NEW ZEALAND PRODUCE AND TRADE.

Otago Witness, Issue 2056, 20 July 1893, Page 11

NEW ZEALAND PRODUCE AND TRADE.

(Fhom Our Special Correspondent.) 30 and 31 Fleet street, London, June 10.

On the whole the wool market has changed somewhat for the worße during the past fortnight, and depression generally prevails. This is attributed partly to the Australian crisis, partly to the bad state of the crops in England, Germany, and France, and partly to the prevalent depression in America. However this may 'be as to causation, there is no doubt, unluckily, ,as to' the main fact itself— that prices for best merino wool rule considerably lower than in April. On the other hand, domestic wools are in good favour and demand, and prices for ?" good lustre" wools are quoted to me at about 10 per cent, higher than a year ago ; also coarse crossbred wools have held their ground at the improved figure they recently reached. At the third series of Antwerp sales, which opened last Monday, there was a poor attendance of buyers, and little competition. The average prices were 5 to 7£ per cent, lower than in March. The arrivals tor the next series of sales include 149,000 bales from New Zealand. Trade is expected to continue somewhat quieb in this patticular branch. * The wheat market is also depressed, both through the general- trade dulness which prevails and through the arrivals of heavy shipments, no fewer than 42 cargoeß of grain being reported during the past week. The grain trade is equally dull in the provinces and in America. Thus a decline of Is per quarter is recorded. The only New Zealand wheat cargo off the coast just now is that of the iEthelberht from Lyttelton, which has arrived in good order, with the exception of about 20 bags which have slightly "sweated" and became damaged. This cargo i? offered at 26s 6d. A small lot of short-berried New Zealand wheat is under offer at 3ls, but has not yet found buyers at that figure. Sound long-berried New Zealand wheat (old crop) is quoted at 28s to 3 ls; short-berried, 27s to 29s ; inferior, 253 to 275. There is an improved inquiry for New Zealand oats, and prices have risen about 6d per quarter. Fine heavy samples are quoted by Messrs Weddel and Co. at 28s 6d to 29s 6d ; inferior, 24s 6d to 25s 6d. No barley is offering from New Zealand. Of beans the stocks are very light, and prices have gone up 6d, being 36s to 37s 6d, with a fair demand.

Frozen meat is again dull owing'to the continuance of the English drought, which has forced large numbers of Home stock into the market prematurely. The prices for New Zealand mutton are reported by Messrs Fitter and Sons, and also by Messrs Weddel and Co., as decidedly weaker, having receded id to Id per lb. Both Messrs Weddel and Messrs Fitter attribute this decline mainly to the cause already stated — the abnormal competition of Home mutton forced into the market by the absence of feed through drought ; but they also think there is another cause, viz., the number of coarse, heavy, unsaleable carcases on the market, and the presence of some very thin, weedy sheep among the North Island shipments, which are actually inferior to either Australian or River Plate. "Prime small sheep" are whafc London buyers want, and Messrs Fitter say they constantly have to refuse orders for this class of mutton simply because they cannot get it, although London stocks of New Zealand mutton are so heavy just now. The London meat Balesmen beg me to impress on New Zealand exporters that it is no use trying to force on the London market an article which people will not buy. London buyers

don't want big, coarse, heavy sheep, and if New Zealand producers will persist in sending these they simply won't sell, or, at any rate, will only realise very poor prices, and will depress the market generally. It is imperative that New Zealand producers should consider the requirements and tastes of the market for which they cater, and should regulate their production accordingly if they desire to create and maintain a profitable trade. New Zealand lambs are not doing so well as usual. There are too many holders all anxious to realise speedily, and the failure of the grass crops has brought an excessive supply of English and Continental lambs on the market. Frozen beef is only coming to hand in limited quantities, and thus fair prices are maintained. One shipment has just arrived from New Zealand in prime condition and of good quality. It is quoted at 3s 4d to 3s 6d per stone of 81b for hindquarters, and 2s 4d to 2s 6d for forequarters. There is considerable variety just now in the prices of New Zealand mutton. For instance, small carcases from Canterbury, New Zealand, are quoted at 2s 8d to 3s per stone (81b), large sheep from the same part of the colony 2s 5d to 2s Bd, others from Wellington 2s 4d to 2s Bd. New Zealand lambs are at 3s to 4s per stone. With reference to the frozen meat trade I had a long chat yesterday with Mr W. Nelson, of Nelson Bros., who has just arrived from New Zealand. He thinks that New Zealand sellers incur some loss through the present practice of rushing the meat on the market irrespective of demand. "If the New Zealand consignees could only agree," said Mr Nelson, ". not to force the meat on an unfavourable market, New Zealand mutton would be fully a penny a pound better in price. That is how we can get better prices. We were prepared to hold on, if necessary, and have had as many as 350,000 carcases on our hands at one time. Wo have cold storage space of our own, and so can afford to bide our time, but storage at the docks is expensive, and so the mutton is pushed into the market to save these expenses. But had it been in our hands, we should have mote than covered the cost of storage by the improvement in prioe. But of course," continued Mr Nelson, laughing, " this sounds as if we wanted a monopoly. Well, perhaps we should not object, but what I say is the fact, irrespective of our own interest in its being true. The frozen meat trade is a very, difficult one to conduct, owing to its being so intermittent. Hence ships cannot afford to carry meat at the lowest rates. Part of the time there is no cargo, or next to none. At other times they are hard pushed to find room for all that is offering. Thus the ships run part of the time at a loss, and that loss has to bo recouped out of the paying season. You might put it that 20 ships have to be constantly run, because that number would be required to take the cargoes in the busy season, while in the slack season there are not cargoes for more than 10. Now, if the shipments could only be more equalised by some mutual arrangement, then say 15 ships would do all the year round, and relieve tha others. This would enable freights to be lowered, besides a tendency to realisation of better prices." "I am Home now," Mr Nelson added, "mainly in the hope of making some better arrangement in the direction of freights. Not that I expect the shipping companies to reduce freights, which are about as low as they well can be ; but if some understanding could be come to in respect of more regular shipments, in that way a saving could easily be made." " Lord Onslow's bill providing for the branding of imported meat is a wholly useless and mischievous one," continued Mr Nelson. "It would be extremely costly and inconvenient to carry out, and it would be useless as a means of identification, because a carcase could not be branded all over. If one leg is branded, who is to identify the other leg and the shoulders when sold separately. No, the thing is well meant, but it would be of no use, and it would cause no end of expense and trouble to those who had to carry it out. Besides, a brand could easily be removed if this were- desired. The plan is vexatious and costly and it is, not required. The trado is fairly and well conducted without it."

There is no New Zealand butter in the market at present. Messrs Reynolds, the wellknown London dealers, think prices will improve by the time of next shipments, owing to the effects of the unprecedented drought upon tho English supplies. Two large shipments of New Zealand cheese have been landed ex .Waibato and Morayshire— 742B cases in all— which, Messrs Page and Son inform me, have met with fair inquiry at 46a to 52s per cwt. Flax is quiescent. There have been a few sales at £21 53 for good Wellington, but quota"tions are quite nominal.