OUR COMMERCIAL LETTER.

Otago Witness, Issue 2080, 4 January 1894, Page 8

OUR COMMERCIAL LETTER.

(From Qun. Own Correspondent.) London, November 10. WOOL. I find it is the opinion of those beßt qualified to judge of the position and prospects of the wool trade that though business in the chief industrial centres, both abroad and at Home, remains far from satisfactory, there exists an undercurrenfrof confidence, which is thought may be attributed partly to a very low basis of prices, and partly to the observance of a strictly " hand-to-mouth " policy on the part of consumers for some time past. That policy has left them only moderately stocked with raw material. There is also a prevalent conviction that in many directions " the woret has happened," and that several influences which have been instrumental in causing and intensifying the depression from which all branches of trade have so long Buffered, are at length working themselves out, and bid fair to give place, at no distant date, to better conditions. The effects, for instance, of the settlement of the silver question in America have not yet had time to make themselves felt, while on the other hand the evil infjuence ot the coal strike still remains undiminished. It is certain, too, that the backwardness of the new Australian clip, which renders considerably smaller supplies probable for the fifth series of this season than for the corresponding series last season, helps to give tone to values. All these considerations are thought by experts to " make for" an early improvement in the market.

With reference to the Continental section of the industry, the German is believed to be in the least favourable position, but the real situation is to a certain extent masked by the necessities of worsted spinners, most of whom are ill-furnished with raw material, and some of whom have contracts in hand towards the execution of which they have no adequate supplies of wool. It is therefore quite possible that 'unless they shut down a good deal of machinery they may be forced to purchase in a market not over-well supplied, and thus give a momentary stimulus to prices for which at present no real justification exists. It is stated that stocks of yarn in German dealers' hands are large, and can only be realised in present circumstances at a more or less serious loss. All these points are worthy of the careful consideration of those in New Zealand who are interested in wool.

On the 7th inst. the fifth series of wool sales opened at Antwerp, and 1872 bales of River Plate wool were offered, of which 1132 bales were sold. There was a large attendance of buyers, who operated with considerable animation. Compared with the rates realised at the September Antwerp auctions, the prices on the present sales ruled from par to 5 centimes per kilo lower. The series closed yesterday. The total included some 250 bales of Australian and New Zealand wool. No information is as yet to hand touching the prices obtained for this particular class. There is no variation to note in the sheepskin market singe I last wrote. The quantities declared for the next auctions at the Wool Exchange, which will take place on the 23rd and 21th inst., amount to 5050 bales of Australian and New Zealand and 300 bales of Cape skins. TALLOW. Messrs Flack, Chandler, and Co. write to me :— " Since our last monthly report five public tales of tallow have been held, and of 9933 casks of Australasian offered, 4495 casks found buyers under the hammer ; the demand on the whole has been rather slow, and pi ices continued to have a declining tendency. At last public sales held on the 3rd inst. about half the quantity offered was sold at about 6d per cwt decline. One fine brand of edible mutton was sold at 325, while good to fine ordinary brands realised 28s to 295, and fair to good sorts 27s to 27s 9d ; fair to good beef realised 27s to 27s 6d per cwt. Low and export qualities were slow of sale, and rather easier in value. We quote good to. fine mutton, ordinary brands, 28s to 29s ; special edible brands, 32s per cwt. Fair ordinary to good beef, 27s to 27s Bd per cwt. Stocks in warehouse, London, all sorts, 31st ulto., 10,904 casks, against 11,703 casks same time last year, and 8564 casks in 1891." RABBITSKINS. I learn from the same firm that New Zealand skins, the quality of which is rather better than that of last auctions, show a decline of id to Id per Ib for prime selections ; other sorts "fetching late values to an occasional reduction of Jd perlb. Black and fawn are in request and realise full prices. Of Australian and Tasmanian descriptions the best sorts sold at full prices, ordinary and inferior parcels, however, mostly range from last sajes values to id per Ib decline. Latest quotati.onß are :-Good to prime winter, Issd to Is 6Jd ; fair ordinary to good, 9d to Is 4^d ; common and low season, 4id to Is Id ; black and fawn, 8d to Is 4Jd ; small and suckers, 4d to 7d per Ib

HIDES, ETC, At the last two public auctions 32,217 hides were brought forward, and 11,642 sold under the hammer. Only a limited inquiry has prevailed. Values for the portion disposed of do not materially differ from those current a month ago, but at last auctions the tendency was to easier rates. The stock on 31st ultimo was 30,348 against 16 021 at the same time last year, and. $661 in Wh

Quotations : Adelaide and New Zealand— First heavy and light, 44Jlb to 52?1b, 2id to 2gd per Ib ; second class, 46fclb to 64Jd, 2d to 2Jd ; cow, 40Jlb to 49|lb, to 2Jd to 2§d.

HORNS at the last sales realised very full prices, the demand being good. Following are latest quotations : New Zealand— 9}oz to ll^oz, 20s to 30s ; sJoz to (ijnjj, 7s 9d to 9a 3d ; 4!}oz to sJoz, 4s 9d to 7s per 100. The next auctions will take place on December 1. NEW ZEALAND SHEEPSKINS. At the last sales 6734 bales Australasian skins were offered, of which 5989 baloe sold under the hammer. There was a good demand from a full attendance of the trade. Merino descriptions realised late prices to an advance of £d to id per Ib, Australian skins being in improved request. The change on crossbred skins was not of an appreciable character. Quotations :— MerinoGood to fine and full-woolled, 6'd to 6|d per Ib ; medium and half do, s§d to 5Jd ; 'common and short, 3id to 4Jd. Crossbred— Fine, full-woolled, 6|d to 7jd per Ib ; medium do, 6d to 6§d ; common and coarse, 3§d to s§d. Shorn pelts, 3Jd to 4|d per Ib. NEW ZEALAND FLAX. The market is still depressed owing to a general fall in values of fibres consequent on lower value of Manila. Anything over £20 per ton is very rare and difficult to obtain. Recently 322 biles of j Auckland flax, which had been shipped to New York and were reshipped thence to London, were offered at auction, but failed to reach £20, at which figure the whole quantity was bought in Out of 144 bales received from Wellington, 63 only were sold. These brought £18 to £18 10a. Manila ia now quoted at £22 to £22 sa, and blbbl at £18 10 a (c.i.f., to arrive in each case). FROZEN MEAT. Dulness continues to prevail in the meat market owing to heavy stocks of Continental mutton and American beef being on hand. Best New Zealand mutton is worth about 3Jd per Ib : average, 3id ; inferior, 3d. Best New Zealand lamb, 3}d. GRAIN, ETC. Three cargoes of New Zealand wheat have jußt been sold— 2ss 6d to 27s per quarter. Fine longberried New Zealand wheat is quoted at 29a to 30a 6d per 4951b ; inferior, 253 6d to 27s 6d. Oats are dull, and prices barely maintained at 253 6d to 283 6d for heavy, 21s 6d to 24s 6d for ordinary, per Imperial quarter. New Zealand beans are in increased supply and decreased demand, hence the market is weak. Prices are 36s to 37s per 5041b. Cocksfoot is quoted at 48s to 50s per cwt for best. DAIRY PRODUCE. Prime New Zealand butter is in good 'demand, and would bring good prices, but unluckily there is none in the market : the latest arrivals so far having been of inferior quality. Even this has brought 90s to 108s, and a better class would probably have fetched 112s to 120s. The delay in discharging the Tainui also militated against the favourable tale of her cargo. In cheese the market has hardened and prices are firmer. There is a fair demand for prime New Zealand cheese at 46s to 52s per cwt.