NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2650, 28 December 1904, Page 21

NEW ZEALAND PRODUCE IN LONDON.

] (Fkoji Oub Own Cobbespondent.) , ' • ■ "-LONDON, 'November 11. " I -learn to-day from Messrs '.Charles Balm® / and Co.' that 'during the past fortnight tho position of the wool market has* improved, 'he . tendency of values for ' both crossbred and merino produce being in fav#tir of sellers. In the manufacturing districts the improvement has been most pronounced among coarse wools, ' the largely increased consumption due -to the execution of orders for army goods in England and on the Continent as well as a strong American demand for raw wool, having pract ically exhausted stocks. As regards merino wool, consumption in France and England con.furu.es somewhat restricted, but indications are apparent of an improvement in demand before long in these centres, while the increasing interest -which the American trade, is now taking in this class of wool has had a stimulat1 ing effect on prices in Europe. In these circumstances, the prospects for the coming- series of sales here — the quantity available for which ia now expected to be rather smaller than was originally anticipated — appear distinctly favour- - able. The gross-arrivals to date for the auctions, to opem on the 22nd insfc., are 49,678 bales, New Zealand having contributed 10,759 bales to the total, but some 300 bales -of New Zealand wool have been forwarded direct to the Continent, Yorkshire, etc. In the report which has just reached me from Messrs "W. Weddel and Co., it is stated that there is a decidedly firmer tone ruling in woollen centres than was the- case a fortnight ago, f when . some little irregularity in prices was*' noticeable. Cajisidfirable' purchases of tho raw- article continue" to' be ma-dc on American account, end these have largely helped to impart strength to the situation. The orders on . Japanese a-coount are also"' by no means exhausted, and it is -computed that those booked in Yorkshire alone, principally blankets and cloth for uniforms, amount in value to over a million and a-half -sterling. There are also several important orders .being executed outside tho Yorkshire districts. Consequently it would seem as if users were accepting the inevitable, and have been purchasing somewhat more freely than of late, although seeing the extremely low limit to which stocks have siink, transactions are necessarily of small dimensions. The available supplies for the next auctions will be relatively small, and very firm prices are therefore lookd for. The li3t of arrivals will 'be clo£7ed on the 14th inst. Messrs Weddel r.pil me that the inquiry fc# new season Australian and New Zealand b'-;t«r continues to gain in volume, although prices show no increase on the week. " Choicest " Australian is being offered at 100s to 102s p*» cwt, and for first arrival of New Zealand 10>i to 104s-. " Finest ' grade ranges at obout £• • to 4s per owt below these figures. During the past, week arrivals of Australasian butter have been 15 523 boxes, against an arrival in tha corresponding week last year of 16,158 boxes. November 19. ■wool. According to the latest repoit of the New Zealand Loan and Mercantile Agency Comjpany, the wool market generally lias ruled firmer, the improvement being most marked in the case of coarse grades of crossbred pioduee, -consequent upon the execution of orders for army ijurposes both here and on the Continent, together with a strong American demand. "Whi.e for merino wool consumption both at home and abroad continues somewhat restricted, business of late has shown some expansion, which is reflected in the higher prices asked by top-makers. The prospect as regards the coining sales, for which the small quantity of 79,000 bales is available, may therefore be regarded as encouraging, an advance, as compared with last sale's closing rates, of 5 to 10 per cent, on medium and coarse ciossbred and from par to 5 per cent, on merino being generally looked for. After noting that the situation in the wool market has improved

—which is not surprising considering the demand for raw material auring the last three ■weeks, and with supplies in the existing small scale, Messrs Gordon, Woodroffe, and Co. ob--•serve: " Although ihere h"as been no actual advance established in the. finer quality tops, these sorts are- harder to buy^both in this ,-country and on the Continent. " Merino wool bas shaken off the momentary weaTceningj effect caused by the advices of 'lower' prices ruling Rt tfi£ opening of the Australian'selling season, but^jwing, however, to the confidence dis-p.ayed-in the soundness of the situation in industrial centres, which was.speediiy reflected in Melbourne and Sydney, where, helped by American competition, 'better prices were paid for all-'SJescriptions than were" offered