NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2428, 26 September 1900, Page 15

NEW ZEALAND PRODUCE IN LONDON.

(From Ocb Own Correspondent.) LONDON, August 10, WOOL.

From the New Zealand Loan and Mercantile Agency Company I hear tc-day that there is no fresh feature of interest to iepoi-1 in the wcol market. There continues to be little or no inquiiy for the raw rnaterisl, while reports, both from Home and Continental centies, with reference to the woollen industiy still aie of c, more or less discouraging siatuie. The quotation for tops at Biadford is nominally unchanged; but it is considered doubtful whether buyers would now pay the rates which were obtainable two weeks ago. With reference to the iatt public spies of sheepskins, the same company remarks that the attendance of buyers was rather smaller than usual, while competition 1 was slow and irregular, and, as compared with the preceding auctions in June, values maiked the following decline.— Merino, id to Id per lb; fine crossbred, Jcl pel lb; and coarse crossbred, Jd to id per" lb. (Last week I sent you the rep'oit of Messrs Charles Balme and Company in reference to the same sales.)

Messrs Weddel write that the last fortnight has not served to disclose any new feature as regards the wool trade, hi either the Home or Continental centres. As has been the case for pome time pa.st, manufacturers continue extremely cautious m placing new ordeis, and aTe still pursuing a hand-to-mouth policy. Spinners, dealing in merinos and fine quality crossbreds, find business is very slack, many mills running about only half their capacity. As regards the coarser qualities, there is a fair turnover at firm prices. Inquiry on the London market has been limited to a few lots withdrawn at the recent public sales, resulting in small sales at late r?tes. From America ieports refer to a rather more encouiagmg state of affairs; but stocks theie must be considerably reduced before there can be much room for the importation of foreign wool. It is lemarked by the National ' Mortgage and Agency Company that owing to the holidays there his been little doing in the -wool market, and reports from the rnanufactumig districts make the postion quiet and unchanged.

NEW ZEALAND HEAT.

During the past two week& the airivals of nmttqn fioni New Zealand pro said by Messis Weddel to have been considerable, accoi-rling to their report numbering 142.000 carcases. Added to the large stocks already in store, these heavy receipts have had a depressing effect on the maikot.

Referring to New Zealand mutton, the National Mortgage and Agency Company note that Canterbury sheep range from 3\d to 3Jd per lb, according to weight and quality. Theie are veiy few Dunedin and Southland sheep on offer, but the best brands from the North Island are worth about 31d per lb for light and medium weights ; heavier and orclmaiy qualities, 3Jd-£d per lb, and ewe's and inferior sheep about 3d per lb. ■ It is stated in the meat report of the New Zealand Loan a-nd Mercantile Agency Company that a rapid fall in prices for all classes of frozen mutton has taken place during the past four weeks, and the. indications are that a fur-

ther foil may be looked for, the. recent stifling weather having had much to £o with it, beside the anxiety of, holders to get nd of their stocks while prices were .high. Prime Canterbury mutton is now quoted at from 2s 6d to 2s 7d, secondary and Southlands 2s 5d to 2s 6d, and North Island 2s 3d to 2s 4d per stone. The lamb trade has suffeied from much the samecauses as mutton, combined with the Tecent heavy arrivals, the prices quoted being : Prime Canterbury, 2s lOd to 2s lid; secondary and Otago and Southland, 2s 9d to 2s lOd. The beef trade still -remains" good, there being a fair demand for all cla&ae^ of fiozen and chilled beef. New Zealand hindquarters are quoted at from 3s to 3s Id, and forequarters 2s 2d to 2s 3d per stone.

From the National Mortgage snd Agency Company of New Zealand I hear that the demand for lambs has continued active, and thab prices show no further fall, in spite of the heavy arrivals. Canterbury lambs range from 4|d-lcl per lb, and othei biands 3£cl-i£d,- light weights meeting with. the most inquiiy, at tho higher prices in both" casos. By the same- firm New Zealand hindquarters of beef- are, put down at 4\d to 4|d per lb, forequarters, 3J-2d.

For the time of year ariivals of New Zealand lambs have been heavy, totalling, Messrs Weddel state, some 108,000 carcases. They remark that trade at Smithfield has been quiet, owing to the laige numbers of people away from London just now. From the provinces, particularly the seaside resorts, there has been a faninquiry, although the demand, it is thought, uirdcubtedly to be suffering from the effects of the unseasonably ' cool weather now being experienced all over the country. Small-weight lambs, which have been in short supply all through the season, aie still scarce, and sell much more readily than heavy carca&es. For the small number of 28-361b Cinteibury Ismbs on offer, the quotation is firm pt -Ijd-Ul per lb, althought for 36-441b lambs of the best brands the price is 4£d-*d, at which rate sellers are numerous. Canterbvtry lambs weighing over 441b arc almost unsaleable" except as pmall sheep,, and sales cf this'description are made at 3Jd to 4d per lb.. Small-weight Southland and Dunedin lambs make 4£d per ib, but heavy carcases of this class are difficult to move even at 35d-4d. Medium and heavy North Island lambs are selling at 3fd to 3£d, though for the few small carcases on offer 4d per lb is obtainable.

