HEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2323, 8 September 1898, Page 7

HEW ZEALAND PRODUCE IN LONDON.

(From Otjb, Own Correspondent.) LONDON, July 22. WOOL. The fourth series of colonial wool sales of the current year, which opened on the 28th ult., closed on Monday. Messrs Charles Balme and Co. inform me that of the quantity sold, approximately 91,000 bales have been taken for export, a few parcels having been purchased for shipment to America. During the interval which preceded the sales, the uneasiness caused by the outbreak of war gradually subsided, with the result that the effects of the scarcity of merino wool, which had been somewhat lost sight of in May, again came prominently to the front. So far as coarse wools wej.e concerned, however, increased supplies fro.n the colonies, coupled with the marketing of the English clip, tended to hinder any rally in demand. Competition from European consumers has been both free and general throughout, and towards the close of the auctions buying on American account was occasionally noticeable. At I mentioned previously, the market for merino wool opened with ail average improvement of 5 per cent., and this was fully maiatsiined till the close of the sales. Medium and inferior grades of New Zealand, with the e;:cej tion of heavy-conditioned wools, attracted special attention, and with some further accesion of competition from Continental buyers eveDtually marked a rise of 1\ per cent, on May rates, which appreciation in the 'case of scoiii-eds frequently amounted to 10 per cent. A large proportion of the daily offerings has cor.sisted of crossbred wool. Although no lack of spirit was noticeable in competition, only the finest qualities have gained ground, rates for both coarse and medium grades weakening aft-n- the opening until they^ stood full£ 6 per

basis of

cent, below last sales' prices. This basis of value provoked speculation, particularly for , lower qualities, which held prices steady to the end of the auctions. "The prosnects for merinos," say Messrs Balme and Co., " appear to be amply secured by the circumstances both of supply and de- i mand, while the revival of confidence which ] would be engendered by an early termination , of the war between Spain and America should j not only sharply stimulate inquiry for fine ! wools, but would also probably afford some relief to coarse-haired produce." As compared with the closing prices of the previous rates the latest quotations are: — New j Zealand merino (in grease) superior, *d to Id per lb dearer; .New Zealand merino (m grease), superior, par; merino (in grease; aveiage ftcl ! per lb dearer ; merino (in grease), inferior, id to 3id per lb dearer ; mcrmo (scoured), superior, -Jd per lb dearer; merino (scoured), medium, ljd per lb dearer; merino (scoured), inferior, Id per lb dearer ; merino lambs' wool, superior, par ; merino lambs' wool, inferior, par ; crossbred (grease), fine, par to Jd per lb dearer; crossbred (grease), medium, id per lb cheaper; crossbred (grease), coprse, £d per lb cheaper; ! crossbred (wasKed and scoured), fine, par to id per lb dearer; crossbred (washed and scoured), coarse, par to Jd per lb cheaper; crossbred (sliped), par. The fifth series of wool sales is fixed to commenge on the 20th of September, the list of quantities available closing on the Bth of that month at 4 p.m. NEW ZEALAND MEAT. The C.C. and D. Co. write to me to-day that the Timaru has arrived with 12,830 carcases of Wellington mutton, which has sold at a satisfactoiy figure, c.i.f. This week a fair trade has be sii clone in New Zealand mutton, and prices have been maintained, Best Canterburys have made from 3jjd to 'id per lb,* according to brand, some buyers insisting on having certain brands, and being willing to pay for them. Best sheep, really prime Canterburys, continue very scarce, so this firm tell 3 me, and they are wanted. Inferior Canterbury sheep, merinos, ewes and such like, are not in dern?«nd, and command low prices down to 21d per lb. There are not many Dunedm or Southland sheep on the market; the best, when in bright condition, sell at 3£d to an occasional 3Jd per lb. ! For New Zealand lamb demand keeps good, [ the numbers going into consumption being proj bably larger than in any previous week of the season. An even more satisfactory feature is I that, with few exceptions, consignees are sellj ing direct, ex ship, as the lambs are landed, | and though prices cannot be quoted higher, I sales are generally at a remunerative figure, and all descriptions are finding buyers. The ! scarcity, almost absence, of prime mutton has 1 helped the sale of tegs and larger lambs, so the 1 C.C. and D. Co. say, while the country trade I absorbs pretty well all the available smaller, lighter sorts if of ordinaiily fair quality. July 30. WOOL. Since the close of the recent auctions I am informed that the position of the London wool market has undergone no alteration. Advices from the manufacturing districts indicate a cheerful tone for merino and fine crossbred wool, while coaser descriptions are- | reported difficult of sale. The arrivals to ! date for the fifth series of sales, which comi mence on the 20th September, total 164,278 bales, of which quantity 139,175 bales are from New Zealand and Australia. Of the | whole, about 16,000 bales of that from Australia and New Zealand have been forwarded direct to the manufacturing districts. Last Thursday the fifth series of public sales of \voolled sheepskins for the present year took place, the quantities catalogued numbering 3787 bales, 362 bales of which were from New Zealand. The selection, lam told, consisted largely of crossbred produce, which met with rather a dragging demand. Merino skins, on the other hand, were in small supply and elicited keen competition, and realised an advance of some 5 per cent, on previous rates. „ As compared with the values current at the preceding sales, which were held on the 16th June, Messrs Charles Balme and Co. quote: Full and three-quarter-woolled merino, id to id per lb dearer ; short and shorn merino, £d per lb dearer; full and three-quarter-woolled fine crossbred, par ; full and three-quarter-woolled coarse crossbred, id to fd per lb lower ; short and shorn crossbred, to per lb lower; lambs, crossbred, per lb lower. The sixth series have been fixed for September 8. NEW ZEAIiAXD V!AT. Messrs H. S. Fitter and Sons remark ihU week that the demand for New Zealand mutton has been somewhat irregular. They say i that there are rather more Canterbury fcheep I about._ and as many of these are somewhat j plain in the legs buyers are objecting to the comparatively high prices, and consequently quotations are slightly weaker. There is, i however, add Messrs Fitter, " a good demand just now for small Wellington or Dunedin mutton, and fairly good for larger mutton at lower prices." With regard to New Zeaj land lamb, the same firm say in conclusion : i " The trade continues good, and if the demand will only last well through next month, the outlook is decidedly favourable. We sincerely- hope that shippers will bear in mind next season that one of the principal features this season has been the handy size of the lambs, which has enabled holders to dispose of largo quantities in the provinces, and, in ! that manner, ease the London market." j Messrs W. WccMel's report this week pays | that frcoh arrivab of New Zealand mutton liavo been exceedingly light. " Prime Canterbury pheep, though now somewhat more plentiful than for F-oino time past, meet a fairly readj r sale, and if prices aro not quite so firm as they wero a fortnight ago the extreme reduction which -has taken place is not more than 3d per lb for the best weights, while the heavier weights are practically unchanged. The quotations now ruling for 481b to 641b sheep are 3|d to 5d per lb,

