N.Z. PRODUCE IN LONDON.

Otago Daily Times, Issue 15098, 22 March 1911, Page 10

N.Z. PRODUCE IN LONDON.

END OF THE WOOL SALES.

CRITICISM OF N.Z. CLIP.

AMERICAN DEMAND-IMPROVE-MENT HOPED FOR.

UfEOM OUK O.TO'COBEESPONDEXT.) LONDON, February 10.

Thte first series of colonial wool saJes for 1911 lasted from January 17 until tho 7th February tho available quantity being approximately 197,000 bales, 60,000 coming from Now Zealand. Altogether some 184,846 bales wore catalogued, and 17,000 were held over, as compared with the 5000 bales held over of last year's offerings of 178,303 bales. Of the quantity eoki on this occasion some- 70,000 bales have been token for export, including about 4000 bales purchased for shipment to America.

During the interval since ttoo December series, while in the English manufacturing centres, machinery was fully employed, aJid consumption of tho Taw material maintained on a largo scale, on the Continent tho position was much less satisfactory, and a. heavy decline took place in quotations for "tops" on the terminal markets. In these circumstances Messrs Balme mention that while tlibro was a largo attendance of buyers, bidding at tho opening of the sales was rather hesitating and irregular. Competition, however, soon improved, cspeoiatty in the pait of the home trade which throughout took tho bulk of the offerings. America has bought more fj-eoly than for some time past, but the amount purchased by this section of tho trade is still unimportant.

rnoGRESs of the sales. At the opening, prices for merinos fell S to 10 per cent., but the market soon improved, and tho best classes of greasy wools, whioh wore least affected bv the decline, recovered to the level of the previous sales; whilo average parcels sold at par to 5 per cent. beW that level. Inferior and" faulty greasies, however, and all descriptions of scoureds did not appreciate to the .same extortt, and must bo quoted % per cent, lower than in December. Lambs' wool of good length well inaijitainied its position, but short and faulty parcels wore 5 per cent, cheaper. Messrs Balme note that values of greasy crossbreds have undergone considerable fluctuations. After opening with a reduction of from 7s to 10 per cent., medium and coarse gades soon recovered the greater part of this fall, but the improvement was of short duration,. prices at tho close being 10 per cent, on mednhn and 7j per cent, o.n coarse below thb rates of the preceding series. The finest qualities have .generally sold at abcut 5 per cont. decline. Scoureds and slipee have been scarce and in good demand at values from par to- 5 per cent, lower. The now clip from New Zealand, of which a large quantity figured in the catalogues, is not in such good condition this year, tho wool being heavier, a-nd frequently shorter in staple than last eeason. Tho result of the auctions has been hither disappointing, particularly as regards crossbred wools; but unless the Continental and American trades are prepared to take a larger proportion of the available supplies, a recovery in values appears unlikely in the near future. There are signs, however of some improvement in business in tho United States of America, and it is to bs "hoped that the conditions in tho French and German manufacturing centres will become more satisfactory bofore tho March sales. As compared with' tho closing rates of the previous series, Mcffirs Balme .endow? the following figures bearing upon wool from New Zealand and Australia:

'■Reference must bo made," says tho report of the National Mortgage and Agency Company, "to • the mediocre oondition of tfce new clip from New Zealand compared with that marketed last your. Coming attcr such a splendid clip the contrast is most marked, the condition being much heavier, while a ' very great proportion of the staple, at any rate from the North Island, is deficient in length. This latter , fault is a serious ono, and has.'adversely affected prices." It is added that trade conditions inthia. country meanwhile remain good. Machinery is mostly employed on old contracts, but many who havo been keeping out of the market in the hope of lower prices wall before long- have to come in, so it hardly looks us if values for coarse wools should recede any further. Fine wools, in spite- of the comparatively heavy arrivals, luwe remained wonderfuiiy firm in tho circumstances, notwithstanding the severe bear raid to which the Continental "futures" markets wore subjected prior to the opening nf ttaso sales. Prospects,, therefore, arc by ,no means bad, although xatbfcr Vetter accounts from tlio North of France -would bo welcome. Tho reoent seriei nf auctions occupied 16 sittings, with a daily average of 11,551 bales, against 11,885 bales at the corresponding •eeries in 1910. Owing to bad iig-ht there were no sales held on tho 19th, 21st, and 23rd of January. Messrs Weddel observe that fog, which at first interfered with the inspection of the wools offered in tfes early part of the .auctions, seems to have proved a blessing in disguise, by giving the merino trade more time to realise that prices were after

