HEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2455, 3 April 1901, Page 15

HEW ZEALAND PRODUCE IN LONDON.

£Fbom Otto Own Cobkespondknt.) LONDON, February 23. WOOL. ' On "Wednesday last the list of available quantities for the wool sales to open on the 12th March was closed, for on that day the limit of 200,000 bales was reached. Messrs Balme tell me that the new arrivals for the coming series include 32,433 bales from New Zealand. *or the second series of last year the total available quantity was 257,000 bales. I have already sent you the remarks of Messrs "Weddel and Messrs Balme with reference to the nrst series of sales for the year, and-now I am able to send you a few remarks concerning tne wane sales, Bupplied to me by the New Zealand Loan and Mercantile Agency Company, who write: " The course of prices wa* was very disappointing, the improvement established during the opening week subsequently being lost -at the close, as compared with preceding series (October-November) rates, save as regards the best descriptions of merino and fine crossbred which ruled par to 5 per cent higher values for the most part marked a decline of Jd to £d per lb The quantity sold aggregated some 244 000 bales, of which 5000 bales were taken for America and 95,000 bales for the Continent the tjnrohases on home account thus absorbing nearly 60 per cent, of the total, an unusually lar-e proportion. An unsatisfactory feature is the large quantity (95,000 bales) again held over, and this cannot, we fear, but tend to check any genral upward movement m the future, There has been some little inquiry privately for bought-in lots, but a quiet tone generally prevails in the manufacturing districts, and the outlook is far from encouraging, top quotations being the lowest on record. The National Mortgage and Agency Company also state that "business in Yorkshire has, since the close of the sales, been disappointing. Great ■want of confidence still pervades the entire trade, both in this country and abroad, and although values of rnermo wool have been fairly steady prices of the lower grades of crossbred produce have been weak. Until trades improves and old stockß become absorbed, it is unlikely ■that business will be anything else but of a hand-to-mouth character. Referring to the course of the late series, the National Mortgage and Agency Company say that during the last week of the sales prices rallied somewhat, from the lowest point touched, leaving values on average, according to condition, par to 5 per cent "below the rates ruling at the previous auctions for merino wool; scoured merino of cood body and condition, and especially when really fine, did not suffer to the same extent aa ereasv descriptions, ana sold mostly at par to 5 per cent, above October; the highest price paid for fine clothing was Is B*d per lb. As ieeards crossbred lambs' wool the selection was •ooor, and prices ruled rather in buyers' favour. Shped crossbred pursued much the same course as greasy crossbred wool. NEW ZEALAND MEAT. "Prom Messrs "Weddel I hear that a sharp repction has set in in the New Zealand mutton recartment of the meat market, and values are M to id per lb down as compared with last nuotat,ons. This is largely the result of the i olicy adopted by one of the largest holders, ■v ho being dissatisfied with the smallness of * lies lowered prices with a view to assisting ■Tie demand; other consignees had to come into me and latterly there has been some lnchna- - on' to forced selling on the part of competing .reporters. Consequently the position of the -narket has been seriously affected, and the most unfortunate feature is that the inquiry has been in no way stimulated by the reduced -ates demanded, buyers now only operating from hand to mouth in the hope that values ■will so still lower. , Referring to the New Zealand mutton trade, the New Zealand Loan and Mercantile Agency Company write that values for all classes of mutton show a slight depreciation, while the demand has been extremely weak. Prime Canterbury sheep are now worth from 3s to 3s del; Dunedin and Southland, 2a lid to 3s 2d; and North Island, 2s lOd to 3s Id -per stone. As for New Zealand lambs, this company says there is no change to report; those from Australia still meet a good market. The beef trade has also remained dull for the past three -weeks, and prices show a marked decline for hindquarters, which are now quoted at from 2s 5d to 2s 6d per stone for those from New Zealand. • Messrs Weddel inform me that the lamb market is the only one that has been by any means satisfactory during the last fortnight; ths demand is said to have been surprisingly cood considering the cold weather, and there

