NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Volume 02, Issue 2420, 2 August 1900, Page 14

NEW ZEALAND PRODUCE IN LONDON.

(From Our Own Corbespondent.)" LONDON, June 15*

On the whole, the wool reports with which B am furnished for to-day's mail axe the reverse of cheery in their tone. The report from the New Zealand Loan and Mercantile Agency; Company runs thus: — "Reports from Brad-i >■ ford continue to be of a most discouraging character, more particularly as regards merino and fine crossbred wool, in which little or nothing is doing. Quotations for 60's top are auite nominal in the absence of inquiry, but ios.

* super ' 23d is the top price, estimable, and a decline from even this low f:gure is regarded in some quarters as not improbable. So much conibing machinery has noi been running shoit time for many years past; spinners, though not generally holding large stocks, owing to the reluctance of manufacturers to make for■ward contracts, buy only from hand to mouth. The position of low quality crossbred is somewhat inojre hopeful, but with the value of 36's top at 3d there is not much room for profitable business. The weak tone of the market for the •tfaw material was emphasised at the sheepskin auctions held yesterday, when, as compared •with the preceding sales held on the 26th April, values for merino and fine crossbred marked a^ decline of £d to Jd per lb, and coarse crossbred about £d per lb." From Messrs Balnie and Company I have received a full report of the fourth series of public sales of woolled sheepskins held yesterday, •whan the quantities catalogued totalled 3123 ibales, 403 of which came from New Zealand, against 873 bales from South Australia and 604 from Victoria. Messrs Balme write that although the -attendance of buyers was fully up to the aveiage, competition was decidedly unsatisfactory, and a large proportion of the quantity offered was withdrawn. Prices in average marked a decline of ■10 per cent, on ,the rates ruling at the preceding eirin auctions, the depreciation being most pioncunccd in the case of full-woolled descriptions in poor condition. 'As compared with the values current at the April sales, Messrs Balnie now quote : Merino, fu~ll-woolled, |d to Id per lb lower; merino, ihalf-woolled, |d per lb lower; merino, short and shorn, Id per lb lower ; crossbred, fine, full-woolled, |d to Id per lb lower; crossbred, coarse, full- woolled, Id per lb lower ; crossbred, ihalf-woolled, Jd per ib lower; crossbred, short and shorn, 3d per lb lower. The fifth series of sales of woolled sheepskins is announced for the 2nd of August.

NSW ZEALAND HEAT.

Referring to frozen meat, the New Zealand Loai and Mercantile Agency Company state that the relatively high prices lately luiicg for jSTew Zealand mutton and lamb have tended materially to curtail the demand, with the issult that these high values are barely now obtainable. Lambs batter maintain their position than mutton at s|d to 6d per lb for best descriptions ; Canterbiiry mutton is worth 5d to 5Jd per lb, whiie secondary descriptions realise |d to |d per lb less. Heavy weights,' however, as is always the case in hot weather, are difficult to sell. The New Zealand Loan and Mercantile Company notes that the discharge of vessels in the port of London is being seriously retarded owing to a strike among the d.ock labourers, and a continuance of this state of affairs will undoubtedly tend to support values.

•Messrs Weddel tell me that "the arrivals of GSTew Zealand mutton have been heavier than dtiiing the same period for some time past, amounting to 121,000 carcases. Owing to a strike at the docks the vessels bringing this quantity are not yet' completely discharged, and, as stocks in store are moderate, the reaction which has taken -place in the market cannot be solely attributed to over-supply. The demand has been slow, recent high prices having seriously curtailed the retail consumption ; ■while warm weather at the beginning of the present week further checked the trade. The lessened inquiry created a weaker f.eeling throughout the market, and vakies of all descriptions are weaker than xhey vegre two weeks ago. Best weight Canterbury sheep to-day can "bs quoted at no more than sd, to, occasionally, sgd per lb. Medium weight Canterbury mutton sells slowly at i%& to 4|d per lb ; while heavy carcases are difficult to move at prices down to '4}d per lb. Southland, Dunedin, and W.M.E. Company sheep are id per lb lower aj; 4|d to 4gd for best weights. Ordinaiy North Island sheep make <t|d per lb for the best .■weights. Owing to the 'check to the expansion of trade, it has been found impossible to maintain prices of New Zealand lamb at the high level reached a. fortnight ago.. Last week a sharp fall took place, Messrs Weddel inform me, and values ■tfrere weak af the l eduction. The hot weather of the present week, however, has beneficially affected the demand for lambs, while the continued good quality of arrivals, together with the lov/er prices now current, have considerably strengthened the position again. Nevertheless, Messrs Weddel point ovtt xhat values to-day are Jd per lb below their last quotation. Small carcases still sell more readily, and command a premium over heavier weights. Best weight Canterbury lambs can now be quoted at no more than s£d to 6d per lb, heavy carcases selling to s^d to 5Jd. The drop in values of other descriptions of New Zealand lambs has mot been quite so serious. Southland and Dunsdin lamb 3 are quoted at s|d to s|d, and those from, the North Island at s§d to s|d. Messrs Weddel give as the arrivals for the fortnight 163,000 carcases fioni New Zealand, and 20,000 carcases from Australia.

