LONDON COMMERCIAL NOTES.

New Zealand Herald, Volume XXXIII, Issue 10044, 3 February 1896, Page 3

LONDON COMMERCIAL NOTES.

(FROM OUR OWN CORRESPONDENT. J ' London, December 28. WOOL,—About wool there is not much new to say. The Christmas holidays and the American difficulty have produced temporary stagnation which will not be disturbed until the New Year has well Bet in. But the prevalent feeling is one of confidence and hope. The final sale of woolled-sheepskins for 1895, took place a week ago and Messrs. C. Balmo and Co. tell mo that the attendance of buyers was well up to the average, and that competition for full-woolled merino skins was animated, though short and shorn morinos and crossbreds generally met with an indifferent reception. It will be remembered, they add, that during tho late wool sales, while merinos gained a little, crossbreds as a whole lost ground. The roan market, moreover, is in an unsatisfactory state, this article being now even more difficult of sale than at the time of the last sheepskin auctions. This, of course, has an important bearing on the prices of tho shorter-grown descriptions. As compared with November prices, those of this last wool sale ruled as followFull-woolled merinos, par to $d per lb cheaper; do. crossbreds, id to id por lb cheaper; short and shorn merinos, id per lb cheaper; do. crossbreds, j}d to |a per lb cheaper. In all 5583 bales were offered, of which 522 came from New Zealand.

