SEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2665, 12 April 1905, Page 22

SEW ZEALAND PRODUCE IN LONDON.

CFboji Otjb Own Cobeespondent.) LONDON, February 24. WOOL, v

Messrs Weddel report that since the close of the public sales in London on the Ist inst. there has been little doing in the wool market. Some slight inquiry has been received for merino wools, mostly those lots which were withdrawn during the auctions, but it has not amounted to much. In other

markets chief interest has been centred on the position and future of rough crossbred qualities, and various causes have apparently combined to render these uncertain. Russian internal discord, a cessation of war orders, coupled with rumours of peace, the withdrawal of American demand, and the arrival of low-priced direct importations, have all been unsettling, and to-day buyers and sellers are very chary of entering into* fiesh contracts. The coming sales here on the 7th pros, should serve to restore confidence, and this, even if a lower range of values from that of lust sales has to be faced, will be welcomed. The finer qualities of crossbred wool have remained in good demand, while merinos of any quality or style have been selling well. Mills, general Jy speaking, have been well employed, ivith the marked exception of those spinning crossbred worsted yarns, and here short time ha 3 been the complaint.

WOOLLED SHEEPSKINS.

The second series of public sales of woolled sheepskins was held yesterday, when 5812 bales were catalogued, including 1532 bales from New Zealand -whioh—Golony headed the list. Messrs Charles Balme and Co. tell me that competition was fairly animated from Home and Continental buyers, but The demand on American account was not nearly so vigorous as at the previous sales heitl

during the past six months, only a few lots of the coarser grades of cross breds being secured by that section of the trade. Fullv/oolled merino skins sold at a decline of from 5 per cent, to 7£ per cent., the depreciation being most pronounced on poorconditioned parcels. The shorter growths, however, were in good demand at unchanged prices. Values for fine crossbred skins of combing length were 7 per cent, lower, and for coarse quality crossbreds 10 per cent, lower, half-woalled descriptions selling at a reduction of 7£ per cent. Quotations for Jjoth merino and crossbred pelts were fully maintained, the tendency of the market being in sellers' favour. As compared with the rates current at the sales held on the 12th January, Messrs Balme quote: Merino, full to three-qtiarter-woolled, Jd per lb cheaper ; merino, half-woolled. par; merino, short and phorn, par ; crossbred, fine, full to three-quarter-woolled, gd per lb cheaper; crossbred coarse, full to three-quarter-woolled, 2d to 3d per lb cheaper; crossbred, half-woolled, Id per lb cheaper; crossbred, short and &horn, par; lambs, £d per lb cheaper. The next sales will be held on the 6th April, and the other dates fixed for this year are : May 18, June 29, August 17, September 28, November 10, and December 21.

DAIBY PRODUCE.

I learn from Messrs W. Weddel and Co. ttat the demand for New Zealand and Australian butter continues good, and that prices have Temained unchanged since last week. The arrivals have been large, but supplies go readily into consumption. The scarcity of secondary butter has been very acute this week,, and as much as 96s has been paid for " milled " New Zealand variety, and this not of tlte " choicest " quality. Never before in the history of the trade has there been so small a range in prioes between the best and worst butter as exists to-day. Another remarkable feature of the market is interesting, for Messrs Weddel point out that the average import of colonial biitter from Ist January to 18th February has been 36,116cwt per week, while Danish has averaged for the same time only 33,217cwt, and, as showing the keenness of competition that Denmark is finding in the colonies, the pries of Danish butter to-day is 9s per cwt less than it was last year at this time, while colonial butter io Is per cwt more. " Choicest " New Zealand is realising 100s to 102s, with an occasional 103s ; " finest grade realises 98s to 995. The cheese market has been dull, and prices are maintained with some difficulty. Nevertheless, Messrs Weddel say there is a strong undertone, and an early rise in vailties is contemplated. New Zealand cheese is bringing SOs to 51s per cwt. GRAKT. Messrs Weddel report that tihere has been a little moTe inquiry for spot parcels of New Zealand oats, but there are only a few offering. For the small number of parcels of New Zealand beans now available there is little or no demand, and quotations are nominal. Stocks of New Zealand wheat are exhausted, and quotations are nominal. There is nothing offering in the way _of New Zealand wheat cargos.

TALLOW.

The tone of tlie tallow market Las been quiet during the last fortnight, and although there is no quotable change in values, were ?ales to be pressed prioes would no doubt decline. Finest nraikm tallow is extremely scarce on the spot, and Messrs Weddel state that very high comparative prices 1 are still paid for retail lots, but a.t the same time, for the same quality, due in London within three weeks, there are no buyers at anything like the comparative spot value, and when New Zealand shipments arrive with any quantity considerably lower values may be expected for this clas.s of tallow. Colonial offers for shipment are fully £1 to £1 10 a above any ideas here, but there has been a- little done it> second hand; parcels of 43% good colour, mixed, 24s 3d, c.i.f., and some hard dullish mutton tttllow has be&n done at 25s 3d, shortly due.

