NEW ZEALAND PRODUCE IN LONDON.

Otago Daily Times, Issue 11796, 27 July 1900, Page 8

NEW ZEALAND PRODUCE IN LONDON.

(From Our Own Correspondent.)

LONDON, June 15.

wool.

On the whole, the wool reports with which I am furnished for to-day's mail are (he reverse of cheery in their tone. The report from the New Zealand Loan and Mercantile Agency Company runs thus:—" Reports from Bradford continue to be of a most discouraging character, more particularly as regards' merino and fine crossbred wool, in which little or nothing is doing. Quotations for GO's top are quite nominal in the absence of inquiry, but for " super' 23d is the top price, estimable, and a decline from even this low f.-gure.is regarded in some quarters as not improbable. So much combing machinery has not been running short time for many years past; spinuers, though not generally holding large stocks, owing to the reluctance of manufacturers to make forward contracts, buy only from hand to moutk The position of low quality orossbred is somewhat more hopeful, but with the value of 36's top at 9d there is not much room for profitable business. The weak tone of the markefr for the raw material was emphasised at the sheepskin auctions held yesterday, when, as compared with the preceding sales held on tne 28th April, values for merino and fine crossbred marked a decline of id to Jd per lb, and coarse crossbred about £d per lb." Prom Messrs Balme and Company I have received a- full report of the fourth series of public sales of woolled sheepskins held yesterday, when the quantities catalogued totalled 3123 bales, 493 of which came from New Zealand, against 873 bales from South Australia and 601 from Victoria.' Messrs Balme write that although the attendance of buyers was fully up to the average, competition, was decidedly unsatisfactory, and a largo proportion of the quantity1 offered was.withdrawn. Prices in average marked a decline of 10 per cent, on the rates ruling at the preceding skin auctions, the depreciation being most pronounced in the case of full-woolled descriptions in poor condition. As compared with the values current at theApril sales, Messrs Balme now Quote: Merino, full-woolled, jd to Id per lb lower; merino, half-woolled, gd per lb lower; merino, short and shorn, Id per lb lower; crossbred, fine, full-woolled, Jd to Id per ib lower; crossbred, coarse, full-woolled, Jd per lb lower; crossbred, half-woolled, Jd per ib lower; crossbred, short and shorn, id per lb lower. The fifth series of sales of woolled sheepskins is announced for the 2nd of August. NEW ZEALAND HEAT. Referring to frozen meat, the New Zealand Loan and Mercantile. Agency Company state that the relatively high prices lately ruling for New Zealand mutton and lamb have tended materially to curtail the demand, with the result that these high values are barely now obtainable. Lambs better maintain their position than mutton at 5.? dto 6d per lb for best descriptions; Canterbury mutton is worth 5d to sid per lb, while secondary descriptions realise id to gd per lb less. Heavy weights, however, as is always the case in hot weather, are difficult to sell. The New Zealand Loan and Mercantile Company notes that the discharge of vessels in the port of London is being seriously retarded owing to a strike among the dock labourers, and a continuance of this state of affairs will undoubtedly tend to support values Messrs Weddel tell me that the arrivals of New Zealand mutton have been heavier than during the same period for some time past, amounting to 121,000 carcases. Owing to a strike at-the docks the vessels bringing this quantity are not yet completely discharged, and, as stocks in store are moderate, the reaction which has taken place in the market cannot bo solely attributed to over-supply. The demand has been slow, recent high prices having seriously curtailed the retail consumption; while warm weather at the beginning of the present wool! further cheeked the trade. The lessened inquiry created a weaker feeling throughout the market, and values of all descriptions are weaker than they were two weeks ago. Best weight Canterbury'siieep to-day can be quoted at no more than rid, to, occasionally, s&d per lb. Medium weight Canterbury mutton sells slowly at 4|d to 4Jd per ib; while heavy carcases are difficult to move at prices down to ili per lb. Southland, Dunedin, and W.M.E. Company sheep are id per lb lower at 4Jd to 4£d for best weights. Ordinary. North Island sheep make <l|d per lb for the best weights.

Owing to the check to the expansion of trade, it has been found impossible to maintain prices of New Zealand lamb at the high level reached a fortnight ago. Last week a sharp fall took place, Messrs Weddel inform me, and values were weak at the reduction: The hot weather of_ the present week, however, has beneficially affected the demand for lambs, while the continued good quality of arrivals, together with the lower prices now current, have considerably strengthened the position again. Nevertheiess, Messrs Weddel point out that values to-day are Jd per lb below their last quotation. Small carcases still sell more readily, and command a premium over heavier weights. Best weight Canterbury lambs can now'be quoted at no more than sgd to 6d per Ib, heavy carcases selling to 5Jd to sgd. The drop in'values of other descriptions of Now Zealand lambs has not been quite so serious. Southland and Dunedin lambs are quoted at s.£d to sgd, and those from the North Island at Sgd to s|d. Messrs Weddel give" as the arrivals for the fortnight 163,000 carcases ftom New Zealand,- and 20,000 carcases from Australia.