Frozen Meat.—The few New Zealand lambs brought by the Rimutaka did not command a very rfatly sale at 4J(I to sd. New Zealand frozen mutton continued firm at 4d to 4}d per lb for best, until tho Rimutaka landed some 32.000 carcases, the whole, excepting 50, being from Canterbury. This weakened the market somewhat, but prices did not fall appreciably. Good owes have fetched over 4d. but second-class mutton lias been dull at 3.1 ato 3Jd. These prices, however, are really good for this season of tho vear, wheu hardly anybody cats mutton. At Christmas time beef and poultry appeal more strongly to consumers' appetites. So New Zealand meat is doing very well, but it may be remarked that best Scotch mutton brings 7d, or nearly 3d per pound more. Messrs. Weddel and Company Imvo just issued their customary annual review of the frozen meat trade which is as usual a most carefully compiled and valuable work. It concludes with tho following words of good cheer : — " Altogether the outlook is somewhat more encouraging than it was at the close of either 189.1 or 1891, and unless something unforeseen should occur shippers of all kinds of frozen meat may look for fairly satisfactoiy returns on an average during the coming year." A splendid and improved diagram accompanies the book showing at a glance the conditions and (lactations of the frozen meat trade during tho last threo years. Both the book and the diagram will be found extremely instructive as well as useful for reference. In the Mark Lane Express Annual for 1896 will be found an able article by Mr. J. Trowbridge Critchcll, the London correspondent of the Australian Pastoralists Review and other Australian journals, on the meat export tradefroin Australiaand New Zealand in 1895. It contains much valuable information, and will repay careful perusal. Mr, Critchcll goes into the matter with tho thoroughness of an expert and the zest of an enthusiast. Just before closing my letter I havo a " last word from Smithfield." Messrs. H. S. Fitter and Co, write under this day's date" In New Zealand mutton anything very prime finds a ready sale, but middling and inferior mutton is plentiful, and meets a very slow demand. So many of the sheep show too much of the merino breed. Prospects for the New Year are more cheering for really good New Zealand mutton, and probably by that time the supply of Continental mutton will be dropping off." Final Smithfield quotations for New Zealand mutton are 4d to 4|d for Canterbury; 3}d to 3|d for Wellington. Butter.—As regards butter, Mr. Samuel Lowe (of W. Weddel and Co.) considers it is evident that the prospects of higher prices for butter in the near future are very encouraging. Colonial butler," he says, "is being sold to-day below its intrinsic aud real market value, because the agents here, acting under instructions from shippers, are forbidden to hold for a better market, and are clearing their arrivals at whatever they can get. The folly of this proceeding," he adds, " is evident to many, but no blame whatever can be laid on the agents, as their instructions exonerate them from all responsibility." That New Zealand butter brought by the Rimutaka has landed in excellent condition aud found a ready sale although of course not at such prices as were easily to bo obtained a few weeks' back. What are callod technically " finest" brands fetched £5 4s per cwt; choicest"a few shillings more most of the rest brought £4 lGs or thereabouts. One possibility on which Mr. Lowe builds much hope is that of a period of severe weather following the exceptionally mild time which we have had so far. He says" It may be that we are nearing a period when frost and snow will be permanent discomforts. If such a thing were to happen, the butter market would bontid upward with great rapidity." That would be very well for the New Zealani butter makers. But personally I would rather not! Some " choicest" New Zealand creamery butter has gone up as high as £4 Sa. This is Gs higher than the best price at the same period ol last year. My latest information as to New Zealand butter is that the " choicest factory" is worth £5 8s to £5 10s, while the next grade is in active demand at £5 4s to £5 Gs. Mr. Samuel Lowe is sanguine that these prices will continue, and perhaps improve. There is a large and unsatisfied demand, lie tells me, for butter at such a wholesale price that it can he retailed at Is per lb. About £4 18s to £5 2s wholesale would, he says, meet with the requirements of this case. Frozen' Poultry—A good many frozen turkeys and other poultry and game from New Zealand have come into consumption this Christmas. There is a general chorus of admiration as regards their quality and condition. I helped to eat one which came from the Waikato district, Auckland, and assuredly I never tasted one of more delicious flavour, of better quality, or in more perfect condition. There lias iieeti an enormous demand for poultry this Christmas, larger even than usual. It New Zealand producers had arraaged to have a considerable consignment of turkeys on the market about two or threo weeks ago, they would have made an exceedingly good thing of it. Special inquiries in the pyoper quarters have elicited an assurance that an extensive shipment of spring chickens, ducklings, goslings, and turkey poults, despatched from New Zealand soon after this latter reaches you, so as to arrive in the market hero toward Easter, would be almost certain to command good and paying prices. But the poultry must be of the beat quality, well prepared and reasonably uniform, Thero is a capital chance now for an enterprising poultry farmer to make a good thing. Only he must send his produce of tho kind, and In the way, and at the time that London buyers want it. Else they won't look at it. Wheat.—Wheat is firmer, but there is not much business doing, and the American scare, has had no effect in improving prices. English wheat is quoted at £1 5s Id, but the Board of Agriculture anticipates that the British supply of wheat will prove to be 22 million bushels below that of last year. Flax.—Flax is more in demand, but prices remain unchanged. The last sale reported is one of 105 bales of " Fair Lyttclton," which realised £14 5a per ton, Tallow.— is as dull as when I last wrote; but hides are looking up somewhat, owing to the stimulation of demand by the last sale's low prices. Preserved Meats.—For preserved meats the market is generally depressed, and prices have fallen, Messrs. W. Weddol and Co. tell me that 13s per dozen has been accepted for some beef in Gib tins, though theso are nominally quoted at 14s to 14s 6d. Mutton is worth 18s to 19s.

In vkstment Stocks— Zealand stocks, like all others, felt the effect of the American bombshell, but have now recovered, and fours are quoted at 108-10, 3J per cents at 102-104, threes, 92-94, Municipal and harbour stocks stand thus Auckland City fives, 114-115; Auckland Harbour fives, 110-112 ex div.; (Jhristchurch City nixes. 127-129: Lyttolton Harbour sixes, 124-126; Dunedin City fives, 110-112; Otago Harbour sixes (1881), 116-118; fives, 95-97. Company shares are quoted as follow New Zealand and River Plate, J-8; Otapco and Southland Investment, IJ, 0| dis. ; Bank of New Zealand Estates fours, 100-i----10li; Dalgety and Company fours, 107-10!); New Zealand Loan and Mercantile Asency Company prior lion, 4 per cent., 97-99; A debenture stock 5 per cent., 68-72 ; B ditto, 17-22; Now Zealand Shipping 3^-4; Shaw, Savill, and Albion, 64-74: Union Steamship Company of New Zealand, sjHi; New Zealand Midland Railway 5 per cent, first mortgage debentures, 40-45; Wellington and Manawatu 5 per cent, debentures (all ex div.), first, 111-113; second, 110-112; third, 109-111; shares, 1-1 J. Tiik Markets.— the colonial produce markets are inactive during the Christmas season, and will not display any activity until after the new year. Very little has been done privately in wool sinco the last publio sales.

