NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2232, 10 December 1896, Page 6

NEW ZEALAND PRODUCE IN LONDON.

(From Our Own Correspondent.) London, October 16. WOOL. The fifth series of colonial wool sales for the current year opened on the 22nd ult., and closed to-day. The total quantities offered amounted to 280,318 bales, including 110,419 from New Zealand. The quantity held over for future realisation is estimated to amount to 57,000 bales. Of the amount sold some 105,000 bales have been taken for export, including about 7000 bales which were purchased for shipment to America. "With regard to the results of the sales, Messrs Cbas. Balme and Co., writing to me to-day, remark :— " The scale of prices established at the opening of the serios proved to be but a further disappointment to tho hopes entertained at the beginning of tbe season of the effect upon values of a short supply of the raw material from Australasia." A declining market during the July auctions in Lopdonwas followed by a period of abnormal inactivity in the manufacturing centres, both home and foreign, confident enterprise being paralysed, not only by the actual condition of American trade, but also by grave anxiety as to the result of the Presidential election in that country. In these circumstances prices in the ultimate markets gave way after the July Bales, and aa holders were reluctant to sell at the reduced values manufacturers became somewhat bare of stock towards the end of the recess, and the necessity to supply pressing needs imparted a firmer tone to the industry in Yorkshire shortly before the auctions opened. On the Conliaent, however, the prevailing depression was unrelieved. All through the sales the feature of competition has been the hearty and sustained support of English operators, who, after a short period of strenuous activity at the •outset, settled down to steady buying, and took considerably more than their usual proportion of the offerings. Foreign consumers, on fne other hand, wera conspicuously inactive, boing influenced not only by the state of business on the Continent, but alsovby a wish to keep prices at a low level in vie'Sfcf (he peax gnsroach oi tha wool aaaaon m Australia,

New Zealand, Argentina, and South Africa, and it waa not until towards the close of the eeriea that actual and immediate want of raw material forced thorn to enter more freely into competition.

A bad beginning was imde. The sales opened wuh a decline averaging 5 per cent, for all but the better descriptions of New Zealand and Australian merinos, whether scoured or in the grease, the be'.ter class, however, selling at very nearly July rates. As the home trade demand became satisfied a further slight reduction took place, which, though it left well-conditioned combing greasy wool comparatively untouched, brought Bcoured wool from 5 per cent, to 7i per cent, below the rates of the preceding series, while mediutai to inferior unwashed experienced a reduction of folly 7J per cent, from the same level. With an increase of Continental support, coupled with steady English competition, values eventually rallied for neirly all grades excepting those of doubtful yield, the improvement being specially noticeable in deep-grown, well conditioned greasy and dry bulky scoured pieces. - Messrs Balme and Co. tell mp that the majority of the gre*gy crossbred wool available during the sales just ended ha« been of a fine-haired and somewhat heavy - conditioned stamp. Coarse, well-grown, bright-haired parcels have commau il ed a keen market throughout, and have shown but small variation from July rates. "Wool coming under the first mentioned category, however, and scoured generally, tended steadily to lose ground, realising at the lowest point a depreciation of 7J to 10 per cent, from last scries' values, though latterly they have partially recovered their condition.

