NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2647, 7 December 1904, Page 9

NEW ZEALAND PRODUCE IN LONDON.

(From Oub Own Corbespoitdent.) ' 3X)NI>ON, October 29. . WOOL. I learn from the New Zealand Loan and HercantiLe Agency Company that since the close of the late auctions there" has been considerable inquiry on home account, particularly for descriptions of wool suited for army purposes, while American buyers are also in the market for coaree crossbred produce, for .■which advanced prices have been paid. Manufacturers here are busy with orders for Japan, but on the Continent trade generally is reacerted tc be quiet. -*%ssrs Weddel write that the general trend

of the wool markets 'since We "close of the last series of sales has denoted a steady trade, but manufacturing interests have been somewhat eiabarrasFed l»y the scarcity and dearness of the raw material. A prominent feature has bsen the large purchases of English wood on American account, where consumption is reported to be on- such a scale that the honif-gro-vvn clip is insufficient to meet all requirements. Transactions here by private contract have baen on a limited scale, and what business has taken place lias been principally in crossbred clips on Yorkshire account, although a considerable line of New Zealand greasy crossbred has also found an cutlet in America. "While up till quite lately it was confidently expected that in.3 level of values for wool would be firmly maintained, some misgiving has been felt with regard to' the futiire, largely due to the" effect of reported lower values current at the sales now proceeding in the cdonies. Immediate requirements however, should help to sustain the market here, and the new clip, of which some 48,000 bales are expected for the November sales, is .bein^ looked forward to with, considerable interest. The sixth series of wool sales of the current year open on November 22. The report issued for the outgoing mail by the -National Mortgage and Agency Company reads thus : -" " Until about a weeE ago the . wool markets had been characterised by exTreme' firmness for both fine and coarse wools, but the cabled odvicss of lower values established at the opening of the selling season has'had a somewhat effect, and compared with three, weeks ago the market has ruled in buyers' favour. Owing to the almost sta-rvatiou point :tt which stocks at thejnoment Jiaye been "reduced to in -this country, -it is "Hardly likely. that there will bs any immediate sensible decline in prices, but at the same time the outlook for the future is thereby rendered less assured. The present consumption, however, of the produce, especially of crossbreds, is good, the latter being helped by- large Japanese orders, while America has also been lending a l.elping hand, and has quite lately .purchased a quantity of greasy New Zealand crossbred wool. In the circumstances, manufacturers who are not working on special orders are restricting all transcctions "to bare necessities, and it is under those conditions that the prices of tops have slightly declined. There has ; J been pome inquiry on our market, principally for slipes,"and a small busiuess;.Kas resulted at firm- prices. At ths sales to open here on the 22nd November it is expected that 45,000-to 50,000 bales of Australian" new clip will bo" available.'-' ' v *^\ NEW. ZEALAND MEAT. It- is -remarked "the New Zeajand. Lowland Mercantile Agency . Company that for the pas,t three weeks the mutton trade has been very; "dragging, and prices -for New Zealand sheep, in sympathy . -with the lower valuesruling for those from the River Plate, are spmewhat'easier. Canfcefbury sheep are quote's at 4d to 4gd/ North Island sheep at 3|d to 4Jd A North Island ewes at 3£d to 3fd per lb. For lambj the/ same reporfc'states that there is enly a small inquiry, and prices have declined . id to Jd^per lp\ .Canterbury lamb is -quoted i at 5Jd-"to s|d per lb, 3Torth Island at s|d io% SJdI The beef trade continues to be very unsatisfactory, as, although there is", a fair demand' in face -of -the -large supplies and low rates ruling- for River Plate, chilled and frozen ■descriptions, values for the former have further declined. Plate hind and forequarters are being sold at 2gd to 3d per lb respectively. New Zealand hindquarters "are quoted at 2|d ,to 3lfl,.andforequastersat^ja'jfeTtßT' ,'" ' It -is remarked by the National Mortgage ' and Agency Company that arrivals of sheep from New Zealand, have totalled about 96,700 carcasses during (he past three weeks. Canterbury mutton is in nwny.cas-js not up to the usual .standard of quality." Sheep weighing -under :641b: 641b -may be quoted at about 4Jd per iW and 641b to 721b at 4d to 4Jd. Sales, however, are by no means freely made at these prices. Dtmedin and Southland sheep are worth about 4d to 4|d per lb for bast weights-, and the same price "is current for the best brands of" North Island mutton. Ordinary quality, however, is selling at 31d per lb,, .and >t this price holders find difficulty in competing with Kiver Plate sheep at 3|d per Jb. Ewes of light weight sell at about 3|d per lb, but .fat carcasses are obtainable at less money. Arrivals, of New Zealand lamb during "the^throe weeks have been 26,500 carcasses. Although stocks are moderate, v the demand has fallen away rapidly, and it has been found impossible- to ma/intaia values. .Canterbury lambs of 2-syj"to 421b are -quoted- at 51d to s|d per lb, 'according to weight, and other brands down to sid" per lb. Tegs meet with little isiuuiry at 4Jd to 4Jd per lb. Frozen beef has been quite a drug on -the" market, says the.JN'atianal 'Mortgage and Agency Company, arid Very low prices have been ruling. At the close there is some indication that the relatively low prices of beef as compared witlf moiitton are increasing the consumption of the former, and therefore are partly responsible for the slow demand for the latter. Arrivals include about 7500 quarters from New Zealand and 80,800 from the River Plate. Owing to the low prices ruling for chilled beef, supplies are far m excess of requirements, and sales at current quotations are made with difficulty. DAIKY PRODUCE. It is noted by Messrs Weddel and Co. tha.t winter-made Australian butter meets a good demand at 102s to 104s per cwl for " choicest," while stored Australian and New Zealand butter ia selling at o'i& to 9Js, according to quality. The quantity of alii kinds of stored butter in cold store in the United Kingdom is steadily decreasing, and buyers will shortly have to come upon the open market to fill their requirements. Writing from G-lasgow, Messrs Mathie and AT'Williani tell mo that the quality of the Canadian creamery butter has shown a considerable improvement this soason, many of the well known creameries sending butter of exceptionally choice quality. <So far the shipments of new butter from the colonies have been on a small scale, but the quality on the whole has been choice. The stocks of coldstored -butter are gradually diminishing, but there is considerable anxiety shown on the part of'' sellers to clear their holdings before the coming of the new season's make. Stored colonial butter is qiioted at 92s to 94s per cwt. Some inquiries have been put forward in the Scottish market for New Zealand cheese, but little or no business has yet gone through m this section. Quotations for Canadian cheese have advstfmeiL.

