NEW ZEALAND PRODUCE IN LONDON.

New Zealand Herald, Volume XLIV, Issue 13435, 13 March 1907, Page 10

NEW ZEALAND PRODUCE IN LONDON.

[FROM OCR OWN" CORRESPONDENT.] ■ f London, February 1 • WOOL.

Ox January 30 the first series of colonial wool sales of the current rear was brought,"to a close. It opened on January 15. The available supplies were approximately 153,000 bales, 'New Zealand and New South Wales each contributing 37,000 bales. Some 3000 bales were'held over, including 400 from New Zealand. Of the quantity Bold about 73,000 bales have been. taken for export, including some 13,000 bales purchased for shipment to America.

Messrs. liaJme and Co. write as follows regarding the late series;— Owing to the late arrival of the new season's wool from Australia and the over-sold condition of the market for the coarser qualities of croasbrate, several consumers were obliged to make fainy large purchases to mini existing contracts during the interval which elapsed between the close oi the December and the opening of the January auctions, and were loreeu to pay very high prices tor the' latter class of produce., In tue manufacturing 'districts consumption was well maintained and showed a tendency to expand as regards merinos, the demand lor whiea in this count is now : larger than for some years past. I'nces lor merinos have not undergone any very appreciable alteration. At tne outset oi the stilus quotations lor interior sorts were somewhat, irreguiar, hut tins weakness was oiu.y temporary, am. witn tut progress ot the auctions competition lor most chases strengthened, final rales ueing tiactionany Higher than uiose current a, the costs of sales tor an grades except average to good greasies, which throughout have sold in buyers' favour. Lambs' wool nas been in exceptionally keen request Horn all quarters at an advance of 7.i per cent, : fine crossbreds in the grease have soiu readily at December prices. The better descriptions ot medium quality, which have met with a strong demand on American account, have also maintained their position, but similar growths in poor condition nave declined id per lb. Coarse sorts were slightly dearer to begin with, but later on competition irom the Home, trade became Jess vigorous and ultimately prices were about 5 per cent, below previous values. Scoured* ana siipes, which nave been in small supply, have made slightly more money than in incumber, the improvement being especially noticeable among the tatter. The condition of the New Zealand clip, speaking generally, appears distinctly heavier man fact season. The wools are well grown and thoroughly sound, but the fleeces carry a considerable quantity ot yolk, whereas last year they were exceptionally light in the grease." '

Alter interring to the selection of South African wool, which Iris wild freely, .Messrs. Balme continue: "With the present scale of consumption for merino wools a maintenance of current quotations seems probable. "J'tiu position of the finer grades of crossbred* is also generally considered satisfactory. A* regards the courser qualities, however, the outlooK is at present 'somewhat obscured by the results of cue forward sales made ill October and November last, and until the cheap tops which were Mien disposed of, and which are now being delivered to consumers at prices quite out- ol proportion to those ruling lor the raw material, have been absorbed, the market is likely to remain in a. somewhat unsettled and sensitive condition."

The second series ol sales is to open 011 March 12, the new arrivals being limited to 150,000 bales net. To dale the gross arrivals are 114,439 bales, 10,169 being from New Zealand. Of this latter quantity 60u0 bales have been forwarded to manufacturing districts direct. Other dates arranged tor the year are: April 30, July 9, September 24, November 26. 'The next sale of woolled, sheepskins will be held on February '!. '■'""•J DAIRY PRODUCE. Writing to me to-day Messrs. W. Weddel and Co. say that the market for New Zealand and Australian butter has been somewhat quiet alter the excessive activity of last week. This has been brought- about by two main causes: First, the comparatively small arrivals, and, secondly, the niore-than-usual weekly purchases made * eight to 10 days ago. At, tne beginning of the week prices hardened under the influence of holders, who declined to lower their prices, and buyers have had to yield to the sellers. One or "two firms, however, decided to press sales, and a weaner condition of the market was brought about. Still, prices remain at last week's level, and, as arrivals will again be comparatively small, values are expected to remain at their present level. The very large supplies oi Australian butter this year are having a permanent and very beneficial effect upon the market, as the butter is finding its way into many hundreds of traders' shops who never handled it before, and if the quality had been of the same nigh standard as New Zealand butter it would have given the Australian product a much firmer hold of the market than it ever had before. The I'akeha is due from New Zealand next week with 8000 boxes of New Zealand butter for west coast ports, and the Knikoura is coming to London with 12,800 boxes, but some of this will be sent by rail to the west coast. NEW ZEALAND MEAT. The Colonial Consignment and Distributing Company report this afternoon that although stocks of New Zealand mutton have not been augmented by any arrival during the week, and are in very moderate compass, they still appear to lie adequate for requirements. A slight improvement in the demand can be recorded, but there has been no movement in quotations. Canterbury brands are still extremely scarce and the quotations given are practically nominal. North Island sheep range in value from 4dj to per lb, the latter price being fot good light carcases, which are extremely scarce. The available supplies of New Zealand lambs arc to be limited to make a market, and the quotation of 6d to 6jd ;>er lb is little more than nominal. The trade is exercised by the conflicting reports concerning the effects of the drought in Canterbury, and information regarding 11111110 supplies shows very wide divergence. New Zealand beef still finds "a dragging sale and quotations are without change.