LONDON SEED TRADE.

Otago Witness, Issue 1540, 14 May 1881, Page 15

LONDON SEED TRADE.

Messrs John Shaw and Sons, of 37 Mark Lane, London, report through their agent, Mr Leonard W. Blake, of Christchurch, that owing to favourable weather having set in for agricultural work, which was greatly in arrear, spring sowing in all parts being unusually backward, there was during the fortnight ending March 24th an increasing general inquiry, and a very active consumptive demand for clovers, &c., under which the comparatively light stocks held in London were being rapidly exhausted, so that probably at the close of the present season very little seed would remain unsold. With regard to value no change of importance can be noted. Timothy continued scarce. Holders in Franco were asking more money for Italian ryegrass, whilst perennial were in good demand and firm at the late rise. Bird seeds unaltered, with but a meagre demand. The imports of clover and grass seeds into the United Kingdom for February were 51,516 cwt., against 51,715 for February, 1880. THE LONDON MARKET. WOOii. We take the following information from the circular of the N.Z. L. and M. A. Co., dated London, March 21th :— The opening series of the present year, which commenced on tho 15th ult., will be brought to a conclusion on 25th inst., thus occupying 34 sittings. The available arrivals, anil inclusive of to-morrow's sale, the quantities catalogued, aro given in tho following tabulated statement, viz. :— Available 9P°»£ Ar »™ ls - talo,U Bales. Bales. New South Wales and Queeensland .. .. •• 69,717 60,714 Victoria .. .. .. 143,560 130,088 South Australia .. .. '.13,349 42,571 Western Australia .. .. 246 268 Tasmania.. .. .. 227 322 New Zealand .. .. 12,201 16,009 Oapo of Good Hope .. „ 41,096 27,189 ! Xotala 310,390 WM

From the former havo to be deducted about 28,009 1 bales sent direct into consumption, while in the latter arc included about 16,000 bales held over from previous sales. Incluhive of withdrawals which havo from day today taken place during the currency of the auctions —whereof a portion have cither been reoffcred publicly or disposed of privately— and of unoffeied wools, it is computed that some 35,000 bales remain in first hands for sale throughout the later series of the year. About 170,000 bales have been taken for export. The result of the sales now drawing to a close cannot be considered as wholly satisfactory ; although, having regard to the complaints as to the continuance of depression at many of the woollen manufacturing centres, the fall submitted to at the commencement was generally considered to be less marked than was warranted by the existing conditions of trade both here and on the Continent. Tho initial decline of 7£ to 10 per cent, became more accentuated as the sales progressed, and it was not until tho conclusion of the fourth week that any upward movement in values could be recorded. At the lowest point the reductions on December rates of various Australasian sorts may bo summarised as follows : — On combing washed merino . . Id to lid per lb „ Clothing do do .. ljd „ „ Superior do do .. l^dto 2d „ „ Scoured merino .. .. Id to \\d „ „ Medium to good grca3y merino Id to lid „ „ Do do crossbred id to Id „ „ Scoured crossbred.. .. Id „ Any exceptions to these were found in the case of the finer grades of crossbred wools, and in wools of New Zealand growth, which were in but short hupply. Lambswool also, when free from fault, did not participate to tho full in the decline quoted, although the demand for it has been irregular. In searching for the cause of the departure from opening rates thus recorded, regard must be paid to the fact that while at the beginning there was a good attendance both of Home and Foreign buyers the latter by no means operated with freedom, and the f ■rmer, after the satisfaction of their more pressing wants, were, in the absence of French competition, unable to sustain values. Many French buyers abstained from purchasing in consequence of their alleged inability to move off stocks on hand except at a sacrifice. Prominent amongst those who so held aloof was the section who some 11 months previously had most freely competed, thereby forcing up prices to a point from which an unfavourable reaction quickly followed. After the announcement, however, that the second series would not commence until 10th May, and that fresh arrivals would be limited to those announced up to 4 p.m. of the day on which a total of 350,000 bales was reported, those who had hitherto opeiated with extreme caution began to enter the lists more freely, and by dint of the increased competition thus engendered, prices were gradually so restored as to place present quotations in comparison with December rates on the following basis : —