The National Mortgage and Agency Company say that the stored parcels of New Zealand L utter that are on the market are being forced off at 90s to 92s per cwt. The quality, however, is most irregular, most of the brands on hand opening up more or less fishy m flavour. New Zealand cheese, white and coloured, is quoted at 41s to 42s' per cwt. MISCELLANEOUS. According to the report of Messrs W. Weddel and Co., trade has been quiet in New Zealand wheat, ex store, at nominally unchanged rates. In New Zealand wheat cargos ihere is nothing offering. For New Zealand oats the demand has been extremely slow, and it has been difficult to effect sa?es even at a slight reduction. For Ne-w Zealand beans there has been very little inquiry, and prices are slightly easier. New crop is quoted at 28s <kl to 29s 6d per 504'.b.

- The National Mortgage and Agency Company say that on spot N-ev/ Zealand wheat has only met with naodera.icT inquiry at about late rates. Oats, sfter being very dull, meet with a little more inquiry at about late rates. Beans are steady at unchanged prices. Cocksfoot is quiet, and there 13 not much inquiry for it.

Consequent upon the good demand for the lower qualities of Manila, " good fair " New Zealand flax has been in request, so I am told by the - New Zealand Loan and Mercantile Agency Company, whose report notes that a gcod business has been passing at prices that mark an advancs of £Q per ton for " spot " and " near." and £1 for ether positions. The market, however, closes dull, and vaihies are now "10s to ' £l per ton lower. "Fair" flax is in moderate demand at about late rates. ")Good, fair" on spot is quoted at £30 10s to £31; January-March at £30 to £30 10s; " Fair " Octobsr-De&ember, £23".

At the two most recent "sales of tallow the slight weakness noted by Messrs W. Weddel in thoir previous report bacame more proiioimced, and values have fallen Is 6d per cwt all round. This fall in price has so far not stimulated the demand at all, and Messrs Weddel think it locks as if a further decline will have to come about before buyers will become interested to any extent. To arrive also there is a distinctly easier tendency, and it is difficjilt to get buyers to make on offer for anything. On c.i.f. terms boef tallow is nominally worth 25s to 25s 6d, and mutton 25s 6d to 27s par cwt.

The National M.prtgaga and Agency Company -tell me that out of 3815 casks of tallow catalogued at -the last three auctions, 1393 cask 3 ' have been "sold. The demand at the earlier sales was good, and a further advance of about Gd tp,.3.d_pjer cwt was-o%tftii>ed. At the following sales, however, the demand quite fell away, ancVa sharp drop of fully Is per cwt took place in values. 'Very few sale£ were made this week. B-3str qualities were not wanted, and 'bids' for inferior kinds showed a further decline of 9d to la par cwt.; Imports iot the past three weeks include' 2iri7 casks from New Zealand. > According both tc? Messrs Gordon Wocdroffe anil Co. and the National Mortgage and Agency Company supplies of pelta are small, -as is usual at thia tinfe of the year, . and, -with an at/tive demand, prioss are iirm all round. New - Zealand crossbreds, heavy, firsts, are qtio-tod at 19s to 30s per dozen; do seconds, 14a -to ISs ; do medium substance, firsts, 17s to 2-is; do seconds, 10s to lfls; New Zealand m^rmos — firsts, 10s to 14s per dozen ; seconds, 7s to 9s; New Zealand lambs— firsts, 12s to 17s per dozen; seconds, 8s to 12s.

There was> only a moderate demand for basils ' at the lasb .sales; the Na-tiona.l Mortgage and Agency Company report, and the prices offered represented a -decline of about |d to Jd per ' lb. Eight thousand three hundred- and fiftyeight skins weref fold out of the 27,561 available. There has been no change in the market for rcibbitskin§; anil no sale has taken place this - month.-' .There was quite an absence of demand at the auction of hides about a fort- * night- ago; whqn out' cf 603 oitered only 58 ■ware cleared, No reasonable bids W6re obtained for ' the bulk of the supplies. The market rules very dull, with but little inquiry. TLere was a fair demand for leather at slightly easier prices, wh'.n SSO sides were disposed of out of 1300 sides offered.

In the frozen rabbit market a fair business ha 3 been passing, though the mild weather has somewhat curtailed tho demand. ■Supplies, however, have been more than equal lc> the reqniienicnts, especially In the case of Australian rabbits, and vahi-is all round are maintained -with difficulty, and in some cases show a slight -decline. New arrivals have consisted of about 58,500 cratss from Australia, and 45,400 cra.tus from New Zealand. Ijarg© New Zealand rabbits, 2Jlb and up, aro quoted at 7£d to 7£d each; the same de&cription'of Australian being 7d to 7Jd each. Yoiinfj Kew Zealand rabbits, 21b to 2Jlb, are quoted at 6d to did ; small, Hlb to 21b, at 3gd to 4d each; while Australian rabbila of the lastmentioned description are quoted at 4Jd to 5d each.