OUR LONDON COMMERCIAL LETTER.

Otago Witness, 14 December 1893, Page 12

OUR LONDON COMMERCIAL LETTER.

(From Our Own Correspondent.) London, October 27.

I hear that the Merchants' Committee, which recently arranged the increase of the number of serial auctions from five to six, is about to deal with the subjects of dock charges on wool, and wool sweepings. In the matter it ia hoped that the committee, whose action is as-ociated with enlarged facilities for the more rapid realisation of wool in London, will receive the full support of the trade. The dock tariff appears to compare unfavourably with that of almost every other port in Europe, and is alleged to be the only item in connection with the sale of wool, apart from fire insurance (the rates for which are held to be equally anomalous), which not only has not been reduced, but actually has been considerably augmented of late years. It is pointed out that the inadequacy of the London and India Dock dividends fonn.s no valid justification for tin: exorbitance of the present Will, which is deemed to be attributable to ill-considered and lavish outlays of capital on unproductive work in bygouu years. It is remarked that the fact of the business being remuneratively conducted up-town under fur less favourable conditions i,how.j that

10 is ; Irish, 100s to 126s ; Australian, 112s to 120s ; New Zealand, good to fine, 90s to 108s ; do, inferior to medium, 70s to 843. Cheese : Canadian, 403 to 54s ; States, 44s to 52s ; New Zealand, 46s to 525. With reference to the New Zealand dairy trade and its feasibleness with existing freights, Messrs Coey and Co. addressed a very clearly-reasoned and timely letter to the British- Australasian, of which letter I enclose a copy. It will repay careful perusal. Messrs Coey and Co., in their weekly repoit, state :— " Colonial butter : New Zealand ex Tainui are all winter made and stored butters. Condition ' is good ; quality shows age and improper treatment as regards storage since making. Prices range from 90s to 108s. Cheese: Maiket quiet; prices unaltered. New Zealand cheese : The few recently landed are last season's make ; quality good, but strong flavoured, probably due to want of care in storing prior to shipment. There is only a small inquiry for these, as buyers prefer clean flavoured goods." I hear that the Tainui's butter would have had a splendid sale had it been choice, for which class there is a large demand just now, but it was old. The Tain ai arrived on 28th October, and her butter was not all discharged up to Friday. This is unfortunate, and tells much against chances of ready sale. Really good New Zealand butter would easily have obtained up to 120s this week, but none was here. It is a great pity. Messrs Reynolds and Co. write in the same strain. They complain that no new butter is yet in from New Zealand. They think itmostunfoitunate that New Zealand lags so much behind Australia in this respect of getting the new butter early in the market. New Zealand is three weeks to a month behind Victoiia. In sending stored New Zealand butter, as has been done this season, n grave mistake, they say, has been made, as a lot of it is second or third-class quality, and so gives a bad impression at starting, which may affect the whole season's prices. It is certainly most unfortunate that the new season, which promised so well, should have begun with this flcibco. GRAIN, ETC. Wheat, &c— The American Silver Bill has been repealed, but the anticipated advance in values I has not immediately followed ; on the cantraiy, the markets .have gone lower and are in as depressed a state as ever, futures being espefiaHy weak. Foreign wheat generally is about 6d per quarter easier on the fortnight. Australian and good Chilian are, however, exceptions, no decline being quoted. Notwithstanding the favourable weather reported throughout the country, it is doubtful if winter sowings aie up to the aveiago, owing to the number of farms which have recently changed hands. The finest qualities of 10 jglish wheat arc sparingly offered, while secondary graded arc in vciy small request. The average price Id'vt week of 27-3 6d per imperial quarter marko a decline of Isd por quarter from the previous foitni.;ht. Messrs Weddel and Co. ropoit that New ZuiLmd curgooj have recently changed hands as follow :— i'er C:unarvon Castle, at 2(is (id, U.K.; Diana, at 275, Cont. ; and Lough Ncagh at about 25j fid, U.K ; ryo terms. New Zealand Wheat.— Owing to the continued

the produce is not handled at the docks as cheaply as it might be, consistently with a fair margin of proiit. November 4.