With regard to frozen beef, I hear from Messrs Weddel that 11,000 quarters have been received from New Zealand, prices for which were raised id per lb last week, without checking the demand, in consequence of the high prices current for American chilled beef. Unfortunately this satisfactory positiou was not long .maintained, as the hot weather at the beginning of the week caused a drop of IJd per lb in prices of American chilled beef, and the demand for the frozen sorts was brought almost to a standstill. New Zealand beef is selling at 4Jd to 4|d per lb for hindquarters, and 3d per lb for forequarters. The demand throughout the provinces has been rather better than at Smithfield, Messrs Weddel state. Progress with the realisation of beef has not been brisk, though' price 3 about equivalent to Smithfield values have been obtained.

is said alsr. by the London manager of the Notional Mortgage and Agency Company of New Zealand that the high prices now ruling for both mutton and lamb are beginning to check the demand, and the simultaneous arrival or several largo cargoes, and a sudden heat wave'this week have caused values to decline about Jd psr lb for lamb and id per 1b for mutton. Owing to labour troubles there has been some difficulty in discharging the various steamers. The Maori, for instance, which docked on the 9th, only got a few carcases out yesterday. In view of the downward tendency of prices, buyers have not been prepared to operate unless the meat was available in the stores, and therefore the difficulty of getting delivery from the ships has to some extent hnd the effect, of strengthening- the position. Canterbury sheep may be quoted at 4^d to 5d per lb, and other brands at 4id to 4Jd per lb. Canterbury lambs range from sgd to 5Jd per lb, the latter price being only obtainable for prime light -weights. Other brands stand at s*d to s.§d delivered on Srnithfield market. New" Zealand beef is said by the. same company to be fairly firm.

MISCELLANEOUS. Messrs Weddel say that in consequence of the small quantity of English wheat ottering there has been a good inquiry this week for that from Aew Zealand, and prices are 6d to Is per quarter dearer. Tuscan is quoted at 2Ss to 295. Hunter's and pearl 27s to 2Ss per <i9G!b. Of New Zealand oats, the market is almost bare of supplies, and values are nominally quoted (id per quarter dearer. New Zealand' beans are in small supply, Messrs Wedde! add, and «h advance of 6d per quarter has been established— 32s to 33s per 5011b being <ho.-quotation. The ships Westland, Canterbury, Zealandia, and Sliena, as well as the 'Wnimsite, have uriivd from New Zealand with cargoes of grain—principally of wheat. The Gothic brought 378 sacks of peas.

With reference to cocksfoot, I learn from the .New Zealand Loan and Mercantile Company and from the National Mortgage and Agomy Company that the season is practically over, and the parcels now in hand—a considerable number—will have to be held till November;' at present there are no buyers except at low figures. In the opinion of the Loan and Mercantile Company, it is extremely deubtful if those who refused the low prices recently obtainable will do any better, ;f, iudeed, so well, by holding for the autumn. In new seed to arrive very little business has transpired, the prices asked in New Zealand iv tome quarters being much above buyers' views of value, which are upon the basis of 35s 6d to 3Gs c.i.f. for 181b seed.

While the market for manila has until the last few days been fairly active at advancing prices, New Zealand flax .'ias been extremely dull, aud the New Zealand ?.oan and Mercan-

tile Company report that business has been almost entirely confined to parcels in dock and recently arrived, nt declining rates; as low as £23 10s c.i.f. has' been accepted for good fair

Wellington in craft. The weak position of the market is mainly to be attributed to the fact that a considerable proportion of recent arrivals (sold forward) has been put on the mal--kot, and the flax in some instances being in the hands of speculators, has been pressed for sale. All the three eminent firm 3 from whom I receive information regarding the produce markets—viz., Messrs Weddel, the Now Zealand Loan and Mercantile Agency Company, and the National Mortgage and Agency Company—agree in saying that extreme dill ness has been the prevailing feature in the tallow market during the past fortnight. The only public sales were those- held last Wednesday, when a very quiet trade resulted, only 30-1 casks finding buyers out of 754 casks offered, prices showing a reduction of Is Cd per.cwt from the nominal rates of the 30th ult. There is, however, a slightly steadier feeling apparent, Messrs Weddel say, but that this is the forerunner of ?n improved trade it is impossible to say. The recent failure of a buyer holding a comparatively large stock, which has to be liquidated in the interests of creditors, is an adverse feature of the situation. Messrs Weddel go on fo remark that very

little business is being clone on c.i.f. terms, but a few sales arc; reported of parcels arrived in the river at 24s 3d to 25s for mutton, and 23s 9d to. 24s 3d per cwt u.i.f. for beef. The shipments from New Zealand and Australia

during May were 503S tons, tigainst 2636 for the same month last year. Stocks in London warehouse have increased by 2369 casks during May. Tho New Zealand Loan and Mercantile Agency note that the present month is usually a dull period for tallow, and a quiet time may noiv be expected for the next few weeks.

Frozen rabbits remain very dull, and prices are quite nominal. The National Mortgage and Agency Company state that very heavy stocks are being held in cold store, and New Zealand shipments now on the way here will probably not be saleable until late in September. The same firm says that New Zealand cheese meets with a slow sale at lower prices, in competition with increasing supplies of Canadian. 54s to 57s is the current quotation.