Of beef arrivals have agpin been considerable, arid include 6000 quarters fiom New Zealand. Messrs TVeddel tell me that the demand has been steady foi the greater part of the fortnight owing to ihe short tupplies this week of American chilled beef, and the last few days has witnessed a, brisk demand lo; fiozen beef, which is going into consumption as soon as available from the ships, and stocks in London remain very light." The standard quality of the New Zealand beef is being well maintained, and arrivals sell steadily at 3Jd per lb for forequarters and 4gd-ld for hindquarters, these cjiiot&jioiis beiag Jd-^l above those ruling a fortnight ago. The quality of the beef from Australia has also been distinctly good. In the piovinces, Messrs Weddel say that the demand for beef has been fairly good, and considerable quantities have gone into consumption at rates about equivalent to those curieut at Smithfield. In all parts of the countiy the demand for mutton has been slow, and this notwithstanding the, reduction in price of fully Jd per lb. On the other hand, lamb ,has sold rather better in the provinces than in London, quotations on both markets being on aborit p war.

This afternoon I have received the following from Messrs Fitter and Sons:— "The weather being so wet has been very unfavourable" for tho frozen meat trade, pnd it has also much delayed the discharge of the meat ships now in flock. The demand h?i been tolerably good for medium and small-sized sheep, but for large ones the demand is very slow. Holdejcs of New Zealand mutton and Ismb are, anxious to lealise, consequently the maiket is beingforced, and prices are weak all round. The reason of this is thai everyone here^mows that, for the next two or", three months — that is to say, dm ing Arigust, September, and October — the demand for fiozen mutton and lamb drops, off very considerably, and if stocks are allowed to accumulate, a ' great • fall in prices is inevitable. There is still a faiily large demand for .small New Zealand lambs. The bulk of those now arriving are laige lambs or tegs, which, had they been on the market earlier in the season, would hove sold well, but now are not wanted. A few New Zealand pigs have arrived lately,, antl although it is rather early in the season,' they sold veiy well, and there have been several inquiries as to more. "We think there would be a good demand during the season (September to Amil), say, for pigs weighing 601b to SOlb." Messrs Fitter's quotations are as follows: — Canteibtuy sheep, 3\<\ to -Id per lb ; Wellington sheep, 3£c!-id ; Canterbury lambs. 4d to" JJcl per" lb : Wellington lambs, 3£d to 4d pel lb ; New Zealand beef, hindquarters *Hd ip 4Jd per ]h, fonoquartprs 3}d to 3Jd per lb; New Zealand pisrs, 4kl to 42d per lb. (English pigs are quoted at sid to Gd per lb.)

MISCELLANEOUS

In consequence of the scarcity of English wheat, Messrs Weddel state there has been a good clemincl for that from New Zealand, at fully late rates. Quotations are- — Tuscan, 30s Gel to 31s Ccl; Hunter's and pearl, 29s 6cl to 30s 6cl per 4961b. The average price last week for English wheat was 23s lOd per Inrpenal quarter, and though it represented a decline "of 2d per quruter from ,the^previous fortnight, it was 4s per quaiter higher than at the same time last year. The National Mortgpge-ancl Agency Company write that the wheat trade has been dull md veak, but closes with more fiiinness, owing to the bad weather, which will delay the new English wheat from being placed on the market. Holders are strengthened m their ideas, and an advance of 6d per quarter has been obtained on all descriptions arrived and near at hand. Old English wheat is veiy scarce, so that from New Zealand is in lather better demand, at 29s Gd to 30s 6d for Hunter's and pearl and 30s 6cl to 31s Cd for 4961b, ex store, for Tuscan. A parcel of new wheat, half Tuscan, hag been sold at 28s 6cl per 4Solfa. cjlX,

London, JuV shipment, per steamer. There ia nothing doing in cargoas.

Cockiifoot is very dull, and the National Mort< gsge and Agency Company says that no busi* ne3s is passing ; quotations foi new seeds ara nominal. The New Zealand Loan and Mercantile Agency. Company say that while thera would now appear to be little doubt that tha clop in_ America is a short one, and that little, if any, seed will be available for exportation, the market hero for cocksfoot has not improved to any material extent. There has been ratheE more inquiry for New Zealand seed, chiefly to arrive, and several sales have 'been reported upon the basis of the prices last quoted — namely, 36s per cwt fo' bright 18ib seed.

