NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2661, 15 March 1905, Page 23

NEW ZEALAND PRODUCE IN LONDON.

CPkom Otjb Own Corespondent.) LONDON, January 27. 'According to the report on^the wool market ■which I have just received- from Messrs Charles Balme and Co., the attendance at the sales continues to be large, and competition from the European section of the trade is^ animated and fairly general. American buyers, icwever, are operating very sparingly. lno of values established for merino wool at the opening of the auctions has not been materially varied. The medium and better classes of greasy are eagerly competed for, but there is some irregularity in the bidding for inferior and faulty sorts, which are generally Jd per lb cheaper than during the previous series. Scoured wools sell at last sales' rates although occasionally some weakness is noticeable in the demand for inferior and faulty parcels. Merino lambs wool, which was much depressed in November, has recovered 5 per cent, of the fall then recorded. As regards greasy crossbred -wool, Messrs Balme say that opening prices for fine qualities are ■well supported, but values for the medium aaid coarser grades, in the absence of any appreciable demand on American afceount, have gradually weakened, and now stand 5 per cent. below November closing rates. The position of scoureds and slipes, however, which are in small supply, has not materially altered. In all there have been 29,000 bales of New Zealand wool available for the present series, of which 17,384 bales have been catalogued to date, and 231 bales have been withdrawn to the 25th inst. It is reported to-day by Messrs W. Weddal and Co. that the demand for New Zealand and Australian butter remains good, and prices have advanced at the end of the week by Is to 2s per cwt. The great shortage of butter to retail at a shilling is increasing, and now there is the curious phenomenon of the demand for the medium quality of butter forcing up the prices of choicest. This is caused, Messrs Weddel say, by buyers of medium quality, being unable to fill their requirements, having to compete with the buyers of choicest brands, which are consequently rising in value. The extrerne'y narrow difference in price which exists between the very choicest brands and tho.se of a medium quality is quite abnormal, and forms a peculiar feature of the butter market at the present time This difference does not exceed 6s to 8s per cwt. Iv ordinary times the difference is 15s to 18s. The quantity of Australian and Isiew Zealand butter which has arrived this week N *aiid- is due to arrive for the next five weeks works out on average to be for this week and next 97,000 boxes, for the following fortnight 60 000 boxes a week, and for the next fortnight 6J.000 boxes a week. The supplies therefore show a steady decline. The total arrivals of Australian and Kew Zealand butter from the ,/lst July, 1904, to the end of February, 1905, ■will show an increase of 5600 tons from Australia and a decrease of 1090 tons from New Zealand; the net increase of Australasian butter for the period will be therefore 4510 tons. Choicest brands of Australian butter are making to-day 100s to 102s per cwt, and New Zealand 100s to 102s, with an occasional 104s. Finest brands quoted at 2s to 4s Jess. There is no ch*ange to be recorded in the prices of Continental or other foreign butter since last week. It is noted that Danish butter appears unable to move up owing to the competition of that from New Zealand. In regard to cheese, I hear from Messrs Weddel that New Zealand cheese is meeting a good demand at Is per cwt below Canadian — namely, at 52s to 53s per cwt.