NEW ZEALAND PRODUCE IN LONDON.

Otago Daily Times, Issue 14245, 20 June 1908, Page 5

NEW ZEALAND PRODUCE IN LONDON.

(Fhom Oua Own Courespondent.) LONDON, .May 3. WOOL. In the latest report received from Messrs Gordon, Womlroffe, and Co., it is remarked-. "The improvement in evidence during the | X st. few days of the -March auctions inspired a faint 'hope that vaines might be fairly maintained, although none but. tho most optimistic would have forecasted higher values in Mav. Even this slight hope has unfortunateiv been dissipated, and -now fhe utmost depression prevails, both merino and crossbred lops having given way further. Direct, imports have recently come to hand which prevent manufacturers showing anv inclination to purchase, and stocks are gradually accumulating, the large quantity held over from March by no means helping the situation. A feeling seems to be. abroad that values may further decline, and this want of confidence checks buying generally. Wo fear that the next series of sales to bo held hero cannot very well fail to bo disappointing for holders, a general giving-way in prices being, in fnco of the situation, practically inevitable." Messrs'\V. Weddel and Co., writing to me to-day, say that tho wool market" has remained quiet during the past fortnight and, regarding this centre in particular, there has been very little inquiry. On tho Continent tho situation has not improved, and trade for the time being is very difficult indeed, confidence apparently being entirely sliaken. The effect of this", added to increasing quietness in trade at Home, is l>eing severely felt in the different centres of Ihe industry in this country; and Bradford, failing the German demand on which it has relied for some time now, has' been in particular depressed. The curtailment of credit is a natural consequence of inability to make arty headway with stocks in "hand, and unless there be some fairly spcodv revivals of demand on the part of tho manufacturers the 'situation will bo soon more complicated by financial considerations. The outlook, therefore, for the coming series of sales hero on the 12th inst. is not oncouraging, but the importers, by declaring that of tho quantity available some 80,000 bales will not be catalogued, have done their best to relieve the position. * ' WOOLLED SHEEPSKINS. Tho third series of public sales of woolled sheepskins of the present year was held yesterday, the total offering being 6515 bales, New Zealand heading the list with 1738 bales. Messrs Charles Balme and Co. inform mo that the sale was well attended, and that competition was fairly animated, a few lots of Ml-woolled crossbred skins being taken for shipment to America. Prices for long-stapled merino and fine crossbreds declined 15 per cent, and coarse crossbreds 20 per cent., the depreciation on the shorter growths ranging from 12£ per cent, for merinos and fine crossbreds to 17i per cent, for coarse crossbreds. As compared with the prices current at tho sales held on March 12, Mesa's Balnie quote: Merino, full and three-quarter-woolled, Id to lid per lb cheaper; merino half-woolled,. id to Jd per lb cheaper; merino short and shorn, gd per lb cheaper; crossbred line: , full and three-quarter-woolled, Id per lb cheaper; do coarso: full and three-quarter-woollcd, ljd to per lb cheaper; do half-woolled, Jd per lb cheaper; do short and shorn, jjd per lb cheaper; lambs, Jd per lb cheaper. So that the current prices for Now Zealand woolled skins are: Merino full-wooUed, 4|d to 6Jd per lb, against s|d to 7jd at the preceding series; merino half to three-quarter-woolled, 33 d to bid per lb, against 4Jd to 101; merino short and shorn, 2Jd to 4id per lb, against 3d to sd; crossbred full-woolled, fine,' s£d to 7d per lb, against 6Jd to 7Jd; do do ccaise, 3£d to 5d per lb, against 4{d to 6,|d; crossbred half to throe-quarter-woollsd. fine, 4Jd to 6Jd per lb, against- 5d to. 7jd; do do coarse, ,3Jd to 5d per lb, against 4£d to 5Jd; do short and shorn, 2Jd to 4£d per lb, against 3d to 5Jd per lb, The next sale will take place on Juno 25. TALLOW. Messrs W. Weddel ami Co. report that a fair demand for tallow has ruled (luring the fortnight for all descriptions, and prices are practically higher. Just, at the moment, however, there is a decided pause in- the inquiry, and prices look like easing off again to a small extent. - Most of the busi-. ncss reported is on spot terms, as buyers will not pay the exorbitant prices asked by the producing centres. There is a good demand- for tho tine edible grades, which remain scarce. At the public auctions held here on tho 6th inst. there was only a slow demand) and out of 13W casts offered for file only 570 found buyers at last prices dq,Jd .