NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2467, 26 June 1901, Page 17

NEW ZEALAND PRODUCE IN LONDON.

(From Our. Own Correspondent.) May 18. v;ool

The third series of wool sales has been continued daily since the opening on the 30th ult., and Messrs ISalrue and Co. say that although the sale room continued to be well attended, competition is not sc active as during the previous week. Continental buyers, who throughout the seiies have been the chief supporters of the market for merino wools, ha\c recently somewhat curtailed the scale of their operations, while the Home trade are not particularly eager b.'dders for tins class of wool. In these circumstances, prices for medium and inferior parcels, both scoured and greasy, have slightly weakened, and ?re row somewhat below the highest point of the series. Fine-haired New South Wales clips, however, continue in great request and command full rates. The finer qualities of crossbred wool, when in good condition, maintain last week's rates, but values

for medium and coarse grades, which Messrs Balme say form by far the larger proportion of the available supply, have receded, and now stand 5 per cent, below the level established at the opening of the auctions. Messrs Babne conclude by noting that a curtailment of the sales has taken place, and the series will now close on the 20th inst. instead of 011 the 21th as originally arianged. The New Zealand Loan and Meicant.lc Agency Company remark that at the opening values for merino and fine ciossbred wools showed no material change from March sales closing rates, but medium azid coarse grades of the latter marked a decline of Id to Jd per lb. With the progress of the sales the position of fine wool has improved, and such descriptions may now be quoted about 5 per cent higher than at the opening. Upon the other hand, for thp coarser qualities of crossbred, which during the first 10 days at the lower level of values enlisted good Home trade competition, the inquiry has of late been less active, with the le^ult that mices have" eased off, the depreciation m lambs temg particularly rrarked. The depiession mciossbred wool is in large measure to be attributed to the abnormally low prices at which Buenos Ayres wool is being pressed for sale, and in view of the laige supplies and the trend of fashion being all in favour of fine wool, the New Zealand Loan and Mercantile Agency Company look upon the prospect of ary material improvement in the near future as anything but hopeful. On the opening day of the present series of wool sales, the National Mortgage and Agency Company note, ir. the presence of a large and representative gathering of buyers, competition foi merino wools was strong at prices fully equal to those ruling 1 1 the close of the March auctions, with an upward tendency in the case of wools of really fine quality. Since the beginning prices have slightly hardened, and most descriptions of merino wool sell at par to 5 per cent, above March rates, while the finest-haired kinds are similarly 5 to 10 per cent, dealer. This has been very noticeable in scoured merinos, which have sold up to Is 10Jd.j?er lb. New Zealand merinos have been in small supply, and mostly in the grea«e. The highest price re?hsed so fa* has been lid for an exceptionally choice parcel. Lambs have been somewhat slow of sale, at a decline of fully 5 per cent, as compared with Maich. Cios^bled wool, this firm says, has been in ample supply. The finest graces, when light and attractive :r> appearance, have sold at figures fully equal to previous rates, but on medium and coarse kinds the decline has been quite 10 per cent., and in the case of the latter, when heavy and'wasty, sometimes more Crossbred lambs' wool, which opened at a decline of quite 5 per cent , has since further fallen away another 5 per cent. Slipes have not bee'fi offered freely, and have fared' the same as the relative grades m the giease. Up to date 205,297 bales have been catalogued (including 69",310 from New Zealand) ?nd 13,237 have been withdrawn (including 4604 from New Zealand). The fourth series of sales is to open on the 2nd July, 'and to date the arrivals are, I am told by the National Mortgage and Agency Company, 327,1C2 bales, 84,667 being from New Zealand.

NEW ZEAT-AND MEAT.

