THE LONDON MARKETS.

Otago Witness, Issue 1948, 25 June 1891, Page 21

THE LONDON MARKETS.

Wool— The National Mortgage and Agency Com pany In their circular dated 15th May report that at the wool sales which closed 'jon the 98th ult. New Zealand merinos ac a slight advanoe on February rates, but subsequently lost ground until at the oloie prioes ruled from §d to Id per lb under opening values. This decline was due In great measure to the very unsatisfactory results obtained from the earlier purchases, and wm indeed anticipated by many owing to the indifferent growth and very heavy condition -of the merino clip now being marketed. The. finest grades of crossed when well grown and light in condi-ion commanded much attention, and coming under American competition sold firmly throughout at full February values. New Zealand growths of good quality but somewhat wanting in length and condition met with a ready sale, but at no period of the series reached the extreme prioes paid in February. Medium and coarse wools sold throughout at values about on a par with prioes current in February. New Zealand crossbreds from the South Island are this season inferior in growth and heavier in condition than last year, much of the wool being very earthy. Since the close of the sales the markets both on the Continent) and at Home have been very quiet, and up to tbe present time the Improvement in business looked for during the current month has not taken plaoe. Of the 340,677 bales whioh arrived to date for the third series, 102,855 bales were from New Zealand.,

Wheat.— The same company report: — New Zealand cargoes, shipping or shipped, were driven up Dy speculators to 43i 6d, and one sale was made at 44s 6d, but they have since been neglected and there are no buyers to-day over 41s, although sellers offer at 42s per 4601b. The Firth of Dornoch, arrived at port of call, has been ordered to Cork. On the spot fine white wheats are firmly held, and although the interim advance has been lost, they fully maintain our latt quotations. The market is almost bare of Hew Zealand, but supplies of Australian have been augmented by recent arrivals. Flonr is dull, aud has lost Is per sack of the recent advance. Australian brands have been more inquired for. Hew Zealand barley has been in better demand, chiefly for grinding purposes, as the mailing season is now practically over. Hew Zealand oats, after sharing In the general advanoe for feeding stuffs to the extent of Is per quarter, close quieter at about our last ■ quotations. Haw Zealand beans are nominally Is 6d per quarter dearer, but supplies are exhausted. The . imperial average price of British wheat for the past , four weeks is given as 395, 40s Id, 41s Id, and 41s 4d ' per quarter respectively. Cocksfoot.— The New Zealand Loan and Mercantile Agency Company report under date 16th May: — The season is now over, and, contrary to general expectations, a considerable quantity of seed remains on hand unsold. The high prices ruling in Stew Zealand have tended to strengthen the market here, ' but buyers appear indisposed to operate at present : quotations in anticipation of next season's require- ! ments. In the absence of recent business, quotations are quite nominal; but as an Indication of values, it may be mentioned that last sale reported of fine 171b yearling seed was made at 595, while fine, bright, new seed realised 82s per cwt. pabbitskins, — The same company report t — The demand at. the auctions of the 17th nit. was weak, and of 697 bales brought forward only 460 bales found buyers under the hammer. Australian skins were about Id per lb lower all round, ordinary and low quality New Zealand skins exhibited a similar decline, but good season's Hew Zealand, which were very soarce, maintained their previous level. Furriers were again in the. market for black skins suited to their requirements, whioh consequently commanded full prices. We quote : -Good to prime New Zealand skins, averaging lslb so 2 Jib per doz, Is BJd to la 9£d per lb ; fair ordinary to good' New Zealand skins averaging If lb to 21b per doz, Is 3d to Is 7|i per lb ; common and tow season New Zealand skiu6 averaging lib to 2£lb per doz, 0d to Is 2d per lb ; black and fawn New Zealand »kins,*9d to 2s 2£d per lb ; small and suckers New Zealand skins averaging $lb to fib per doz, s£d to 9d per lb ; fair ordinary to good Australian skins averaging ijlb to 2§lb per doz, B£d to Is 314 per lb; fair ordinary to good Australian skins, ljlb to 2flb per doz, BJd to Is '3Jd per lb ; common and low season Australian skins averaging fib to 2jlb per doz. 3Jd to B*d per lb. , Sheepskins.— The same company reports— "The periodical auctions were held here on the 30th ultimd and Ist instant, and were well attended. The quantity catalogued amounted to 3520 bales, all of which where sold under the hammer. As compared with previous sales' rates, crossbreds were firmer, and occasionally realised £d per lb. more money, medium and short woolled merinos- being unobanged, while longwoolled merinos were in some insdance £d per lb lower. We quote:— New Zealand merino threeqaarter and full- woolled, 7£d to 7|d per lb; do half - woolled, 6id to 7d ; do quarterwoolled and shorn, 4fd to 5Jd; orossbred fullwool led, medium, and fine quality, 7Jd to BJd; do f ull-woolled coarie, 6|d to 7sd ; do quarter-woolled and shorn, 4|d to 5Jd. Butter.— The National Mortgage and Agency Company report: -Butter has been slow of sale, and with warm weather has deoiined steadily. The latest arrivals from New Zealand have not been so satisfactory either in condition or quality. We report: Prime Normandy 94s to to 116 a per cwt ; New Zealand—good 70s to 80s. inferior 68s to 68s; American 64s to 90s. " •' ■ Cheese,— Messrs W. Weoael and Co. report t— With warmer weather there has been a quiter demand for all' descriptions, and prices are la to 2s lower per owt oh the fortnight. Finest American and Canadian is now quoted at 56s to 595 ; best New Zealand, 50s to 56s ; and secondary, 44s to 48s per owt. Frozen Meat. — Messrs Helton Brothers report :— New Zealand mutton has oontinued in excessive supply, and while really prime oa< oases command fully 4§a per lb, ordinary 7st to Bafc-sheep only realise from 3Jd to 3fd, and heavy or light weight sheep are a drug. Australian mutton naturally feels the severe competition of cheap New Zealand meat, and but slow progress is being made with the large consignment of Queensland sheep per es. Maori King. Blver Plate mutton is also fairly plentiful. The capacity of the carrier steamers in that trade is being materially increased, the Hornby Orange briDgiog fully 50,000 carcases. New Zealand lambs have met with more demand since. the weather became warmer, but the inquiry is still unequal to the supply. 165,010 lambs have already come to hand this season, as compared with 110,000 to same date last year, and 98,000 in 1889. The average quality, until recently, has been decidedly poor, and the price equally unsatisfactory at about 4}d per lb as the general quotation, while best carcaseß only realise sd ; there is.oonseqaently, plenty of room for a substantial advance on. current rates. American beef supplies give indication of! ooming shorter, the prloe of cattle having advanced, \ owing to increased valne of feeding ituffs. Hindquarters are to-day making 6d. Frozen hinds have met with steady demand at 4jd to 4£d, but fore- , quarters have been recently negleoted In sympathy with American. The market doses firmer. Hemp.— Mr O. Spurling reports :— Despite the. trifling supplies of New Zealand hemp brought forward at an otion [since my last advices of 18th ult., 1 our market since has not only been very quiet but prices throughout the month have shown a drooping tendency, and with theexception of common and middling qualities, most descriptions show a decline of 20s to 30s psr ton on the rates of last month. Except for the stringency of our money market, precluding speculation, and the increased dullness and fall in the value of Manila hemp, it would be difficult to assign any »atisf aotory reason for the recent decline in New Zealand, the more so aB cur spot ! stocks are email, and arrivals very moderate. These latter comprise the Mamari, Northbrook, Aorangi, Brablook, Pakeha, with a total of 3989 bites

