COLONIAL PRODUCE IN LONDON

New Zealand Mail, Issue 1636, 8 July 1903, Page 60

COLONIAL PRODUCE IN LONDON

Messrs W. Weddel and Co., writing under date, London, 15tli May, report as follows: — WOOL. The third series of colonial wool auctions was commenced here on Tuesday, sth instant, the net available quantity for disposal being as follows: —Australian, 119,800 bales; New Zealand, 78,800 bales: South African, 9100 bales; total, 208,000 bales. There was a very full attendance, and excellent competition for both merino and crossbred wool, the former generally realising 5 per cent, more than at the previous auctions in March Fine haired crossbreds also appreciated about the same extent, but in medium grades the improvement was ! about 15 per cent., and in coarse sorts ! about 10 per cent. Since the opening i of the sales these rates have been fully ; maintained, and with a hardening ten- i dencv are at times exceeded. The de-

mand for crossbred lambs lias been exceedingly actwe at a rise of fully 10 per cent. Slipes, of which the bulk of the offerings lurve been lambs, have also shared in the advance, coarse sorts in good condition ruling very firm at 10 per cent, over March prices. On fine and medium grades, however, improA r oirent is not much more than 5 per cent. Offerings to I4th instant comprise some 111,500 bales, including 44,500 bales from New Zealand, and 62,000 bales from. Australia. About 108,000 bales were sold, of which 44,000 -were of N eiv Zealand, and 59,000 of Australian origin. At a meeting of the Importers’ Committee, held on the 7th inst., it was decided to limit the arrivals for the fourth series in July to a net total of 140,000 bales. Arrivals to date for the fourth series, commencing on 7th July, amount to bales, 65,000, of which 18,000 are from Australia, 38,000 from NeAV Zealand, and the balance from South Africa. GRAIN. A firm feeling has prevailed during the fortnight, but the demand- continues very sloav. Holders ask previous rates, but buyers are scarce. The shipments of AA’heat to Europe were very large again last week, and although the proportion for the United Kingdom Avould be small under ordinary circumstances, it appears to be sufficient for requirements at the present time. The unexpected abolition of the corn duties has undoubtedly checked business, the uncertainty as to its effect on the trade having made operators chary of committing themselves to extensive purchases. American markets are quieter, and the imweather in Franco and lower prices in Paris tend to check inquiries. Stocks of wheat in the United Kingdom are now very much reduced, and liberal shipments from the Argentine and also from Russia will be required if prices are to remain at their present level. Latest advices from the Argentine state that about 4,100,000 quarters A\ r ere shipped before tlie end of April, and the total quantity for export is likely to exceed 7,000,000 quarters. If these estimates are nearly correct the recent heavy shipments cannot be long continued. The weather in the United Kingdom has been more genial, but a good deal of rain has fallen, and a spell of sunshine is noAV muen needed.

Maize is firm. Yellow La Plata on passage sold at 21s 3d per 4801 b, c.i.f. Mixed American just arrived London has fetched 20s 4£d, and May shipment 19s 4jd per 4801 b, c.i.f. Barley, and oats are steady at unchanged prices. Supplies of JEnglish wheat are only moderate and prices firm. Good reds are now worth 29s to 30s Gd delivered at mills. The average price last week of 27s 6d per Imperial quarter marks an advance of Is 5d per quarter from the previous fortnight, but is 2s 3d per quarter lower than at the same time last year. * There is no alteration to report in wheat cargoes. Holders show no disposition to reduce limits, and in the meantime buyers hold aloof. Californian—A handy off-coast cargo was sold some days ago at 325, and a larger one in same position at 31s 4£d. For a cargo just arrived 31s 9d is bid and refused. _ For January B.L. 31s 71 d, and August-September (new crop) 30s 9d per 5001 b c.i.f. was paid, A WallaWalla cargo off-coast changed hands at 30s 7£d, while cargoes afloat offer at 30s 9d per 5001 b c.i.f. La Plata—A fairly large business has been done in all positions, and sales of cargoes have been effected as follows, viz.:—March (641 b), 30s Gd; April (621 b), 27s 10£d; May-June (621 b), 28s lid; June-July

