NEW ZEALAND PRODUCE

Otago Daily Times, Issue 16916, 31 January 1917, Page 8

NEW ZEALAND PRODUCE

OPENLXG OF THE WOOL SIALES

APPEAL TO BUYERS.

(Fnoii Otm Own Cobhespondent.)

J,ONJ.>ON, Uecember 10. .there was rather ;i novel opening uduress delivered at tho London \\ 00l iiixalutnge the- other day on the oci-jisiou of the Jjrat sitting of tlie cultokg series of wool sides. On «s(.:wiiljuy inc rostrum, Mr Arthur Jacomb announced that lie hud u tulcpiionio mess-ago Irom tliu Army Contract Jjopart-iiu.-ut, mioxiiiiny him mat tlio sale might proceed that uay without restriction. it was "up to" tiiose present'' to have such a well-controlled sale that there would bo no necessity tor Government intorle/enco. "We utk you," said Mi- Hood, -'to keep your heads cooi, nut to give way to excitement, and not to play the iool—and a man who speculates in wool at its present price does play the iool. iam asked by iho buyers in the highest and best interests of the trade 10 appeal to your eommonsenso and fairness not to undo the good that has been dono within the. last lew days. We ask that preference in buying be given to those who are Keep their machinery running, and that there should be no inflated prices to causo another uproar, i have confidence that you wilL act as required, and let eominonsenso rule.

Messrs Balmo report that on the opening day of the eighth series of colonial wool sales of tho present year, 7431 bales were available, New Zealand being represented by iosß bales, New South Wales coming next with 1527 bales. The room was well attended and tho competition was animated at the opening. The rates paid for the various descriptions compare thus with those ruling for sunilar grades at the close of tho October-November scries: Merinos, 5 per cent, to 10 per cent, higher; crossbreds 10 per cent, higher. Altoghether 90,000 bales are available for tho series. Messrs Dalgety and Co. consider that the selection of merino wool on the opening day was an indifferent one, with good combing wools very sparsely represented. 1 rices for greasy wools, as far as could be estimated from the miscellaneous character ot the offerings, were about 10 per cent higher for combing varieties and 5 per cent, higher for short and wasty wool. Scoureds soJd ratder better, and may be quoted about 10 per cent, above the level of last sales, though occasionally prices considerably in M^ CeSS a- • tliese ligations were realised •Iho ottenngs of -crossbreds consisted largely ot shped wools, which were in fairly r- oo d selection. Greasy and scoured wools were poorly represented, but generally spealcinnall descriptions under this heading sold at prices fully 10 per cent in advance of thost ruling last series.

Messrs Da gety further say. Never before in the history of the trade, with the possible exception of the first series held alter the declaration of war. have the London sales commenced amid conditions so perplexing, and as far as the "Immediate outlook is concerned, so discouraging. Following on the requisition of the JS'cw Zealand wool clip it became known in London, shortly before the eighth series of sales were to commence, that negotiations were in progress between the .Home and Australian Governments for theSpurchaso of such wool as had not already fallen under the hammer llie postponement of the London sales followed, since when the trade as a whole has passed Through a period of anxiety and uncertainty without parallel in the whole course ot its existence. Lack of information concerning the manner in which the Government proposes to apportion the'wool they have acquired, and the means of distribution they intend to. adopt, has further accentuated the position, though it is. earnestly hoped that the normal channels of trade will be" ut.lised as far us possible, and the interests involved disturbed as little as circumstances will allow.

V\oai-e no\» informed that a basis of price for the purchase of Australian wool has been agreed upon, and it is hoped therefore that a definite announcement of policy will shortly be made by tho department concerned. Particularly is it to be desii-cd that the restrictions at present applying to wool consigned for sale on growers' account will bo removed, as, apart Iron, the financial loss owners are called' upon to bear throughdelay in realisation, the wool is urgently required by the trade.

An excellent demand has been experienced for New Zealand butter at advanced tjrices —210s to 212s for salted, and 214s per cwt for unsalted, the shipment per Rimutaka being cleared as soon as landed. The Loan and Mercantile Agency Company add that the Ncwlandic, now duo, has a further supply, and for this there are -many inquiries Australian butter is priced at 206s to 203s for salted, and from 210s to 212s per cwt for imsalted. and further arrivals are anxiously looked for.

Shortness of supplies of New Zealand and Canadian checso has been manifest for some i c " Government has commandeered the shipments of the Rimutaka and the Arawa, and it is understood that all New Zealand shipments will be similarly treated until war requirements are satisfied. The terms of settlement have not yet been arranged, and in the circumstances the New Zealand Loan and Mercantile Agency Company is l precluded from quoting market values. Canadian is in small supply and is quoted at from 128s /to 132s per cwt for white and coloured.

1 rices for New Zealand mutton are unchanged at B|d to B|d per Ib for wethers and at 8d to Bid per lb for ewes. The C. C. and D. Company mention that the official quotation for Now Zealand lamb remains at per lb, and retailers can obtain their requirements at 9|d per lb. South American lamb is valued at B£d to per lb. No frozen meat can be quoted. The C.C. and D. Company mention that the customs authorities are discontinuing the publication of information regarding cargoos of frozen meat, therefore it is no longer possible .to furnish statistics in connection with arrivals. The firm further writes: —

" The impossibility of forming any opinion as to the quantities of meat which will bo released for civil consumption, and the control exercised by the Government overprices and distribution, render the issue of market reports not merely monotonous but almost superfluous, more especially at a time when producers in Australasia have so little intorest in the values ruling at this end. In these circumstances it is proposed to discontinue the issue of this report until the end of the war and until the trade is resumed under normal conditions."