OUR COMMERCIAL LETTER.

Otago Witness, Issue 2085, 8 February 1894, Page 12

OUR COMMERCIAL LETTER.

(From Our Own Correspondent.) London, December 30. WOOL.

In reviewing the wool market for the year the N. Z. L. and M. A. Company report :— " The course of the market for the raw material during the year now drawing to a close has been marked by considerable fluctuations, and while values do not close at their worst, the average for the year 1893 is j£l2 10s per bale, against £12 for 1892, or an advance of only 4 per cent, on the lowest point on. record. Many of the causes which contributed to this state of affairs were not confined to this particular article, but were far-reaching in their influence. In the five serial auctions held there were 106 selling days, wherein 1,329,305 bales were catalogued, giving a daily average of 12,540 bales, a decrease of 601 bales as compared with the preceding year. "At the fifth series, which closed on December 14, as the result of the well-sustained Home demand, crossbred which, as is usual at this period of the year, was in small supply, realised firm rates, while scoured merino proved rather more ready of sale than greasy, inferior descriptions of the latter being particularly weak. A noticable feature was the relatively low value of Western Victorian, and superior greasy New Zealand merino, these descriptions, which formerly realised from 2d to 3d per lb more money than Queensland in a like condition, barely fetched equivalent rates. The explanation is to be found in the lack of American demand, in conjunction with the fact that Home and Continental requirements at the present time favour not so much quality of ' top ' as a ' top ' of medium quality equally clean. " We append prices current for New Zealand at the close of the fifth series : Scoured merinoi superior, Is Sid to Is 51d ; do average, Is lid to Is "fi£d ; do, inferior, lOJd to Is Id ; washed merino, average, lid to Is, do, inferior 9Jd to lOJd (norn ); greasy merino, superior, Bid to 9id ; do average, 7Jd to 8d ; inferior, 6d to 7d ; scoured crossbred, fine. Is 2id to Is 4*d ; do, coarse, lid to Is id ; washed crossbred, fine, Is 2d to Is 4d ; do, coarse, lid to Is Old ; greasy crossbred, fine, lOd to lid ; do, coarse, 73dto9d. " The available arrivals for the year were some 172,839 bales less than in 1892, while the quantities sold marked a decrease of 237,500 bales. Exclusive of 375,500 bales forwarded, via London, to various centres of consumption, some 452,000 baleß were shipped direct to the Continent, aa against 329,000 bales last year. The following tables give the importations and. quotations catalogued in the public sales of colonial wool during three years :—

GRAIN. The National Mortgage and Agency Company report :— The new Australian crop is still very favourably spoken of. No sales of cargoes have yet transpired, but some parcels for London have been S laced at 28s and 27s 9d per 4801b, c.i.f. Decemberanuary shipment by iron sailers. " New Zealand cargoes off coast have been neglected. The Earl Granville was withdrawn for London, and the North for Glasgow. "The demand in our local market has been sluggish, and prices of white wheats must be quoted at 6d per quarter lower. " The mild weather has interfered with the sale oi feeding stuffs. Oats have declined Is and beana about 2a per quarter. For a cargo of 7000 quarters Bluff oats, per Ontares oil' coast, 20s per 3201b* Bye terms ' is said to be bid. " The imperial average price of British wheat for the past four weeks is given as 275, 26s 9d, 263 9d. and 26s 6d per quarter respectively. Quotations: — Wheat: New Zealand loneberried (new), 28s to 295; short-berried, 27s to 28s 6d per 4961b. Barley : New Zealand No. 1, 35s to 40s ; No. 2, 25s to 30s per 4481b (nominal). Oats : Fine heavy, 28s to 30s ; ordinary, 24s to 25s per 3841b. Beans (new) 33s to 34s per 5041b. Pease: Average (Dun.) 26s 6d to 27s 6d ; wrinkle (nominal), 45s to 60s per 5041b. Cocksfoot: Fine, 40s to 455 ; ordinary, 32s to 36s per 1121b net (nominal)." DAIRY PRODUCE. Butter is down again, I regret to say. The committee haye had to drop the price 6d, bringing it as low as 110s. This is very disappointing, but is due wholly to the excessive arrivals from the Continent and from Australia, not to any short comings as to quality on the part of the New Zealand produce. Mr S. Lowe, the London expert, has already succeeded in effecting one' beneficial reform. It has been complained that consignees of butter brought by the New Zealand Shipping Company's boats and by those of the S., S.,and A. line, have been unable to get their bills of lading released until the steamers had arrived at the docks. This caused much loss of time. But, through the exertions of Mr Lowe, the two companies have now agreed to release the bills of lading at once, whether the vessels have reached the;docks or not. This is also the practice of the P. and O. and Orent lines. Messrs Coey and Co. report as to the butter trade :— "There has been rather a panicky feeling amongstsomesellers, which has seriously interfered with the run of business. This has no doubt been brought about by the exceptionally mild weather (combined with heavy rains), and the large arrivals coming on the holidays. We anticipate a slow trade until the New Year, when we expect a heavy demand from all parts of the country." Cheese.— There is no Now Zealand in the market. FROZEN MEAT. Messrs Nelson Brothers report as follows, under yesterday's date :— iJ'^A?^ now endln e will be noted as being that of the largest number of sheep and lambs imported, and also as being the year in which lowest prices prevailed for a continuance. The excess of sheep imported over 1892 of N ew Zealand (about 125,000 carcases) waß not more than might have been absorbed had the year been an ordinary one. but the unprecedented drought of both spring an d summer, and the great heat of the last, produced conditions that rendered increased consumption at paying prices impossible ; want ofkoep aenjb

