THE LONDON MARKETS.

Otago Witness, Issue 1950, 4 April 1889, Page 16

THE LONDON MARKETS.

I The New Zealand Loan and Mercantile I Agency Company report under date London, February 23:— Wool.— The first series for the current year opened on the 29th ultimo and closed on the 19th instant. It occupied 19 sitting?, whilst the daily offerings averaged 13,099 bales, as compared with 12,252 bales in the corresponding series of 1888.' Of 355,226 bales available arrivals 248,887 bales were catalogued, of which 10,200 were from New Zealand. It is estimated that 130,000 bales were taken for foreign' account, of whioh about 6000 bales were for the United States, and that, say, 13,000 bales remained on hand for future disposal. The closing rates of the preceding series were, however, supported for all descriptions, save medium and inferior merinos, more especially those in the grease, which ruled distinctly in buyers' favour. As the sales progressed, the middle and lower classes of greasy merino, especially where, lacking in .fineness of hair, had to be quoted quite |d per lb lower. Towards the close of the first week, however, a generally better feeling was apparent, and a hardening ' tendency for nearly all classes of staple was observable' quite up "to the end of the series. Good combing and clothing merinos, whether greasy or scoured, sold well throughout, at gradually hardening rates. Fleece washed wool was in very limited supply, and was almost entirely represented by a few superior Western Victorian clips, which realised extreme rates. 'The quantity of crossbred offering was only small, and found ready buyers, the finer grades at a slight advance od last sales rates, and .the coarser sorts at about par. Lambs' wool ruled in sellers' f avtur. The market closes with a steady tone, and though the supplies to be dealt with daring the earlier part of the year are likely to be heavy, it is also trae that an increased consumptive demand is being experienced in the manufacturing districts. Complaints are still rife as to the smalloess of profits, but stocks in manufacturers' hands are by no means excessive, and the general state of the trade may be considered sound and healthy. Prices 3urrent, New Zealand :— Scoured merino (superior), Is 9d to Is ll|d per lb ; do (average), Is 6d to Is B§dper lb ; do (inferior), Is l£d to Is 3d per lb ; washed merino (average), la 4d to Is 66" per lb nominal ; do (inferior), Is o|d to Is 2d per lb nominal ; greasy merino (superior), Is Id to Is 2§d per lb ; do (average), 104 d to ll|d per lb; do (inferior), 7£d to B|d per lb ; scoured crossbred (fine), Is s§d to la 8d per lb ; do (coarse), Is to Is OJd per lb; washed crossbred (fine), Is 3|d to Is 6|d per lb ; do (coarse), ll£d to Is Id per lb; greasy crossbred (fine), Is to Is 2d per lb ; do (coarse), B§d to 9|d per lb. Corn Market.— Several New Zealand cargoes have arrived, but in the absence of demand most of them have been withdrawn from sale. Of these the River Indus was ordered to Havre, the first New Zealand cargo which has gone to a Continental port since 1883. The present value of a cargo f.a.q. off coast with a good report is ; about 36s per 4801b c.i.f. [ The National Mortgage and Agency Company report under the same date :— Hemp : Offered at public auctions, 772 bales ; sold, 772 bales. The strong tone of this market has been further accentuated during the past month, and values of all descriptions show a considerable advance. New Zealand hemp has been dealt in extensively both on the spot and to arrive, and our quotations exhibit a rise of 20s to 40s per ton on the four weeks. For shipments near at hand up to £38 per ton o.f. and i. has been secured, whilst more distant parcels have been dealt in at £35 10s to £36 10s landed terms, quality guaranteed equal to fair Wellington. In tow, two bales oi New Zealand have changed hands at £12 per ton. Manila hemp has risen £5 to £6 per ton on the spot owing to continued scarcity, and is now quoted at £57 to £58 per ton, whilst for arrival £54 10s and £55 [per ton has been paid for fair current. Sisal has been dealt in only in small quantity, spot sales in Liverpool having taken place at £52, an advance of £3 per ton on the month. We quote New Zealand : — Superior soft, bright, clean, £41 to £42 per ton. good quality, well dressed, £39 to £40 per ton ; fair to good medium, £37 10s to £38 per ton ; common and ordinary, £32 to £33 per ton. Batter. — There has been a fair demand, and prices have been well maintained. Continental descriptions have all advanced in value, partly owing to a diminution in the supply. Recent shipments of New Zealand have met a ready sale at fully late rates. We quote:— Prime New Zealand, 110s to 116s per cwt ; good New Zealand, 102s to 108s per cwt. Cheese. — The recent high rates ruling for American have not been sustained, and values are quoted -2s per cwt lower; but to effect clearances a further reduction would be necessary. A few small parcels of New Zealand which have come to hand made up to 56s per cwt. We quote: — Prime American, 57s to 59s per owt ; prime New Zealand, 56s per cwt.