NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2539, 12 November 1902, Page 10

NEW ZEALAND PRODUCE IN LONDON.

(From Otra Own Cobbesponbent.) October 4. "WOOL. Last Thursday tlie fifth series of colonial wool sales of the current year was brought to a close. Th» sales opened on the 16th September. Messrs Balme say that the total available quantity was some 192,0000 bales, made up of new arrivals and old stock, against a total of 304,000 bales for the fifth series of la-st year. The quantity catalogued totalled 176,128 bales (102,326 of these being from New Zealand), and it is estimated that about 26,000 bales were held over (18,300 of these being from New Zealand). Of the quantity sold, approximately 68,000 were taken for export, including about 7000 bales purchased for shipment to America. In their review of the series, forwarded to me by Messrs Charles Balrae and Co., it is stated that: '"' After the close of the July series business in the manufacturing districts, more especially in Yorkshire, vita somewhat unsatisfactory, and prices, particularly for crossbred produce, gradually receded. Prior to the opening of the auctions, however, a. more hopeful view of the situation svipervened, and 'the ground lost was quickly recovered. At the beginning of the saies, merinos ruled in average 5 per cent, dearer than in" July, the improvement being most pronounced in combing descriptions, whilst the rates realised for c.othing parcels were not materially in excess of those previously current. With the progress of the auctions, the demand for long-stapled wools of-good quality, which were eagerly sought after by the German section of the trade, somewhat strengthened, .although there was no corresponding expansion, in competition for shortstapled shipments^- Subsequently, the market rather weakened, and at the end of the" sales prices ruled in average 5 per cent, above" those obtaining during the fourth series. " The finest crossbreds," Messrs Balme continue, " have been in good request throughout at about 5 per cent, advance. Medium to fine grades, which weTe somewhat neglected in July, and are now wanted by Continental buyers, are generally 15 per cent, dearer. Values for coarse qualities at the outset of the auctions were 'not appreciably better than at the conclusion of the previous sales. Later on, however, competition broadened, and at the close they stood 5 per cent, higher. Scoureds and slipes have been in large supply The finer sorts have sold slightly m excess of July final rates, while medium and coarse grades, which to begin with ruled in buyers' favour, ultilnate.y hardened, and closed 5 per cent, above the preceding series' rates. As regards South African shipments, combing greasies and fleece washed paresis have realised prices some 5 per cent, in excess of previous quotations. The position of other classes, however, has not senaibly varied from that level, although the trend of the market for short faulty greasies has been against the seller. " Judged by advices lately received from Australia with reference to the probable dimensions of next year's supplies," remark Messrs Balme in conclusion, " the maintenance of current rates for well-grown merinos— which, owing to the drought, are likely to be unusually scarce— appears assured. Tlr; increasing interest, however, which the trade, both Home and Continental, has recently evinced in the finer and medium qualities of crossbied woo!, would seem to indicate that the relatively high values now .ruling for merinos are forcing the demand, and to a certain extent fashion, on to the lower and cheaper grades of wool, a fact which, in spite of abundant supplies, should augur well for the future course of prices for this class of produce. ' The sixth serie-3 of wool sales Las been arranged to open on November 25, the list of quantities available being closed at 4 p.m. on the 17th of that month. To date Messrs Balme say that the arrivals total 26,855 bales, 8816 of which are from New Zealaud. Of the whole number some 3500 bales of New Zealand and Australian wool have been forwarded direct to the manufacturing districts. For woolled sheepskins, the following dates are announced for the coming sales: October 16, December 4, and January 22. According to fae Nzvr Zealand Loan and Mercantile Agency Company's report of wool sales, under the influence of spirited competition values "for merino and the finer qualities of crossbred produce — the former being onljr sparsely represented in the opening catalogues—ruled 5 to 10 per cent, higher, coarse descriptions fallowing little or no change. With the progress of the sales the firm tone of the market became further emphasised iv the case of ni'ost descriptions, and at the close, as compared with July closing ra'es, values were as follow : —Greasy fine and -jiedium merinos, 10 per cent, higher; scoured fine and medium merinos about 5 per cenV. higher; greasy fine crossbred par to 5 per cent, higher; greasy medium crossbred, 10 to 15 peT cent, higher; greasy coarse crossb:ed about 5. per cent, higher. Faulty ar.d wasty menno wool showed some irregularity throughout, and 1 little or no appreciation on Jmy ralos resulted As regards crossbred wool, the improvement was most. marked in the case of heovy-conditioned fine and good medium. For medium and coarse greasy crossbred the Continental demand was more than 'usually active, while considerable purchases were also macle on American account. New Zealand slip.-'s, which were in large supply for the most part, met a good inquiry at an advance of Id on fine and Jd on medium qualities, coarse par to Jd per lb dearer. NEW ZEALAND MEAT The National Mortgage and Agency Company say that Canterbury sheep are in fair supply, but are not pressed for sale, although as usual at this time of the year the quality of many parcels leaves much to 'be desired. Prime sheep of 481b to 641b sell up to 4Jd per lb, and the 641b to 721b grade at 3Jd per lb. Very few Dunedin and Southland sbppo have been offering, and prices are hardly quotable. Best brands of North Island mutton meet with a good inquiry, and up to 4d per lb is obtainable for 48lb to 641b grade, heavier weights realising about 32d, while ordinary North Island sheep are still quoted up to 32d per lb, according to weight. Ewes also are firmer, and 3}d per lb can be made ifor parcels of light ■weight. Considering the lateness of the season and the general dulness of trade, the demand for New Zealand lamb has been wonderfully well maintained, and the N.M. and A. Company remark that as stocks are well concentrated and firmly held an appreciable advance has been obtained. Canterbury lamb may be quoted at 5Jd per lb, and other brands at sd. Supplies of light and heavy lambs are now in more equal proportions, and there is less difference in the value of the two grades, 281b to 361b and 361b to 421b, than there has been all the season. The demand for frozen beef is in this report said to have been rather slack, but, in sympathy with other descriptions, values for that from New Zealand are firmer than they wers three weeks ago. MISCELL.A.NIOTJB. The most recent sale of tallow took place on the Ist inst., and in reference to it Messrs Weddel say that 1290 casks were offered, and 800 sold. For all Qualities, except edible beef, prices advanced 6d to 9d per cwt., and the enhanced values do not check business. Holders are disposed to ask more money, and, in view of the small shipments from New Zealand and I A_flij+ja-K«- gflDti°nyhCT iUii ai*A the, ftkoil

