LONDON MARKETS

New Zealand Times, Volume LIII, Issue 12455, 25 May 1926, Page 8

LONDON MARKETS

HIGH COMMISSIONER'S CABLE OFFICIAL QUOTATIONS. The Department of Agriculture has received the following cablegram, dated May 21st, from the High Commissioner for New Zealand, London: — BUTTER. Slow. Official quotations are New Zealand: Finest salted, 168 sto 170 s per cwt (Is 6d to Is ojd per lb); exceptional, 172 s (Is 6id); unsalted, 172 s to 174 s (Is 6Jd); other qualities, 160 s to 164 s (Is 5d to Is 5-ld). Australian: Salted, 166 s to 168 s per cwt (Is s£d to Is 6d per lb); exceptional, 170 s per cwt (Is 6id); unsalted, 168 s to 170 s (Is 6d to Is 6id); other qualities (salted and unsalted), 140 s to 162 s (Is 3d to Is 5Jd). Argentine: Unsalted, 152 s to 160 s per cwt (Is 4id to Is s|d); other qualities, 146 s to 150 s (Is 3£d to Is 4d). Danish: 174 s (Is 6£d). Irish: Salted, 168 s (Is 6d); unsalted, 172 s (Is 6£d). Siberian: 140 s to 150 s (Is 3id to Is 4d); exceptional, 152 s (Is 4£d). CHEESE. Quiet. Official quotations are:— English: Finest farmers’, stocks practically cleared. Canadian: Coloured and white (new), 88s to 90s per cwt (9id to 9\d); (old), 104 s to 106 s (lid to lljd). New Zealand: Coloured and white (in accordance with size), 90s to 92s (9kl to Hdl Shipments arrived since May Ist per s.B. Otira, Surrey, Tongariro, Waiwcra, Athenic, and Tairoa. FRUIT. Otira and Tongariro unloading, but very little of the latter # in the market yet. General condition of Otira is good as yet, though fully matured. Special Cox’s Orange business is good, owing to temporary shortage, but current prices not expected to hold: —Cox’s Orange, 14s to 20s per case: Jonathan, London Pippin, and Dun’s Favourite, 12s to 14s per case; Delicious, Us to 14s per case; Adam’s Pearmain, Lord Wolseley, 13s per case. TALLOW. Spot market remains firm, with fair demand at auction. Present quotations are:—Mutton : Fine, 44s 6d to 45s per cwt; fair to good, 42s 9d to 43s 6d per cwt; dark to dull, 41s to 42s per cwt. Beef: Sweet and/or mixed, 44s to 44s 6d per cwt; fair to good, 42s to 44s per cwt; dark to dull, 39s 6d to 41s per cwt. Mixed: Fair to good, 42s to 43s 6d per cwt; dark to dull, 39s 6d to 41s per cwt. Gut, etc., 37s to 40s 6d per cwt. CASEIN, HEMP, AND WOOL. Casein: French rennet, 14s. Hemp: Manila easier. Value “J" grad© No. 2, May-July shipments, .£37 10s. Steel market quiet but steady, No. 1 Tanganyika value .£42 10s. New Zealand liighpoints afloat offered ,£36 10s, but no buyers. Fair MiDy-July shipments quoted, buyers .£34. Wool: Sales resume June Ist. SHIPMENTS OF LAMB FROM AUSTRALIA The New Zealand Meat Producers' Board has just received a cablegram from its representative in Australia, advising that 29,823 carcases of lamb were exported from Australia for the fortnight enclsd May 21st, 1926.

. TOO MUCH SUGAR AN ECONOMIC'PARADOX. Last year the Australian crop of cane yielded almost 500,000 tons, of which 211,000 tons was exported. In this connection the chairman of directors of the Colonial Sugar Company made the following statement at the annual meeting of shareholders in Sydney:— "At last those concerned in this business seem to be realising th© need for reducing the areas under cane, but no workable scheme for effecting this has been put forward, and it looks as if the present difficulty will continue until a partial failure of the crop, due to drought or other cause, brings about the necessary change. But there will still be as a load on the industry the establishment of crushing plants much larger than the trade of Australia needs, which will give to the manufacturers an insufficient return until the population increases and greater consumption ensues. To the political economist the position is now interesting, as an example of the effect of high protection in bringing about the investment in a trade of more capital than it can carry." GOLD PRODUCTION The world's gold production in 1925 is estimated at a value of .£81,000,000, (?r an increase of <£1,000,000 compared with 1924. The maximum output was in 1915, the figures last year's total the British Empire produced .£56,200,000, South Africa accounted for -£44,000,000, Canada was next with <£7,400,000, whilst Australia and New Zealand produced <£3,000,000. EFFECT OF STRIKE "BUSINESS DISORGANISED.” The secretary of the New Zealand Dairy Produce Board advises having received the following cablegram from the London office of the board, dated May 22nd, 1920: "Strike disorganised business; market very quiet. "Butter: New Zealand, salted 17fls to 1725; unsalted, 172 s to 1745. Australian: 166 s to 168 s. Argentine: 152 sto 1565. Danish: 174 son spot. Irish: 168 s. "Cheese: Market opened at 96s after strike* but has receded to 935. "Continuation of miners’ strike still effecting market." CUSTOMS REVENUE The Customs revenue received at the port of Wellington yesterday aggregated <£1467. New Zealand Farmers' Co-operative Distributing Company forward copy of its weekly cabled market report from London, dated May 21st:— Butter—Market very slow; New Zealand, I€Bh to 170 s, unsalted 1725; Australian, 166 s to 170 s; Argentine, 1565; Irish, 168 s; Danish, 1745: Esthonian, 1665; Latvian, 1665; Siberian, 146 sto 1511 s. Hold stocks and the arrivals by steamers during the strike are affecting the position adversely, and lower prices are to be expected. Cheese—Market quiet; New Zealand, white and coloured, 92s to 935; Canadian, old 104 s to 108 s, new seasons 88s to UOs, Australian, 90s to 925. The coalminers strike continuing has considerably decreased consumption and caused lessened demand.