NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2390, 21 December 1899, Page 15

NEW ZEALAND PRODUCE IN LONDON.

(F»O1£ OXTR OWM COEEESPOKDENT.) LONDON, November 3.

I learn from Messrs Balme and Co. that the position of the wool market has undergone no change during the past week. A considerable amount of private inquiry is said still to exist, but bu&iness ia much impeded by the indisposition of holders to anticipate the public auctions, which open on the 28th inst. Advices from the manufacturing centres, both here and abroad, are in all lcspects satisfactory, and indicate a large consumption of raw material. The gross arrivals to date for the coming sales arc now set down as amounting to 57,415 bales, 46,52S of which are from New Zealand and Australia. About 4500 bales of wool from these colonies have been forwarded direct to Yorkshire, the Continent, and other manufacturing centres.

In the opinion of the National Mortgage and Agency Company of New Zealand, tho condition of the wool market continues very favourable. R-cports from the manufacturing districts, both in this country and on the Continent, are reported as being satisfactory, and during the past fortnight considerable sales of merino wool by private treaty have, this firm writes, taken place at full price 3. Medmni crossbreds have also changed hands at higher prices than those obtainable at tho close of the fifth series of sales, while the position of coarse crossbreds is "more hopeful." Consumers are said now to recognise fully the fact that fine-haired wool will be in short supply next year. The decrease in Austialia in some quarters is estimated at about 100,000 bales, while th* war in South Africa will doubtless considerably interfere -with the supply from the Orange Free State. Messrs Weddel inform me to-day that during the post fortnight there has been a good inquiry for wool, and a distinctly harder tendency hits been noted tar all fine-haired wools. Several lots merino produce have changed hands at pricss fully 10 per cent, above those ruling at the late series of sales, -while there has at the same time been some demand for medium descriptions of crossbred wool, chiefly on Continental * account, at about the » same advance. In manufacturing districts all machinery is exceedingly busy, and Messrs Weddel say that ac stocks are small and well held, there is every prospect that prices may still further harden.

NEW ZIALA.ND MEAT,

Regarding frozen meat, Messrs Weddcl say thera ia no satisfactory (eaturo to bo reported. New Zealand mutton and lamb have suffered a further sharp drop and close weak, while Australian mutton also ia lower. Referring specially to New Zealand mutton, however, Messrs "Wedde! put down the arrivals for the past fort*

night as 30,500 carcases, which is thought comparatively light. The demand has been exceedingly quiet, and, as stocks in store are still very heavy, the position remains most unsatisfactory. Forced selling has naturally very seriously weakened the market, and values of all descriptions'have gradually given way, uutil they show a drop of fully id per 1b during the past two weeks. Prices of Canterbury sheep " have now dropped to a ruinously low level, 1 ' prime carcases of 48-641b soiling at 3J-d to, very Occa-' sionally, 3Jd per lb, while heavy enrcasos are be--ing freely offered at 2£d to 3d per lb. Even these low ratek have not in any way increased . the demand. Other descriptions of New Zea- ; land cheep may be quoted at 22d to 3d per lb ! for best weights, stod- '2%d for heavjes. j The National Mortgage and Agency begin by i saying: — "Last week was the worst trade experienced on Smithfield this year, but this was largely due to the mild and muggy weather. Frozen mutton and lamb, which were very weak and tending dowjiward, owing to the heavy arrivals fTom New Zealand, and heavier shipments afloat, felt the full effects .of this der ! pression, and prices arc lower all round. Can- ' terbury cheep are in large supply* and widely : distributed among holders. Sales ' Have been" forced, and lines of 'best quality sheep have changed h'axrdtfthie weekiaVsd to^Jtt twx 1 It i*f*; favourite weights, while mutton from_tfae K'qrth' Island ranges from 2Jd 'to 3d per lbj^occbfcting^ to quality." - \ . / „. *; Prices fotNew Zealand' hynfc; with an almost ; entire absence ' of demand, have continued; to give way,. anil now to-day's value is Jd pet* It' lower as compared with Messrs Weddel' s last report. Best Canterbury lambs are quoted at 3Jd to 3.? d per lb, while secondary lambs can be bought at 3Jcl to BJd per lb. " Stocks aro excessive, and, apparently, considerable quantities of lambs arc going to be held over, which does jiot, augur well for the opening of the new season." Demand for frozen beef lias been quiet, and for that from New Zealand prices are nominal. Both Messrs Weddel iind the N.M. and A. Company say that trade in frozen rabbits continues very slow. The mild weather and heavy arrivals have had a depressing effect on the trade, -and prices arc Jd down on the fortnight. English rabbits continue to flood the markets. For the 10 months of the present year, ending Slst October, 110,413 crates were received from New Zoaland, and 162,643 from Australia, against 89,711 and. 95,452 respectively for the 10 months of lost year. Large-furred New Zealand inbbite are making 8d to B£d; extra special, large, 9£d ; young furred, 6.Jd to 7id. Th« C.C. and D. Company givo the total imports of New Zealand mutton since the Ist of January as 1,602,080 carcases, or 139,423 in excess of the receipts to the same date last year; nearly nine-tenthß of this increase have been since Jnne 30, a time of yoar when the bntpjit always falls away to a considerable extent. This year has been no exception, and deliveries have been curtailed, though prices have been much lowered in the hope ( that demand might be stimulated. Last week prices for the best' brands of Canterbury mutton fell Jd per lb. It was tken thought that the fall would be confined to the two or three sellers who were eager to clear before more storage charges were incurred. Early this week, however, bestgraded Canterbury sheep from 48lb to 641b were still being offered at 3£d per lb, but the last two days prices have firmed, and 3}d per lb is now sought for tho most favoured brands. j Other Canterbury sheep, without the prestige of brand, though perhaps as good meat, are selling at 3d per lb. MISCELLAKEOUS. Owing tr the competition of English wheat, the Ncr/ Zealand cereal is neglected, and prices have been reduced Is to Is 6d per quarter, with the object of inducing business. Messrs Weddel quote: Tuscan, 22s 6d; Hunter's and penrl, 27s 6d to 29s per 4961b. Late rates are maintained for New Zoaland oats, but I am told that there has been little inquiry. For' New Zealand beans, too, values are unchanged, but the demand has lately been better. Cocksfoot is 1 very qui»t. Sales of good coloui 181b seed are reported at 43s per cwt, ex store, and there are bujeru of light seed, 13 to 141b »t 85s per. cwt. After the excited market prevailing during the first half of OctobeT in the tallow market Messrs Weddel have to report a slight re»c-