A general review of tho catalogues gives palpable evidence that the prices obtained for those merino wools which were purchased in the Sydney and Melbourne markets at the opening of the season last October, for shipment to this centre, miist leave considerable losses to those concerned. This unfortunate position has been intensified by reason of the high steamer freights paid in order to ensure admission to the current sales. It is questionable whether, even viewed in the light of the data at command when those Colonial markets, opened the prices then paid were prudent. The issue has incontestably proved that they were by no means justified, and there is no doubt but that 'in many cases prices were, under the influence of local competition, obtained for wools the condition of which did not warrant such extreme rates being paid for them. This is specially true of much of tne Now South Wales and Rivcrina wools. These when washed have, apart from other defects such as burr and seed, been indifferently got up, and, if in the grease, have turned out more or less buvry. Victorian clips have, as a rule, been well grown, and fairly free from burrs and seeds. They ard perhaps less fine in the hair than usual, but what they fall short of in this respect they gain in strength and soundness of staple. The rendement of South Australian and kindred wools in the grease has proved to be better than their seemingly earthy state led purchasers to believe. This result has been favourably reflected in the prices obtained for them throughout the latter half of the sales now drawing to a close. The same remark applies to medium greasy New South Wales produce. The finer grades from that Colony, whether washed or greasy, have been more or less neglected, and the choice Victorian clips have likewise fetched much lower prices on average than thej' did 12 months ago. New Zealand wools being in comparatively short supply, have sold relatively better than those from the Australian Colonies, but when the weight of the clip of New Zealand coarse growths is put on the market during the next and succeeding series, and has to contend against domestic wools and other like descriptions, a more rigid test of value will then bo applied to it. The merino wools of the 1880-1881 clip, from the Canterbury Province, thus far disposed of, have in comparison with Victorian and Riverina merino wools sold well, their immunity from burrs having proved an attraction to intending purchaser?. While the prospects for next series are not discoui as;ing, the course of prices then established will largely depend on the progress towards recovery which the manufacturing industries, both at Home and abroad, may have made in the interval. Hitherto, the results of a late as well as severe winter have doubtless retarded the end so much desired, but as both this and other countries are emerging from, and not approaching, a period of commercial depression, if the weather during the coming spring and summer be such as to improve our harvest prospects, the spending; power of our agricultural and operative population will eventually be increased, and an augmented demand for woollen materials will speedily follow. The tendency of fashion, however, seems still set against the more extended consumption of coarse wools, and as their production appears, nevertheless, destined to grow apace, the mod&rate level at which they now stand seems the chief safeguard for preventing a fuither decline under the influence of increased supplies

would bring £20 to £28 per ton. Wheat.— Australian, owing to scarcity, advanced to 51s 6d on the spot, but fresh arrivals this week being pressed for sal e,tx steamer, have brought back the price to 51s per 4961b. On passage two cargoes, each 4600 quarters (wood), February-March bill of lading, from South Australia, changed hands at 47s and 47s Gd respectively, and one of 3000 quarters (iron), February bill of lading, at 47s 9d Australian terms. New Zealand very scarce on the spot ; we quote fair quality at 45s to 475, and good at 48s to 50s per 4961b, ex store. For May shipment a cargo of 6500 to 8500 quarters has been sold at 45s per 4801b Australian terms, United Kingdom, on the basis of "fair average" quality. Flour meets with rather more inquiry at about previous prices, say 33s 6d to 34s 6d per 2801b for superfine Adelaide. Oats, owing to the opening of the Scandinavian ports, have declined 3d to 6d per quarter for the lighter descriptions from New Zealand. Heavy oats sell slowly, at late rates. Barley quiet, unchanged. Tallow,— During the last fortnight the demand for Australian has been moderate. Prices, however, have declined Is to Is 6d, the present value of good to fine mutton being 35s to 365, and fair to fine beef tallow 32s 6d to 33s 3d per cwt. Inferior sorts are still in request, and command full market rates. The present stock in first hands is about 6250 casks. Hides. — At the public sales on tho 10th insfc. the demand for Australian was limited, particularly for heavy, and prices were lower for all weights. The quotations for New Zealand aro :— First heavy, 4|d to 5d ; and light and cows', 4'|d to 4gd per lb. Leather was in inodeiate request only, and prices occasionally per lb lower, but quotations remain ' the same ns on the 23rd ult. I Basils.— Those are in great request, and .1 large quantity found buyers at about 4d per lb advance, best strained realising 13d to 16|d ; seconds, 10id to 14,|d, and 12Jd to 14d per lb. RabbitskiNS.— At the public sales on the 9th inst. these were in good demand, and 690 bales wero sold out of 727 offered at about previous rates, fair to good bringing Is 8d to 2s 2Jd ; middling to fair, Is did to Is m 1 common, Is ljd to le 4d ; and suckers and in« ferior, 10|<i to WJd per lb.

