LONDON COMMERCIAL NEWS.

Otago Daily Times, Issue 3245, 1 July 1872, Page 2

LONDON COMMERCIAL NEWS.

The circular of the New Zealand Loan and Mercantile Agency Co., Limited, dated London, May 2nd, reports :—

woox. As announced last month, the second series of Colonial wool sales now in progress commenced on 11 tb. ultimo, with a catalogue comprising the following quantities :—New South Wales, 363 bales ; Victoria, 14GG ; South Australia, 1681 ; New Zealand, 606 ; Swan Iliver, 201 ; Cape, 1614; total, 5031 bales. The total arrivals to that date for s<lo were as under ;—New South. Wales and Queensland, 31,292 bales ; Victoria, 72,023 ; South Australia, 23,354 ; .Tasmania, 3720 ; New Zealand, 22,110; Swan River, 2331: Cape, 21,075 ; total, 177,117 bales, of which 10,000 bales were forwarded direct to the manufacturing districts and the Continent. The result of the first evening's sale, although well attended by buyers from all quarters, showed that in order to effect sales a discount on the February-March rates — more especially for greasy descriptions of medium character—would have to be accepted. About 1500 bales were on that day bought in, at prices beyond those which buyers felt disposed to give. Great caution has been the chief characteristic of their subsequent dealings, and while throughout the course of the present series there have been fluctuations both in demand and price, conclusive evidence has been afforded, with regard to the home trade, that, although l»re of stocks, they do not feel justified in returning to the high level of tMe opcuing sales of this year, especially for those kinds which werß then unduly enhanced in value. The fall in the price of home-grown wool t as likewise recently caused half-bred Colonial descriptions to recede, and these do not now command the rates current a fortnight asjo. As already indicated, ■" greasy " kindo have suffered most, especially the lower qualities, their yield in scouring having been, overestimated by buyers when paying FebruaryMarch quotations. Up to yesterday, the following quantities have been bro lght to the hammer : —New South Wales and Queensland, 21,193 bales ; Victoria, 44,319 bales; South Australia, 15,702 bales; Tasmania, 2113 bales; New Zealand, 10,893 bales; Swan Iliver, 1754 bales ; Cape, 9852 bales ; total, 105,886 bales —of which about 9000 bales in all were withdrawn.

The decline established at the commencement of the series, amounting on all descriptions, save Cape produce, to an average of Id per lb as compared with the closing rates of February-March, has during their progress become increasingly marked, and may now bo quoted at from 2^d to 3d per lb. This reduction appiyisg, as already indicated, more especially to the lower and unwashed descriptions, makes the fall therein, expressed in percentage, proportionately heavier. Tn searching for the reasons why buyers should have declined to operate during the present seritis unless at a considerable discount on previous irafces, wo think they may be found in the fact that, as men* tioued by anticipation in our last circular, there has been but little competition exhibited by French operators; while the homo trade, when not absolutei]r compelled to purchase, with the knowledge that the succeeding series of June-July will probably comprise some 200,000 bahjs, continue to operate, as already pointed out, with extreme caution. ! While the imports to date, as compared with those of hist year, show an excess, by reason of the present clip having been shipped earlier than the one prvceding, it is now matter of fact that the production o£ the year 1871-2 directed to this market will show but little if any incr<jase on that of 1870-1. With this feature in view, it cannot be supposed that during the remaining series of the year lower prices will continue to rule, although they may be subjoct to fluctuations in value. i It is anticipated that the present sales will be concluded on or about the ilth insfc. TAIXOW. Whfle the " Y.C." market o£ this article has been characterised by an absence of tho i excitement reported last moatk, wa are enabkd to advise a considerable improvement

in tlte consumptive demand for " sorts tallow. The auction sales of Australasia! held eacli. week have in all comprised 84(K ca&ks, 7100 of which fonnd buyers at fuUj previous rates: rango of priews for mtittot Wing 3Sirto 43s 'Jd, and beef, 37« to 4ils' 6d The stock on 29th tilt was 28,730 casks o all kinda, and the av«rage deliveries during the four weeks "previous to that date, 101." caaltK. !Hic importa'of 'Australian since 1«' Jane, IB7J-, to 2'Jtfc alt,, liavo been 7'i,oo*. canV.fi agikinst f>B,SOB ca«k3 for'"aorres?Ksadi«f period of ytsar 1870-71. On cotriparuioit o these figures with the total imports of th< article for the like periods, which are res peciivcly, 103.2GG casks and 100,550 casks it will be seen how largely .Aostmlasiai shipments now bulk in theaggregatesupplie: of tiiis product from the various pcirts a shipment. By the r jaiail rid i'ri«idiai, dc livtrcd on lHth «1t.:," fnrther atlviccs as t< AustrnltL»iaii exports were received, fwn which it apj>«aris that after deduction uf th< shipments advised by the <>xtra maii dcs patched from Sydney in the middle of Feb ruary, to which ;dlu»i<>n wiuj made in ou last circular, about •iljflO casks havo bt'en ex ported, .and it was anticipated that the «uc cued ing mail, which left m March, will briiij m-,WH of supplies being within fsttli rnori niod'irate compass. Meanwhile, on the spot holders seem anxious to avail themselves o present prices, --md foranctiontu-uiorrowup words of 2000 cajjks Aufttralaaian have beei