all not going to slump away, and, with

increasing competition on Continental ac- • count, the sales finished up at their best point, all good greasy merinos reverting to December rates, whilo en. the medium and faulty sorts there was part of the weakness already reported made up, leaving them a bare 5 per cent, easier from December.- Scoureds. except tha very fines, which made up to 2s 2d, did not fare so well, and at the finish wore still 5 to 7j !W cent, down, and faulty and short lots were irregular even on this basis. ■ All lambs sold -well, 2s Id being realised for a good lot of Western District. Crossbreds wore an. irregular market. The fi.no graces sold steadily throughout, but medium and coarse kinds varied often from day to day, and closed from 7 to 10 per cent, below December rates. Americans bought sparingly. The New Zealand clip is recognised us a poor one, want of length and Bulk of staple being its chief characteristics. Greasy crcssbrod lambs fold well. Slipes wore in small apply. Fino torts made about 5 per cent, less money than formerly, and the coarsest grades 7i per cent, easier. This applies more particularly to South Island brands. The' noxt sades tiro to open on March 14, and Messrs Wecfdol hope that with the ' fixincr of a, definite working basis of vahies, as disclosed at tho recent Rales business may proceed smoothly. Tho position of merinos seems sound, and crossbreds, with mills well employed in Yorkshire at all events, may not unreasonably bo expected to take a turn for the better. Tho present, hbwever, with heavy fresh arrivals, is a rather critical period. Messrs Dalgcty and Co. point out tho necessity, when comparing present prices with those realised last season, of -remembering that the. new clip wools < New Zealand eo far to hatid are disappointing, as not only is the condition heavier than last year, but many of the crossbred clips from the North Island are not of their ■usual length, eo that certain buyers who must have long-stapled wools cannot buy them. Gratification is expressed that United State buyers nre again coming to tho London market Thouuh the quantity taken was not sufficionfc to affect values appreciably, it is a sign that the long-confinucd depression in, flic" United States wool circles is drawing to a close, though the possibilities of some revision of tho tariff before vctv long may prevent operators from purchasing more than actual requirements, mura.

New Zealand Wiicat—Business is of a hand-to-month nature, as English wheat of "ood quality at relatively less money a offering more freely. This is iavins its

effect on colonial varieties, which aie difficult to sell at 32s to 35s for short and 33s to 54s 6d for longberry and inferior. In now crop February, March, April shipment offers are still coming to hand at prices which make business impossible. New Zealand Oete.—Except for the finost qualities being offered, there is nothing doing, a≤ inferior sorts continue neglected for cheaper Continental kinds. Messrs Weskiel say prices arc about unchanged at 17s 6d to 20s (xl for eparrowbilk and Gartons, 17e &d to 19s 9d for Dims, -16s to 17s for Danish, and 17s 3d to 193 por 320U) for black.

Peas.—Ex store prices remain firm at 42s to 49s per 5041b for New Zealand partridge. In forward positions Now Zealand No. 1 partridge new crop FebruaryMarch and March-April shipment arc still l)eim; dealt in, but prices are down about Is to 2s from the highest rates paid recently. The same remark applies to Tasmanian maples, which are'valued at not over 44s per 5041b, c.i.f., for March-April shipment,

TALLOW. During; tho last two weeks tliero has been a good steady tiude for tallow from New Zealand and Australia, with a hardening tendency for mutton tallow, which for a long time past has been comparatively cheap, while tho low sorts of gut, etc., tallow are on tho easy side, which is only to bo expected, as they have been relatively dear. Messrs Weddel write that the market has a steady tone, but the disquieting feature is the fact that North American tallow has begun to fall somewhat sharply, and prices are now on a level that admit of a halo here and there to Europe. On c.L!. terms a good turnover has been effected, mixed tallow having been rather easier to buy from the colonies. Good mutton has been sold at from 35s 6d to 365, awl good mixed— titre—at from 35s to 35s while beef is worth from 35s 3d to 35s 9d per cwt, as for quality.