though some lines have been sold at Zfd ; the "* heavier weights maintaining their position at fully 3^d per lb on the average, the supply of these weights being at present compara- s lively small. Other classes of New Zealand sheep meet a good demand, best Dunedins and Southlands selling at about 3id to 3§d per lb for 601b sheep, and at about 3d per _ lb for heavy weights, while North Island j sheep may be quoted at 2|d to 3d, and oeca- ' sionally 3gd for be&t weights. . . . The j market closes firm." j "There has been so little change in the trade," remarks the C.C. and D. Company, j in reference to New Zealand mutton, " that j a repetition of last month's report would give ' a fairly accurate description of the present ! position. There is the same lack of prime J mutton ; buyers find the same difficulty in [ getting the article their customers req.iire, ' and prices for best Canterbury mutton are much the same as they were a month ago. There may, perhaps, be hardly the same de- i mand, but there are still plenty of buyers ' willing to pay top prices for really prime ! meat, up to 4d per lb for best Canterbury mutton. Second-class ancf inferior from the same province, merinos, old ewes, and plain ; sheep aro worth no more than the same tsort j ftom the north, about 2 3-8 dto 2^d per lb, j though between the best from the North Is- j land and the best Canterbury there is a differ- ! ence of Id per lb in selling values. Dunedin and Southland receipts have been small, and prices have ranged from 3£d per lb, obtained for a few specially good carcases, of neat weights and bright condition, to 3d per lb for heavier and plainer mutton. North Island mutton has quite 'maintained its value; some consignees have been able to advance per lb. . . . A fair, steady trade has been done; and as much. sold as stocks on hand y, arrant, sales keeping well abreast of deliveries ex ship." Altogether, since last January there lias been an increase in the receipts of New Zea- I land lambs to the extent of 125,206 to the same date last year, but the CO. and D. Company write to me that " notwithstanding this large increase, the position this year is an immense improvement on last ; there are now no heavy stocks on hand. Shipments prior to the Gothic have mostly gone into consumption, and the bulk of her cargo was disposed of as landed, which has been the case too much with much of what has been discharged from the Waimate. The season this year did not come to so early an end, and there has been no such sudden collapse as happened in the second week of July last year. Up to the end of last week the demand continued unabated, and gave promise, indeed, of a period of enhanced values; but the eagerness to sell of one or two consignees prevented this, and this week there has been a perceptible j blackening of demand, without, so far, any marked fall in prices." Mr Thomas Mackenzie, representing the New Zealand Farmers' Co-operative Associa tion, writes to me that there was an active demand yesterday, before the holidays, for New Zealand lamb, 3s to 3s Id being realised for the best Canterbury, while anything ve t *y choice realised even 3s 2d. Dunedin and Soiithland iambs fetched 2d per stone less. DATBT PKODTJ2E. The C.C. and D. Company inform me that there are already inquiries afoot as to the likely prospects of the coming colonial butter season, and the impression felt here, from cable repoittj. is that the next season's oiitp^it will show a large increase over the last.-- "If so," thoy add, "it is to be hoped that prices for early shipments will not be unduly forced, which has been the case in the past, and nas so often had the effect of throwing the demand at the opening of the season on other butters, much to the prejudice of the Australian and New Zealand butter in the long run. ' From the same well-known firm I learn that of New Zealand cheese there is not mu <% h on tliu market, but that finest qualities command if anything a little better price than Canadian cheese. "Anything, however, off in tho flavour is out down in price by the New Canadian and States offering." Messrs Dempster, Peterson, and Co., of j Glasgow, write to me that there are still some sionll lots of New Zealand cheese on offer in that city, but it is not so freely inquired for arf the shopkeepers are giving more attention to the new grass Canadian and American cheese, winch is now arriving every week in fine ordei and condition. They quote New Zealand cheoso at 36^ to 38s. ■j.ns'cia.i vx;;oup. ! I _ Messrs LVrry ; 13 j relay, and Co. and Messrs | \V. Wedil«"-i and Co. inform that the s.s. Kaikoura has arrived with a parcel of New I Zealand wheat, but it is nnt yet landed. There j is no change to be reported in the values of I New Zealand oats, but the^e is a better demand at fully late rates. Fine heavy samples are quoted at 28s to 30.3 ; fair ordinary at 26s to 275. There is a quiet trade passing in New Zealand beans, but Messrs Weddel say that "values are difficult to maintain. At the last sales of flax, held on the 27th inst., there was only a slow demand. About 43 bales of New Zealand flax, inferior and old import, sold at £20 to £20 ss. Manila j is very quiet, fair current being offered at j £29 to £30 per ton. This week Messrs Weddel report a fair demand for canned meats of most descriptions, and a good distributive business has been done ] both in beef and mutton at about late rates. I Borne holders, however, I hear, have been j disposed to accept rather lower rates in order j to make progress, as trade has been almost i stagnant. From Glasgow, too, I learn that for the past two months the market for preserved beef and mutton has been greatly depressed, and although prices have steadily declined improvement in demand has not resulted. Supplies of ox tongues in that northern city have been moderate, and have met j with a ready sale. i The iiaproveavHit in the tallow market has \