declareill. Closing quotations arc as follows :—-P. Y. C, new, Ms per cwt.j do 1870, 47» Od; do 1809, 455. Australian mutton—

finest, 435. 9d per cwt. ; do do fine, 43s 6d; do do medium, 42s Od; do beef, fine, 42s (kl; do do medium, 41b (id. KBW ZKAUX3SJ} IIKMF, Regarding this import we are in a position to record (still further favourable advices. Two public sales have been held, at which about 1200 bales hemp and tow wore offered; these at and after public Kales were disposed r»f at satisfactory prices. At the former, ordinary to medium commanded £3215s to £34 ir>B ; good medium to good well-dressed, £3(> JOs to"£3o IGu par ton ; white at the latter tljft following rates were obtained .-—Very low to medium, £27 Hi* bo £3T> 10a; medium to good well-dressed, £30 to £39; fine clean, £40u> £42 lf>s per ton. Tow, £15 lHs to £ 1(5 lJws per ton. it is with satisfaction that we arc able to announce an improvement in the character of recent shipments, and to this fact, m well a« to stocks bdn^ light, i« due th<? advance which the foregoing figures indicate to have taken place. If supplies in future Iks forwarded regularly, without pressing too heavily on this market, which ought to take off froiii 200 to 250 tons per month, and if Btill greater efforts bo exerted in the cleaning and packing of. the fibre for übipment, we nee no reason to doubt the continuance of a fair and afceady trade demand at . prices which ought on the average to prove ' remunerative .to shippers. Now that a; general ri*>e in the various qualities has . during; the past six months been established, '. sufficient to" cause the market value to ap- [ proach within about £10 per ton of the price j [ of Manilla hemp, a natural consequence will ensue in the sympathy now becoming apparent in-the-respective''quotations at the , two products. If, therefore, the coat of the ; latter at port of shipment should fall, so as to ', enable importers to sell at rates lower than i the cmrrent quotation of £51 per ton for \ "good roping," it need not hereafter be matter of surprise if the present top figure [ for New Zealand hemp shall have to ho, to gome extent, modified There is no doubt L but that the margin of £10 *er ton alluded ( to above might be considerably reduced if a . material improvement in the colour of the [ Colonia? product could be secured. Practical , illustration of this opinion can bo gained by an j inspection of Sisal hemp, which, 1/ reason of its whiteness, although a fibre of harsh quality, commands m this market a price , ! equal to that obtained for good roping Ma- , nilla.

The arrivals since date of oxtr lost report comprise about 830 bales hemp and tow, ■which have been received per Queen of the ; South, Electra, and Atmie. Latest quotationß will lie found .'subjoined :—Very low strawy to medium, £27 Isf» to £35 10s per ton ; medium to good well-dressed, £30 to £39; fine clean, £40 to £42 15s; tow, £15 15» to £i6lsa. The following is a statement j of stock, landings, and deliveries, as per returns to 30th ultimo :—Stock, 320 tons ; landings in April, 126 tons ; deliveries in April, 123 tons ; deliveries in four months, January-April, 1872, 953 tons ; deliveries in fouar months,' January-April, 1871, 991 tons. LKATHEU. During the past four weeks two auction sales of this product have been held, at which upwards <r»f 20,000 sides Australasian Mere offered. These eupp;its being in excess of trade requirements v/ure not all disposed of, and in tho«e easts where sales were effected, somewhat easier rates were submitted to. The next public sales will be held on 9th instant, for which about 1/5,000 aides h?-vc been advertised. Although the recent 'auctions have passed off flatly, it is nnt anticipated that lower rates will hereafter yule unless holders continue unduly to press forward their stocks. The hide market, since the receipt of the last news from the Kiver Plate, exhibits jp-eater firmness, and only a moderate quantity of leather^ from the Australasian Colonies is cow atio&t. The following are our latest m.irket quotations :— Best, Is o|d to Is lAd ; light, Is l|d to Is 2d ; extra heavy, Is'ljd to Is l£d ; second}", Is to is Id per IL. PKKSKRVKD 2HKATJ?. In the absence of any public sales of this import during the month, transactions have been confined to the supply of trade requirements by private contract. These have been to a limited extent, the sales effected having btei chielly for the smaller sizes of this, for which there continues to exist the greatest demand. The shipments of the article now afloat amount in the aggregate to 20,000 cases, of which about one-half was advised by the Australian mail, delivered oi> 15th ultima The arrivals during the month have been about 7000 cases. From the subjoined estimate of the supplies of meat in the United Kingdom during the past and preceding years, it will be seen that ill the former there has been a considerable increase in those of imported provisions amounting to more than 50 per cent, of the aggregate excess of supply during 1871 over that of 1870. As there exists a growing dislike on ihe part of the community to the importation of foreign live stock, especially cattle, which often become the medium of spreading disease amongst homebred animals, it follows that in order to keep pace with the greater annual demand which is the necessary consequence of increased population, unless a yearly addition to our available supplies©'^domestic live stock be secured, recourse must tereaftier be had to make up the deficit from imported provisions. In. ordcr^ however, to their securing in this market a continuous demand, ample margin must be allowed between the price of " butchers'" and "preserved " meat- The figures alluded to above stand as follows :—