supply of Mome-melt, there is good reason for expecting -a steady improvement in .prices. The New Zealand Loan and Mercantile Agency Company speak of an improved demand for tallow, and I am told in this report that prices have advanced about Is per cwt during the last three weeks, excepting in the case of edible beef, which has been selling at late rates. The feature of the past few days has been the active inquiry for finest mutton tallow, and some 100 tons comprising the leading brands have been placed at 34s 6d to 35s per cwt. To-day's quotations are: Good to fine mutton, 33s 6d" to 35s 6d ; fair, 31s to 325 ; fair to good beef, 30s 6d; edible beef, 34s to 35s per cwt. There is nothing doing on c.i.f. terms for shipments, but a few parcels in second hands have been selling. In reference to New Zealand flax, the New Zealand Loan and Mercantile Agency Company say that, in sympathy with a good demand for tha lower qualities of manila, the market for New Zealand flax has advanced,, and some 800 tons have changed hands, and though there is a quieter feeling at the close, pricss generally are maintained. Quotations are: Good, fair Wellington, August B/L, £33 10s; September. £33 to £33 7s 6d; October, £33 ss; OctoberDecember, £32 103 to £32 las ;- January-March, £30 10s to £31; spot, £34; in dock, £33 10s to £33 15s per tori, c.i.f. "The National Mortgage and Agenisy Company speak of a continued good demand for New Zealand flax during the last three weeks, with gradually advanced prices, closing up to 30s per ton higher for all flax shipped up to December. January"March shipment has been, sold at 40s to 455~ ■ advance, and is relatively cheaper. The sales probably amount to 800 tons, the latest values being, ex warehouse, £34 per ton; in craft or dock, £33 10a to £33 15s per ton. Manila is quoted at £11 10s per ton c.i.f., and sisal at £30 per ton, c.i.f. It is stated by the New Zealand Loan and Mercantile Agency Company that there has been a good inquiry for cocksfoot, with hardened prices. The stock in first hands is small, and values may -further advance/ There is a demand for the heavier seed; 161b seed is quoted at 565 ; super 181b seed, at 60s per cwt, o.i.f. The N.M. and A. Company note that cocksfoot is in good request at higher prices. There is no New Zealand wheat on the market, and the N.Z.L. ,and M. Agency say that fpr the small quantity of Australian wheat still remaining very high prices- are asked. There are no transactions to report in respect of Australian cargoes, of which there are none offering. There is a good inquiry for New , Zealand beans and peas, the poor quality of the crops in this country accentuating the demand. In partridge peas the extreme price of 50s has been paid for a small parcel. New Zealsmd peas are quoted at 36s 6d to 52s per 5041b, and beans 36s to 37a 6d per 5041b. I am told by the New Zealand Loan and Mercantile Agency Company th^t the market for New Zealand rabbits rules very firm, and good prices are being realised; there are large quantities of both Australian and New Zealand rabbits now arriving, and, taken all round, they are turning out in excellent condition, ' more care evidently being taken in packing, etc., in New Zealand and Australia. Prime large New Zealand rabbits realise from BJd to 9£d ; young, 7id to Sid; and small. 6Jd to 7d each, the top price for Australian rabbits being 9d ■each. The National Mortgage and Agency^ Company state that there has been a fairly active demand in this market, and although large supplies have come to hand both from Australia and New Zealand, prices have ruled veiy firm, with an upward tendency for prime classes; arrivals for the three weeks have included 33,438 crates from New Zealand, while Australia has contributed 40,619 crates. Referring to New Zealand pelts, the N.M ; and A. Company write that the market has during the past three weeks been rather quiet, without any change in price?. English pelts are firm, and. if anything, rather dearer, and this will no doubt tend to keep heavy New Zealand pelts firm in price. The demand from America is still rather irregular, tanners there complaining that pelts are too dear. No doubt arrivals from New Zealand will soon fall off, and this firm is of opinion that prices are likely to keep firm until the end of the year, with the prospect of a more active demand a little later on. Sales are being held to-day of 20 7 l bales of rabbitskins ; basils met with c good demand at last sales at an advance of Ad per lb ; suppies generally are small, and prices very firm, especially for the higher grades. There was good competition for leather recently, and an advance of fully Jd per lb was obtained, according 1o the National Mortgage and Agency Company.