OUR COMMERCIAL LETTER. (From Our Own Correspondent.) London, May 19.

Otago Witness, Issue 2105, 28 June 1894, Page 12

OUR COMMERCIAL LETTER. (From Our Own Correspondent.) London, May 19.

WOOL. The sales were interrupted by the Whitsuntide holidays, and on resuming there was no fresh feature noticeable. I learn from the N.Z.L. and M.A. Company that during the course of the sales coarse ciossbred has to some extent recovered the initial decline, while superior and good greasy merino meets with a brisk demand, at prices well up to the closing rates of the preceding series. Medium descriptions of the latter, however, still exhibit some irregularity, ruling on average about id per lb easier, while inferior and faulty parcels are dull of sale, and mark a depreciation of fully id per lb. The Home trade have, up to the present, been the prinoipal operators, the bulk of the crossbred being purchased by that section, though a fair quantity has been taken for export. There Is a fairly good inquiry from Germany for certain descriptions of merino, but for France the demand is restricted. A few parcels have been bought for the United States ; but, having regard to tho unsettled position of the tariff question there, little relief can be looked for from that quarter at pre» sent. As indicative of the position of the industry, it is noticeable that the operations on the part of top makers and dealers generally have been extremely reserved, the bulk of the wool sold being purchased hy manufacturers and soiuners. COIIN MARKET. The cereal crops are looking well, and harvest prospects have improved throughout Europegenerally. The National Mqrtgageand Agency Company report that the quantity on passage continues to increase, notwithstanding the low values, while America, Russia, and the Argentine Republic have still large surpluses to get rid of, and are vicing with each other in order to secure the few orders that are to be obtained. The feeling at the close is one of despondency, almost amounting to panic. New Zealand wheat on the spot goes slowly into consumption at a decline of Is per quarter. Feeding stuffs generally are week, and barley and maize sell at very low prices, but oats are exceptionally steady, owing to the short supply. The trade has no confidence in tho future, however, in view of the excellent crop prospects. Quotations : New Zealand long-berried wheat, 25s to 2Gs per 49Glb ; short-berried do, 21s to 255. Oats, fine heavy 253 to 263 per 3841b ; ordinary 22s 6d to 243. Cocksfoot, fine 43 to 50s per 1121b net ; ordinary, 40s to 455. TALLOW. The National Mortgage and Agency Company report :— Offered at public auction 7423 casks, sold 4128 casks. At the first auction since our last report there was a dull trade, and prices declined 3d per cwt. Since then, however, there has been a fair inquiry without material change

in values, although at last sale prices were occasionally 3d per cwt easier. Stocks in London on 30th April were 10,643 casks, against 4292 casks last year, and 7254 casks in 1892. Shipments from Australasia during April are reported to amount to 7800 tons, as against 3700 tons for the same month in 1893. We quote : Special brand mutton, nominal, 28s per cwt ; Australian and New Zealand mutton, good to fine, 25s i)d to 27s ; fair to good, 24s 6d to 25s 6d ; common, 23s to 245 ; low and mixed, 203 to 24s ; beef, good to line edible (nominal), 26s 6d to 27s ; fair to good, 24s 6d to 25s 6d ; common, 22s 6d to 245. PELTS, SKINS, ETC. Salted Pelts.-^-Messrs Rocke and Co. report :— It is improbable that English dressers would buy any appreciable quantity of heavy New Zealand pelts, unless tempted by very low prices. At present prime New Zealand sheep pelts are still saleable in the States at the equivalent of 16s to 18s London terms, and we think it is likely to be maintained ; but should the Americans cease to be buyers, the result would probably mean a further serious drop, a contingency shippers may do well to keep in view. Secondary and inferior classes are still neglected, though a few sales have been made at very lo\v prices. Lamb pelts are in poor request, and likely to rule at low rates this season. The best worked skins have an advantage on a market like the present, and some lines of this character have been sold at about late rates ; with this exception, Australian pelts are almost entirely neglected in America. Sheepskins.— The prices of merinos at the wool sales are flat, with a downward tendency, and as the roan maTket is in a very depressed condition we fear the outlook for skins is not satisfactory. Rabbitskins.— ln the absence of public auction there are no transactions to report. Hides.— Market depressed. Quotations for New Zealand :— Heavy ox, 2Jd to 2£d ; light ox, 2Jd to 2Jd ; seconds, IJd to 2d ; cow, 2Jd to 2§d. FROZEN MEAT. Messrs Henry S. Filter and Sons report :— The heavy supplies of New Zealand and Australian mutton which have lately come to hand have, for a time, quite upset prices, and although the demand is fairly good it cannot keep pace with the forced sales which are now being effected. A large proportion of the New Zealand sheep now on sale are of inferior quality, many of them being exceedingly thin, and they comnare unfavourably with the Australian sheep that are being offered at considerably less money, while others are very large and fat, and in consequence meet a very slow demand on the market. Really good quality sheep are short, and any parcels of Downs or best Canterbury sheep are easily disposed of. We should advise shippor3 who have specially good parcels of Down sheep or lambs to have the word Down " printed on the tab, as we think it might I be done with advantage. The damaged sheep and lambs ex the Duke of Sutherland have had a very bad effect on the market. Meat that has commenced to go mouldy has to be sold as quickly as possible, for the mildew increases every day, consequently everyone has been anxious to get clear, and some very low prices have been taken. The lamb trade has suffered considerably by the damaged parcels ; this is most unfortunate, as the large quantity of lambs arriving will make it difficult to obtain betterflrices in the near future.