NEW ZEALAND PRODUCE IN LONDON.

Otago Daily Times, Issue 14213, 14 May 1908, Page 5

NEW ZEALAND PRODUCE IN LONDON.

JFaou Our Own Coreespondent.) LONDON, March 27. WOOL. Sinco last week iho wool market has ftnther weakened. The sale room is well attended, but Messrs Charles Baiiuo and Co. state that competition is restricted, and in the present unsettled state oi tho trade buyers appear to be indifferent as to whether they secure the lots brought forward or not. In 'these circumstances, great irregularity is noticeable in the prices paid for both merino and crossbred wool, •Hid a largo proportion of the quantities offered daily has been taken in, the extent of the withdrawals varying with tho composition of the catalogues. Values for merino wool have declined 5 per cent, since tho outset, and now rule from 10 to 15 per cent, below January final quotations, the weakness being most pronounced on faulty and inferior produce. On fine crossbreds, ill the grease, tho fall since last series amounts to 10 per cent., and on medium grades to 15 per cent,, some of tho lighter-conditioned lots of the latter meet with American bidding, and soil on relatively more favourable terms than the general run of the wools of this quality. Demand for coal's© crossbreds is most unsatisfactory, decline now reaching v 2O per Kvon at this reduction prices 310 very irrogular, the quoted depreciation being frequently exceeded in the case of inferior fleece, wools atj well as pieces and locks. Ihe results obtained for sooureds and slipes are also disappointing, Hie finer sorts selling at quite 10 per cent, and the coarser qualities 15 per cent, to 20 per cent, below last, closing rates. Owing to the large quantities being held over tor future realisation, the sale programme has been rearranged, and the auctions will now close on April 3 instead of on the Bth 39 originally announced. Messrs W. Weddel and Co. observe thai, fiom tho fairly keen biddings which were made for the bulk of the first offering* it. was hoped that the market would take heart and shape better as time wwit on, but, as events have proved, advorse circumstances have been 100 strong and values have been on a descending scale. This lower range of values may bring out orders Which havo been held back for some little tune now, but up to the present no such effect has been produced. From tlie outEel, good sliafty greasy merinos havo met with a. good brisk demand on Home account, and in their case 10 per cent, fully covers the ..decline from January closing rales. Shorter lots and those carrying anv appreciable amount of burr and seed have', ou the other hftntl, lost ground with the progress of the sales, and after opening 10 per cent, oheapcr are now 15 per cent, below January. Scoureds have moved on almost similar lines, with stained shabby lots hard to sell. Crossbred; of file quality have been in good demand on the part of Home manufacturers, and have remained steady from the opening rates, which are about 10 per cent. (ess tltan previously. Medium and course grades, however, have slowly but surely give,, way. and are about f" . M»-'aper than they were at tho beginning, or. say. a good 20 per cent. Wow last sales' rates. Light conditioned lots, suitable for America, have been on lather R different footing, but in their case .0.., rates are a good deal below what they were last Mine. Lambs are about ljd per lb cheaper, and s!q>es have also shared to the full in the general downward movement.

COCKSFOOT. , Now Zealand Loan and Moroa.nt.ilc Agency Company' 6 report notes that the coureo of the uiaikct has beea of a very

unsatisfactory the demand from tlic United ."States anil Iho Continent being extremely restricted, while the bidding on Homo account has been characterised by want of confidence, with the rcsuit that prices have further receded, while the withdrawals have been on a large scale. In merino, the best, sorts of greasy have fairly maintained their ground, but Ihe other sorts now rule about 15 per cent, lower, 1 10 fall being most marked in the case of short grown greasy Heece, pieces, and aulty descriptions of scoured. Crossbred has suffered to even a greater extent:

