HEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2268, 19 August 1897, Page 15

HEW ZEALAND PRODUCE IN LONDON.

(From Our Own Correspondent.) London, July 10. •wool In what I may term " woollen circles" I learn that since the date of my last letter the position and prospects of wool have remained practically unaltered. Tha course of business has b-eu a good deal broken by the recent holidays, but notwithstanding that drawback there hns been, I am i told, a considerable inquiry on American account, and soma 3900 bales of Australian and New Zealand wool have changed hands in the London i market since the close of the late auctions, wbile operators for the United States have also been busy in Bradford. Apart from thiß, however, trade in Yorkshire ii, I learn, somewhat dull. Reports from the Continent are fairly satisfactory, and it is hoped that French and German buyers, particularly the latter, will be actively engaged during the forthcoming sales. . r< To sum up the position shortly," writes one of my correspondents, "though owing to the increasing propinquity of the tariff, it would seem doubtful whether American buying will be a prominent feature in the market during the approaching series, and although there are no signs at present of any immediate expansion of European demand a* a whole, stocks in second hands are undoubtedly light, while actual and prospective supplies— of merino wool especially — are distinctly below the average of recent years. The circumstances of the case therefore would appear to point to a, maintenance of May rates, while any alteration in prices, particularly as regards merino wool, is more likely to bo in the direction of strength than, of weakness." With reference to the wool sales which opened on Tuesday last a, friend in the trade writes to me to-day as follows : — "The current series of wool auctions has now progressed sufficiently to exhibit fairly clearly the various attitudes and policies of the different sections of consumers. The lightness of stocks in the manufacturing districts in Yorkshire, brought about by heavy purchases on American account, ii plainly evidenced by statistics, and operations similar in kind, though perhaps less in degree, have been going on on the Continent. English buyers are consequently, in spite of dull trade, actively engaged iv replenishing their holdings of the law material ; the Germans also are anxious to supply themselves, but have not so far entered unreservedly into competition ; while French support, though steady, does not show signs of great latent strength." "The sensation of the market," he continues, " has been the action of tie United States consumers. It is impossible to say exactly when they may cease, its duration being dependent unon the news from America from hour to hour. There is no doubt, however, that it will continue until the last possible moment, which, should Congress prove amenable to the alterations, in the Tariff Bill passed yesterday by the Senate, must now be very near indeed. Hitherto it has played a most important part, and, capping free general competition, has driven up quotations for suitable descriptions of Australasian produce to March valuer. Meanwhile, rates for such classes as do not come within the above category have tended to harden, and now very frequently mark an advance of 5 per cent, upon the level of prices current at the close of the May auctions." NEW ZEALAND MEAT. This is what Messrs W. Weddel and Co. repert to-day with regard to the New Zealand mutton trade in London : " The New Zealand mutton trade shows more strength than any of the other branches of frozen meat, the fact that stocks are well withia control ami in few hands being one of the strongest reasons for the present firmness. The demand for small meaty carcase 3of prime quality continues satisfactory, and with supplies of thiß clas3 mutton stockholders are able to maintain prices. Best Canterbury continue to realise from 3id to 3Jd, although to make the latter figure they must be particularly good. . . Heavy secondary sheep are plentiful, but being firmly held values show no change on those ruling a fortnight ago." Messrs Fitter say that small prime New Zealand sheep, both from the North and South Island, are meeting a good demand, " but," they write, " there is a large quantity of very large coarse sheep on hand, and these are selling very slowly." They quote prime Down New Zealand sheep (small), 3Jd to 3fd ; Canterbury (New Zealand) sheep (small), 3Jd to 3Jd ; Wellington, 3d to 3Jd per lb. As for lamb, this same firm report that "un« fortunately the New Zealand lamb trade has become very depressed. The reports both b» cable and letter from New Zealand at the beginning of the season Btated that although. tUo eftti?

-shipments of lamb would be heavy, th*y would i be much lighter afterwards. The supply, bow- j ever, has so exceeded the demand that stocks ; have rapidly accumulated, and as it is now getting well'on in the season, holders are becoming i anxious to sell, and in consequence the prices have fallen. "We would repeat our advice to shippers for next season. They should take care that the majority of lambs sent should be smaller." " Quotations are : Canterbury (New Zealand) lambs (small), 41d to 4£d ; do..(large>, 3?d to 4d ; Wellington, 3f d to 4d par llj. Ifessre W. Weddel and Go. write also about the lamb trade thus :—" Arrivals for the fortnicht from New Zealand have not been very heavy. Fortbe first half of 1897 arrivals show an increase of 104,008 carcases over the number of lambs imported during the first six months of 1896. The increase has come about entirely during the past three months. On the Ist April of this year imports showed a decrease of 3744 lambs compared with the first three months of 1896, so that, as is j &how"n, arrivals from Ist of April to Ist July have ; been considerably in excess of the quantity j imported during the corresponding months of 1836. 1 The lamb trade may be said to be thoroughly disorganised. The actual reason is not difficult to arrive at, the forcing of sale* by one or two holders continues unabated, and consequently a lower j xange of rates rule all round. The most disappoint- ! in? feature of the trade, however, is the slackness ! of demand. Prime Canterbury?, best weights are now worth no more than 4§d to 4Jd per lb." DAIRT PRODUCE. The New Zealand butter season is over. Messrs ' Dempster, Peterton, and Co., of Glasgow, state ! that several parcels of New Zealand cheese reached the northern market within the list three week?, and being of choice quality foiled j ready purchasers at prices ranging from 48s to 50s. MISCELLANEOUS. Though there is no quotable change in value?, the demand for New Zealand oats has somewhat i -improved, so Messrs Weddel report. There has • been a small demand for New Zealand beans also, \ but a slow, dragging trade characterised the Rales of New Zealand flax held on Wednesday last. Quotations are nominal. Preserved meats, on the other hand, have been in more inquiry, and j prices are somewhat firmer. Business has been j more active inthe-tallow market, but there is no I change in prices Messrs Fiaek, Chandler, and ' Co. say that at their last sales New Zealand rabbitskics were in small supply, and some of the most important marks were worm damaged. > A few of the best skins met with limited inquiry, and quotations were fully Jd per lb lower. The copra market has shown more firmness, and au advance of 10s is recorded on sun-dried.