The future course of price 3," write Messrs Balme, "in a great measure depends on the result of the American President ial election, which takes 'place early iv November, as consumption in the present condition of the European trade is apparently unable to absorb available supplies at prices much in excess of those now current. Mr M'Kinley's election to office naturally suggest* an alteration of the existing tariff, including both increased burdens on foreign manufactured goods and a duty on raw wool. Judging by previous experience, the expectation of any such changes would at once indues large importations of wool and good< into thfl State, which for the time being could not fail to have a beneficial effect on the value of our staple. Should, however, Mr Bryan be successful, there would appear to be out little hope of any immediate improvement in the position." Ao compared with the flosiDg r^tes for the prtsvi'»ua serifs Messrs B\lme now quote:— Merino in grease, superior, par ; Ao, average to good, pai to Jcl per lb lower; do ordinary and inferior, id per 1b low*r ; do scoured, superior, }d to Id nor lb lower ; do scoured, medium, Jd to Id per lb lower ; do scoured, inferior, Jd per lb lower ; do lambs' wool, superior, par ; do lambs' wool, inferior, par ; crossbred grease, fine lightconditioned, par to £d par lb lowvr ; do medium, ligbt-conditioned, par to Jcl p»r lb lower ; crossbred, fine, wastintr, Jd to |d lower ; do medium, wasting, Jd to 3d lower; do coarse, light-con-ditioned, pir ; do coarse, wasting, id to J-l lower ; do washed and scoured, fine, Id to lid per lb lower i do washed and scoured, coarse, Id per lb lower. The sixth series of wool sales has been fixed to open on Tuesday, 24th November, and the list of quantities available for that occasion will be closed on the £olh of that m^n.th. Tho arrivals to date amount to 21,315 bale's, including none fuom New Zealand. The first series of 1897 will open on the 19th of January, and the second series on the 9th of March, the list of arrivals being closed at 4 p.m. on the 16th of January and 6ih of March respectively. NEW ZEAIAND MEAT. The New Zealand meat tr-ido is not in a very satisfactory condition. Supplies are_ certainly shorter, and prices seem to have a 'hardening tendency, but they have been low for so long that it is extremely difficult to g*t out of the ,old rut, especially just now, when there are so many other things that buyers can fall back on. Messrs H. S. Fitter and Co. remark:— "Wo notice that many of the New Zealand sheep lately to hand have been very light weight, and amongst these many have been very thin and we dy. This is unfortunate, as there is plenty of that claps of mutton coming from other c )untries." The large quantities of New Zealand lambs that have arrived so late this season have quite upset the trade, and it is utterly impos-ible to keep pace with_ the arrivals ; consequently a large portion will incur extra storage rates. The following are the latent quotations for New Zealand meat. — Canterbury sheep, 3Jd to 3sd ; "Wellington sheep, 2?d to 3d ; Canterbury lumbs, 3Jd to 4d ; Dunedin lambs, 31d to 3ld. IIISCELT.ANKOUS. New Zealand oats are in good demand at an advance of Is per quarter. Fine heavy samples are quoted at 26s to 27s ; fair ordinary at 24s to 255. Stocks of New Zealand wheat are- exhausted. Supplies of New Zealand beans are short, and in consequence of an active demand far them prices rose Is 6d per quarter. They are now quoted at 31s to 325. At the last auctions New Zealand flax was rather dull, but during the week some good Wellington was sold privately at £15 15s per ton. Quotations, wMch are merely nominal, are : Fine Auckland, £16 10s ; fair Wellington, £15 5s ; good LytMton, £16 ; common, £14 15s : tow, £5 to £6. There is a be*ter tone in the preserved meat market, and owing to the low prices ruling just now the demand has been much increased, especially for beef. Accordingly holders have tried to advance the prices but the result of this, so far, has been in every case to check demand. Very little is doing in the preserved rabbit trade, and prices are difficult to maintain. Firat quality beef is quoted at 6s to 6s 6d per dozen, mutton at 7s to &s 6d per dozen, and rabbits at 7s 6d to & ed per dozen. This woek a quietei 1 tone set in, and after an advance of 6d to Is per cwt hst week, the price of tallow has again receded to its former level. The one exct-ption to this has been in the case of mutton tal'ow. A sale was held on Wednesday last, but Messrs Weddel and 00. say that the demand was quiet, and out of 2992 casks offered only about 1200 were sold. The cause of thia

weakne-s. is generally attributed to the fact that the recent advance was too rapid. Sales were ?? e S^ c ? w eek-at 2ls 6i to 22a for mutton, and 19s 3d to" 20s for beef tallow. • Public sales of hides were held yesterday, when the demand wa3 good. Prices are merely nominal. ' *

At a, recent sale of rabbitskins sales were elrected at a slight advance on the best sorts, and out of 1453 bales offered 1370 b*les ware cleared, fhe best New Zealand rabbitekins fetched Is 2d to Is 3d per lb.