THE KAURI GUM MARKET. Under date of December 28, our London correspondent writes _ With reference to kauri gum, I may mention that at last week's sales, only a moderate supply was offered, and the denland, as usual at the clone of the year, was slow,_ but holders were very firm, and rather higher prices were obtained for the small proportion gold, namely, 800 owes out of 2090 cams offered, Messrs. S. Figgw and Co. tell me

that tho stock of gum is _ getting very moderate, and consists largely of inferior gums and odds and ends. Good lines of good quality are scarce, and re-scraped was about 5s higher at the last sale, three-quarter scraped being rather dearer and scarce; half-scraped, steady, but not much sold; pickings and fair dark, firm; also, chips ana sittings. Privately, some 400 cases were sola at full prices. A good deal of re-scrtipsu pale amber at 105s to 1153 per cwt. , Messrs. Figgis quote me the following prices current for kauri gum per cwtDial, fine white picked, £12 to £14; dial, fair anil good, £10 10a to £11 10s; re-scraped, good and fine pale, £7 to £10; re-scraped, pale amber, £512s 6d to £6 10s; re-scraped amoer, £5 to £5 10s; re-scraped dark amber, £4 lUs to £4 ISs: No. 1, three-quarter scraped, good and fine extra, £4 8s to £4 13s; No. 1, three-quarter scraped, fair little mixed. £4 as to £4 7s j No. 2, half-scraped sorts, good bold, £2 17s to £3; No. 2, half-scraped sorts, smaller ordinary to fair, £2 14s to £2 11)3 i sorts, good ordinary unsorted, small to bold, £2 to £2 10s; No. 3, pickings, good bold not very drossy, £118? to £2 6?; No. 3, pickings, inferior woody, to fair, £l7s to £115s; chips, bold pale clean, fair to fine, £3 to £4 3s; chips, pale yellow, smaller, £"2 7s to £2 las; chips, middling, part coated, fairly clean, £1 15s to £2 ss; chips, drossy, inferior coatod, part diggers, £1 4a to £1 l"*' < sittings, good to fine pale clean, grainy, £1 10.3 to £1 19s ; siftings, dull ancLmore foul, 17s to £17s; dust, ordinary to good, 14s to £1 Is; dust, common flour and inferior, Si to 13s; dark brown, selected re-scraped, £3 10a to £4 16s ; dark No. 1, three-quarter scraped, fair to fine, £2 10 to £3 8s; dark No. 2, half scraped, mixod to good, £1 8i to £2 ss; dark No. 3, drossy, mixed, pickings, 15s to £1 4s; dark chips, ordinary drossy to fair clean, 14s to £110s; bush No. 1 selected, rescraped, £4 10s to £0' 103; bush, No. 2, part scraped and sorts, £2 18s to £3 15s; bush, No. 3, picking low drossy to fair, £1 103 to £2 10s; bush, cliips, drossy to good clean bold, £1 8s to £2 18s; Dial: 2 cases sold at £10 to £1112s fid. Hescraped, 5s higher; 80 cases sold from £4 16s to £9. Three-quarter-scraped : Good, scarce; 140 cases soli at £4 3s to £4 lis. Halfscraped : Good, clean, bold, firm; 160 oases sold, £2 17s 6d to £3. Pickings steady. Chips very firm ; 65 cases sold at £1 9s 6d to £3. Siftings and dust high; 48 cases sold, 17» to £1 9s; inferior, 123 to 13s fid. Bush firm ; 155 cases sold at £1 12a to £6 17s fid. Dark brown : Good and fine dear, common easy ; 150 cases sold at 193 to £4 10s. The assortment offered was about: 2 cases dial, 2SO cases re-snraped, 350 cases threequarterscraped, .'ISO cases half-scraped, 3 cases pickings, 230 cases hush and chips, GOO cases dark brown and chips, 180 cases chips, 05 packages dust aud siftings.