NEW ZEALAND PRODUCE IN LONDON. (From Our Own Correspondent.)

Otago Witness, Issue 2265, 29 July 1897, Page 7

NEW ZEALAND PRODUCE IN LONDON. (From Our Own Correspondent.)

London, June 12. WOOL. From the chief authorities on wool I learn that since Hie public sales came to an end, beyond the closing of the lota withdrawn during the series, business in the London wool market has been confined within very narrow limits. Although reports from Yorkshire indicate considerable sluggishness both ia tops and yarns, advice 3 generally from the manufacturing districts, both Home and foreign, are fairly satisfactory and hopeful in tenour. During the past week business in the manufacturing districts has been interrupted by the occurrence of the Whitsuntide holidays. Although since the close of the sales some reaction has taken place in Yorkshire from the buoyant tone exhibited by the Home trade during the auctions, advices from the Continental centres of consumption continue to be satisfactory, -while, a3 one of my correspondents puts it, " behind the passing phases of the market the news of the drought in Australia is bringing the strong statistical position of our staple into inevitable notice." The effect produced upon American trade by the prolonged uncertainty with regard to the tariff, and the increasing impatience of the business community in the United States for a settlement, are considered to afford grounds for the supposition that the passage of the measure cannot now be very far off. I find that sales by private contract in the London market since the close of the auctions amount to some 850 bales of New Zealand and Australian wool and about 300 bales of that from the Cape, at prices showing in average some improvement upon the final rates of the late series, a certain

proportion of the wool which has changed hands , having been taken from America. The arrivals to date for the fourth series, which I will open on the 6th prox., are as follow :— New , South Wales, 29,505 bale?; Queensland, 16,341 j bales ; Victorian, 19,580 ; South Ausiralian, 6783 1 bales ; AVeßt Australian, 6175 bale 3 ; Tasmanian, 9010 bales ; New Zealand, 85,601 bales ; Cape (eastern), 21,602 bales ; Cape (western), 614 bales ; Natal, 9093 bales ;— Total, 205,336 bales, of which about 44,000 bales (24,060 New Zealand and Aubi tralian) have been forwarded direct to the Con- ■ tinent, Yorkshire, *o. NEW ZEALAND MEAT. ! Messrs Fitter and Sons report that at the present time the meat trade generally is good, 'i'he demand is improving on account of the great number of people at present in London, and . Messrs Fitter think that prices for the next few weeks ought certainly to harden. Writing particularly with regard to frozen mutton they say: "The demand is decidedly better, especially for selling weights. The bulk of the sheep now arriving are very large «nd unsaleable." The New Zealand lamb trade, especially for small carcases, is good, and a great deal ia now being sold. Further, this is what Messis Fitter have to say with regard to that branch of the trade : "The lambs, however, have not turned out as a rule in very satisfactory conditiofl, so many of thaw having had sucu a very stale appearance. The Tongariro is now discharging, and a portion of the rnea.t is in a disgraceful condition. Some of the lambs have been condemned, and others are to soft that they will get misshapen ami stained. This is most unfor- • tunate, for damaged lambs generally upset tho 1 market for » time." To-day's ouotations as 1 furnished by Messrs Fitter stand as follow :— Prime Down New Zealand shoep (small), 3Jd to 3Jd ; Conterbury, New Zealand, sheep (small), 3Jd to 3|d ; Wfcllinfrton sheep, 3d to 3id per lb. Can- , terbury (New Zealand) lambs, 4Jd to sid ; Wellington, 4id to 'ljd per lb. With reference to New Zealand mutton, the C.C. and D. Company write to-day : "Itecent arrivals have not been free from damaged carcases. In one vessel 323 were condemned on board and parts of about 100 more, and much of her cargo was soft wh'en delivered and spotted with mildew ; but hei- record is a bad one. On 15 of tho voyages she Krs made meat has been condemned on board. Another vessel has also delivered much • of her cargo soft and spotted with mildew, though on two occasions work was stopped, hatches put 1 up, and endeavours made to harden up. Thewe j unsound cargoes not only entail the actual loss on the damaged meat (which may partly be recovered! . j from underwriters), but a. probable greater loss ; from the necessity of prompt; sale to avoid the ! further damage that 13 almost certain to accrue, j as well as being prejudicial to tbe trade from I damaged meat going into consumption." DAIRY PRODUCE. i Messrs Dempster. Peterson, and Co., of > Glasgow, write that colonial butter in now entirely off they: market, and buyers give their J attention to Danish, Dutch, and Irish creamery ! butter, which is of good value, and is now freely j retailed at lOd per lb. As for cheese they say:^- , " With the advent of Canadian and American ' cheese seller* are showing a little anxiety ;to clear off any parcels of New Zealand i Cheddar remaining on hand, and which are ■ now showing the tendency to over-matured flavours. It is generally anticipated that the. 1 June Canadians, which have been offered at 41s I to 42s (c.i.f.), will yet reach a lower range of prices, I in which case the retailers on this side will have the opportunity of cutting them out. at 6d per lb, and there should be a large consumption in consequence. So far, the make of cheese in the States and Canada promises to be large, and many of the factories, having the combined plant for butter • and cheese manufacture, have gone in more largely for cheese-making this season. This week's prices are : Finest New Zealand white, 52s to 51s ; finest American coloured, 42s to 483 ; do white, ! 46^ to 475." 1 Practically the season for colonial butter is I over, and there is little or no demand, but expec- ! tations are entertained that there may be some \ inquiry and an improvement in prices about six 1 weeks from now, consequently some small shipments which arrived lately have been cold stored lin preparation for this prospective opening. The reports, however, of exceptionally high prices ruling in Australia have suggested the possibility ' that any butter remaining on hand in London may be shipped out to Australia on speculai tion. Indeed, some small quantities have aleady been sent. The last 50 tons from New Zealand ! this season came in the Tongariro and Duke of Sutherland, but prices aye merely nominal. New ■ Zealand cheese is fairly brisk at 483 to 495. j MISCELLANEOUS i There is no change to record in grain. The flax , market is still dull, and at the last sales no New 1 Zealand flax found purchasers. A little has been I sold privately at former prices. In preserved } meats a slight improvement has taken place. ! There is a fair demand and prices are somewhat 1 firmer for some favourite brands. 1 'With reference to tallow, Messrs W. Wedd«l S and (Jo. report that the market ha 3 been steadier 1 during the past fortnight, and there is a fairly i gooddemand at slightly firmer prices, the low range j of values having, evidently, attracted the buyers. ! At the auctions on the 2nd inst. only 525 casks were 1 offered, and 413 found buyers at late rates for mutton, and an advance of 3d to 6d per cwt on beef. Forward business is much restricted owing to prices being much above ideas on this side. ' Some business has, however, been done in float1 ing parcels at ahout 16s to 17s for beef and mixed, and 18s per cwt for good mutton. 1 From Messrs Flack, Chandler, I learn that at j the last sales of hides 3150 were offered, and all were sold. The demand was fairly good for prims qualities, preferably for light and cow hides, while for the heavier kinds prices were more in buyers' favour. lam informed by the same firm that there is a fair inquiry for copra, but that prices thow no material improvement. J