SKIXS. Salted Hides.—Privately there is a steady trade doing at full rates. At tho last sales 3711 skins were offered, and only 66 sold. Leather.—There were no supplies available at the auctions fixed for last week. Privately there is very little offering, and values remain firm

Basils.—Tho N.M. and Agency Company of New Zealand remark that the bulk of the offerings privately arc pcor in quality,' and do not attract buyer.?. Values of the better grades are steady. ■ Pelts.—Arrivals from New Zealand during the last four weeks have consisted of fellmongers' lots , of off-season pelts, "and theso hare sold at irregular prices, marking in somo cases a reduction of 2s to 4s, hut this decline is rather apparent than real, in view of the poor quality of the stock. None of the new season's freezing pelts have yet been put on the ma-rket. Reports from tho U.S.A. aro still disappointing, and unsatisfactory, and tho outlook generally seems rather to point to lower than' higher prices. English domestic sheep pelts, after a serious fall, have recently becomo rather firmer in price Stocks of Now Zealand pelts aro practically nil. The National Mortgage and Agency Company give the following quotations for New Zealand pelts:—Crossbreds. heavy, prime, 30s to 34s per dozen; do firsts, 24s to 28s; do do seconds, 16s to 24s per dozen; medium subsfeirfce, firsts, 20s to 265; do do, seconds, 16s to 18s; merinos, firsts, 8s to 12s per dozen"; seconds, 6s to 8s; lambs, firsts, 12s to 17s; seconds, 8s to Us- per dozen. X.Z. FLAX. ■'•

After a slight improvement in January, especially for fair quality, business in New Zealand flax being done up to £20 12s. 6d, tho market has boon very quiet and depressed, with declining prices. The N.M. and A. Company mention that parcels on spot and near at hand meet with no demand, and fair changed hands at the new price of £18. Tho large quantity afloat— 4000 tons—keeps the market weak for the nearer positions, while the more distant

positions such as May-July are at a premium.

x.z. mem. Messrs Weddel mention tho arrival of 19,000 carcases of Now Zealand mutton during the fortnight. Canterbury sheep are out of stock and cannot be quitted at Smithfickl. The few North Island carcases of prime quality meet with a ready sale at 4id to 4|d per lb, according to weight. Secondary descriptions of New Zealand mutton aro offered at 3£d to 4id per lb, and owes at 3|d to 3Jd per lb, but the supply of tho latter is limited. New Zealand lambs are now beginning to arrive in greater'numbers,, but with the exception of prime Canterbury tho demand is very slow, tho great difference in value between best Australian an<l ordinary North Islands interfering with the salo of tho latter. There havo been numerous 'complaints with regard, to! the quality, of Canterbury lambs, which,.Messrs Weddel write, are so far much under the average standard of this brand. There have been, on the other hand,' some- very useful lambs from ■ Wellington, while a few prize lambs from Auckland were exceptionally- choice, and sold on the market up to 6J'>l per lb, Wellington at sjd per lb, and secondary descriptions at sid to sjjd. For frozen beef the demand has been satisfactory, and values have advanced notwithstanding the present low price of chilled beef.

THK -RESULT OF HIGH PP.ICES. Although supplies of Now Zealand slice]) havo boon light, they have proved fully sufficient for tho trade to be done at the present level of prices, and the restricted output gives a weak tone to quotations. Tho CO. and D. Company say that the' margin which has existed heween Nfew Zealand and Argntine prices has been too wide, and lias thrown buyers on to the cheaper meat, but so long as there was no necessity to increase the output the difference was maintained. Latterly the tendency has been to endeavour to recover some of the lost business. Canterbury mutton is too scarce to be quoted. North Island sheep have declined nearly id per lb since the opening of the year, and are now milking only 3jjd to the former figure being for some very heavy carcases

It is noted by the same firm that the supply of New Zealand lamb has been in excess of the demand at this early stage of the season, and few buyers are prepared to pay the prices demanded while good quality Australian lamb can bo bought at 3d to Id per lb loss money. Canterbury iambs are not much in evidence, and are j-itlll quolcd at 5Jd to Gj,d per lb, although business has Ixicn , done at lower prices. NoriJi Island lambs are weaker, and arc being offered at sgtl to s|d per lb.

A SIGN OF THE TIMES,

The Moat Trades Journal learns that a. first consignment of frozen beef from the London Central Markets is this week being shipped to Portugal, and a consignment of home-killed beef to Holland. The shipments aro. ot course, subject to tho rules and regulations laid down by the Local Government Board as to inspection, stamping, etc.

DAIRY PRODUCE. TRADE FOR DUTTER GOOU.

