NEW ZEALAND PRODUCE IN LONDON.

New Zealand Herald, Volume XXXIV, Issue 10420, 19 April 1897, Page 3

NEW ZEALAND PRODUCE IN LONDON.

[from our own correspondent.) London, March 5. WOOL. From one of the leading firms in the woollen trade I learn that a demand on French account for New Zealand and Australian combing merino wool has been experienced during the present week, and several hundred bales have changed hands at prices fully up to the closing rates of February. Sales are also reported of one or two parcels of African fleeces on similar terms. This movement, taking place so close to the opening of a large series of sales, in conjunction with the improved American enquiry which J mentioned recently at the opening of the auctions on Tuesday next, February quotations will be at any rate (irmly maintained. Moreover, in spite of the large quantity of colonial wool absorbed by the United States market since the election of Mr. McKinley, it is anticipated that American buyers will again operate with considerable freedom, Messrs. W. Weddel and Company write: "Since the close of the first series of sales the market has been very quiet, and transactions have only been made on a scale for both home and American trades. Although the tone generally in the various manufacturing centres in Europe still leaves a good deal to be desired, there has of late been rather more disposition to do business, spinners for certain brauches of the trade being better employed than they were at the beginning of the year. It is expected that the position all round will become better defined at the opening of the second series of sales here on the 9th inst., when it is hoped that American buyers may again play an active part." NEW ZEALAND MEAT. Writing to me about the frozen meat market, to-day, this is what Messrs. H. S. Fitter and Sons tell me:—" The frozen mutton trade is still in a most unsatisfactory condition ; really prime sheep are in demand, but there is such an abundance of middling and iuferiorquaiity mutton, and holders are so anxious to sell, that the market is being unduly pressed every day." With regard to frozen lambs, the same firm writes :— The new season New Zealand lamb trade is not commencing, and the demand, considering the time of year, is very satisfactory. There are, however, a good many lambs just now arriving, and probably prices will not be quite so good as soon as a large number of these are available. Some of the lambs are large. This is rather unfortunate, for at the beginning of the season most of the lambs are sold in quarters, consequently small ones are wanted. Prime Down (New Zealand) sheep are quoted at 3d to 3Jd ; Canterbury sheep, 2Jd to 3Jd ; Wellington, 2Jd to 2Jd : Canterbury lambs, 4|d to sid; Wellington lambs, 4d to 4|d. The C.C. aud D. Co. say that the same stagnation rules throughout the frozen meat market, and though sales have beenforccd and prices lowered, only small numbers have been cleared. All other kinds of mutton— Scotch, German, and Home-killed Argentine -are daily rising in price. The C.C. and D. Co, say that a few years ago a rapid advance in the values of other mutton would have seen a corresponding rise in New Zealand, but this is not the case yet, and as one lias gone up the other has gone down. They further say that prices for New Zealand meat have seldom been lower than they are at present, and certainly such a continued low range of values is quite unprecedented. With regard to New Zealand lambs the same firm tell me that there has been a good enquiry for the new season's, and most of them have been sold so soon as landed at from 5d to s|d lb. While bright, fresh carcases find a ready market, last season's lambs, however, are difficult to sell, and large numbers of these are still coming on the market.

Messrs. W. Weddel and Co. have much the same story to tell. This is what they write to me:—" The position of the New Zealand frozen mutton market continues very unsatisfactory, Sales have been exceedingly slow, and the net result of the past fortnight's operations has been a further increase in stocks held iu London. As regards values, best prime and secondary grades are making less money. Canterbury? have during the last few days been in better request owing to the dearness of Argentine sheep, but prices are no higher, and holders have great difficulty in obtaining more than 3|d per lb for best sorts. A few selected carcases have been sold at 3|d per lb, but the quantity realising this figure is too small for quotable purposes. A far larger number are making only 3d per lb, while a good many plain inferior carcases have been sold at 2Jd per lb. MISCELLANEOUS. New Zealand oats continue quiet, and quotations tor New Zealand beaus are merely nominal. New Zealand Sax stands at nominal quotations also. At the last sales 637 bales were offered and held for previous rates, but there were no buyers at these prices. Sisal was disposed of at £15, being fully 10s lower. In consequence ot limited supplies, preserved mutton has been firm. Beef, however, has only been in small demand, and so have rabbits. Here again quotations are only nominal. A fair amount of business has been done privately in tallow, and good mutton has been sold at 18s 9d, and good beef at 17s 6d. The market for hides is quiet, and there is nothing fresh with regard to rabbit skins. DAIRY PRODUCE. From Glasgow. Messrs. Dempster, Peterson, and Co. write to me to-day as follows :— "Our market for colonial butter still continues quiet, but there are a few parcels yet in sellers' hands which are pressed for sale at low rates. When these are pushed off a better feeling will be experienced in our market. Prices to-day for Australian, 94s to 96s for choicest, and 90s to 92s for brands uot so well known bnt of choice quality." There has been a considerable and inexplicable fall in the price of butter generally, and this has been shared by the New Zealand produce. Choicest butter is quoted at only 928 to 945, other qualities being down proportionately. On the other hand, New Zealand cheese continues at a very high price— to s!)s for white and 57s to 58s for coloured. I am afraid that those New Zealand producers who sold their cheese in advance at 40s or less, must now be bitterly repentant of their precipitation. During a recent scarcity of butter in Yorkshire, some purchases were made of New Zealand butter, from Manchester. An assurance was given that it was quite equal in quality to Danish, but one of the pur- ' chasers tells me that a good deal of disappointment was felt when the butter was received, as it was considered by no means equal to Danish, and too absolutely fresh to suit the local taste, which prefers a touch of [ saltness and the more pronounced flavour i which salt brings out in the butter.