JMlllV I'HOniICE. Messrs \Y. Wcddel and Co. write that tlio market for New Zealand and Australian butter has not yet rccovercd its normal stability, consequently business has been much restricted. Holders have not been anxious to sell nor buyers eager to purchase, until a more settled state of attairs prevailed, which is the usual condition following a week's disorganised market, i.onu; of the largo multiplo shop compajucs, taking advantage of the reduction last week, have reduced their retail prices to a shilling, and thus have forced tho smaller retaileni to lower their prices too, but not to quite tho same extent. I here, is no doubt tliat the other multiple concerns will follow, and a shilling price again become general. This should bring on a larger oonsumotion of butter. '• Choicest" New Zealand is to-day quoted at 112s to 114s, and finest at 108s to UOs. 'There is no change to report about Canadian cheese, but New Zealand is a shilling (•carer on the week, white being 60s and coloured 61s per cwt.. The New Zealand I<oan and Mercantile Agency Company says tliat. the quality of practically all the Australian butter has been most unsatisfactory, and consequently there is a conspicuous difference in prices between New Zealand and Australian makes. Although shipments from Australasia show considerable shortage compared with those for last year, there seems but littlo probability that, prices will again appreciate to any marked extent. Now Zealand butter is "quoted at 110s to 112s per cwt, and Australian at 98s to 104s per cwt. Unsalted commands a premium of 2s to 4s per cwt. KAURI GUM. On tho 19th inst., at the kauri gum sales, the offerings were firmly hold, and little was sold except damaged parcels. Messrs S. Figgis- and Co. stato that of the 1200 pack-ages catalogued 500 were sold; chopped amber realised £10; three-quarter scraped-fair £9, dust, dark 12s 6d to 19s 6d; bush, pickings, common, 255. The next sale will take placo on the 23rd of April. TALLOW. Messrs W. Wcddel ami Co. writo that the improved demand for tallow, mentioned in their report of a fortnight ago did not last, long. .On the 18th inst. values advanced 6d per cwt, but- since then the demand lias been very quiet and prices have declined to about the same extent, with buyers taking lilt-Jo interest even at that. At tho public sales held hero this week there was a little animation in the bidding, and out of 1169 casks offered only 166 were sold. The weakness became first apparent in South American beef tallow forward, sellers appearing to have plenty to offer, and no doubt wishing to take advantage of the little "spurt." In Australian for shipment little business lias been possible, owing to the high price.s ruling on the other side, only a little 6eeond-hand having been dono in parcels near at hand. Spot quotations for Now Zealand sorts are:—Mutton—good to finest 30s to 22s 6d per cwt, dull to fair 29s to 29s 6d, inferior 26s 6d to 28s; boef—good to finest 29s to 31s. dull to fair 28s 3d to 28s 9d, inferior 2fe to 275.

It is mentioned by tlie New Zealand Loan aixl Mercantile Agency Company that the stock of tallow on hand—ls,B6o packages—is the largest for some years, and although this inu6t not be taken too seriously, as a fair proportion of this total represents purchases awaiting shipment to the Continent, still the tendency the market is all ir. favour of the buyers. NEW ZEALAND FLAX. During the last four weeks a moderate lias been passing in New Zealand flax at irregular rates. The New Zealand Loan and Mercantile Agency Company reports that at one time, owing to the extreme depression in tlio Manila market, values fell £4 per ton, bi(t since then, with an unproved demand, an appreciation has taken place, and at the close prices mark <i occlino of about 50s per ton. Quota-' tions are:-Good fair "spot," £24 10s; March-May, £23 10s; fair "spot," £22 ss; March-Ma}, £21 10s to £21 15s; and fair current Manila April-June, £23 6s 1 0 £23 10s per ton. The New Zealand Loan and Mercantile Agency Company mentions that thero hai been a very quiet demand for cocksfoot, and prices have tended in buyers favour; ast week, nowever, large quantities ohangod hands, arid up to 85s per cwt. was paid for i/lb seed ex warehouse. It is understood that this transaction was of a speculative character, as it is expected tliat, owing to tue small quantities of seed available for export from the Dominion, high ipriccs will rule during the coming season.

