OUR COMMERCIAL LETTER.

Otago Witness, Issue 2104, 21 June 1894, Page 12

OUR COMMERCIAL LETTER.

(From Our Own Correspondent.) ! London, May 4. ! wool. The sales opened on the Ist inst., and the quantity available is about 386,000 bales. Messrs Dalgety and Co. report : — The attendance in the saleroom at the opening was large and fairly representative, but there was some hesitation in the biddings, as was not unnatural at the opening of a long series, and with trade far from cheerful. The general verdict was that the tendency was somewhat in buyers' favour, but that no material decline could be quoted, except here and there, for the coarser crossbreds and the inferior wasty greasy merinos at, say, 7d and under. This position has since been about maintained, with the exception that whilst merinos have elicited rather keener competition, there has been at times a somewhat weaker tone for crossbreds, and considering that the value of these ruled high last series owin" to their comparative scarcity, whilst they are now in very ample supply, this is not to be wondered at. Two or three buyers from the United States are here, but so far have done little or nothing, and the accounts from that quarter are very flat indeed. The tariff question still remains in abeyance, and seems to paralyse the trade of the country, which is also interfered with by continual labour agitations. As at present arranged the sales will last till the Bth June, but we fancy they will hardly extend beyond the 2nd of that month, as unless , priceß should improve those who held over last time will probably to a great extent do so again ; and we are told that some importers talk of holding a fair portion of their new arrivals, and they may possibly be right in so doing, but the large parcels carried forward and the increased number of sale 3 tend to cause a very uncertain feeliup, and we believe the old system of five, or even four sales and a general clearance, unless under exceptionally unfavourable circumstances, tended to a far greater steadiness in values than the present mode of business. GRAIN. Closing prices of wheat show a drop of from fid to Is par quarter. Messrs Weddel and Co. report : — New Zealand Wheat — The supplies are not heavy, and although there is no active inquiry values maintain their former level. We quote :— Sound long-berried, fair to good, 26s to 27s ; sound short-berried do, 25s to 26s per 4961b. New Zealand Oats —Trade continues quiet and only retail transactions are reported at recent currencies. We quote : Fine heavy samples, 25s to 263 ; lighter and inferior qualities, 22s 6d to 24s per 3841b. New Zealand Beans.— The demand is extremely slow without quotable change in values. We quote : 303 to 31s per 50Jlb. * PRESERVED MEATS, ETC. Messrs Weddel and Co. report :— Beef and Mutton.— The market has been devoid of interest during the past fortnight. Prices of both descriptions remain firm, but there is little activity, and only small sales have been effected. Rabbits.— There is almost no demand, but a few small lots which have changed hands show no variation from late rates. Trade in tallow continues dull. There was an improved demand at to-day's sales without any material change in values. There have been no auctions during the past fortnight of rabbitskins, or bones and horns. No "uotations cau be given. I'ROZBN MEAT. Messrs Nelson Brothers report :~ A week of good growing weather, with more hopeful prospects of abundant keep than has obtained for many seasons past, and a general i ecognitiou of the lessened numbers of stock of all kinds have caused unusual activity in country markets, where the demand for Btore stock is hardly datifafied, this unwonted animation has not extended to London, where trade has been heavy and dragging, with a downward tendency in values, except for best descriptions of mutton which, with a slower trade, have male last week s rates. At the Central Meat Market town and country killed beef and mutton have been eibier, heavy supplies of American chilled beef the. end of last week materially reduced prices, and there has bepn no recovery since. New Zealand Mutton.— The arrivals have been Perthshire, Fifeshire, and Maori, the aggregate of ! whose cargoea amounted to 78,38b" carcases, or a

total within a fortnight of 169,198. So many very large vessels arriving within a few days of each other, and bringing, including beef and lamb, an equivalent of 464,900 carcases, has been greater than the capacity of London storage at present available. Already one steamer has been engaged to retain her cargo on board, and there are still large numbers unprovided for. The glut of vessels is accounted for partly by accidents to machinery and protracted voyages, and also to delay in going from port to port in New Zealand and Australia to gather sufficient cargo to fill the very large steamers now employed. The meat per Duke of Westminster has come to hand in fairly good order, there being but few damages notwithstanding the detention on voyage. Prices for New Zealand sheep are weaker. We quote best Canterburys 4id to 4Jd per lb, all others at 3|d to 32d per lb.

New Zealand Lamb.— The arrivals have been the Fifeshire with 24,000 and Maori with 17,000. Trade has not been brisk, but still a good number have been moved at somewhat easier prices, 5d per lb being now top quotation, many selling at 4]d to 4Jd per lb. Australian Mutton. — The Port Chalmers, Perthshire, and Fifeshire have brought 81,970 carcases from Melbourne, Sydney, and Newcastle. They have come to a bad market. Prices are again lower— most needlessly so, for stocks are by no means unmanageable, afloats not numerous, and they are not distributed, the bulk, indeed, being in the hands of two importers, and a minimum of 3d per lb could be obtained as easily as 2jd and as many sheep sold. Overtures have been made to stiffen prices, but not responded to, and it is a question whether bottom has yet been touched. Prices for each kind are 2Jd per lb, or a trifle over. Messrs H. S. Fitter and Co. give the following as to-day's prices (at per lb) : - Scotch sheep, 7id to 8d ; English, 7d to 7]d ; Continental, 5Jd to 6|d ; ewes, sjd to o'd ; Canterbury (New Zealand), 4d to 4Jd ; Wellington, 3?d to 4d ; Australian, 2id to 2}d; River Plate, 2£d to 2}d. Queensland beef : Hindquarters, 3}d to 3}d ; forequarters, 2Jd to 2]d ; American (hindquarters), 5Jd to s?d ; forequarters, 3d to 3Jd. Canterbury (Now Zealand) lambs, 4}d to 5Jd ; Wellington, 4Jd to si.