NEW ZEALAND PRODUCE IN LONDON.

Otago Daily Times, Issue 12415, 26 July 1902, Page 10

NEW ZEALAND PRODUCE IN LONDON.

(From Oun Own Correspondent.) June 21. WOOL. I am told by the New Zealand Loan and Mercantile Agency Company that since the close of the third series of wool sales no fresh features of importance liaye occurred as regards tho raw materia!. Tlie ■ position of the market on the whole is healthy, and prices, though showing a little unsteadiness for crossbred produce, are ■ generally maintained. Consumption continues ; to be jipon a largo scale, though complaints aro rife that users arc disisclined to stock against i future requirements. From the Continent re- j ports indicate that.manufacturers are generally | well'employed.

The National Mortgage and Agency Company i write saying that it is estimated that about«j 221,000 bales of wool were disposed of at the j last sales, 110,000 bales being taken for export-, j including about 3000 for the United States.! Since the close of the series transactions in the wool market have been confined to the clearing out of a few withdrnvm lots, and the market generally is much' in the same position as it was then. In tho manufacturing centres the business in wool and tops has beon somewhat slow, as users are still resisting the higher level of values demanded; but-holders are very firm, particularly for merinos and fine erossbreds, which ,aij> considered to be in a strong position | owing to their probable, scarcity toward the j close of the year. The limit of 300,C00 bales of new arrivals for the fourth series of sales was j reached 011 tho lltli hist., and the list was I accordingly closed on that day. lam told that ' tho totfil quantity available, after deducting direct- forwardings and adding old stock, and 217,500 bales, New Zealand being represented by 110,400 bales. For the fifth series'of sales the arrivals to date are 12,220 bales, 10,830 being from New Zealand.

: . : SEW ZEALAND HEAT, , It is stated by .the New Zealand Loan and Mercantile Agency" Company iii, their' tfttest . report that the demand tor nil descriptions of frozen mutton dnrihg the past three weeks has been slow, and in consequence values have ruled easier, prime Canterbury mutton being to-day worth from 2s 8d to 2s lOd; Duned-in and Southland, 2s Gd to 2s 8d; and North Island, 2s Id to 2s Gd per stone. Holders of.lamb have shown a disposition, to pre.ss sales, and with a by no means active deman'd, values" rule in buyers' favour, especially for Canterbury grades. Prime Canterbury lamb is now quoted at from- 3s to 8s Id, and North Island 2s 8d to 2910 c! per stono. The market for beef has' been inactive, and with a large quantity of River Plate offering lower prices have had. to be accepted for New Zealand bjef; hind* quarters now rule from 2s lOd to 3s, and forequarters from 2s 4d to 2s Gd per stone. For New -Zealand rabbits, the NationalMortgage and Agency Company tell me that the demand has been fairly good, until the present week; but the warmer weather- has set in, and there is the usual fall-' in requirements. Arrivals have included abotit CIOO from New Zealand. The following avo the current prices for reliable brands of New Zealand rabbits:—Selected, 3lb and up, Sd eaph; large, 211b and up, 7d to 7Jd; young,' 21b to 2slb, about Gd.

Messrs 11. S. Fitter remark tljat there, has. been no heavy supply of New Zealand mutton, but the demand has not been good, and prices are weaker. The improved demand for New Zealand lamb is being more than balanced by the recent heavy arrivals, and owing to-the anxiety of some of the holders to realise prices fire decidedly weaker. " This," remark Messrs Fitter, "is most unfortunate, and we see no reason why it should be so. Sonic peoplo, no doubt, are afraid of a collapse similar to that of Jubilee year; but we do not- share that fear, because this* year .the lambs are much more sizeable, and ought to sell readily." The demand for frozen beef has improved on account of the shortage of American beef, but. prices have not advanced as might have teen expected. Messrs Fitter's quotations are:—New Zealand mutton (Canterbury), 3i/d to 4Jd; Wellington, 3\d to ,4d; Canterbury lamb, 4Jd to 4Jd; Wellingtorii ;4Jd to -lid; hind-quarters .New Zealand beef, 4Jd to 4Jd; fore-quarters, 31d to 4d per--Ib. MISCELLAXF.t/ES. The New Zealand Loan and Mercantile Com., pany say that heavy arrivals of grain and a by no means brisk demand have exercised a. depressing effect- on the wheat market generally, and values for-cargoes must be quoted 6d to Is per quarter lower, the spot demand, for tho same renson, v also being very dull. There are no oats or beans. For cocksfoot the market is. said to be very strong, and considerable business could be done at up to 43s per cwt, c.i.f., for 17lb seed. Offers of the better grades, however, have of late been restricted, while sellers have raised their quotations for inferior sorts, and this retards busiuess, and .mauy buyers, in the oircumsta'nccs, will now await the result of American crop before operating. With reference to tallow, the National Mort-. sage and Agency Company report that at tho last three auctions there was little inquiry, fine mutton befrg particularly dull, and a- drop oi 9d to Is per cwt failed to promote much business. Medium qualities were in moderate demand, but .values showed a reduction of 6d to Is per cwt". The chief inquiry for arrival is for distant shipments. Tiie latest quotations gi\cn for New Zealand tallow are:—Mutton—. Good to fir.e, 34s Gd to 395. per cwt; fair to good, 29s to 32s Gd; common, 28s Gd to 325; • ow and mixed, 2?s to 28s; beef—fine edible, about 355; good to fine, 32s to 34s Gd; fair to gcod,'2Bs Cd to 31s; common, 27s 'Gd to 28s Gjl. The New ■ Zealand Loan and Mercantile Company remark that' the bulk of the offerings at tlij public sales of tallow during the last three weeks have been bought in, sellers for the most part declining to accept any reduction upon late rates. For tlie rest few weeks, as is not