continued, and prices have steadily advanced though nothing in the nature of a boom has been experienced. Messrs Weddel and Co. A\rite to-day that, as compared with a fortnight since, values are about 6d per cwt better for all descriptions, except for finest mutton, which remains stationary. At the public sales of Wednesday last there were 1699 casks offered for sale, and out of that number 1135 found purchasers, prices, in some instances, being 3d per cwt higher. "The general position of the market," observe Messrs Weddel, "points to steadiness, but there is nothing at present to lead one to anticipate an excited market, at least so far as the immediate future is concerned. Transactions on a ,c.i.f. basis have been restricted, as buyers and sellers generally are too far apart in their ideas. Some fine mutton arrived in the River has been sold at 21s 6d c.i.f. (probably second-hand stuff), and 150 tons mixed, good colour (July-August shipment), 43£deg ' titre,' has been sold at 21s c.i.f. Messrs Flack, Chandler say that there is little copra offering, and that business is limited. For salted hides the market continues firm. The small supplies available sell freely at late rates. The next public sales of rabbitskins will be held on the sth August, and in the interim there is nothingfresh to report. Mr Thomas Mackenzie in his report says that stocks of cocksfoot seed are light, and that there is some inquiry for near-at-hand parcels at about late rates — namely, 38s lo 443^" per cwt, according to weight and quality. There is very little doing either in malting or grinding barley, and values are unchanged.