Anivals of New Zealand mutton for the fortnight have been heavy, accoidmg to Messrs Wedel, who give the total figures as 163,000 carcases. This considerable addition to previous excessive supplies in London has assisted in further depressing the market. Canterbury mutton of 48lb to 561b may be quoted pt 4d per lb, the 561b to 641b grade at 3|d to 3gd per lb, and sheep of 6ilb to 72ib at 3Jd per lb. Heavier Canterbury sheep are difficult to sell even down to 3d ncr lb. Dunedin, Southland, and the prime brands of Wellington mutton are selling at 3|d to 3%& per lb for small sheep, and at 3d to 3|d per lb for large carcases. Ordinary quality North Island mutton ranges in value from 2|d to 3|d, according to size of ther carcase. Arrivals of mutton from Australia have also been heavy, numbering 108,000 caicases in a fortnight. With reference to New Zealand lamb, of which Messrs Weddel say that 119,000 carcases have been received, I hear that there has not been any marked change in the position of the market during the past two weeks. Sales have been steadily made, but the consumption is not so great as might have been expected so near the height of the season Values of small carcases have been about maintained, but there has been a slight reduction in the case of heavy lambs, which are not only in xrruch larger supply, but also feel the depression in the mutton market more acutely. Prime Canterbury lambs, of about 321b average, make s^d to sld per lb, heavier lambs realising &\d to ogd, and carcases of 401b and upwards selling down to 5d pc- lb. Offerings of Southland, and Dunedin lambs are not quite so plentiful. Small carcases may be quoted at s|d to s|d per lb, and medium grades at 4£d to 5d per lb. Quotations, for North Island lambs range from 5Jd down to 4^d per lb, it being much easier to make 5Jd for small carcases than 4|d per lb for the large lambs. The small weight of present arlivals of Australian lambs permits of ready sales being effected at about 4|d to od per lb for the Melbourne brands, and 4Jd to 4kl for Sydney qualities. The beef market generally has shown less strength during the past fortnight, particularly in the case of forequarters. This is partly the re&ult of the warmer -weather, and partly owing to the larger quantities of River Plate and New Zealand beef now on hand, but is chiefly the outcome of the cheapness of mutton, which makes that article more remunerative than beef for butchers to handle at present. As regards New Zealand beef, Messrs Weddel report that the values of hindquarters are steady at 3gd to 3£d per lb, though forequarters are difficult to sell at 2id to 3§d per lb. It is noted by the New Zealand Loan and Mercantile Agency Company that during the past three weeks the Smithfield market has been characterised by inactivity, and values show a marked decline from those quoted three weeks ago. Prime Canterbury mutton is to-day worth from Qs 4d to 2s 7d per stcrae, Dunedin and Southland at 2s 2d to 2s 4d, and North Island Is lOd to 2s 2d. The lamb trade is firm, and, with fewer Australians on the market. New Zealand lambs of nice light weights are in good demand, at for prime Canterbury from 3s 4d to 3s 7d, Dunedin and Southland 3s 3d to 3s sd, and North Island 3s to 3s 3d per stone. For beef the demand generally has ruled dull for all descriptions, but valuei are described as being fairly firm at, for New Zealand hindquarters, from 2s 4d to 2s sd, and for forequarters Is lid to 2s per stone. * The report of the National Mortgage and Agency Company opens with the remark that as regards " frozen meats the position is most unsatisfactory. Supplies of sheep from all sources continue very heavy, and in spite of a further reduction in values the present demand is quite unable to absorb the quantities coming to hand. The accumulation of stocks is causing inconvenience to some consignees, owing to a lack of storage accommodation, and has resulted in forced selling at lower prices without increasing the consumption. Lambs are by no means firm ; consignments are widely distribirted this season ; heavy lamb 3 have declined in sympathy with mutton, but there has been a good deal of unnecessary forcing of sales at low prices." With special reference to New Zealand mutton, the National Mortgage and Agency Company says that the continued comparative short supply of Canterbury sheep has enabled holders to maintain a relatively high price, especially for light and medium weights, a* compared with other brands. Prime /ste^p

of 48lb to G4lb have been saleable at old to 4d per lb. Heavy weights, howev.r, are very unsaleable, and range fiorn 2^d to 3id per Id. The bulk of supplies hns consisted of North Island sheev>, a^id these have shown gieat weakness; 48ib "to 64!b range from 3d to 3^d, but over this weight most ot the sheep selling only rcahsed 2icl to 2^d per lb. _For lambs there has beon a fair demand, but sales h?ve been pressed, and values are rather, weaker tlipn they were three weeks ago. Best Canterbuiy lambs, 30ib to 40lb, are freely offered at 5Jd per lb, and heavies at 4gd. Other biancis are quoted at 4|d to 5d per lb, according to we.ght, the light grades meetn-g with the most inquiry at the higher rates. Ausiiahan lanib; aie quoted at fiorn 4Jd to 4jd per lb. Trade in New Zealand beef is sa d to h?\c been veiy dull and dragging, but prices remain nominally unchanged.