unusual at this time of the year, it seems likely jliiil a quift market will bo experienced, bilt in view of the shortage in Australian supplies. 0' outlook may be regarded as favourable.for an early resumption o! the demand. 'The New Zealand Loan and Mercantile Agency .Company inform me that' a' dull tono lias, characterised the market for flax, buyers restricting their purchases for .th®_most part to-actual reouinments. ■. N cvv Zealand flax, in sympathy with that from Manila, has ruled weak, and wilh some forced sales on the part ci second hand holders and "bears'-' values have marked a-sharp declinc. To-day's quotations ate as follows,' but buyers show -little disposition -to operate-even at the reduced level of values:—Spot has to-day been done so low as £29, and parcels due to arrive this week £•28 15s, and June shipment £28 10s per tori (c.i.f.). After noting-that Manila, flax-show's a reduction of iroin f2 to £210 a per ton, the National Mortgage and Agency Company sa} that smali parcels of New Zealand flax on the spot raid in dock have sold at £34 down to' 133 per toil, and for arrival the sales amount: tc aoout 300 ion 3; declared, £32 10s per ton; £30 10s to £30; June, £29 per tOn, August-September, £26 per lon. In May, 198 lons were landed; tho deliveries amounting to 15* tons, i'ne stock to 384 tous, while last year it was 295 tons. < • ■

With regard, to other items oi New Zealand produce, 1 hear from the National Mortgage and Agency Company that heavy New Zealand pelts, especially those of best quality, are still being bought by splitters here at firm prices, but the market, in the States is very quiet and disappointing,.so that the market generally is lipV quite so strong as it was. Peltß of secondary, quality are rather easier in price,-' and iu only moderate request. Lamb pelts continue at about last season's lates. Quotations are'unchanged. • It is thought, that the arrivals or rabbitskina fol; the liext sales will probably total 1800 bales; chiefly, however, from Ausiralia. . The new season skins are likely to be well received. The sale-will take place on tho 4th prox. Values for leather are very firm. ■ Supplies of basils continue in small compass,' and prices aro steadjv Out- of 1160 hides offered at the last sales 850 were disposed of. Heavy New Zealand ox is quoted at <l|d "to 41d per lb; light cow at 'Id to 4Ja; cow, 43 to 42d; seconds -at 3£d to 4Jd per lb. ■ - DAIRY PRODUCE. The National Mortgage and- Agency Company pay that values for New Zealand and Canadian ■ cjieejse ' have receded. Demand for: new Canadian has been fairly good, and supplies have- been readily absorbed. New Zealand cheese'' is quoted in this report at 52s id CCs per <,wt, the latter being also the top price .for Canadian cheese. The New Zealand Loan and Mercantile Agency Company note that New Zealand cheese has been more or less neglected, the "quotation given bsing 50s to 54s per cwt. ■Messrs Weddel also say that old New Zealand 'cheese is making from sth to 5-ls per cwt. In ■tlie' GJasgow market, I hear from Messrs Mathie aiid M'William, Neav,Zealand cheese continues to move quietly but! steadily into consumption. . Col.QU.red cheese is iu better demaud, but .the supply of this class is restricted. White cheese is more difficult to move, and the stocks in importers' hands arc principally of this kind. The quotation for New Zealand cheese is given as ' 55a to 56 s. The C.C. and D. Company tell''me that the' New Zealand cheese brought by the Pap&roa has been dragging, with price 9 gradually declining. The arrival by the • luimara is now in dork, and'the C.C. and D. Company express the fear that -it will not clear :very rapidly unless a'considerable reduction in price is made. Strictly choicest No. 1 grade is quoted here at 53s to 545. and other grades at 485.t0 51s. The C.C. and D. Company also noto that there has been some demand for New Zealand butter, ex cold store, during tho rast-few days, hut yery little Ims been obtainable.