^R i ?\y.tjjiower.. "To arrive" business; ,-■ is afr'a 'staiidstiir'in Australian sorts, the'' : nearest values being 28s 3d c.i.f. for standard quality, 43Jdi% good colour, mixed, and 31s for gpod hard mutton. Home-melt is in incderate supply, but prices are inclined to favour buyers. The stock in warehoiiso has been reduced by over 2000 casks on tho month (April), standing now at 12,179 casks,'and the sliipments from the colonies for April were 2200 tons, making for the four months 4000 tons less than last year. Spot quotations for New Zealand sorts are:-iMutton: Good to finest, 31s 6d to 34s per'ewt; dull to fair, 30s 6d to 31s; inferior, 27s 6d to 295. Beef: Good to finest, 30s to 31s; dull to fair, 29s to £9s 6d; inferior, 27s to 28s per cwt. DAIUY PRODUCE, I learn to-day from Messrs W. vVeddel that the demand for New Zealand and Australian butter has been slow, and sellers are inclined to meet buyers in the matter of price of inferior goods, but anything strictly choice finds a ready demand at lastweek's prices. Arrivals during the weekhave been only from Australia. "Choicest" New Zealand is quoted from 112s to 114s, and finest at 106s to 103s. The cheese', market remains in a dull slate, with prices a shade easier. NEW ZEALAND HEAT. During the last iwo weeks 75,800 carcases of New Zealand mutton have arrived. The trade at Smithfield has ruled slow, and as supplies—except of Canterbury descriptions—are in excess of requirements, Messrs Weddel. report that prices have again become easier. Even at the reduced quotations it is difficult to effect sales, Duyers during' the recent' spell of high prices having turned more attention to the River Plate 6hcep, which" are coming to hand' in good- oondition and of satisfactory quality. Sales of Canterbury sheep arc iestricted, but, as the supply continues short, values have been maintained. Canterbury sheep are quoted at 4id for tho 48-561b, at 4id to 4Jd for 56-641b, and up to 3Jd for heavies. Southland aoid North Island sheep of best quality realise 3Jd to 4d per lb for prime small carcases, and up to for medium weights, Heavy sheep aro a particularly slow sale at 3gd to 3jjd. Secondary quality sheep are selling at 3Jd to 3|d, according to size. Sudden change to warmer weather at intervals during the fortnight, has been beneficial to the lamb trade, and the number of lambs going into consumption has continued to increase. Messrs Weddel tell me that prime Canterbury lambs ,are meeting with good inquiry, and under 36\b grade, which touched during the latter part of the previous fortnight, aro again firmer at s|d. Tho 36-421b grade is also firm at s|d, and the 42-501b grade at 5Jd. North Island and swnndary lambs are not selling at all well, and prices down to 4|d have l>ean taken for some of the more inferior carcases, Tho quality of'6omc of the brands of North Island lambs shows a decided failing off, as compared with arrivals at tho beginning of the season. North Island lambs are quoted at 5Jd to sjjdj and secondary descriptions 4|d to 5d per lb. During the two weeks 161,800 carcases have arrived from New Zealand, 42,300 from Australia, and 500 from tho. River Plate. Trade in frozen beef has been of an unsatisfactory character, values have given way slightly, and ony a limited business is being done. From the C. C, and D. Co, I learn this , afternoon that stocks of New Zealand mutton have been increased by the arrival of the Nerehaua bringing 30,251 carcases. Although values aro about the same as last week, the volume of business 'done is most disappointing, tho demand being for prime quality light weights makes it difficult, to dispose of the heavier and inferior grades. Canterbury sheep are being quoted at per lb, which may still be considered a nominal price. North Island sheep are making last rates, and Southland are now being quoted at, to 3Jd per lb. i During the week arrivals of New Zealand lambs have not been very heavy. The Nerehaua brought 70,881 carcases. The demand is on the whole satisfactory, and values arc practically unchanged. The demand for fiw.cn beef has not im-. proved, and sales are difficult to make. Tho C. C. and D. mention, however, that values have been maintained; 5973 quarters have arrived from New Zealand this week.