THE LONDON MARKETS.

New Zealand Herald, Volume LXIII, Issue 19377, 12 July 1926, Page 7

THE LONDON MARKETS.

FROZEN MEAT. Australian and N.Z. Cable Association. (Reed. 9.5 p.m.) LONDON, July 10. Sheep.—Canterbury, light, 9|d ; heavy, BJd; seconds, B|d; other selecteds, light, 9|d; medium, B§d; North. Island, firsts, 8~2d; seconds, 9«d; Australian, firsts, Vic-, torian, light, B|d; medium, 7gd; other States, firsts, light, 8d; mediums, 7|d; Victorian, seconds, light 83d; other States, seconds, 7gd; thirds, 'B|d. Lambs.—Argentine, firs*.s, light, B|d: medium, 7£d; seconds, 7J;d; Patagonian, firsts, light, 8-1 d: medium, 7,' d: seconds, 71 d Frozen Beef.—Australian, fores, 3fd; hinds, sid; Argentine, fores, 4d; hinds, 6d. Chilled Beef.—Argentine, fores, 3gd j hinds, 6|d; others unchanged. RUBBER, JUTE, HEMP, ETC. (Last week's prices in parentheses.) Rubber.—Para, 19jjd (19|d) per lb; plantation and smoker, 20d (20^-d). Jute.;—July-August shipments, £33 (£37 10s Aug.) per ton. Copra.—June-July shipments, £2B Ss (£2B 10s) per ton. Hemp.—June-July shipments, £36 (£36) per ton. Linseed Oil. —£34 5s (£34 10s) per ton. Turpentine.—63s (675) per cwt. THE MEAT MARKET. PRICES AT SMITHFIELD. The New Zealand Meat Producers' Board has received the following cable from its London office, dated July 9, advising Smithfield delivered prices at that date as follow: New Zealand Wethers and Maidens.— Canterbury quality: Selected brands, 561b. and under, 6J>d per lb.; 571b. to 641b., 6d; 651b. to 721b., s£d; other brands, 561b. and under, 64c!; 571b. to 641b., s|dj 651b. to 721b., 5d New Zealand Ewes. —641b. and under, 4id. New Zealand Lambs. —Canterbury quality, 361b. and under, 9-|d; 371b. to 421b., 9d; 431b. to 501b., B|d; seconds, B|d. Selected brands, 361b. and under, 9 l-8d; 371b. to 421b., Bfd; other brands, first qualitv, 421b. and under, B|d; seconds, Bird. New Zealand Beef.—Ox fores, 3Jjd; hinds, 5J;d. Argentine Chilled Beef.—Ox fores, hinds, 63d. Argentine Frozen Beef.—Ox fores, 4d; hinds, 6d. Frozen Pork.—-801b. to 1201b., lid; 1 1201b. to 1801b., 10£ d. Lambs. —The market is easier owing to reduced consumption due to the coal strike. Sellers are weaker owing to fears of increased supplies of Home-killed lamb. Mutton. —Wethers are firm, with fair inquiry. The market for ewes is quiet but steady. . Stocks of New Zealand beef are light, nominal prices. New Zealand Frozen Pork.—Arrivals are light, and are meeting with good in quiry. GERMAN SHIPPING LINES. AN IMPORTANT DECISION. A German newspaper, under date of May 15 last, contains a report dealing with the sequestrations by the United States of German shipping property in America. Much delight is expressed at a recent decision of the High Court in Washington, which has held that while German skips-could be seized during the war, this action could not be allowed to extend, to docks of the Hamburg-Ameri-can, North German Lloyd and Atlas Line, and these properties would be restored to the former owners in the regular course of law. By this decision the German navigation lines will recover a large part of the capital they had invested in America. The decision is based on tho successful plea that the above property belonged to companies which were incorporated in New York when war. broke out, and were therefore considered as American companies. WELLINGTON CITY LEASES. EXTENSION OF PERIODS. The Legislation Committee of the Wellington City Council reported last week that representations had been made by several lessees of corporation leasehold sections regarding thp rental which would be required to be paid for the first term of 21 years in the event of the council extending the renewal period of certain leases from 14 to 21 years. The council offered to grant these lessees and others an extension of the renewal period of their leases from 14 to 21 years conditionally upon-the lessees severally agreeing to pay an annual rental for the first term of 21 years fixed at 4J- per cent, on a special valuation. It was claimed by some of the lessees that the rentals fixed by the council were excessive. It was stated that the matter was at present receiving full consideration and that a further report will be presented later. WORLD'S WHEAT SUPPLY. A CANADIAN FORECAST. Surplus supplies of wheat in all of the principal exporting countries, says the Canadian Bank of Commerce in its May letter, were estimated on April 1 at 218,400,000 bushels, and the requirements of importing countries, up to July 31 at 202,400,000 bushels, these figures indicating that the world's needs can be met, especially as Europe has a large crop of rye to turn tp as a substitute for wheat, but other factors must be considered in viewing Canada's position in this connection. The Australian and Argentine crops are short, and that of the latter country of inferior grade, while the United States will likely find it necessary to augument its present reserves, which are now much less than the five-year average. Therefore, it seems that Canada's present exportable surplus of 70,000,000 bushels can be disposed of without difficulty. • Winter wheat acreage in 15 countries of the Northern Hemisphere, including Canada, the United States and Ihdia, but excluding Russia, is estimated to be about two per cent less than that of last year, but growing conditions in most of the areas nave been so favourable that the first forecasts indicate increased production. Unusually wet weather on the Canadian prairies'last fall ploughing, but created a good reservoir of moisture, which helps to sustain the -crops during a dry period. Winter pre«cir>itafcion, however, was below normal. A slightly increased acreage is anticipated in Alberta and Saskatchewan, butj in Manitoba a decrease in wheat seeding is expected, with a corresponding increase in the sowing of coarse grains, Farmers in practically all sections of the country have been delayed in sprang work owing'to bad weather, and planting is from two to three weeks later;- than last year. However, higher temperatures prevailed in the third week in April, and seeding in the west was expected to be general before the end of tlje month. |