OUR COMMERCIAL LETTER. (FROM OUR OWN CORRESPONDENT.)

Otago Daily Times, Issue 10037, 1 May 1894, Page 2

OUR COMMERCIAL LETTER. (FROM OUR OWN CORRESPONDENT.)

London, March 24. Excessive dulneas in trade still continues, and there is as yet no sign of improvement. While so much political uncertainty remains; and until it is known what the Government will do regarding . revenue requirements, stagnation is inevitable. New Zealand securities hold their own, and are likely to do so. Midland Railway (New Zealand) debentures fall steadily, but this is due solely to the uncertainty as to the company's position and prospects. Below I furnish a summary of the market news for the past fortnight :— WOOL. The Becond series of sales closed on the 16th. The net quantity available is set down at 247,400 bales, of which 173,000 were sold and about 75,000 bales were held over. Of the course of the market the National Mortgage and Agency Company Teport :-On the opening day, in the presence of a large gathering of the trade, prices fa* fairconditioned merino grease rated about ejual to closing February quotations, while lower and inferior sorts showed a decline of about 5 per O:nt., and, with occasional modifications, prices mmained on this basis for the rest of the sales. Mew Zealand merino grease was scarcely represented at all in the catalogues. Scoured Australian merino of good body and condition suffered a decline of Jd to Id per lb; the lower sorts, how- , ever, ruled pretty steady at previous quotations. Crossbreds were again in short supply, only about 24,500 bales being offered. At first prices for the liner grades ruled in buyers' favour, but, recovering soon after, closed firm. - Coarse deep-grown sorts opening firm, strengthened their position as the sales progressed, and closed at an advance of a full id per lb, New Zealand descriptions being in fljecial favour.

GIUIN. Wheat.—The New Zealand Loan and Mercantile Agency Company report :—The appearance of the growing crop here is reported to be satisfactory, and while spring sowing has been somewhat delayed in certain districts by wet weather, field operations must generally be considered to be well forward for the time of the year. Values generally have ruled in buyers' favour, Australian descriptions making a depreciation of 3d, and New Zealand about 6d, on the month. On the whole the o.i.f. trade has shown more steadiness than of late, consequent upon a reduction of stocks in granary and a material falling off in imports ; but at the same time, business has been by no means active, and values are practically unchanged, the tone at the cloee, with the approach of the .Easter holidays, being rather weaker. La Plata wheat continues to be freely offered, and as low as 21s 7£d has been accepted for cargoes by steamer. New Zealand longberried (me), 28s to 27s per 4951b; do inferior, 253 6d: :me shortberried, 253 6d to 265; do inferior, sis ea.

_ Oats.-The N.Z.L. and M.A. Company state : iljcent arrivals from New Zealand have been in fair condition, and have met a moderate demand at from 20a Ci to 23s 6d (per imp. sir.), aa in quality. Barley has been clow of sale at easier rates. _ Beans.—The demand has been dull andvalueß have receded from 63 to Is per quarter on the month.

Cocksfoot.—The market is firmer and values have advanced from 2s to 3s per cwt. This the N.Z.L. and JI.A. Company cay is in part attributable to the spring demand having set in, and in part to the fact that some 1200 to 1500 sacks in granary have been destroyed by fire. Theunsatisfactory reports regarding the condition of the New Zealand crop have likewise had a hardening effect on values, and as present stocks will.scarcely be sufficient to satisfy trade requirements prospects as regards fresh arrivals appear to be favourable. Finest is quoted at ISstoSOs per 1121b net; medium, 40s to 4Gi.

DAIUY PRODUCE. Messrs Coey and Co. quote colonial butter at 108s for choice factory; 102s to 106s, flno; 96s to 98a,medium; 925, fine dairy; 88s, medium. New Zealand cheeße: Finest white, 555; coloured, 553. They say: "We have made strong representations to the manager of the New Zealand Shipping Company to observe in future a lower range of temperature when conveying butter Btowed elsewhere than in tho freezing chamber."

TALLOW. The National Mortgage and Agency Company report :—Offered at public auctions, 5718 casks • sold, 2445 casks. Although there was a slow demand, prices ruled fairly steady at the first three sales, but at the last auction on the 16th instant business was very slow, nnd decidedly easier prices were accepted for both beef and mutton, the latter showing an average decline of 6d per cwt, while beef sold cost irregularly, in many cates showing a heavier decline. The large shipments recently advised from Australasia—viz 6&10 tons for the month of February against 3400 toils in the corresponding period last yearcoupled with tho fact of large quantities goiDg direct into consumers' hand s, has had a very depressing effect on the market, and prices have still a downward tendency, with but little disposition to operate on the part of bnyers. New Zealand mutton : Good to fine, 25s fid to 27s per cwt; fair to good, 2-ls Od to 25s 6d ; common, 23s 6d to 24s 8d; low and mixed, 20a to 255. New. Zealand beef: Good to fine edible (nom.), 2lia to 27s per cwt; fair to good, 24s 6d to 253 fid; common, 23s to 24s 6d.