thousands of cattle and sheep to the shambles, and the country markets glutted with Homekilled meat selling at low prices were to a considerable extent closed to frozen. "New Zealand Mutton.— Trade has been dull and dragging to a degree, and though prices have not retrograded from the advance noted four weeks ago, this is solely owing to concentration of stocks, and consequent absence of keen competition. A month ago there was a firm tone on the market that seemed to portend brisk trade and better prices ; English sheep of good quality and handy weights were scarce, and daily becoming firmer in price, and as the season for ewes, and Irish and Dutch sheep was drawing to a close, the short supplies of New Zealand frozen mutton coming forward were matter of congratulation, affording promise of a period of better demand and more remunerative rates, these anticipations have so far not been fulfilled, for though prices remain fairly good the demand has been very limited and sales restricted. Trade in frozen mutton at this season is generally inactive, and as game has been very plentiful, and the importations of poultry abnormally large, the lessened inquiry is somewhat accounted for. Our quotations are for best sheep 4jd to 4}d per lb, the last obtainable for a very few choice carcases, and for good seconds 33d per lb. New Zealand Lamb.— The imports for the year now ending, 468,476 carcaseß, an increase of 208,148 over the previous year, was more than the markets could dispose of to advantage, and there are several thousands that arrived in July still in the stores, while the first importations of the new season are close at hand, a continuous lamb season seems probable. . Mesßrs Henry S. Fitter and Sons complain that "many of the New Zealand sheep lately have been very poor and thin ; others have been extremely large and fat ; and occasionally these two classes are mixed together in one parcel, and the result is that very often we get big sheep on the market when small ones are wanted, and vice versa. It is to be sincerely hoped that the general quality will shortly show some improvement, for we are continually turning away buyers of good-quality sheep, simply because we have not sufficient to supply them with. The quality of some of, the parcels of Australian sheep show a decided improvement, and although not up to the quality of good New Zealand mutton, they are quite equal to some of the inferior-quality sheep."

TALLOW.

The New Zealand Loan and Mercantile Agency Company report :—" The quantity catalogued for sale by auction during the past four weeks aggregated 4102 casks Australasian, of which 2359 casks found buyers under the hammer. As is customary at this season of the year, the market has become very quiet, but during the period under review the demand was steady, while the fluctuations in prices were of but little moment. We quote :— Mutton : Edible fine, 32s per cwt ; good to fine, 28s to 293 6d ; fair to good, 27s to 28s ; common, 25s 6d to 275. Beef : Edible fine, 30s per cwt ; fair to good, 26s 9d to 27s 6d ; common, 25s 6d to 26s 6d. The stock of all kinds in warehouse on the 30th ult. consisted of 5242 caßks, against 6344 casks at the corresponding period last year."

HIDES AND SHEEPSKINS. Hides.— The National Mortgage and Agency Company report :— " We offered at public auctions 14.344 hides, and sold 2117. There was a dull demand, and prices showed a decline of Jd per lb on previous rates. We quote :— New Zealand, heavy ox, 2idto2 ; }d; light ox, 2*dto 2?d ; seconds, 2d to 2}d ; cow, 2Jd to 2*d." Sheepskins.— The same company report :— We offered at public auctions on 21st and 22nd inst. 3165 bales, and sold 3132. There was a good attendance of buyers, and with brisk competition enhanced rates were forthcoming for all descriptions. Fine full-woolled crossbred and merino advanced fully id per lb, short wools being about id per lb dearer. Dirty and inferior parcels attracted more attention, and generally participated in the advance. We quote :— New Zealand : Merino : Full-woolled, 6d to 6§d per lb ; halfwoolled, s§d to s?d ; quarter-woolled and shorn, 3§d to 4Jd- Crossbred : Full-woolled fine, 6sd to 7id • do medium, 6Jd to 6id ; do common, 3gd to 5Jd."

Importations. 1891. 1892. 1893, to Dec. 29. N.S. Wales Queensland Victoria South Australia Western Australia ... Tasmania New Zealand Cape of Good Hope... 405,657 168,518 325,990 113,408 27,092 25,601 315,163 315,752 433,587 244,822 329,572 102,717 24,275 23,731 319,442 278,154 358,769 192,046 304,294 100,168 19,927 20,957 349,459 274,212 Total bales 11,697,181 11,766,300 1,619,832