Authorities learned in wool tell me that there is no new phase to record in the London wool market during the past week. The sales by private treaty since the close of the last auctions have amounted to some 900 bales, including about 250 from the Cape. They have consisted chiefly of withdrawn lots, for which some advance on previous bids has been obtained. From careful inquiries I have made, I gather that the outlook as regards wool is not on the whole worse than it has recently been, though the persistence of many adverse features inculcates a moderate view of the immediate prospects as to prices. The favourable circumstances are (1) the increased probability of an early settlement of the coal war ; (2) a healthy condition of stocks in second hands ; (3) the low level of value at which wool now stands ; and (4) the moderate supply available for the fifth series— probably some 25,000 bales less than during the same series of last year. On the other side of the question, it has to be remembered (1) that the German trade is still, and for some time to come will continue to be, rather seriously affected by the Russian tariff difficulties ; that the French traie is hardly more prosperous than British industries ; (2) that the repeal of the Sherman Act in the United States — though a step in the direction of a return to sound economics, and hence calculated to promote a revival of confidence— may possibly, for the moment, aggravate the troubles of trade with silver-using countries, until silver has reached its natural level ; (3) that a return to a gold basis will, in some respects, for the time being, rather hamper than promote activity in industry until j supplemented by tariff reforms ; and (4) that the ! possibility of a demand for gold for the purpose of the American Treasury would induce higher rates for money in Europe. Though the future, j therefore, is certainly not without promise, there are many qualifying considerations to be taken into account in estimating the early pro3pects of trade generally and of the wool trade in particular. BUTTER, CHEESE, ETC. With regard to dairy produce, Messrs S. Page and Son send me the following information :— " DuriDg the early part of last month the butter market generally was depressed, and the price of choicest Danish declined to 122s to 124s per cwt, but in the last fortnight there has been an improvement in the demand, and Danish is now quoted as high as 132s to 134s per cwt. Two shipments of Australian butter were landed last week— viz., 3513 boxes ex Arcadia and 51(30 boxes ex Orotava— buth of which were in good condition and of good quality, and sold promptly on arrival at prices ranging from 112s to 120s per cwt. There have also been landed 2691 packages of New Zealand, which was of secondary and inferior quality, and the best of it did not realise more than 100 a to lOSs per cwt. American cheese is firm, and finest Canadian is worth 54s per cwt. A shipment of New Zealand ex Ruahine, just marketed, is in moderate request at 46s to 52s per cwt." Following are latest quotations : — Butter : Normandy, 108s to 126s per cwt ; Danish, 1203 to 1345; Friesland, 118s to 1245; Brittany, 98s to

limited offerings of Knglish wheat, this doscrip- , tion finds a good steady sale at previous rates. ! (.•notations : Sound long-berried, fair to good, 2!)s to 30s per 4961b ; sound short-berried, fair to Rood, 27s to 29rf ; inferior and sprouted parcels, 25a (Jd to 26s fid. New Zealand Oats. — The tone of the market is towards better values, but no practical improvement can be noted. Quotations : Fine heavy samples, 28s to 30s ; lighter and inferior qualities, 2 is to 27s per 3S4lb. New Zealand Beans. — The inquiry continues dull without aay alteration in rates. Quotations : 35s to 37s per 5011b. TALLOW. The New Zealand Loan and Mercantile Agency Company report :— " During the past month four public sales have been held, when 7652 casks Australasian were offered, of which 3349 casks found purchasers under the hammer. The demand has for the most part been dull and prices have receded. On comparison with our quotations of a month ago fine mutton shows a decline of fid per cwt., fair to medium qualities are from 6d to Is per cwt lower, while the best descriptions of beef are 3d to Gd per cwt, and fair and ordinary descriptions (id to 9d per cwt cheaper. The market closes weak We quote : — Australasian mutton : Good to fine, 28s 6d to 32s per cwt ; fair to good, 27s 3d to 28s 3d ; common, 25= 6d to 275. Australasian beef : Edible fine, 32s ; fair to good, 27s to 28s 9d ; common, 25s 6d to 26s Gd. " FKOZEN MEAT. With reference to the frozen meat market, Messrs Nelson Brothers inform me that for nearly three weeks after their last monthly report the meat trade was stagnant and depressed to a degree — heavy stocks and but little inquiry. A week's fine weather and shortened supplies have altered the aspect, and the markets are firm at an appreciable advance, except for frozen beef. Early in the month the market was swamped with heavy arrivals of Dutch sheep, many of the most inferior description. For the last 10 days— since France has been declared open to Dutch and German sheep— supplies have lessened considerably, and the quality much improved, the lean sheep apparently meeting the requirements of France better than England. Of New Zealand mutton Messrs Nelson say an addition of 155.72S carcases has been made to stocks during the month ; the primest sorts, neat meaty wethers of quality, are not plentiful, while the supply of largo heavy fat sheep and poor plain small ones have been more than adequate to the demand. In some cases buyers have preferred a late importation of particularly good, sizable River Plate sheep to very prime South Island f heep, bright and fresh, but too large and fat for th^ir requirements. As is always the case merino sheep have been almost unsaleable while Australians of good quality were to be had. Of Australian mutton the arrivals have only totalled 15,322 carcases. The quality generally has been beyond I the average. In London the demand has been fairly good and prices have advanced. In the north of England and Midlands, the coal strike has much interfered with sales, as have the large importations of Plates, some 114,225 hiving arrived. One cargo much damaged and selling at low rates has also affected trade. (Sydney sheep are to-day selling at 3Jd per lb.

Australian frozen beef has been added to by the arrival of the Eifeshire with 11,0'67qr. Stocks on hand, according to Messrs Wilson, arc far too large, though the very low prices accepted— 2] d per lb for hinds, Sjjd for f orequarters— have in some measure stimulated sales very much. Larger deliveries will be necessary to effect a clearance before the next vessel arrives, due in about three weeks. Latest market quotations :—

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