MISCELLANEOUS

Referring to the demand existing during the past three weeks for Xew Zealand Initter, the New Zealand Loan and Mercantile Agency Company say that it has been fairly good, though l?tely many buyeis of colonial butter have turned their attention to the home and Continental descriptions, winch are steadily increasing 111 quantity, with the result that values for colonial butter are easier. The shipments per Banffshire and Aotea for tho n,o«t part arrn'ed in goc:l condition, and prcned of g'ocd quality. Fuest New Zealand buiter is worth from 563 to 98s, this firm says, and fine is quoted at SBs io 945. It is noted by the National Mortgage and Agency Company that the dsmand for New Zealand and Austiahan butter has been less active, bujers now turning their attention to European descriptions, supplies of which are rapidly increasing. Recent arrivals show a marked falling off 111 quality, and values have declined, it is quoted here at 70s to 100s per cwt. Messrs Weddel report that the scarcity of English wheat -has steadied the market for New Zealand wheat, although values are about €d per quarter better than they were a fortnight ago. Tuscan is quoted at 29s 6d to 30s Gd , Hunter's and pearl, at 29s to 30s per 4961b. For New Zealand oats Messrs Wcdclel say theie has b»?n rather more demand pt about recent rates. Good Canterbury Canadians are quoted at 26s to 283 : ordinal y Bluff at 24s to Css ; and^Sparrowbills at 23s to 23s 6d per 3841b; duns, 17s to 17s Ccl per 3 q ,Clb , and Danish, 17s per 3201b. The, supply 01" Ncv Zealand beans is exhausted meanwhile, but gcod quality may be quoted at about 33s to 3-ls per 5041b. The following vessels have ai lived from New Zealand during the last foitmght with fresh stocks of gram oa board — The Indradcv., bringing oats, wheat, barley, and pcs>s, the Star of New Zealand, with oats; the Aotea. i\ith wheat, opts, and seed; 1 the Taranaki, v.ith wheat, the Rimutaka, with cats and pe<is, ar.d the Antaies (from Auckland), with wlie it. The Loan and Mercantile Company note that there is practically no bit -mess passing in srjot cocksfoot seed, of which a very 'small quantity is available in. fiist hands, and for which 39s per cwt, ex waiehouse, is beii>g asked for good colour lSlb seed of lpst season. The mprket for vsv season has now fairly opened, and some considerable business has been done at prices ranging from 32s per cwt. c.i.f., for 13lb seed of medium colour, to 37s 6rl for 17lb medium colour; while 41s is asked for 181b, aad 39s "for 171b bright seed. The National Mortgage and Agency Company tell ra« that at three public auctions of tallow, 4982 casks-- "were available, and 2945 were sold. The demand throughout has, they say, been very dull and diaggiug at a decline of about 3d per cwt. Fine mutton tallow has met with a fair inquiry; but beef, esuecially the dull sorts, has been difficult of sale. At the auctions this week fine mutton tallow was also^ occasionally Gold at 3d per cwt decline. The shipments from Australasia during April were advised as 3600 tons, as compared with 3360 tons for the same month last year. Imports for the past three weeks have amounted to 2827 ca=ks from Australia and 4803 from New Zealand. The quotations or* the National Mortgage and Agency Company are: — New Zealand mutton tallow, good to fine, 27s 3d to 2Ss 6d per cwt ; fair to good, 25s 6d to 26s 9d ; common, 2J<s to 255; and low and mixed, 23s to 24s 6d. , Beef, good to fine edible, 26s 9d to 2"s ; fair to good, 25s to 26s ; common, 24s to 25s per cwt. j The New Zealand Loan and Mercantile 1 Agency Company observe that since their last , rc-norfc the market values for tallow have been about maintained, though fine mutton has* shown a slightly easier tendency. The spot demand generally is by no means bri=k. but a fair proportion "of the weekly offerings finds buyers at or after the sales, so thnt stocks are not accumulating. No forward c.i f. transactions of any