a 'month ago, although we d<y-not anticipate any rise in the value of this class of wool, we expect"prices to rule very firm at late rates. In cross.bfeSs, and in all coarse -woo'_s, the demand is , very' great, especially' in the Heavy-weight woollen' * departments, Japanese „ orders for blankets and rough uniforms keeping the South .of Scotland and -some districts of York"shire fully employed. We therefore antici-" pate %>, probable rise of 5 per cent. in cross- ' "Breds of medium to -coaree- quality, '.there ap- . pears to-be a very general- feeling -that trade, 'throughotit, this ? country is "recovering; and shotjTa the improvement be, of" a permanent, character there is'" no doubt that the tsmakness of^ stocks will be very severely 'felt by manufacturers ■'and others. The list -'of arrivals for the approaching • series was closed on the 14th inst"." To'the total of 79,000 bales . tVew Zealand has contributed 15,100 bales, 3S ew South Wales heading the list with" 22,900 • bales. ' "" >qt> " "— :- Owing entirely to the ihbrt supplies, prices .for New Zealand mutton and iamb have lately _ shown some improvement (remark the NationalMortgage and Agency' Company), but the wide difference in. values between New Zealand and -\River Plate sheep, of course, tends to' a restricted consumption of the former. Best New Zealand beef meets with rather more inquiry, but other sorts are difficult of sale even at the low -prices cuirent. Canterbury sheep, 481b to 561b, are quoted at 5d per lb, with weights at 4Jd to 4Jd' per lb. There »re no Dunedin-'and Southland sfieep offering. A feature in the present position is the fact that best brands of North Island mutton have been selling at the same price, and, in some cases, have realised more than Canterbury crutton. Ordinary Nbrth Island sheep are now quoted at 4-Jd to 4Jd per lb ; ewes meet a slow . eale at 3Ad per lb— Stocks of l>few Zealand lamb »re in very small compass, and as there is stiL a certain demand holders have been able to obtain advanced prices. Canterbury ■lambs of 28lb to 421b now sell at 6Jd per lb, and tegs at s£d to 5Jd per lb; there are very few other New Zealand lambs availab 1 c. -Arxivals of beef have included 4600_ quarters from JSTew Zealand; the market continues dull and ;*ragSk>g- ' '.It is noted" byvtbe CC-arid^D.. Company thatreceipts of New Zealand mutton during the yast three weeks have been moderate, amounting to 109.217 carcases, bringing the.total for the fyear up to 1,909,839 .carcases-,-, and making the deficiency on the supplies to the same date ■ •last, year 403,204 carcases. The feature l of the situation is the remarkably light shipments which will arrive from now until the end of riie-year, and, a-s the stocks are in moderate compas¥, the opportunity has been taken to edvance prices all round! This has been done in spite of the dull demand and without any support fiom Plate quotations, with the inVrvitable result that, very many buyers have been driven on to the cheaper article. In' some instances butchers are cutting Plate mutton >vsho have never handled any but New Zealand Ihitherto, and it will be difficult to regain their 'custom while the Argentine sheep give satisfaction. Should^ occasion arise to increase the output, present prices would undoubtedly give ,\vay." Much confidence is freely expressed in the future coursa of the market, but it is difficult trustify this unless Plate quotations »re advanced. Canterbury mutton is quoted at Hid for nirdiuni weights to 4|d for light weights, •but some importers are holding for even higher iprices. The recent shipments of this mutton ihave scarcely justified the premium asked over ether brands. Scarcely any Dunedin or SouthSand sheep are seen on the market, and stocks jiro reported to ba held off until there has been a further advance. North Islands are firm at 4Jd to 4Jd per lb for medium weights of good "average quality, and 4id per lb is being made for light carcases, but the business passing has fceen much, restricted by these prices. Ewes Jiave hardly moved in value, and are in adequate %Uf ply at Bid. to 3fd per lb. DAIBT PBODTJCE. Jlessrs W. Weddel and Co. tell ma that the increasing demand for New Zealand amd Australian butter, mentioned a week ago, has peon more pronounced during the last few days, md although the arrivals have been large, prices have receded only in a few oases, from 100s to J.o4s per cwt for " choicest " Australian to 100s to 102 a for " choicest " New Zealand. New season's butter is selling at 100s to 104s per Dwfc. "Finest" grade of both colonial kinds Is making 2s to 4s per cwt below those figured. the Papanui arrived this week with the first »hipment of new season butter from New Zealand, bringing about H^OOO faoxe#> 3%« oa>i-