Large supplies of butter from New Zealand and Australia continue to come to hand, and values are lower than thoy wore a month ago, but llioro is a good tradb from all parts of the country, and although now and then it poes a little quiet — which is only natural when buyers have filial their requirements tar the time being, which causes some sellers to be somewhat anxious for the future—the National Mortgage anrl Agency Company aro of opinion that the majority of buyers hold only very small stocks, and a good demand will eoiitinuo right the way through. The Tainui is pow discharging her 60,0& D boxes; she arrived well up to time; in fact, a little before she- was actually wanted, as the previous 6lea.mor is hardly cleared yet; but as tho Botorua will not ho here for another fortnight it Ls considered that ample time is available to clear off current rftcks. Finest New Zealand is quoted at 104s to lOfe per owt; unsalted Victorian being similarly priced, and fine New Zealand brings lftk to IOZs per cut. Tho National Mortgage and Agency Company note that New Zealand ehoaso has been selling well, and that the market hue

advanced somewhat. Some confusion was caused on the last two vessels—Ruapehu and Paparoa—as many marks advised by the former vessel arrived , by the latter. Cc/lourod cheese ecetns in short supply, and commands a premium over white, fchei respective priree being- 60s and 61s per cwt,and 57s to 58s per uwt. The New Zealand Loan and Mercantile Agency Company write that lower values rule for butter, and whilo a fair amount of business is passing it is insuffioient to absorb tho heavy supplier Prices are irregular, and eoms very low offers ha-ve been reported "on the street." New Zealand butter is slow of sale, and a fair amount of that brought by the RuupeJiu is still on hand.

Current Closing Quotations Prices. First Scries, 1910. 6. cL s. d. s. d. s. d. In grease, poor condition .. .. £d to Id pa lb cheaper 0 6i to 0 10 0 8 to 0 11 In grease, inferior pieces and jocks . ?.d per lb cheaper .. ' 0 -2J to 0 6i 0 3J to 0 71 Scoured superior exceptional lots .. 2-0 to 2 6 H to! S Sooured superior .. .., lid per lb cheaper .. 1 8 to 1 11$ 1-11 to 2 1J Scoured average to good \. lid per lb cheaper .. 1 G tol 71 1 1\ to 1 10J Scoured inferior Id per lb cheaper .. 1 f to 1 bi 1 2 to 1 7 Scoured faultv pieces'and locks Id peT lb cheaper .. 0 64 to 1, 0 0 8£ to 1 lg Fleeco .washed exceptional lots .. 2 2 to 2 7 2 3 to 2 7A Lambs'-wool in grease, superior exceptional lots .. 1 5 to 2 1 16 to 2 ' 4 lambs'' wool in grease, superior par ..' 1 lMol'4 1 1J to 1 5 Lambs' '.wool in grease, medium paT .010 to 1 1 0 10 to 1 1 Lambs' wool in grease, inferior J-d per.lb cheaper .. 0 ■ 4J to 0' 9J 0 t>1 to 0 9S Lambe' wool fleeco washed.. ■ exceptional lots ..- 2 7. to 4 0i 2 7-J to 4 OJ iroesbred—' , • ■ ■ In grease, fijio .. exceptional lots .. 1 3J to 1 4J 15 to 1 74 In grease, fine " id per lb cheaper .. 0 10 to 1 3 0 lljto.l ii In grease, ipedium exceptional lota .. 1 1 to 1 3 ■ '1 3 to 1 4J In grease, medium Id per lb cheaper .. 0 9 to 1 Oh 0 lOVto 1 2£ In grease,', coarse, superior .. id to Id per lb cheaper -0 10 to 0 11 1 0 to 1 1 In grease, coarse, ordinary .. |d to Id per lb cheaper 0 7J to 0 9J 0 9J to 0 11J In greasa,' inferior pieces and ' ' • locks ..' id per lb cheaper .. 0 5 to 0 7J 0 5J-fo 0 8J In greaao, iambs exceptional lots .. 1 0 to 1 3 1 2 to 1 31 In grease, lambs ' par ...:-.... 0 7 to 0 115 0 9. to 1 11 Scoured, fine Id rer lb cheaper .. 1 5 to 1 11 16 to 2. li Scoured, medium and coarse .. Jd to Id per lb cheaper 0 9t to 1 7 1 0 to 1 8 Sliped, fine- .. '. id per lb cheaper .. 0 HJto 1 5 1 0 to 1 5£. Sliped,' medium id to Id per lb cheaper 0 11 to 1 2 0 Hi to 1-3^ Shped, coarae id per lb cheaper .. 0 3% to 1 05 010-tol 2