NEW ZEALAND PRODUCE NOTES.

Otago Witness, Issue 2207, 18 June 1896, Page 7

NEW ZEALAND PRODUCE NOTES.

(Fhom Obb Own Coebespondbnt.), • ■ '■ London, May 1. wool. My news as to wool must ba somewhat less , favourable this' mail, X am sorry to say. After jm Improvement -in the wool market, which has 1 continued steadily for the last six months, the current series of public sales opened last Tuesday c at a level, of values somewhat lower than that whioh prevailed at the close of the March auctions. With the exception that American ■ 'buyers were mostly absent, the attendance was fairly large and representative. The main burden of competition, however, is borne by the Home - trade, the more reserved attitude of the French '■ and Germans beins to some extent explained by : the reo«nt free arrivals of colonial importations," In a'ddition-to their heavy, purchases a$ the AreCeding sales. ■ ! - ' In New> Zealand ,' merino wool tlftwe Ja an • -average 'deolint' of ft per cent, good combing ■~> ucoured woole^h owing rrat little change, while '- "I learn that' the depression LS mSstrprbnounced for •• Inferior 1 waating greasy wools and -short;- faulty • fecpUred, whioh latter are -somewhat difacalt of '•salo. f The only description of - crossbred wool •which, maintain* March., value is the lustrous coane. class. This still benefits from the pre- ' vailing faehion'for bright-haired fabrics. Shabby, • coarse, and medium grades barely command this level, -while thepricea p«id for finer qualities fall shore of it by 6 pe> cent. - ' A correspondent who is well versed in all matters relating to the wool market writes to me .. to-day as follows :— ".I have already from time to time referred to the various factors conducive to -trie present slight reaotion, which is parhaps only . .natural after the sharp rise in prices wbioh has - taken, place aince the beginning OI the year. It ' - hasj' however, to some "extent,- bean ftggr&vatecLby < J;he.Bta«nat!iq»- in. trade in the. United -States, • ..which has latterly, passed from ,a .negjutlve ,to 'a t .,iqaiijive phase,, for, riot" only is, America for .the .time being inabtiye in the European wool and Cloth markets, but she is annually returning wool to London f»r re-sale, and, where possible, cancelling orders placed in Europe for manufactured goods. _ Furthermore some recent failures in the Bradford district have somewhatshaken the confidence for the moment in the Home manufacturing centres. There is, -however, no frtgh feature present to the trade which indicates the likelihood of any serious check or precludes the possibility of the established decline yielding in time to the effects of this season's short supply of the taw material." ' . On the whole the prevalent feeling in the trade seems to be that this weekVreaction is of a purely -temporary character and that it will shortly give SS r ay to a more buoyant tendency. I- sincerely ope 'that- tbiß-' forecast 'may bs borne out by experience, , ' < . ■ • : KaOZEN MEAT. , As to New Zealand frozsh meat, there is still an < Immense stock of frozen mutton on hand, chiefly ■*f .'secondary and inferior quality, and until a _ large supply of this can be worked off there is no ' roipect of improved prices. Best New.Zealaud heep are in good demand, but the' price of these' a seriously affected by the very low prices that ' he inferior meat is -being sold at. The chief bing to report > upon* with -regard to- the New fealand lamb trade (write Messrs H. S. Fitter. ' ,nd Sons to-day) is the .very bad effect the - ' lamaged meat & having on the trade generally, . W.ttn«t Only caaiM prices to declino, but epoila

the reputation of frozen lamb and lessens the demand. During the past fortnight very large numbers of the damaged carcases ex Tekoa and Tongariro have been on the market, 'and some very- low prices have had to. be taken. To-day's lateit quotations are" as follow : — Canterbury sheep, 3d to 3Jd ; Wellington, 2§d to 3d ; Canterbury lambs, 4Jd to s<i ; Wellington do, 4d to 4Jd : and Dunedin, 4i to 4 ld. On this b.ead.Monsrs W. Weddell and Co. write to-day :— " Unfortunately for, trade a very large percentage of tbe sheep that have lately arrived, as well as those now bting discharged, are more or less damaged and off colour. This, added to the already over-supplied market, has had the effect of weakening values very considerably. Insufficient storace accommodation is another difficulty, holders have to contend with. While such an unsatisfactory condition of affairs continues it is impossible to expect values to improve. Best Canterbury sheep are again lower by id per 1b compared with quotations ruling a fortnight ago." oats'.

In New Zealand oats, Messrs W. -Weddel and Co. inform me a better trade has been experienced, and prices are rather stronger— especially for ordinary quaUties. Fine heavy samples are quoted at 24s to 255 ; fair (ordinary, 21s to 223 per 3811b. . ~^

MISCELLANEOUS.

For New Zealand flax there was- a quiet demand at last Wednesday's sales. -Prices for good Wellington were fully maintained at about £16 per ton. Good fair Wellington was withdrawn at £15 5s to j£ls 10s per ton. Latest quotations ar« : Fine Auckland, £16 103 ; fair Wellington, £15 to £15 10s; good Lyttelton, £15 15s to £16; common, £14 to £15. Preserved meats continue dull and depressed, and in view of the low prices ruling for fresh meat there is not much prospect of a very animated dt-mand for preserved goods. Beef is selling slowly at rather lower rates, while mutton is not muoh inquired for, but prices are unchanged. Babbits are in, good demand at full prices, but supplies on the spot- are still short. The tallow market is practically unchanged, and tibe demand is of the most limited oharacter, without any apparent prospeot of improvement in the near future. There has been a fair inquiry privately, especially for light ox and cow hides, considerable, sales of which have been made at recent rates. No transactions in rabbitskins are reported. <" feUTTER AND CHEESE. -

Grocers and bnttermen generally (write Messrs Weddel). finding the supply of colonial butter erratic and uncertain; have booked forward and taken on Irish, French, and Dutch, -which are coming forward in fair quantities, and a large proportion of which! are fresh grasii butters. If the present mild spring prevails Denmark will in a fortnight send her fresh spring grass product on the market, and winter stall-fed butters will be left unnoticed. It is the combination of all these ciroumstauoea that has practically killed the demand, .for colonial butter. The, bulk of, buyers is lqst until the opening of next season, aud.only those who think. they may, per-, chance, pick up a few bargains visit the agents of colonial butter, in the Bpirit of speculation rather than that of genuine business. The fortuitous events of abnormal seasons, both in Europe and the Antipodes, are thus playing in favour of the buyer, and- the market is absolutely in, his hands, the seller h passive and powerless. Should prices offered fall to 80a, then it will pay agents to store the beat butter until October, when 100s or more may be made with care. Latest quotations for New Zealand but 'er are as follows :— Choicest factory, 86s to 8S» ; be3t factory, 80s to 84s ; seoondary, 70s to 78s. New Zealand cheese is unchanged. Cheese.— The market for Canadian is firm, and last week's rise is maintained, though buyers are on'y purchasing from hand to mouth, hoping for a fall. It is very probable that they may nave to pay higher prices, especifllly for best qualities. White Is muting 4^s to 50s ; colonial, 43s to 455. New Zealand is unchanged at, 39s to 41s for white, and 36s to 38s for red.

The Mamari's cargo is but just landed but is in good condition. ,