As for New Zealand oats, Messrs Weddel report that the stocks are exhausted, and that quotations are nominally unchanged. New Zealand beans are in small supply, and are firmly held at late rates. • The s.s. Mamari, Rakaia, and Hinemoa have arrived from Lyttelton within -tho last fortnight with cargoes of grain ariel seed

For tallow, Messrs Weddel say the market -iias continued steady. Owing to the intervention of the August Bank Holiday there havo been no public sales this week, but privately a fair amount of business has ! been, transacted at fully late rates. All qualities have been m request. In view of the prospect of a falling off in offerings from America, in the immediate future, it is expected that values; may improve somewhat. There is a fair demand for tallow afloat, and recent sales have been made at 26s 6d to 27s per cwt, c.i.f., for mutton, and 25s 6d to 26s 3d for beef, while lmxed has sold at 25s to 25s 9d. For shipment, however, sellers ask 6d to 9d per cwt above these figures. The shipments from New Zealand and Australia for July are reported as 3032 tons,, as compared with' 2446 tons for the same month last year. The following are | Messrs WcddeiV spot quotations _per cwt for { tallow : —Mutton — goo;l to finest 26s' 9d to 28s, J dull to fair 26s io 2Gs 6d, inferior 25s to 25s 9d; | beef— good to finest 28s to 575, dull to fair, i 23s 3d to _25s 9d, inferior 24s to. 255. Tho [ National ' Mortgage and Agency Company quote [ fair to fine mutton at 26? to 283 per cwt. Though. | there have been no public sales, the market | rernnins very steady.

Also, regarding tallow, the New Zealand Loan and Mercantile A gency ■Company-write' that afrtha ructions last week there was a good' demand for New Zealand and" Australian sorts, the greater part of the offering finding purchasers at preceding week's rales to 3d per cv--t advance. There continues to bs good inquiiy privately for most qualities, and a fairbusiness has been done both on the spot and in parcels close at hand on c.i.f. terms at firm prices. This firm quotes fair to finest mutton tallow at 27s to 253, and fair to fine beef 26s 3d to 27s per cwt. The prospects for a maintenance of present rates in the near future would appear to be fairly well assured. On the whole, a firmer tone has* 1 characterised the market for nianila flax, more particularly as regards parcels on the spot and near at hand, and values recently have marked s>u advance, I hear from the New Zealand Loan and Mercantile Agency Company; which firm goes on to remark that the news as regards the position of affairs in the Philippines continues to be of a more or less favourable character, and this, together with a falling -ofi in the receipts at Manila — the figures for last week being given as only 10,000 bales — has induced a better feeling as regards New Zealand flax. For the latter there has during the last fewdays been consider? bly more inquiry for spofc parcels at £21, c.i.f., and several sales have been effected at this price ; holders, however, are now asking rather more money. For distant shipment there are buyers at £20 to £20 10s per ten, c.i.f.

Large shipments of frozen rabbits continue to come to hand, and as the demand is veiy limited the stocks aie - accumulating, states the report of the National -Mortgage and Agency Company.

With the- exception of Canada, none of the other colo.iies are at present represented in. the'^butter market. Prices all round -have advanced, and ths market is practically bare of supplies. On this account, it is considered by the New Zealand Loan and Mercantile Agency Company, thnt prospects, so far as can be judged -at present, point to higher prices mling in the near future, of which the early shipments from Australia will reap the benefit. Messrs Weddel say that there are four small shipments of Australian butter afloat, the first of which, consisting of over 1000 boxes, is due in the Oiuba next week. The remaining three total 8200 boxes. It thus looks as if the new season would open earlier than ever before.

Messrs Weddel conclude by saying that New Zealand cheese is practically absent from tho market, and that the demand for Canadian cheese is dull. The imports of Candian cheese since Ist May have been about 70,000cwt in excess of the same period last year. ~

August 17. .Messrs Charles Balme and Co. infoim ma thab the 'Loo don wool --market has been extrerae 1 y quiet during the past fortnight, and although there has been ar> intermittent inquiry for both me-inos and crocsbicds, the tiansachons which have resulted have been quite unimportant. Reports fiom the Yorkshire clist'icts are characterised by a, somewhat more cheerful tone both as regards fine and cotu-se wools, although no actual improvement hps taken place in the position of the former or in prices. On the ContLic--.it r-omplairts aie still rife as to the scarcity of oicler°> for yarns made fiom the finer grades ol! &taple, and a good clcil of machinery "in this e'epp' ii-pcrt is rrnw standing idle. The gioss arrivals for the fifth sprics of c alcs now ravmii'- to 210,620 bales, including 97,687 f.em New Z»Rl?nd. I learn from the C. C. and D. Company that trade in New Zealarcl mutton Inb hje'n alnmst at a standstill during the aroatei part oi the current week. Sheep not fLnliiic buyers one day have been coinpulsorily held over to tho

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next, and then sold at a nominal price. Cantcilrary sheep ai-e now quoted at about 3id per lb, find Noith Island at 3^d down.yard. 'ilie flotations are almost nominal, so lew sales takiug place.