7is no accumulation of stocks. There are only a few freshly arrived New Zealand lambs available yet, and quotations range from s|d to 6d per lb for prime lambs, down to 5Jd per lb for ordinary quality. Australian lambs are reaping the benefit of the excellent reputation they earned last year, and the quality this >ear, taken as a whole, continues very good, with the result that receipts are readily going into consumption , the best Melbourne lambs are quoted at 5d to s£d per lb. Arrivals for the fortnight consist of 71,000 carcases fiom Australia and only 6000 from New Zealand. Messrs "Weddel further report, with regard to New Zealand beef, that the irregular quality of this meat and the lack of firmness on the part of holders are keeping it weak; forequarters aie selling at about 3£d per lb, while hindquarters ranged from 3|d up to 4d per ! lb. The meat trade in the provinces has remained dull and lifeless ; there has been an unusually small inquiry for mutton, notwithstanding the lower price 3 now current ; the beef trade has been small, and almost entirely confined to River Plate beef, for which prices slightly below those current at Smithfield are being accepted. The position of the market for frozen rabbits remains without improvement , the demand is by no means active, and holders are still trying to clear stale shipments at the best prices obtainable. Quotations are nominally unchanged. BiIEY PRODUCE. In the Glasgow butter market there is, I hear from Me9?rs Mathie and M'Wilhem, a quieter tone, and prices for colonial butter are easier in sympathy with Danish butter, which was lowered 4s 6d last week. A good consumptive demand is experienced for fine under grade butter irom 98a to 102s, which can be retained at the pbpular Is per lb ; but choicest quality, though nominally unchanged in value, is now rather pressed for sale, as buyers prefer +o take Danish butter at the reduced quotations. Stocks of really choicest butter, however, do not show any accumulation, and it is thought that for a few weeks to come prices will be fairly well maintained. " The quality of New Zealand butter this season shows a marked improvement when compared with the former season, and we are pleased to state that we have noticed in it less fishmess of flavour this season than last. In the Australian butter there has been greater irregularity, and boras flavours have been much too prominent." Messrs Mathie and M'Wilham give the following quotations for choicest colonial butter : 108s to 110s per cwt , finest, 104s to 106s ; and fine, 98s to 102s. In Glasgow New Zealand cheese is slow of_ sale, and as many of the brands show up stiff and green lower prices have to be accepted to get them sold; no immediate reaction 13 anticipated in prices though ; these a-re 50s to 52s per cwt. In London, New Zealand butter is meeting with an unchanged demand, and prices are virtually unaltered. In the " finest " grade, which ranges from 100s to 102s per cwt, Messrs Weddel tell me that there is far keener demand than in the " choicest," the consequence being that prices for the two grades are approximating closer than they have hitherto been during any period this season. The Rakaia is due in the coming week with 28,000 boxes of butter from New Zealand. A well represented meeting of Australian shippers and English consignees was held this week, when a deputation was appointed, to wait upon th& P. and O. and Orient Shipping Corupanies to urge a more speedy delivery of Australian butter than has hitherto prevailed. The deputation will press for the delivery to consignees of all butter within six days of the beginning of the discharge of the cargo. Secondary qualities of New Zealand and Australian butter, especially when good enough for tnble purposes, have met with an active inquiry at fully late rates. The National Mortgage and Agency Company further state that large arrivals of American butter, mostly of the lower grades, have come to hand and have bean selling down to 64s per cwt. There is, this company reports, no life in the cheese market, which remains in a very unsatisfactory state. New Zealand cheese is quite neglected, and forward buyers will have to face a heavy loss; coloured New Zealand cheese is, in this report, quoted at 46s to 50s, and white at 48s to 525. MISCELLASTEOU3. Messrs Weddel tell me that the demand for New Zealand wheat continues very restricted, and vplues are unchanged, the quotations being: Tuscan, 29s to 30s; Hunter's and pearl, 28s to 29s per 4961b. The New Zealand Loan and Mercantile Agency Company state that the demand has been rendered nervous by the fear of large prospective supplies, especially from the Argentine, whence a report has been issued by the Minister of Agriculture estimating the crop pt about 2,500,000 tons, of 'which it is expected 1,500,000 tons will be available for export. New Zealand longberried wheat is quoted in the report of thi3 company at 29s 6d to 30s for 4961b, and shortberried 28s 6d to 29s 6d. Stocks of New Zealand oats have recently been replenished, but the demand is, I am told by Messrs Weddel, exceedingly slow at late rates. New Zealand beans are quiet, but are firmly held at late rates. With reference to cocksfoot, the New Zealand Loan and Mercantile Agency Company say that the arrivals from the colony of 1900 crop to date ! are practically 50,000 bags, being about 10,000 ' hags above any previous record, and with the trade almost full for season's requirements the market is inactive, and values are not above 33s to 34s for 181b seed. Stocks in hand here being considerable, some holders have shown