I iinued .prevalence of fog has caused delay in landing this- shipment. The- Natiqnal "Mortgage and Agency Company say that buyers are awaiting the landing of the Pa'pamii's' butter, and already some orders have been taken at 103s to 104s per cwt. Stored New Zealand butter is quoted at 90s to 94s per cwt. A decided change has occurred in Canadian cheese, and the speculative element has been very bullish, the consequence is most of the chaese offering has been bought by a few people who are forcing up prices, and seem determined to nold on to them unless they can get a profit. It- now looks as if a higher range of prices than was anticipated wil'-i continue until the New Year. Trade this week has been anything but gec-d, and buyers here are refusing to follow the upward trend, so that the National Mortgage and Agency Company are strongly of opinion that the Montreal speculators will not give way, at all events until the New Year. There is no New^Zealand cheese offering. _ MISCELLANEOUS. I am told by the National Mortgage and -'Agency Company" that New. Zealand wheat •meets .with a steady sale at 32s to 33s for short, and. 33s to '34s for long berry per 4961b, i,ex~ store. . New-Zealand oats remain quiet and unchanged}' Coolcsfoot k meets with but little demand,, and prices are nominally unchanged. .Beans are firm. The New Zealand Loan'and Mercantile, Agency Company report that beans and blue peas are difficult of sale, but Partridge peft's - of , the finest quality sell f eadily, .while Tinf erior ' and -medium descriptions are neglected. Partridge peas are quoted at 32s to 40,9 per 5041b, and blue at 26s to 335. According 'to the report o,f the firm last mentioned, there has been an excellent demand for Manila flax, and in consequence a better inquiry for New Zealand flax has ' existed. A. fair business has been passing, and at the close the , market is firm as an advance of about £r per ton. - Good fair is quoted on spot at £31 10s to £31 15s; November-March, £31 10"s; "fair" November-March. £28 10s per ton, ci.f. The National Mortgage and - Agency Qompany further says- that fair sales of New Zealand flax have been made at fluctuating prices, closing at 10s to 15s "per ton higher than those of three weeks ago. The sales amount to about 500 tons, the last prices being: Spot. £31 5s to £31 10s; dock, £31 to £31 ss; October-December, £31 to, £31 6s ; November- January, £31 ; tow is in' demand at £9, s.f. and i., Tout none is offering. Sisal is quoted at £34 per ton. It is remaked by Messrs Gordon, Woodroffe, and Co. and by the N.M. and Agency Company that the scarcity of pelts at this time of year, which is more marked than usual, keeps prices at a very higti level, all arrivals finding buyers at fully late rates. Quotations remain unchanged, with New Zealand crossbreds, heavy, firsts, at 19s to 30s per dozen. The last-named company inform me that at the last sale of leather all the 260 sides available were sold. There wa3'a good demand for the small quantity offering, and. prices advanced id. to Jd j.er lb, besf tannages bringing lid to 14d per , The next sale" will be held on the 25th At the latest sale of basils there was a. fa:/ demand at unchanged prices ; 14,322 skins were sold out cf the 30,558 skins catalogued. Sales o£ ■rabbitskins are in progress, and an exceptionally large number have been catalogued, the bulk of the 3250 bales consisting of Australian of fair season. 1 There has been a fair demand in this market for New Zealand and Australian rabbits, although supplies of English rabbits are increasing-, and have been selling at low prices. Stocks of Australian rabbits are now getting into smaller compass, and holders are inclined to raise their prices, and it is hoped by the N.M. and Agency Company that this will have the effect of increasing the demand for those from. New Zealand, tie largest of which are now quoted at 7|d to 7|d each, against 7d to 7i<?. each for Australian rabbits of the same size. The New Zealand Loan and Mercantile Agency, Company say that only two sales of tallow have been held during the past three weeks, as, largely owing to the qtiiet demand, tM6 sales on the 9th inst. were abandoned. Fine mutton tallow has remained about steady, while other sorts declined 6d per cwt, but owing to an improved demand at the close these have now partially recovered the lo3t ground. Ifis usual for tallow to be a good market at this season of the year, and the hope is expressed that values will now show some appreciation. There has not been much .business passing in Australasian tallow for. arrival, but the New Zealand Loan and Mercantile Agency Company hear of one parcel of fine mutton tallow, bearing a wellknown brand and near at hand, changing hands at 27s per cwt, ci.f. A good deal of South American tallow has been, on the other hand, sold at 24s 6d to 25s per cwt, ci.f., for mutton, and 24s 3d to 24s 6d per cwt, ci.f., for beef.