With regard to frozen beef, I hear from Messrs "Weddel that 11,000 quarters have been received from New Zealand, prices for which were raised Jd per lb last week, without checking tho demand, in consequence of the high prices current for American chilled beef. Unfortunately thi3 satisfactory position was not long maintained, as the hot weather at the beginning of the week caused a drop of 1M per lb in prices of American chilled beef, and the deanafTd for the frozen sorts was brought almost to a standstill. New Zealand beef is selling sit 4Jd to 4gd per lb for hindquarters, and 3d per lb for forequarters. - The demand throughout the provinces has been rather better than at Smithfield, Messrs PWeddel state. Progress with the realisation of Leef has not been brisk, though prices about equivalent to Smithfield vakies have been obtained.

It is said also by the London manager of the [National Mortgage and Agency Company of 'INew Zealand that the high prices now rilling for both mutton and lamb are beginning to check the demand, and the simultafieous aracival of several large cargoes, and a sudden heat ■wave this week have caused values to decline about £d per lb for lamb and Jd per lb for anutton. Owing to labour troubles there has been $ome difficulty in discharging the various

steamers. The Maori, for instance, which docked on the 9th, only got a few carcases out yesterday. In view of the downward tendency of piices^ buyers have not been prepared to operate unless the meat was available in the stores, and therefore the. difficulty of getting delivery from the ships has to some extent had the effect of strengthening the position. Canterbury sheep may be quoted at 4Jd to 5d per lb, and other brands at 4Jd to 4£d per lb. Canterbury lamb-J range from 5Jd to 5Jd per lb, the latter price being only obtainable for prime light weights. Other brands stand at ojd to sgd delivered on Srnithfield market. New Zealand beef is said by the same company to be fairly firm.

MISCELLANEOUS,

Messrs Weddel say that in consequence of the small quantity of English wheat offering there has been a good inquiry this week for that from New Zealand, and prices are 6d to Is per quaiter dealer. Tuscan is quoted at 28s to 295, Hunter's and pearl 27s to 28s per 49Glb. Of New Zealand oats, the market is almost bare of supplies, and values are nominally quoted 6d per quarter dearer. NVvv Zealand beans are m small supply, Messrs Weddel add, and an advance of Gd per quarter has been established— 32s to 33s per 5041b b?ii:g <ho quotation. The ships Westland, Canterbury, Zealandia, and Sheila, as well as tlie Waimite, have arrived from New Zealand with cargoes of grain — principally of wheat. Tiie G othic brought 378 sackg of pe?s.

_With reference to cocksfoot, I learn from the New Zealand Loan and Mercantile Company and from the National Mortgage and Agen-y Company that the season is practically "over, and the parcels now m hand — a considerable number — will have to be held till November; at present there are no buyers except at low figures. In the opinion of the Loan and Mercantile Company, it is extremely doubtful if those who refused the low prices recently obtainable will do any better, :f, indeed, so well, by holding /or the autumn. In new seed to arrive very little business has transpired, the prices asked in New Zealand hi some quarters being much above buyers' views of value, which are upon the basis of 35s 6d to 36s c.i.f. for 181b seed.

While ihe market for manila has until the last few jlayd been fairly active at advancing prices, New Zealand flax has been extremely dull, and the New Zealand and Mercantile Company report that business lias been almost entirely confined fco parcels in dock and recently arrived, at declining ra tc-s ; as low as £23 10s c.i.f. has been accepted for good fair Wellington in craft. The weak position of the market is mainly to be attributed to the fact that a considerable piopoition of recent arrivals (sold forward) has been put on the niP iket, and the flax in seme instances being in the hands of speculators, has bean pressed for sale.

All the three eminent firms from whom I receive information regarding the produce markets — viz., Messrs Weddel, the New Zealand Loan and Mercantile Agency Companj", and the National Mortgage and Agency Company — agree in saying that extreme dulness has been the prevailing feature in the tallow market during the past fortnight. The only public sales were those held last Wednesday, when a very/ quiet trade resulted, only 304 casks finding buyers out oi 754 casks offered, piices showing a reduction of Is 6d per cwt from the nominal rates of the 30th ult. There is, however, a slightly steadier feeling apparent, Messrs Weddel say, but that this is the forerunner of m improved trade it is impossible to say. The recent failure of a buyer holding a comparatively large stock, which has to be liquidated in the interests of creditors, is an adverse feature of the situation. Messrs Weddel go on to remark that very little business is being done on c.i.f. terms, but a few sales are reported of parcels airived in the river at 24s 3d to 25s for mutton, and 23s 9d to 24s 3d per cwt -\.i.i. for beef. The shipments from New Zealand and Australia during May were 5038 tons, -igainst 26-36 ior the same month last year. ,Stocks in London warehous_e have increased by 2389 casks during May. The New Zealand Loan and Mercantile Agency note that the present month is usually a dull period for tallow, and a quiet time may now' be expected for the next few weeks.

Frozen rabbits remain very dull, and prices are quite nominal. The National Mortgage and Agency Company state that very heavy stocks are being held in cold store, and New Zealand shipments now* on the way here will probably not be saleable until late in September. The same firm says that New Zealand cheese meets with a slow sale at lower prices, in competition with increasing supplies of Canadian. 54s to 57s is the current quotation.