OUR COMMERCIAL LETTER.

Otago Witness, Issue 2168, 12 September 1895, Page 7

OUR COMMERCIAL LETTER.

(From Our Own Correspondent.) London. July 19. Aa regards the wool market, a high authority on the subject writes to me under yesterday's date as follows :— " The pisition of wool as a whole has remained practically unaltered. The niaiket is still chiefly supported by the continued and buoyant strength of English and American demand. It is true that Utterly there has been some increawi activity ou the part of Continental buyer-, but this has not so far been sufficient to have any substantial result as regards tho3o clashes of wool particularly affected. Inded, so far as France is concerned, what inquiry exists appears to be devoid of all speculative elements, and to be simply caused by sheer neceebity. The better classes of Australian and New Zenland mcrinon, whether scoured or in gicasfj, meet with a k*en market at full recent quotations. Short and faulty parcels, however, though holding their ground fairly well, tend occasionally to sbow the lack of efficient Continental support. Crossbred wool, with the exception of heavy-conditioned, fine-haired descriptions, which exhibit some irregularity in price, continues to command active attention at recent rat^s. In view of tbe rapid rate at which the realisation of the quantity available for the current gales has beon progressing, a meeting was heM yesterday to cm tail the latter portion of the programme of the aeries, at which it has been arranged that the auctions shall close on the 31st inst." The much -talked-of Co-operative Colonial Produce Distributing Company is not yet out. The prospectus wa3 expected to be issued to-day, but I have just bten informed that it will not be out nutfl next week. I hear, too, that a change in tho name and style of the company has been decided upon. lam assured by those who ought to know that the arrangements for floating the company are making favourable progress, and that its early start is virtually a certainty. As to New Zealand frozen meat generally, I may mention that the Doric is discharging, and will continue day and night, so as to finish on Saturday. The Aotea, also required speedily, is progressing, and will probably discharge her very large cargo in time to take tbe Doric's place ia the ■Shaw, Savill, and Albion Company's line. Messrs Nelson Bros, write to me under to-day's d»te :— "There is no improvement in the market ; trade continues very slow, and prices are weaker, the best Canterburys now on offer can ba bought at

3jil per 11>, but the generally poor quality partly accounts for this ; really prime sheep of the oldfashioned type that gave Canterbury mutton it? hmuo are never Been. iHinedias and Southland* are nvllwc for 3J per lb, which is the price made for btst North Island sheep ; plainer sheep can be bought at id per lb 1<»«3." With regaid to New Zealand lamb, I learn from the came linn that, without any striking demau«i, a large uumb»r of lambs are disposed of every week, but prices ure certainly weaker Tho best Canterbury luinbs can be bought from 4}d to 4J.1 per lb, the best bf other sorts at iH per lb, pUiin and inferior at 33 d to 4d per lb. " Many of the rocent arrivals show lack of grading, a large proportion being neither lamb nor muttou ; 501b up to 021b are now frequently found in parcels, the average weight of which may perhaps b« 381b. This variation in weight is not confined to any one freezing works, but is fairly common, and detracts considerably from tho average prices realised." So *ay Messrs Nelson Bros. No doubt they are right. Why should they say what is not the fact? But if it be the fact, then may I venture to ask, Why is not tb« moat property "graded"? You see thU neglect lowers prices. Must theso things bj with all produce that comes from poor New Zealand ?