NEW ZEALAND -WHEAT.

Messrs Weddel report the arrival of about 35 000 carcases of New Zealand sheep during the fortnight. Notwithstanding the recent sharp reduction in quotations, the demand for mutton has remained slow, although at the close there is slightly more inquiry. Quotations for medium to large weight carcases are stationary, but the scarcity of small sheep which has been felt for some months past is now T>e-eoming still more pronounced, and prices of these have consequently moved upward. Canterbury sheep of small size now realise 4Jd up to 4£d per lb, the larger grades selling at 3£d to 4id per lb. There are- no Southland or Dunedin sheep available. The favourite North Island brands sell it from > 3|cl to 4id per lb^ accpgdjiig

cascase, and other North Island mutton is quoted at about 3^l to 3»d per lb. There is a steadily increasing demand for lambs, especially for those of good quality. Messrs Weddel say lhat the majority of the lambs imported from Australia continue of quite oidimiry qualify and lack finish The demand for new season's New Zealand lamb is quite sufficient to absorb current arrivals, nnd quotations aie maintained at about 6£d per lb for Canterbury brand and 6d to 6*d for other descriptions. Quotations for New Zealand beef arc nominal. About 1000 quarters have been leceived from New Zealand during tho fortnight.

The C. C. and D. Company inform me that tlie Gothic brought 15,620 caicases of New Zealand mutton, and the Tokomaru 18,872 carcases. Although no change in quotations can be reported, New Zealand mutton is moving more readily, and holders are enabled to keep prices very firm. New season's meat from the South Island is still in limited supply. North Island sheep are the turn firmer, a few of light weight making up to SJcl per Ib, while heavy sheep command 3jjd, ci.d the average is very close at 3|d per lb. Light-weight Canterbury mutton has changed hands at 4£d per lb, and heavier carcases sell at prices down to 4d per lb. Ewe mutton is still cheap, but the supply is not heavy. Stocks of lambs have been increased by the leceipt of 20,858 carcases from New Zealand. This meat is coming into request, and quotas lions are held steady at 6d to 6Jd for a few of the best. Choice carcases of Australian lambs are difficult to find. New Zealand beef has been in rather short supply, but values have been unaffected owing tc the abundance of River Plate beef. Hindquarters made 3d tc 3Jd per lb, and forequarters about 2fd. March 4. •wool.

The National Mortgage and Agency Company writes this week : " The general aspect of business in woollen centres has not improved since the issue of our last circular, three weeks ago. The position of merino wools has remained fairly steady, but confidence has been shaken with regard to the future of coarsehaired descriptions. There is still 9, strong dema-nd for really fine sorts at firm prices, but ordinary classes of merino tops have lately been ruling in buyers' favour compared with three weeks ago. Coarse wools on the other hand have been much less favourably situated, and 40s tops have declined about 2d per lb since the beginning of the year. To find adequate cause for this is not difficult. Statistically speaking, the circumstances of the article are propitious, as it is more than likely that The world's production of coarse wool will show a sensible ditninution compared with the previous yea.r. In addition to this the supply availabls for consumption m Europe will suffer further contraction owing to the very extensive purchases effected by the United States in bcth Australasia and Argentina. On the other pida of the picture, however, the political unrest in Russia must not be lost sight of, which, for the moment at any rate, has been responsible for stopping the importation of yarns from Germany. This in turn has reacted on the export demand in Bradford. Crossbred wools also, as was the ease- last year, are arriving in large quantities, so much so that probably by the month of May well night threequarters of the New Zealand clip will have t-rrived. Consequently the dearth of -supplies of coarse wools will be quite as pronounced during the latter half of the year as m 1904. The immediate prospects, therefore, for this description of wool are not particularly encouraging, but latei on, as consumption overtakes supplies, it is by no means improbable that markets will t-ake a turn for the better."

DAIK.Y PRODUCE.

It is noted by the New Zealand Loan and Mercantile Agency Company tha-t a very slow demand for finest New Zealand and Australian butter was experienced about three weeks ag^o, and prices ruled slightly easier, but latterly, with a firmer market, the decline has been recovered. Secondary descriptions, which are in small compass, are in good request. Finest New Zealand is quoted at 103s to 104s; finest Australian at 101s to 102s ; secondary at 91s to 98s per cwt. The market for all descriptions of oheose has been quiet, and values all round have declined. New Zealand cheese is here qtioted at 49s to 50s per cwt. At these prices there seems to be a firmer tone at the close.

NEW ZEALAND MEAT.