SHEEPSKINS. The N.Z-Ij. and M.A. Company report—A'auctions held here on the Bth and 9th inst. 4400 bales Australasian were offered, which mot a slow and irregular demand, with the result tha<; only 3300 bales changed hands under the hammer. On comparison with rates ruling at the preceding ealea. crossbreds were from l& to Jd per lb lower, medium short and shorn inerinoa from }d to }d per lb, and long-woolled merinos about Jd per lb A few lots of superior long-woolled merinos in clean condition realised preceding sales' rates Since the auctions about 1000 bales have found buyers at the range of prices then established. We quote: New Zealand merino three-quarter and fttll-woolled, 4|dto 51d per lb ; half-woolled, 4id to 4id; quarter-woolled and shorn, 3d to 3jd* crossbred full-woolled, medium and flno quality' 6Jd to 7d; f ull-woolled, coarse, 5Jd to 6Jd; quarterwoollcd and shorn, 3Jd to 3Jd. ■

- KABBITSKINS. The National Mortgage and Agency Company, referring to the periodical Bales held on the 23rd ult., report that of 1308 bales Aiißtralasian offered 918 batea found buyers under the hammer. The bidding was far from active owing to many buyers being fully stocked, and while New Zealand skins, which were in moderate supply, realised fairly steady prices, Australian and Tasmanian descriptions declined in value. The better descriptions sold rather irregularly at from id to Id per lb decline, while inferior sorts were fully Id per 1b cheaper. Black skins sold slowly at a decline of about Id per lb. Quotations :— Good to prime New Zealand skins, averaging l}lb to2}lbperdoz, Ik 3Jd to Is 43d per lb; fair ordinary to gbod New Zealand skins, IJlb to 2Slb, Is Id to Is 3Jd; common and low season, lib to 2Alb 6JdtolHd; black and fawn, 6dtols4}d; mnall and suckers, 3Jd to 7d; fair ordinary to eood Australian, 181b to 2Hb, 7Jd to Is; common'and low season, Jib to 2Jlb, 3d to 6id. New Zealand turned rabbits arc quoted at 3}dto4d per lb.

FROZEN MEAT. Referring to New Zealand frozen mutton, Messrs Weddel and Co. report :-As anticipated in our last issue, the breakdown of the s b. Duke of Westminster has enabled consignees pers.s. Rimutaka to secure full rateß, the quotation current for North Canterbury sheep having latterly been 4H to 5d per Ib, despite slow demand. The high price is checking the consumption in many districts; but until the heavy supplies now near at hand reach the market the effectß upon the retail trade of the prolonged scarcity of this description cannot be fully realised. The shipments due to arrive from New Zealand -within a few days are considerable, and current high values may not long be maintained, but market, being bare of Btock, closes firm at quotations. From let January to date only 99,195 carcases of New Zealand mutton have been imported as compared with 253,500 carcases during the corresponding period in 1893. The s.s. Rimutika brought a fair supply of lambs, and the auality being generally satisfactory good progress has been made with sales at full prices. The Easter demand has been fairly satisfactory. Best lualities have ranged in value from tijd to 6"} d per lb, the comparatively few inferior carcases selling lown to 5Jd per lb. Australian lambs are very narce, but fresh arrivals will come into competi;iou with North American frozen lamb, for which is low as 3Jd to 5d per lb has been accepted, on iccount of inferiority. The are still no Ewer Nate lambs on the market. Messrs H. S. Fitter and Co. report .--The carcity of NewZenland muttonhas enoouragedthe Ltnericans in their endeavour to introduce their lutton on our market asain, but we do not hink the result will be very satisfactory o-day s prices are as follows :-Seotch sheep, (!}d ) ftW perlb; Kn, s li S h 53d to6ld; Continental; \ to M; ewes, Sid to 6d; Canterbury (very rime, s}d), 4Jd to sd; Wellington, 4Jd to 5? ustralian (very prime, 4d), 33d to 3§d; River late (very prime 4d) 3gd to3§d. Queensland isf-hindquartersSid to k\, forecmiyrjers 31d to

3|d; American—hindquarters 3}d to 4£d, fore- [ quarters 2jd to 3d. Canterbury lambs, 6Jd to GJd; Wellington, 6d to 6id. * •