latest quotations are Mutton, according to quality, 22a to 245, beef, 20a Gd to 235. Hides.—ln hides tho demand has collapsed, and no business has been done, sellers holding for previous rates, and buyers keeping aloof in hope of a fall. Such sales as have been made have been effected at a reduction of |d to per lb. Rabbitskins are worth Is to Is 3d per lb for best; Is for second class, and 3d to 7d for inferior and suckers. Grain.— reference to the grain market Messrs. Weddel tell me there is absolutely no New Zealand wheat a. all in the market. Prices of New Zealand oats have declined 3d owing to heavy Russian arrivals, and now stand at 24s to 253 for best; 21s 3d to 22s for ordinary; New Zealand beans have fallen 6d. Flax.— Zealand flax is dull and little business was done at the sales last Wednesday. Quotations are merely nominal, viz., tine Auckland, £16; fair Wellington, £15; good Lyttelton, £1510s; common, £14103. Preserved Meats. — Preserved meata have been dull oi. sale owing to heavy arrivals and the demand has been limited to a few speculative purchases, induced by the present low lei of values, Inferior brands are still pressed for sale, and although there appears to bo a stronger tone iu the market, Messrs. Weddel tell me there is not much prospect of an improvement in values uutll the stocks of secondary qualities are considerably reduced, The demand for preserved rabbits has been actire and stocks are nearly exhausted. Prices have in consequence hardened. Latest quotations for best qualities (per dozen 21b tins), Beef, 03 to 7s; mutton, 6s 6d to 8s Gd; rabbits, 8s to 9s.