importance have transpired during the la=t three weeks. Fair to fine mutton is j quoted at 27s to 28s 3d, and fan: to fine beef I at 25s 3d to 26s 6d per cwt. j In the same report it is noted that tlieie has been a, continued good demand for New Zealand flax during the past few weeks at fiim to lather higher rates. At the moment the quantity on offer on the spot and near at hand is very limited, while forward business is said to be lendered difficult by the advanced terms required and the apparent scarcity of flax in New Zealand available for shipment duung me piesent and the" following month. The spc_ u sales amount to about 150 tons, fair to good fair at £24 15s to £25 10s ; and, for arrival, sales and resales of about 250 tons have taken placeviz. March-April, £24 10s; April-May, £24; May-June, JE23 5s to £23 10s , May-July, £22 10s to £23; July-September, £22, c.i.f. Th& quantity landed in April was only 64 tons; while 218 tons were delivered during the same month. The present stock is 208 tons, compared with 428 tons at the same time last year. Information of a similar nature is contained in the report of the National Mortgage and Agency Company, who give, in addition, the latest quotations for New Zealand flax— viz., superior, soft and bright, £26 to £26 10s per ton; good medium, well dressed, £25 5s to £25 10s; fair medium to medium, £24 15s to £25 per ton; fair medium to medium, rather strawy, £24 to £24 15s; tow, £11 te £12; the abeve piiccs are all c.i.f., ex warehouse. - For frozen rabbits I hear that the demand has been of the most limited character, and only retail lots can be realised. .Holders (the National Mortgage and Agency Company say) aie anxious to make better progiess, and are willing to sell lines at low prices, but buyers hold off. A large uvtmber oj Australian rabbits have arrived in damaged condition, and have been condemned. For reliable New Zealand biaads the following prices "are current: — Lar<*e, 2Jlb and up, 6£d to 7Ad each.; young, 21b to 2Jlb, 5s to sftd each. In the market for preserved meats there is little to report: Canned rabbits are coming to hand, and are selling at 6s 9d to 6s lOJd per dozen, c.i.f. Five hundred and fifty cases of preserved meats have arived from New Zealand during the last three weeks. From the National Mortgage and Agency Company I hear that salted New Zealand pelts (prime freezing sheep and lambs) continue to sell at about late rates. Shipments now com- j ing forward are mostly of prime quality, and are intrinsically worth, more than the off season's goods, but it is not possible to get any j advance, as tanners complain thai prices are already, too high. The demand for poor season'^ pelts is irregular, and prices are. rather easier. There was a good demand at the last public sales of basils, when out of 13,442 offered 6626 skins were sold; best selections were well competed for at firm prices to Jd per lb advance. There was a fair demand for leather at the last auctions at about late rates. For hinds, on the other hand, there was very little demand, and^ with the exception of

Queensland light ox, for which Jd per lb decline was offered, other assortments were quite neglected. With reference to rabbitskins, the National Moitgage and Agency Company inform me that the moderate supply c-f SO6 bales of New Zealand and Australian skins was catalogued for sale on the 10th mst., ar>d 771 bales weie sold. There was a .steady demand fiom all sections of the trade. New Zealand's 184 bales 'were in fair lequest; best winter skins were scarce, and qiiality slightly inferior to March collections. The prices realised show about Jd per lb decline; incoming and autumn sold at full values, v, hile milky and damaged biought relatively good results ; suckers gained Id per lb ; silver grey and blacks were m too small supply to attract competition, but the demand for these is at piesent ml. At the corresponding sales last year there were 1320 bales available.