OUR LONDON LETTER.

Otago Daily Times, Issue 10417, 20 July 1895, Page 3

OUR LONDON LETTER.

(FfiOM Odb Own Coeeespokdest.) London, May 31,

NOTES ON PEOaUCE,

A new departure of much importance is about to be taken in connection with the colonial butter trade. Yon will remember k my. mentioning that the experiment, of a sale by auction had been tried in order to dispose of some large I accumulations of colonial cheese. Statements i have found currency to the' effect "that this auction proved a failure. I do not consider j that such statements are warranted by the j facts. I find iipon careful inquiry that the I cheese realised at the auction prices which i would not have been approached within several ! shilJings per cwfc. had it been forced on the j market by private sale. In the present circum- ', stances, and considering the state of, the, I cheese market, the prices realissd at auction' are looked upon by those best acquainted with the Bubject as being very fairly satisfactory. This result has impressed the mind'of some of those who are engaged in the wholesale butter trade, and has indirectly led to the new departure which I am about to explain. New Zealand butter continues at a very low price, the choicest realising only about 82s, or perhaps a [ little more in a few special eases, and it is ' thought that the time has come for Borne vigorous effort of the whole class to be made to , restore the falling fortunes of the industry, j

butter factories that an immediate adjustment must take place with regard to the prices of milk, and henceforth it wilt have to be in proportion to the London market value of butter. It is wished that it should bo kept up to 2£d if possible, but unleas New Zealand butter realises considerably better prices next season than this, I fear it will prove impossible, and somewhat lower terms may have to be accapted.

The live New Zealand sheep recently landed in England are very highly spoken of by some 'of the best' authorities. Writers in various agricultural papers ate full of admiration for their excellence. One of these writers expresses his opinion that the estimate of tbeir weight published by "Drover" in the Otago Witness will prove to have oeen considerably under tbe mark. He thinks most of them will turn out Il6t to 12st, and even the smaller ones 9«t to _10st. He pronounces them to be in good condition.

The eels and whitebait from New Zealand which came by the Waikato were offered at; Billingsgate Market yesvetday. They did Dot meat with a friendly reception. Some said the whitebait were more like worms than fich, but I am assured by competent judges that they were really of excellent quality. It is hard to fight against'EDgli»h'prejudice. Some people liked the eels; others pronounced them coarse. I believe the fish had some mishaps in transitv, to the market. But, making every allowance, I fear the experiment has not proved on entire BUCCSSS. :• .

I have jnsfc received the following interesting communication from Messrs W. Weddel and Co. .-—"The long-looked-forrise in wheat has come at last, and great excitement prevailed in this market for two or three days daring the past fortnight, and trade has been mnch more active than for several years past.. The American markets were in & mild state of panic, owing to reported serious damage to the new crop by draught and insects, and pticea advanced trom Is to 2s per day. It has become quite apparent that buyers had allowed their stocks to run extremely low, ia the belief tthat prices would remain at their present low level; but at the slightest, sign of improvement they have not. been slow to ,;come in and buy pretty freely. The continued dry weather in this country, and also on the Continent, strengthens the feeling .that the new crop will riot be up to average, so that there is a fair prospect of wheat returning to at least 30s per quarter level. Barley has been rather sUcker, and buyers are not disposed to pay the advance asked. Business in maizs has not been active, but values are quoted 6d to 9d up on the fortnight. Oats have been in fair request at an advance of 3d to 6d per quarter. The markets cloee below the best, bnt a firmer tone is again apparent." .

This is on the whole encouraging. Of New Zealand wheat the market is almost bare. It is quoted at 26s 6d to 28s 6d per 4961b. New Zealand oats are. worth .20s to 255, according to quality. .. '

Tallow is firmer, mutton especially, which !

such an elementary question of conduct without the intervention of a Lord Chancellor." Bisbop Selwyn hsß been naked to preach the Ratusden sermon at Oxford on Trinity Sunday aud has ponoented to do no. His subjacfc, he tolls me, is to bo " The Colonial Chnrch," and he juttnds to work out the idea of " Master Builder*." Such a subject treated by such a man cannot fail to be deeply interesting.

During his speech at the S.P.C.K; ms^ting, by-the-bye. Bishop Selwyn said that peHbap3 the most splendid piece of work done by thai society, the maid-of-all-work of the church, was the establishment of the Lay Workers' Training College in : East London.—(Cheers.) Tha society's care ia -the matter of translation was much to be commended.' In one translation of the Prayer Boole, used.in the South Seas, the words " where the vrild asses quench their thirst." were rendered " where pigs that eat men drink against their hiccoughs."—(Laughter.)

Mr -J, H. Wifeheford has actually floated his fourth New Zealand Gold Mining' Company to operate in the Hauraki district. This latesd of his successful enterprises is somewhat appropriately named " Triumph." His proposal is to acquire a property of about 30 acres in the Hauraki district. -. Of the purchase price, fixed at £70.000,. the sum of £25,000 is to be in cash, £35,000 in share?, and the balance in cash or shares. - The.capital is. £100.000, and applications will be received for 200,000 Bhares of 5a each. • .-•.■■-..

An influential deputation from the Associated Chambers of Commerce of the United Kingdom •waited on Lord Rosebery to urge the desirableness of encouragement being given by the Imperial Government to the, proposed Pacific steam service. The.deputaSion was introduced by Sir_ Albert Rollit, M.P. Lord Rosebery said that the; whole . question was at present sub judice. It was under the caretulconyideration of Ministers; they were considering ib practically in' a -concrete- fashion, and they had a real hope of being abla to'announce a satisfactory conclusion. Beyond that the deputation could not expect htm to go, and he should be committing'an indiscretion if did more than say "God-spefcd" to v the object they had in view. The deputation considered the Premier's words and manner on tbe whole encouraging, and went away -persuaded that they had his sympathy;;; v; .-■■■ ■.-■'' ■ .

Tne Times is not very enthusiastic about Lord Eosebery's new bill. providing for the representation ..' ;of the ■■' colonies ;on the Judicial Committee of - the Privy Council. It pronounces the bill ■ a most microscopic measure.: Only'.£Boo a year in all is provided to psy ; the salaries of the Indian and colonial jndges who may consent to act on the> Judicial' Committee, ■■■ and at present the whole- of ,th a t, sum is pocketed by onel Indian judge, and no very extravagant remuheratioa either.. Lord RoGebery admits that,he docs not propose to make any financial provision for1 the new Privy Council judges, and The Times understands bim to imply that if. the colonies want to /be repre-