of hemp, of which 1689 bales are for transhipment to the United States. Now that the value

New Zealand hemp for rope-making purposes is soming to be better understood and appreciated here, it is to be hoped that the finer qualities will also be oetter appreciated than of late in our English markets, or a cessation of these shipments to this country will most probably tnke place, and thus drive into the hands of. our transatlantic opponents supplies that may ultimately be required here. Our supplies at public sale since 18th ult. have been only 2390 bales, of whioh barely half have been disposed of, comprising amongst others the following marks:— Good to fins— O in diamond. £23; Bell, £23 10* ; NB, £32 10s ; GB, £21 ; JH, £21. Fair to good fair— NAP, £20 10s; LOUTH, £20 JOs; O & W, £31 ; Glen. £31 10s ; CP. £22 ; MAB, £21 ; Premier, £22 ; 08/H, £22. Middling to barely fairStratford, £21 ; J&TT, £20 15s ; Orona, £21 ; Glen, £21. Common to middling— AM, £19 15s. Although still very quiet, a slightly better inquiry has existed during the past day or two, and business is more readilydone In New Zealand hemp at some slight improvement on the lowest rates obtained during the past fortnight. Manila hemp throughout the month has been drooping and depressed, but at the decline of 20s to 30s per ton a considerable forward business has been done in distant shipments. MayJuly, ci.f., seconds, £30 to £31 ; fair current, £33 to £33 105 ; good, £35.