NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2232, 10 December 1896, Page 24

NEW ZEALAND PRODUCE IN LONDON.

(From Our Own Correspondent.) London, October 3L WOOL. Ever since the close of the public auctions a considerable amount of inquiry for New Zealand and Australian wool has, I learn, prevailed in London, and this is at present showing some tendency to expand. So far, about 400 bales have changed hands at prices showing an improvement upon those current at the close of the salej. Thi3 demand, however, emanates mainly from the United States, although a certain quantity of crossbred wool has been taken for Bradford, the market in that town beipg firm at the harder rates rocently curreut. Hitherto, the actual sales which have been made by no means represent the volume of inquiry, since holders are unwilling to anticipate the possibilities of a favourable settlement of the Presidential elections, except at a substantial advance on the prices of the late series.

Jn reply to my late?t inquiries among the woolbrokera I learn that the inquiry for New Zealand and Australian wools has gradually tended during the past week to become more desultory. About 1000 bales of New Zealand aud Australian wool have now changed hands since the close of last sales, at prices about on par with the July series, the majority of the wool having been taken on American account. The lull in demand has been chiefly brought about, I am informed, by the double-edged effect of the political crisis in America. Merchants, hoping for a satisfactory solution of the present uncertainty aud consequent return of confidence in tho United States, have put their prices up, while the possibilities of the alternative, coupled with the fact that the recent movoment in London has met with very little response in the industrial ceut-es lias restrained buyers from fully committing themselves at a substantially higher level of values until they have established fac^s to work upon. I have every reason to believe that this view of the position i« a just one.

NEW ZEALAND FROZEN MEAT.

All la*t week the frozen meat trade was very flat. There seemed to be hardly any demand, and when sales were effected, it was only at a decided reduction in prices. The losa was gieitesr, in this instance, on the better qualities. The C.C. and O. Company remark that "many buyers of Canterbury mutton preferred Dutch at the prices it realised last week." This week has brought no improvement. The total imports of New Zealand mutton during the current year up to date fall short of those of the corresponding period of last year by nearly a quarter of a million carcases. But tlm slackening of importation has not tended to send tip prices. It was perhaps unfortunate, that four ships should arrive bo close together fjs did tho^ Tokom&ru, the Ruapehu, the Indraghiri, and the lonic, bringing altogether over 150,009 r.arcase3 in a single week This necessarily had au adverse effect' on the market, and at the present time nothing overall can be obtained even for the bpist Canterbury mutton, prices being decidedly lower • than they were a month ago. Much of tho meat now in the market is in good condition, but some is more or less damaged with mildew. Messrs Fitter and Sons write to me to-day : — " Some of the New Zealand sheep on the market lately bave been very good quality, but there are still too n^ny small, thin sheep comine to hand. This class of sheep are not very saleable at any time, but in wafc weather, when thawed out, they look simply wretched, and cannot possibly give satiifaction to the consumer." They attribute the small demand for frozen meat to the very large supplies on the market just now. To-d»y's latest quotations are as follow :— Canterbury sheep, 3£d to 4d ; Wellington sheep, 3Jd to 3Jd ; Canterbury lambs, 3Jd to 4d I have just received the following note from tbe C.C. and D. Co. :— " There have been very few Dunedin sheep offered at Smithfield, and, as a rule, both they and Southlands have been more or less stale and off colour. Anything bright and 'fresh, with condition and quality, is worth 3£d to 3|d per lb. North Island sheep for a time sold at an advance of Jd per lb on last month's top rates, 3H per lb being freely given till some recently arrived mutton put on .the market at 3|d, and afterwards at 3 5-16 d, per lb \brought prices down to 3id per lb, which v the present quotation ; the depression being helped by the faded, stale appearance of much that is offered. The question of ' maiden ' ewes has been a source of contention for years, Home buyers declining to accept as such many that have been sent Home. A survey bas just been held on a parcel of 1000 by Professor Wortley Axe (of the Board of Agriculture) and two market experts, and the conclusions arrived at were that 36 per cent, were * old ewes,* aud a further 22 per spot, would not be saleable at Smithfield as 'maidens.'" This last point seems to require the attention of colonial shippers. llt is the opinion of experts that far too many New Zealand lambs have been sent over this season, and that shipments have continued too late. The result has been that, at the time I write it is impossible to get even 4d per lb for the best Canterbury lamb 3. A small shipment of frozen beef has been Tec^ivcd from Now Zealand. I learn that it - realised little more than nominal prices. DAIRY PRODUCE. "With the arrival of the lonic the New Zealand butter season may be said to have opened. The butter comes to a good market, the current prices for the best qualities ranging up to 112*. It remains to be seen whether the quality of the lonic's cargo will prove good enough to realise ton prices. > It is the opinion of experts that the present market prices will in all probability hold until about Christmas, and that after the New Year a steady downwatd tendency may be expected owing to the increasing magnitude of the imports from various parts of the Continent. Even up to the present dats the Continental imports of butter exceed those of last year, and there is every reason to anticipate an increase rather than the reverse. A new firm of produce brokers will Btart in Tooley street on Monday next— namely, Messrs Mills and Sparrow. Bjth partners have long been favourably known in the twde, Mr Mills was for 15 years with tho firm of Messrs Coey and Co , and Mr Sparrow was 17 years with Mr Trengroude. The previous association of Messrs Mills and Sparrow with firms so long engaged in the produce trade as Messrs Coey and Co. and Mr Trengrouse ought to give them material advantage in starting their new enterprise. The C C and D. Company inform me to-day that R3 a. whole the butter market is fi'm, although during the last day or two buyers have been a little less eager and prices slightly lower. They remark, further, that although present prices are not very high as compared with those of last year, it must be remembered that those of October, 1895, were quite exceptional. They think the present season might ba considered to have started favourably, aud. that the ppri e s for the present &hort supplies have not been so high as to create a prejudice against the class, which is often the ca c e when extravagantly high prices are realised at one time. In these cases the fall is always heavy, and probably greater than if a, fair range had "been maintained, so that practically the result to the producer is less favourable. Cheese appears to be fairly firm in the market, and if any New Zealand cheese were available just now it would probably sell tolerably well. But meanwhile buyers of New Zealand cheese are I chiefly concerned with forward business. This is ■ decidedly active, but Baalish buyers are not as

yet prepared to give the prices whichJtfew Zealand producers appear to expect. I learn that, taking the average of all tho different classes of cheese, this year's prices compare favourably with those of last year, being about 6s higher.

MISCELLANEOUS.

Messrs Flack, Chandler, and Co. write to me to-day that there is no improvement to note 'in the market for canned meats, storks being still very heavy and slow of sale. But there have been no imports from New Zealand during the past month. "

Medium and low sorts of tallow have been in good request, selling more freely than best descriptions, and there is atill a fair demand. The latest quotations show a decline of Is per cwt. Horns, hoofs, and bones have been in fair demand at lower rates. The copra market remains steady with a fair demand. Hides are in good demand and stocks are moderate. An improvement in prices next month is looked for. ' Superior rabbitskins have advanced }d to Jd per lb, but poor qualities are quite unsaleable. Supplies ot New Zealand beans are getting low, and prices have advanced 2s per quarter. New Zealand cuts are unchanged, and there is still no New Zealand wheat in the market.

Flax was in better demand at improved prices at the last sales, which ware held on Wednesday last. Business has been brisk, and fair, middling qualities of New Zealand fhx sold at £14 per ton. Fine Auckland now stands at £16 10s ; fair Wellington at £15 108, good Lyttelton at £16, common at £15, and tow £6 to £7 per ton.