COHN JCAttKET. The course of this market during the past four weeka has tended more in faronr of sellers than -daring the previous month. I This feature has been observable rather to- J wards the .close than at the beginning of the period named, and the improved tone by which the wheat market has been characterised having imparted confidence to holders, they now Took for a mainteuance of an approximation to current rates for the, remaining months of the cereal year- They have : been assisted, in arriving at this conclusion by the present aspect <>i the leading Continental markets, where prices rule so hiigh that no margin is left fnr shipments thence being made to this country. Foremost saaoag these may be mentioned that of St. Petersburg, where contracts have been made, for the supply of the wants of Central Germany

" and also of Persia, which Utter country has a been suffering from the effects of iiuninft. 0 From America we leant that while in Caliy fornia there , eadsta good prosj>cct« of an tt abundant harvest, the supplies from the . North-wcsfejtn States will be less than those >f usually rec«ive<L Farruers' deliveries still £ ratuitu Hght, and although the weather con--1 (£tracß favoorablo for growing crops of t cereals, j.fchAfc of jioisioiio wilJ. in all ]>rob:i----2 hllitff prove to be short. If so, sxscJi deg (icit will -sensibly affect the future value of '£ wheat. Meanwhi'c the numlxir of cargoes c unsoTd Y-«t- ports of call is small, and in t- granary both white and good red wheat i, continue scarce. These features have n exerted a ; favourable influence on the s value of Australian importations, the top if price made for which has been <33s per 490 '.' lbs, while very good Kauiulcs have been sold o at fi2s, and at the latter figure holders arc » prepared to sell to arrive, delivery being c given ex ship. The following iigures have i- been collated for the purpose of exhibiting >- the estimated annual consumption of wheat r and Hour in the United Kingdom during tho :- present and two preceding cereal year», and, ;- after deduction therefrom of the respective g .estimated importations of foreign;wheat and c flour, of showing the balances nocessarily ;, furnished out o( the supplies of honac-giowix d produce :— 5 >. 18U0-70. 1870-71. 1871-72. n Consumption .... n ' . f|uarter«--20,iMK),<03 20,«07,4(W- Sl.OlC.'tM '* forcbrn ioiporU.. ), quarter*™ 11,799.000 8,891,600 10,705,245

Qtwrtcni ~ 8.712,413 11,975,870 10,221,239

POST OFFICE NOTICE. MAILS CLOSE— This Day, Ist Inst. For Oamara, per s.s. Maori, at 10.30 a.m. For Timaru, Akaroa, Lyttciton, Christchurch, aiid Westland, per s.«. Beautiful Star, at 1-30 p.m. Tubsdav, 2ki> July, For Northern Ports of New Zealand, per b.b. Fhoebc, at 10.30 a.m. Thursday, 4th July. Per p.a. Nevada, an nndcr:— For North cm Ports of New Zealand, America, West Indies, Continent of Europe, and United Kingdom, vid San Francisco, at 10 a.m. I/ate letters, with one additional single I rate per letter, till 10.30 a.m. Newspapers, 8 a.m. For registered letters and money orders, the night previous, afcfi p.m. T- British mails via Suez, will be despatched from this office on or about the sth July. (Signed) ARCH. BARR, I Chief Postmaster. ; Chief Post Office, ! Dunediri, lut July, 1872.

iK7« 1S7J Jncreiwo 1070. isn. la J8n Tons. Tons. Ton*. Home-bred animals l-240 t tt)3 1,223,478 25 375 Imported do ..... ! W.558 ' S1.578 15,022 Do provisions .. 67,743 &9.126 •ii.&i* J,8W.!;»0-2 1,4*7,181 82,279