asxiety to sell, and, in view of the somewhat unfavourable report of the new crop—news of v/hich was received by cable from Christchurch as follows '* Crop of cocksfoot is smaller, pnd quality somewhat inferior to last season" —it is regarded ps not unreasonable to anticipate a firmer tope in the market when the information becomes generally known to the trade. After the tallow sale in the beginning of the month the market took a better turn, and although even now prices are much the game, there is a distinctly better tone, and the bulk of the offerings in the auctions have sold much moro freely. Both Messrs Weddel and the New Zealand Loan and Mercantile Agency Company report that at the sales yesterday prices were again firm, low sorts, if anything, being slightly dearer. Out of 917 casks offered some 521 were sold. It is reported that there has been a large clearance of Home tallow, which of late has been fairly plentiful, and has prevented buyers from operating more freely in colonial sorts. The latest quotations of Messrs Weddel are —Mutton tallow Good to finest, 27s 9d to 29s 6d per cwt, dull to • fair, 26s 9d to 27s 3d per cwt, inferior, 24s Od to 2Ss 6d. Beef- Good to finest, 26s 6d to 28s, dull to fair, 25s 9d to 26s 3d, inferior, 24s 9d to 25s 3d. The London stock of tallow for the last month is stated to be 20,285 casks, but this quantity, the New Zealand Loan and Mercantile Agency write, is not all in first hands, the stocks so held being undoubtedly very small. Transactions or a c.i.f. basis have been very few and far between, and only a few parcels'have found buyers at 24s 9d to 25s 6d for mixed, and from 26s 6d to 27s 3d for mutton, with practically no beef tallow offering. In the opinion of the New Zealand Loan and Mercantile Agency Company, the position of the market is fairly strong. From the same firm I hear that there has been a steady demand for New Zealand flax at gradually advancing prices, which at the close . show an improvement of £1 to £1 10s per ton for the better qualities, and fully £1 per ton for fair and good fair. At public sales 1561 bales have been offered, of which 1300 were sold, the last prices being fully good fair; well-cleaned and bright colour, JS24; good fair, £25 to £25 j 10s; fully fair, £22 15s; fair, £22 to £22 10s per j ton. For arrival 175 toris have been disposed of. January-February, £22 ss; January-March, £21 10s to £22 per ton, closing with further sellers at the latter figure. The stock in warehouse is 1221 tons as compared with 219 tons last year. The quantity landed during January was 182 tons, while 498 tons were delivered dur- ] ing the same month. j The National Mortgage and Agency Company say that at public sale 1561 bales of New Zealand flax have been offered, of which 1300 bales were sold. The quotations sent me by this company are —Superior, soft and bright, £24 10s to £25 per ton; good medium well-dressed, £24 to £24 ss; fair medium to medium, £23 to £23 10s ; fair medium to medium (rather strawy), £22 to £22 15s; tow, £11 to £13. In the preserved meat market there is said to be very little to report; there are practically no stocks in first hands. Some offers have been received for preserved rabbits at 6s 9d ]er dozen, c.i f., but the National Mortgage and Agency Company write that no sales are reported at present. At the last sales of leather 1506 sides were offered, and 320 were cleared. There is said by the National Mortgage and Agency Company to have been a fair demand at late rates, the unsold portion being firmly held. Out of 12,706 basil skms on offer 8686 weTe sold: From the home buyers there was a strong demand for the attractive collection on offer, and fully Jd per 1b advance was obtained for the best shoe selections. During the past three weeks the few airivals of salted New Zealand pelts which have come forward have been sold promptly at full rates, the supply being unequal to the demand. The quotations are New Zealand crossbreds, heavy firsts, 19s to 28s per dozen ; do seconds, 13s to 18s, do medium substance, firsts, 17s to 21s; do seconds, 11s to 16s; merinos, firsts, 103 to 14s per dozen ; do seconds, 7s to 10s; New Zealand lambs, firsts, 12s to I6s 6d, do seconds, 8s to 12s per dozen. There is nothing of interest to report in the market fo- Tabbitskins. The National Mortgage and Agency Company remark that supplies for the ! next sales are coming to hand slowly, especially from New Zealand.