OUR COMMERCIAL LETTER.

Otago Daily Times, Issue 10443, 20 August 1895, Page 2

OUR COMMERCIAL LETTER.

(Fhom Our Own Correspondent.) ~ London, July ia

■wool: .' J At the wool sales thedemand has been betterthan I for some time past. Sjjme of the better kfyds of j Australian and New Zealand merinos, particularly j if suitable forthe United States and the'Blradford markets, show an advance in price of from,74 to j 10 per cent on May closing rates. Owing,'how- J ever, to want of hearty support from Continental j consumers the medium and lower qualities of this } class of y/001, especially whan scoured, occupy a J rather less favourable position. Competition for § crossbred wool for both Home and American account has been, I learn, extraordinarily keen.. The finer and duller growths, which were considerably neglected last sales, have in consfequence improved in value to the extent of from 7& to 10 per cent., while the coarser grades are quite 10 per cent, dearer, and, if lustrous, very fre-' quently realise prices 15 per cent, in excess of May final quotations. .' ' .' Owing to some increased demand frcni the Continent, in addition to already existing English and American support, merino wool generally, which at the outset failed to improve to the same extent as crossbred, has shown signs of further advance. In the case of "shafty" parcels in grease and " bulky faulty scoured" there is a quotable advance of 5 per cent, on the earlier sales. Deepgrown crossbred wools, whether fine: or coarse, Sell, freely at opening prices. Medium gradas, however, if short, heavy, or shabby, though fully maintaining their position, do not command, quite so keen a market as other descriptions. Referring to the rise, Messrs Dalgety and Co. say:—" The impulse has, however, decidedly been ' given by United States buying, and.if this continues we may see crossbreds hold their pwp for longer than at one time seemed probable: 'How little the rise was expected may be seen by the • result of the Leicester and other English wool' fairs mr the earlier part of last month.. It is undoubted that, apart from any special features in the wool market itself, the gradual though slow improvement in trade has much .to, do, with the present advance. Money has also been made in large amounts in goldmining shares and .other . Stock Exchange speculations, and thus the spend-ing-power of the: country has increased. The great abundance and . remarkably low value<. of money also tends to encourage speculation." ■''■'■'•."" GRAIN. , The wheat market has been dull and depressed, j and under the influence of large arrivals American j fell 53 per quarter. - ; . . j : The National Mortgage and Agency Company j report:—>". New Zealand wheat is difficult to quote ! in the absence of supplies. Oats and beans; go off i slowly at barely prsvious rates." . :"■;■• "- I ■ ■- tallow. 77:77 '■ \ The National Mortgage and Agency Company I report :—" Offered at public auctions 5628 casks; j sold 2494 casksi There has been a slack demand for the best qualities of muttob, butrrnediuni'and j inferior sorts have sold fairly well. without | material change in values. . Beef lias been in: \ moderate; request at steady prices. , The market ] throughout the month has been adversely affected j by the heavy shipments advised—viz., 8200 tons ,' for ,May and 9750 for June—which ha. r caused'"■{' quite a stagnation in the trade, and ; although j -. sellers were willing to meet, buyers very "little i business has been done. The market clOs.s' with j a weak and .declining tendency, but as values'are j now on rather a low basis, any futher fall should have the effect of bringing in buyers. The reduced j prices which were accepted at the lost sales; held i on the sth inst., failing to induce sales in quantity, j must be regarded as somewhat nominal." ' f j ; -' hidesano 7swiss,'KiC.JS:77J7:7yT 7. rj halted Hides.--This market is in a fair"position;'' although heavy ox yesterday declined id per lb, j .lighv and cows maintained previous rate*; _btest ' heavjr Queensland sold at 4Jd, light at iid; and j cows at 4|d per lb. ~' ~ ■ '. J: T/S/S .-■ | Rabbitskins.—Messrs Weddel and Co report:— j " The' next public sales will be held next week ; about 1500 bales are; advertised, and a quiet trade is anticipated. Quotations :.New Zealond good j winter skins, Is to Is 3d per lb ; summer arid low j . skins, Sd to ls; inforior and suckers, 3d to 7d." 7:777 PRESERVED MEAT.,-," .'■" 777yJ'77 J '] Rabbits.—-The National Mortgage rand.Agency j Company report:—"The policy pursued .hy;the 1 ,;: agents of some packers in Australia of selling at j ridiculously low, prices has had the natural effect 1 ofdepressihg a buoyant market; and holders of j the old-established and better-known brands,- find -i it necessary to ease their prices somewhat xrx. order I to meet this competition." :..',;, - .-. •.'■":-:-::■'-•, FItOZEN MEAT. ,■'.■".':.:'"'.'._; '•.', Statistics show that since the beginnihgof the year the increase in the arrivals, from New Zealand, as compared with 1894, were .273,403': carcases sheep: and 185,112 carcases jamb, i Messrs Weddeland Co. think this increase "sO heavy as to account to a great extent for: the depression , whichhas characterised the market: during the: greater rpait of that period 7 and if it.be further "•considered that the number Of live sheep imported during ths first six months of 1895 from various sources show an increase of about 300,000 animals, it may be considered ah encouraging sign ofthe growth of the demand for frozen meat that no greater depression existed than that which has recently been passed through. : The "augmentation of the supplies of miitton available to'icb'nsumers: in this country has amounted to : about threequarters of a million, of sheep during the first six '■ 'months.",-' Messrs H. S. Fitter and Son write :^,''The demand_for frozen mutton .continues fairly good, :biit the stocks on hand are still heavy, and most people are anxious to realise in view.of the probable faffing off in the demand after-this njohth. Prime short-legged sheep are still scarce,'■ consequently we continue to fiad some difficulty in ; supplying orders for best quality muttoni The -New Zealand lamb trade is somewhat slower,' and .';. prices are hot. quite sogood; probably, however, shorter supplies in the near future willpfevertt.a further decline, and should the demand continue good prices may improve later." ':'-. '">; ■'■'•

