THE LONDON MARKETS.

New Zealand Herald, Volume LXIV, Issue 19691, 18 July 1927, Page 7

THE LONDON MARKETS.

FROZEN MEAT. A. and N.Z. LONDON, July 15. Sheep.—Canterbury, light, 6d ; medium, sd; heavy, 41-Bdj North Island, heavy, 4 3-Bd. Lambs.—North Island, first, light, B£d; medium, 7|d; seconds, B£d. Frozen Beef. —Australian, fores, 3|d; hinds, s|d; Argentine, fores, 3£d; hinds, 6d; others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) Cotton. —August delivery, 9.47 d (9.04 d) per lb. V Rubber. —Para, 16d (16d) per lb.; plantation and smoked, 16|d (16|d). Jute. —August shipments, £33 (£3110s) per ton. Hemp.—June-August shipments, £35 (£35) per ton. Copra.—July-August shipments, £25 7s 6d (£25 12s) per ton. Linseed 0i1.—£33 (£33) per ton. Turpentine.—4os 9d (39s 3d) per cwt. PRICES AT SMITHFIELD. The New Zealand Meat Producers' Board has received tho following cablegram from its London office, dated July 15, advising Smithfield delivered prices at that date as follows: New "/Joaland Weathers and Maidens. — Canterbury quality, selected brands, 561b. and under, 6d per lb.; 571b. to 641b., sd; 651b. to 721b:, 4£d. Other, brands, 561b. and under, sj?d; 571b. to 641b., 4|d; 651b. to 721b., 4 3-Bd. New Zealand Ewes.—64lb. and under, 4 l-Bd. New Zealand Lambs:—Canterbury quality, 361b. and undor, 9Jd; 371b. to 421b., 8 l-8d; 431b. to 501 hj., 8d; seconds, B£d. Selected brands, 361b. and under, 9d; 371b. to 421b., 8 l-Bd. Other brands, first quality, 361b. and under, BAd; 371b. to 421b., 73d; second quality, 30-32 average, B£d. Argentine Lambs. —First quality,' 361b. and under, 8d371b. to 421b., 7 l-Bd. Argentine Chilled Beef.—Ox, fores, 3 3-8 d ; hinds, 63d. Argentine Frozen Beef.—Ox, fores, 3yd; hinds, 6d. Frozen Pork. —801b. to 1201b., B£d: 1201b. to 1801b., 7d. Lamb.-—-There is a slighly better demand, with fair consumption. Mutton.—The market is quiet; demand is slow. Frozen Beef.—Fair demand, with stocks light. WHISKY IN AUSTRALIA. DISTILLERY TO BE ERECTED. A. and N.Z. LONDON, July 15. The Distillers Company, Limited, 111 explaining its decision to co-operate with Australian whisky buyers in the erection of a distillery at Geelong, says the ob ject is to take advantage of the preference given to the domestic product. The company has strongly impressed 011 its associates that they can never hope to make Scotch whisky in Australia, but it believes there will still be a demand for Scotch whisky from those who will bo prepared to pay for it. It feels, however, that the preference duty of 9s a gallon in Australia will be too strong a temptation for the average whiskv drinker £0 ignore, and, therefore, they are prepared to meet any possible development in that demand. LONDON WOOL SALES. PRICES WELL MAINTAINED. (Received July 17, 5.5 p.m.) A. and N.Z. LONDON, July 16. The London wool sales are proceeding satisfactorily, and prices have been maintained at the level which was established on the onening day. There nave been fairly large withdrawals of Merinos, owing to the high limits set, and the fact that the Germans have been unable to maintain fully the pace they set at the opening. According to the correspondent of The Economist it would appear that most users have sufficient wool by them to satisfy their requirements during the forthcoming interval, and as the German combers are extremely busy, and unable to make further promises this side of October, topmakers prefer to wait till the September series before buying heavily. At the sales there was a good selection of Merinos and a limited miscellaneous offering of New Zealand halfbreds. QUALITY OF AUSTRALIAN WOOL. ALLEGED DECLINE DENIED. [from: our own correspondent.] SYDNEY, July 6. One of the main subjects of discussion by breeders at the sheep show in Sydney last week was an allegation by Bradford weavers that Australian wool was deteriprating. This question affects the whole Commonwealth, as Australia is living, figuratively speaking, "on the sheep's back." Our wool exports are our biggest asset. Wool men, naturally, resent the Bradford accusation, and a section is inclined to suggest that it is due to the fact that Bradford cannot, as before the war, control tho wool market and dictate prices. Woolgrowers seem to think that if buyers want bettor quality wool, they will get it by offering higher prices. Prominent Merino breeders do not admit that there is deterioration, or say that, so far as the quality of Merino wool is concerned, any deterioration of the moment is not serious. There are 80,000 flock masters in Australia, and wool constitutes more than 50 per cent, of our total exports. The Bradford accusations, therefore, if true, very easily might cause a calamity. A glance at the sheep show, particularly at the Merinos and Corriedales, probably would give the Bradford weaver who first made the complaint a severe shock. The quality of the sheop never has been excelled. RIVALRY AND CO-OPERATION. CABLES AND WIRELESS SYSTEMS. Reference to the new competitive beam wireless service between England and Australia was made by Sir John DenisonPender in his address at the annual meeting of the Eastern Extension Telegraph Company. While admitting that this competition would' result in a certain loss of revenue to the company, he said he still believes that the cables will remain more reliable than the wireless service. Arguing that there was room for the'newcomer without hurting the old, he said: "Gas has not been supplanted by electricity, nor wool by cotton, and the iron and steel industry has not suffered by reason of the introduction of cement. Rather have their respective interests been strengthened by co-operation. The advent of electricity proved a stimulant to the gas industry, and in many cases they now work in close co-operation. Cotton and wool interwoven created a new demand throughout the world, and the combination of steel and cement in the form of reinforced concrete has established itself to the benefit of all concerned."

THE TALLOW MARKET. Dalgety and Company, Limited, has received the following cablegram from its London house, dated July 15: —Tallow.— Owing to Jack of demand there will be no public sales next week.