NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2401, 8 March 1900, Page 15

NEW ZEALAND PRODUCE IN LONDON.

(Feom Oub Own Corbespoxdeitc.) LONDON, January 18. WOOL.

On the 15th inst. the first series of colonial wool sales of the present year opened with three catalogues composed of 9025 bales, 1660 of which were from New Zealand. For the whole series, Messrs Balme and Co. tell me that the net available supply is about 14-1,000 bales. The attendance of buyers last Monday was, I learn, fully representative of all sections of the trade, but competition was characterised by some hesitation, and the market generally ruled slightly m buyers' favour. As compared with the rates current at the close of the December sales, Messrs Balme quote: New Zealand and Australian merino, grease, par to 5 per cent, lower ; do, scoured, par to 5 per cent, lower; crossbred, grease, par to 5 per cent, lower; crossbred scoured and slipe, 5 per cent, lower - r - South- African descriptions, too, are lower to about the same exte.it.

Writing to me tc-day in regard torthe present series, Messrs Balme remark:— "The unsatisfactory ..tone which has characterised advices from the manufacturing districts in England and on the Continent since the turn oi the year has upset all calculations formed in December as to the probable course of the market for fine wools. It wa3 generally anticipated that the_ reduced supplies of merinos available during the present season would at least justify a maintenance of previous qtiotations. Dear money in Germany, liowever, the greatly increased cost of manufacture, and the probability of the Transvaal war continuing for some time, have caused consumers to adopt a very cautious attitude in their .operations, and have apparently induced them for the moment to overlook the very favourable statistical position of merino wool. The altered conditions of the market were revealed at the Antwerp and Liverpool auctions held last week, while recently quotations for ' tops ' in the various Continental ■ terme ' markets have fallen sharply. " In these circumstances," continues the same firm, '" the 1/ondon sales opened with a quiet tone, all sections of the trade, particularly the English, acting with great caution. At the opening sitting the best classes of New Zealand and Australian merinos in grease sold about on a par with previous rates, but good scoureds — which suffered from the inactivity of English buyers, — as well as medium and inferior descriptions, both scoured and greasy, marked a decline of 5 per cent. The' hesitation was more pronounced at Wednesday night's auction, and with the exception of fine-haired Sydney parcels in light condition, which commanded full rates, prices for meiinos further weakened, and now stand 7-J to 10 per cent, below December closing values. " So far, the selection of crossbred produce brought forward has consisted largely of slipes and scoureds, which rule 5 per cent, lower, the decline being most noticeable in the fine and medium grades. The few parcels of fanquality in grease catalogued have also fallen short of last sales' level by about 5 per cent., while prices for medium and coarse* growths, which attract a certain amount of American competition, do not show any material alteration.

" South African wools," conclude Messrs Balme, " are in larger supply than usual, and consist to a great extent of poor-conditioned grease, which, in the present unsettled state of the market, meets with a very indifferent reception from the trade."

DAIRY PRODUCE

This week I have received a report from Messrs Mathie and M'TYilliam, of Glasgow, bearing upon the produce market. Referring to butter, they say that since the opening of the year a very quiet tone has been experienced in all the markets, and with the heavy arrivals of colonial butter, prices have eased off considerably. As values have now fallen to that level which permits of the popular retail figure of Is per lb, a largely increased consumption is looked for, and this in itself should have a steadying effect on the markets, at the same time reducing the heavy stocks now hold and to arrive. As the new clauses of the Margarine Act have now come into operation, Messrs Mathie and M" William aie of opinion that greater prominence will be given by the shopkeepeis to fine butter, and that better prices will result in the near futuie. This week choicest colonial buster is quoted at 1005 to 102s, finest fit 96s to SBs.

In the Glasgow market stocks of cheess 111 all lmucta are very light, and finest quality ]S!ew Zealand cheese co'.nmfr.ida up to 61s per cwfc, finest quality Canadian checldar being quitted up to the same late. The demand for cheese co itinii.es active, and steady prices, it is thought, v;iU bs experienced throughout the season.

So far as the London market is conoeniad, Mc-sdis Waddel report that the demand for New Zealand and Australian butter ha 3 been good, while toward the clce of the week theve are signs of further improvement. Notwithstanding the large arrivals, there is noi, moio than a reduction of 2* in values. There is apparently only one explanation ci this, and that is the "beneficial effect of the new law. Thqugh many people believed it would have little effect on margarine, Messrs "VVeddel say it is quito

certain th

-ii* ..xvj.l; a consiaeraDie number ol tradesmen who largely sold margarine mixtures as butter are now afraid to continue their previous practices, and are now buying butter. The abnormally great difference in value between Danish and Aiistralian butter has come -,o au end by the collapse ot the Danish marksl.. A.t Manchester on Tuesday last "there was a fall of 63 to 8s in the morning, but during l<he day •rallies recovered about 2s. Choicest butter made 108s to 110s, and finest 101s to 106s. This fall in value brought a considerable quantity of Danish butter down to Is retail, and in consequence a big demand ensued. On Thursday the Copenhagen Committee declined to alter the quotation this week, althoiigh it ought to be 4 kroner down to give the " spot " buyer a nmiifc.

Messrs "Wcddel report that the London cheese market continues without animation, although there is no change in values." Canadian white cheese brings 58s to 595, and coloured 60s to 61s. New Zealand cheese is selling at 58s to 595, and .the first consignment from Australia this season-is making 56s to 575. ' NEW ZEALAND HBAT.

This afternoon I am informed by the C. C. and D. Company that the -Fifeshire has arrived with 22,722 carcases of l^ew Zealand mutton, while the Gothic has brought 53,874 carcases. These additions, say the C- -C. and D. Co., ccralcl well -have been spared, for present storks are. very heavy, while the demand is most limited, and deliveries are not up to their normal numbers. The discharge of the Fifeshire and Gothic is likely to be protracted — as well as that from other vessels now io. dock:— for stores are congested and labomers are scarce. Troubles, too, seem brewing. Calling out of the Reserves took a very large number of men from the docks, and more work has been exacted from the others by the system now generally adopted of working for a good part of the night. A partial stoppage of work has resulted pending arrangements being arrived at, for the men claim Is per hour after 6 p.m., while further, the difference in scales of pay and allowances between the Victoria and Albert docks now obtaining has to be considered. The C. C. and D. Company think that all these points will probably be conceded.

Tliis^ week trade in New Zealand mutton has been bad, and deliveries on the market have been restricted. Of the limited numbers offered sales' have often been forced, and low prices have been accepted in order to clear parcels. Canterbury mutton has sold from 3d to 3£d per 1b for the pick, down to 2|d per lb for the balance of parcels. Dunedin and Southland sheep have sold at 2|d per lb, though for special purposes a few have made 2|d per lb. North Island pheep have been fairly steady at 23d pe.- lb, hut many of «hose told are very small. The Gothic brought 9301 carcases of I-Tew Zealand lamb, and the Fifeshire 88 carcases. There is no demand yet, and veiy few are being sold. Nominal value for best Canterbury lamb is 4M. per lb, and for Dunedin 4d per lb, but no transactions have been noted.

In New Zealand beef trade has this week been almost at a standstill. Meat brought on to the market on Monday was still unsold on Thursday. A few New Zealand quarters have found buyers, the C. C. and D. Company say, from their better quality, but the unfavourable mild and wet weather and the quantities of low-claps Dutch and Danish beef, for which low prices have been accepted, have pretty well stopped the sales of frozen beef. Quotations are nominal.