HEW 7.KALAND HEAT. Although _ the trade passing in mutton has boon quiet, owing to the small arrivals, the New Zealand Loan and Mercantile Agency Co, writes that holders havo Leon able substantially to raise prices, cspcciallv for light-weights. Canterbury and North Island descriptions having advanced id to gd per lb and Rivet Plate Jd to Sd per lb. Untcrmiry mutton is quoted at 3Jd to 4id and North Island at 3Jd to 4Jd per Hi. l!or New Zealand lamb tlio demand conttnucs to mcroase, but not sufficiently to cope with the large quantities arriving, and values have ruled in favour of buyers. Canterbury descriptions are quoted at I s ' «, 6d „f r lb a,ld Nortl ' Island at 5d to sad.5 a d. There has been only littlo business doing in frozen beef, though with moro inquiry for hind-quarters values are s lghfly firmer, but fore-quarters at the close have a, weaker tendency. Hindquarters of New Zealand beef are quoted at 3id to Sid per lb and fore-quartere to 2jd to per ll>,

Mttssre Weddel note that during (lie fortnight 101,000 carcases of Now Zealand sheep arrived. Although these arrivals are greater than for 6ome time past, they are by no means heavy, and as stocks in store arc light the market is not adversely affected. Small sheep are etill scarce anil are inquired for at current quotations. On the other 'hand, tho higher prices now de» manded for medium weight and large sheep have had tho effect of further checking sales. Canterbury mutton is quoted nominally at 4Jd to 4Jd for 48-561b weight and at 4|d to 4j}d for the sh-e.4li> grade,' down to 3Jd for heavier weights. Southland and best quality North Island sheep aro realising- 4d to 4id nor lb for email carcases, and 3Jd to 3Jd for medium weights, with 3£d to 3|d for heavy sheep Secondary quality is offered at 3jd to 3|<l per lb Ewes are not plentiful, and those available sell at to 3gd per lb, according to Size.

During the last two weeks 146,00 carcases of lamb have arrived from New Zealand, 57,000 carcases from Australia, and 6000 from the Kiver Plate. Messrs Weddel write that notwithstanding the general dulncss in the demand at present being experienced at Smithfiekl for most, classes of meat, there is a good inquiry for la,m lis for the time, of year. New Zealand descriptions arc now more plentiful, and as present prices tempt importers to sell as quickly as jjossible, values have declined. At tho beginning of last week Canterbury lambs were firm at. 6d per lb, but subsequently they dropped in value fully id to id per lb. Quotations for other descriptions of New Zealand la.mb have been lowered in sympathy; Ilome-grown mutton is still in short supply, and consequently medium and heavy weight frozen lambs are chiefly in demand. Quotations today are:-Canterbury lambs, under 361b 52, 251b to 421b sgcl, 42-lb to 501b Gd. Secondary Canterbury lamhs are quoted at s|d to sgd. Prime North Island lambs of heavy weight realise to s;jd. and small lambs s|d lo sjd per lb. Secondary North Island lambs are offered at to 5Jd. There is a fairly pood tone in"ihe frozen beef market. ' Hind-quarters are in demand at the rise recently established, while quotations for fore-quarters are weli maintained, f,hough (he inquiry is not quite so gocd as for hind-quarters. Die C. C. and D. Company reports the arrival during the current week of the Fifeshire. with 71 carcases of New Zealand mutton, the Star of Australia with 31,270 carcases, and the Opawa with 13,000 carcases. Although business lias been checked by the prices ruling, stocks and future supplies are on such a light, scale thai values are ui't likely (o be reducod. The small numbers of Canterbury sheep available are making extreme rates up lo 4jjd per lb for good small sheep. Southland mutton is quoted at 4d to per lb. but is not, very plentiful. North Island sheep are most in evidence, and are selling from 4Jd per lb for light weights down to 3|d pc, |l> for heavy carcases. The vessels already named brought 68.557 carcases of New Zealand lamb. The 0.0. and D. Company remarks that the larger supplies have created a slight tendency in Favour of buyers, ami 5Jd per lb is now the top value of good weight Canterbury lambs. North Island descriptions sell freely at sgd to sjd per lb. The demand is still good, but not jo brisk as it has

heen. A good deal of inferior New Zealand beof has lately been marketed; receipts include 12,061- quarters from New Zealand and 74.337 quarters from South America; prices for frozen liccf are firm, and a good deal of fho meat is being moved.