on sample at 27s 9d per 4801 b -c.i.f. Australian and New Zealand —There is nothing doing. NEW ZEALAND BEANS. Ex store. —There is very little demand for the small quantity offering and values are nominally unchanged. We quote—37s to 38s per 5041 b. The following is the only vessel reported as having arrived in London with grain and seed from Australasia during the past fortnight, viz., s.s. Corinthie, front Lyttelton, with 500 sacks oats and 25G sacks seed. TALLOW. Since the date of our last issue the demand has been very moderate. Two public sales have been held, at which 2740 casks were offered, and about 1200 casks sold. Prices realised mark a decline of Is to Is Gd per cwt from a fortnight ago. Pine and good sorts are still the weakest market, and only retail lots can be moved at any price just at present. An adverse feature is the fact that North America lias come out as a seller, whereas, at thi.» time last year they were buying from this market. South America is also easy, and both beef and mutton are offered at 9d to Is per cwt less than a fortnight ago, and buyers continue scarce. All the kindred soap making elements, such as palm oil, cotton oil, etc., arc a weak market, no doubt influenced by the slump in tallow. As regards the future, it docs not look as though we had yet reached the bottom, and prices avi‘ll probably go on steadily declining until the autumn demand sets in about August, and wo hope then to see a little recovery. Australasian tallow to arrive is almost a dead letter, and the nominal quotations for mixed and mutton are 29s to 30s per cwt c.i.f. London. No beef is even mentioned. Shipments from Australasia during April" are reported as 2600 tons, against 3800 tons for April, 1902. The stock in London on 30th April amounted to 14.204 casks, being only a slight reduction from the previous month. The following are our spot quotations for Australian and New Zealand sorts, viz. :—Mutton—Good to finest, 29s 9d to 31s; dull to fair, 29s 3d to 29s 6d; inferior, 27s 6d to 28s. Beef —Good to finest, 30s to 32s ; dull to fair, 29s to 29s Gd ; inferior, 27s to 28s. FROZEN MEATS. The total weight of Australasian frozen meats of all kinds marketed at Smitlifield during the week ending 2nd May was 1714 tons, and during t-lie week ending 9th May 1611 tons. MUTTON. New Zealand. —Receipts have again been heavy, amounting to 337,568 carcases. The position of the market, which at the date of our last report was anything but satisfactory, has undergone a further change for the worse during the interval. Supplies are altogether in excess of the current demand, sales being checked by the unseasonably cold weather, by the lower price of lambs, and by the indifferent quality of much of the mutton now on offer. Consignees are numerous, and competition amongst sellers more than anything else has been the cause of the further - reduction of Jd per lb all round. The relative positions and quotations of New Zealand and River Plate mutton are quite abnormal at the present time, there being so little difference between them. Plate sheer are worth about 3fd per lb all round, which is actually in excess of the rates current for ordinary North Island unit ton. Even Canterbury sheep of 48641 b canuot now be quoted at more than 3£d per lb, while heavier grades realise only 3Jd per lb, and at these prices sales are very slow, the consumption receiving no assistance from the reduced quotations. Other qualities of New Zealand mutton are equally weak, only a hand-to-mouth trade being done, and in view of the heavy arrivals, sales are being forced. Dunedin, Southland and the best brands o i Wellington sheep cannot be quoted at more than 3£d for small weights, and 3fd per lb for heavy carcases. The market for ordinary Nortn Island sheep is very weak indeed. Wanganui sheep of GOlb average have been sold at 34d to 3 9-16 d, and even selected carcases sell at 3gd per lb. Ewes have suffered from the general weakness, and sell at 3fd per lb. Australian. —There has been no arrival during the fortnight. There are still a few thousand carcases in store, but for these there is very little demand, owing to the low prices accepted for ordinary New Zealand sheep, and more particularly for New Zealand ewes. Unfortunately, too, most of the Australian sheep on offer are of heavy weight, a description which is not in demand at the present time. To-day’s quotation is about 3 7-16 d per lb. River Plate. —Some 137,802 carcases have been received during the fortnight. Trade is rather quiet in the country, while at Smitlifield almost no sales are being .made at the present time. Nevertheless, the market remains steady, and the closing quotations being maintained at 3 9-16 d to 8 11-16 d per lb. LAMBS. Arrivals have been heavy, consisting of 225,661 carcases from New Zealand, 5756 carcases from Australia, and 8445 carcases from the River Plate. The unseasonably cold weather of the past fortnight has checked the demand for lambs more seriously tlian that of any other class of meat, and, while a good trade is being done, it is doubtful whe-

ther sales are now more numerous thais. they were a month ago, and, in any case, it is certain that the continued expansion in the London trade which was looked for has not taken place. To this fact, as well as to the lack of unanimity amongst holders, must be attributed the failure of the recent at tempt to arrest the downward course of values. While the weekly output of lambs has thus remained almost stationary, arrivals are rapidly increasing, and anxiety to realise on the part of the numerous consignees has resulted in forced” selling and a steady fall in values to id per ib below the comparatively low level at which they stood two weeks ago. The lower prices have not yet materially assisted sales, but they are attracting retailers in view of tiie generally excellent quality of New Zealand shipments. Canterbury carcases of 301 bto 36ib. although relatively plentiful, command a premium at 4fd per lb, as that range of weight is most in demand in the provinces, where an increasing business is now being done. For the 36-421 b grade 4|d per lb is the quotation. Canterbury tegs sell at 4 ! ,d to 4gd. The action of one of the large New Zealand operators, now on a visit to London, in selling last week a line of 5000 Canterbury lambs ex Corinthie at 4fd per lb, ex shiii, had a weakening effect on the market. That price is barely equivalent to 4Jd per lb at Smitlifield market, or fd to .fd per ib under today’s values. Dunedin and Southland lambs cannot be quoted at more than 4td to 4f;d per lb; North Island lambs generally selling at 4 tel per fb, although a shade less money has been accepted for heavies. The few Australian lambs available sell at from 4fc! t d 4.vd per lb; while River Plate lambs are offered in the country in the neighbourhood of 44d per lb.

BEEF. Arrivals consist of 2209 quarters from New Zealand, and 10,584 quarters from the River Plate. Although cold weather prevailed during the greater part of the fortnight, the beef trade has not been active, and prices of chilled beef have remained at a low level. Frozen beef, owing to small supply, is still -relatively steady, the small decrease in values of fores being counterbalanced by a corresponding improvement in prices of hind quarters. The latter arc in demand, but lores are neglected, and, as holders will only sell “'sides,” sales are somewhat checked. New Zealand fores are weak, at 3-id per lb, but hinds are firm at 4g-d to 4-id per lb. Argentine beef may be quoted at 3|d to 3id fores, and 4|d per lb binds.