tion which hag set in, and so for the past fortnight business has been comparatively quiet with a declining tendency .in' values. Within" the past week, however, a -better" demand has again been' in evidence, though 'at a tomswhatf lowei level of prices, and a fair, amount of bußi«, ness, has come about privately. At ibe public* sales of the Ist inst., too, a' better lrr.de ruled' than at the last two preceding auctions, and •Messrs Weddel remark : "It looks as if a re"vival was not* far, off." The American markets aro said to have declined somewhat, but nra now steady- at reduced prices. ,• Values of mutton tallow mark a decline of 3d and beef Od tee Is per cwt on the last.fortnigTit. A' fair' amount of business has been done in tallow afloat on c.i.f. terms, and latest prices jjiclude. fin.? mutton afe 27s Cd, finest beef at 275, and good at 26s 6d to 25s 9d per cwt. The following are Messrs Weddel'a quotations: — Mutton: Good to finest, 28a 3d to 29s 6d per cwt ; dull .to fair, 27s Od to 28? 3d per cwt; inferior, 26s Od to 27s 3d per cwt. Beef : Good to finest, 27s io 28s ; dull -lo fair, 26s 3d .to 26s Od per cwt; inferior,- 265- to 26s 6J per cwt. For pelts the National Mortgngo and Agency, Company of New Zealand. say that a strong de* mand continues at extiemß; pjrices.- !L%e bess North Island pelts are mow" jvo'rlh ,froin*26s to( ' K2BsK 28s per dozen -Jor ehe'ep',Muid"lnnib& about 15a '|per dozen, ex store, Londdi|^o£;-1~.^.j-" . The same firm says that the mild weather pi .iast week had a depressing effect on the butter ,'ltrade, and that prices were weak. Best new, -Australian factory butter .ia -worth about 108s, "with special brawls of, unsaUed. to .about 110 a -per cwt. Prices range down to" 90s"for anything good enough f gr. "' counter "< use, jmd. therd is reported to be a good deman'd.-loru-thia description. Under this sta^tl»ird,~howerer, bufr* ter pan only be tokeinrfor pastry- at 78s Jiefc'cwt. Tho arrivals from ~ Australia, and NewsZealanct have so far been heavy "'this Reason, and up tor the Slst Octc'ser show' an increase of about 68,000 boxes as compared, with last year. Also, the National Mortgage Company heart of re-sales of some of the first bought New Zealand factory choose in this market at *ld peij Ib, f.0.b., and even up to 5d per lb is reported. "These appear to be dangerous prices for tha holders," observes the report of this company