GRAIN AND PRODUCE MARKETS.

Messrs Donald Reid and Co. report tbatr prices ruled as under at their auction sale yesterday :— Oats.—No alteration to report on last week's demand. Long Tartars,ls lOd to Is Ud; prime ', milling, ls 8d to Is BJd; good to best feed, Is 7d to Is 8d; inferior to medium, Is 6dtols6Jdper bushel (sacks extra). v , - r Wheat.—None offered. :■',,.,: Barley.—Good malting, 2s 6d to 2s Bd;,feed and milling, ls lOd to 2s 3d per bushel (sacks extra). '• Potatoes.—Stocks bein& now reduced.: Those forward to-day met slightly bettor competition. Best Derwents, 32b 6d to 36s per ton; medium, 27s Sd to 30s'pcr ton (bags in). : -. -. ;'■';!'. '; :J J Chaff.—Arrivals during . the week have been light, and prices havo advanced about 5s per ton. TBaat oaten sheaf, £?, 7s 6d to £3 10s; medium, £3 to £3 ss; inferior and straw chaff, £2 5s to £2 15s per'ton(bags extra). Tumips.i_-The'good demand reported last week still exists.' Best swedes (bagged), 19s to 20s per ton (bags extra); do floose), 17s to 18s.: The Mutual Agency Company op New, Zea- . land (Limited) report that jrices ruled as under at their weekly auction sale yesterday ':— Oats.—Competition not so keen as last week, and prices easier.. Long Tartars, ls 9d to Is lOfcd ; black, la BJd; good feeel, ls 7d to ls 7£d; milling, lsßdtolsßJd. "Wheat.—No milliDg offering. Market steady. I .Broken wheat, 3s 3d. Barley.—No change to report. Modium, 2s 2d to2s6d; feed. Is lOd. ' Potatoes.—Market very fl .t, and only prime lots saleable. Medium, 25s to 27s 6d. Turnips.^—Demand has eased off, and prices are down 3s to 4s per ton. Swedes (in bags), 18s. Carrots, 36s to 375. '-.'■'..'.,. Chaff.—Last week's spurt has not been maintained, bat the demand is good at-quotations. Beat, tS2s 6dto6ss; extra, 67s 61; medium, 55s to 60s; straw, chaff, 50s.