Messrs Whitelaw and Co. report shares for the week ending 7th May, 1881:— Sellers: Insurance — Colonial, 12s (c.d.); National, 275 ; New Zealand, 725 ; South British, 52s 6d ; Standard, 13s ; Union, 225. Banks— Colonial, 45s 6d ; National, 60s ; New Zealand, £22 10 a. Miscellaneous Mosgiel Woollen Factory Co., 77s ; National Mortgage and Agency Co., 30s; New Zealand Drug Co., 225; New Zealand Shipping Co., £5; Union Steam Ship Co., £11 ; Walton Park Coal Co., 11s. Buyers : Insurance—Colonial, 11s 6d; National, 27s (ex div.); New Zealand, 70s; South British, — ; Standard, 12s 6d; Union, 21s 6d. Banks — Colonial, 455; New Zealand, £22. Miscellaneous— Mosgiel Woollen Factory Co., 755 ; National Mortgage and Agency Co., 28s; N.Z. Drug Co., 21s 6d; N.Z. Shipping Co., 97s 6d ; Union S.S. Co., £10 15s ; Walton Park Coal Co., 10s. Money secured on freehold property, 7 per cent, per annum. ,f J. A. Mackenzie reports for week ending 7th May, ISBI :- Bank of New Zealand, £22 ; National Bank of New Zealand (Limited), £3 7s ; Colonial Bank of New Zealand, £2 ss ; South British Insurance Company, £2 125 ; New Zealand Insurance Company, £3 10s ; National Insurance Company (ex div.), £1 7s 6d; Union Insurance Company, £1 Is 6d ; Colonial Insurance Company, 11s 9d ; Standard Insurance Company, 12s 6d ; Mosgiel Woollen Factory Company (Limited), £3 16s; Cromwell Quartz-mining Company, £2 Is ; Keep-it" Dark Quaitz-mining Company, 14s. THE LABOUR MARKET. May 11th. Mr Skene reports :— It is very unpleasant writing up the labour market from week to week, and having always to report the same chronic grumbling and discontent. Farmers with splendid crops say it takes them all their time to make ends meet ; servants, ploughmen, &c. say the reduced wages are at starvation point. There is mismanagement somewhere. In plain English, m»sfc farmers have grabbed up too much land for their capital, landing themselves in the " death-grip." In future masters and servants must be more economical and industrious, and less ambitious to be lairds and rich in a hurry. Somehow, with all their troubles, folks manage to scramble through, are well clad, and look plump and well fed. And there is no denying the fact that things are getting better, and that industrious men and women can always get a chance if they are suited for New Zealand, where agriculture will always be the leading industry. Town business is improving, and all in the building line are busy, but cutting each other. Female servants for hotels, prhate families, farms and stations, are in good demand, but scarce. Rabbiters are now needed for all parts. Chinamen aro rapidly supplanting Englishmen in this and many other industries. Why should this be so ? Wages have not altered since last week.

The arrivals for the sccor.d series are as follow : — New South Wales and Queensland 19,454 bales Victoria .. .. .. 40,467 „ South Australia .. .. 28,130 „ Western Australia .. .. 3,983 „ Tasiania .. .. .. 4,003 „ New Zealand.. .. .. 26,310 „ Cape of Good Hope .. .. 25,847 „ Total .. .. 154,224 bales. Flax.— No New Zealand in the market ; fair quality

Combing- washed merino, a dccli of Clothing do do „ Superior do do „ Scoured merino „ Medium to fair greasy merino Good to superior do do „ Uoarse greasj' crossbred do „ Fine do „ Washed and scoured crossbred [meld perlb Id to ljd „ l^d „ Id „ nil to £d „ Id „ nil to M „ Mil Ad to Id „