The National Mortgage and Agency Company of New Zealand tells me that arrivals of mutton from New Zealand have comprised about 109,000 carcases during the past three weeks. Most of the*stale, long-stored parcels have; now been cleared off, as there has recently been lather a better demand. Prices for the better gT&des have ruled firm, with a tendency to higher prices for small weights. Canterbury sheep are by no means plentiful, and carcases weighing 481b to 561b are now saleable at 4|d to 4|d per lb. There are no Dxmedia or Southland sheep available. Selected brands of North Inland sell from 3£d to 4|d par lb. according to weight, while ordinary North Island mutton is still quoted at 3|d to 3|d per lb, and realise a firmer average. The demand for lamb is now steadily increasing, more- especially for carcases of prime quality, althoug-h the recent cold weather has had an unfavourable influence. New Zealand lambs are now more plentiful, and the recent high prioes are maintained with difficulty. Canterbury lambs range from Cd to 6Jcl per lb, and I^oxth. Island, from about 5Jd lo sgd p&r lb. The demand for beef has been very dull, and only small sale 3 have been made. About 4700 quarters have arrived from New Zealand during the past three weeks.

Messrs Gordon, "WoodToffe, and Co. say in regard to New Zealand mutton, that the lowering of prices does not at present seem to increase sales to any extent, and supplies are ample for ths trade. Better things are looked for later on, when it is to be hoped there will be an improved demand. Canterbury sheep of 561b to 641b are quoted at SmithCeld' at 4£d to 4!d per lb. and of 641b to 721b at 4d to 4§d per lb. Wellington Meat Export Company's fcheep are quoted at 3£d to 4d per lb, and Gslb an-d fair average North Island up to "701b at 3|d to 3|d per lb. It is stated that fair sales have been made of North Island sheep for February and March shipment, but fe,w, if any, offers have been reoeived from the colony of Scmt'i Island nmtton. The market for

beef, which can. br bought at from 2|d to 2i<2 per lb for sides, ex ship, close at hand, while March shipments are being sold at 21 d (c.i.f., London or Livei pool). New Zealand beef, Wessis Gordon, Woodroffe, and Co. say, does not appear to be required at all, and buyers \vho have gh en 2Jd to 22d (c.i.f.) for best New Zealand bsef are not pleased with their purchases.

TALLOW.

The National Mortgage and Agency Company tell me that at the earlier sales there vas a fair competition for tallow, and prices ruled firm., more especially foT good bodied descriptions. Since then, however, the market has ruledvery quiet, and enly a small business has been transacted. At the auctions this week very; few sales were made at lato rates, the bids obtained for the bulk of the quantity oflerecfc indicating a downward tendency. Imports fiom New Zealand during- the past three weeks Lave been 1417 casks. Some 2112 casks of tallow have been offered at the auctions, and' 1036 casks have been cleared during the past three weeks GRAiir. With the approach of the sowing season, the* New Zealand Loan and Mercantile Agency Company says there has been a batter inquiry; for cocksfoot, but, with ample supplies available, prices have not ad sauced. There is at fair inquiry for oats, and, with small arrivals, prices are firm, New Zealand (sparrowbills and! Gartons) being quoted at 20s Gd to 21s 6d per 3S4lb, and at 21s Gd to 22s 6d for finest descriptions of these varieties. Beans have advanced, about Is per quarter, with a quiet demand, and' New Zealand beans are now quoted at 30s to ols per 5041b. Peas are very slow of sale at the quotation of 32e to 35s for Partridge, and! •2Ss to 30s for b!ue, per 5041b. '

There is no Australian or New Zealand wheafi on spot, and there are no parcels of New Zealand offering on c.i.f. terms. Messrs Gordon, "Woodroffe, and Co. say that the grain market generally remains unchanged, and the quiet tone of the past few wesks has been maintained Sellei-s' limits ara unaltered. FLAX.

Only a moderate amount of business is reported by the New Zealand Loan s>nd Mercantile Agency Company as having been passing in flax, and the market has been irregular. At one p-eriod the price for distant positions advanced 10s per cwt, but during the last few days a very quiet feeling has supervened, with the result that this advance has been lost. The market closes dull, and sales are difficult to effect. Quotations are : " Good! fair" March- April, £30 ss; "fair" April-May, £27 15s to £28 per ton. Fair current Manila is quoted at £39 10s per ton (c.i.f.).

MISCELLANEOUS,

I am told by the National Mortgage an 3 Agency Company that there was a fair demand! fox leather at the last sales, when out of 1387 New Zealand hides offered 826 were said 1 . Piivately sales have been made at rather better prices, the lower qualities and offal showing most appreciation. Best tannings are quoted at ll£d to 15d per Ib. The next auctions ■will be held on tlie 17th mst. There was a, goo-d demand for basils at the last sales, and' full prices were realised. Very few of the new season's pelts have yet come forward. There is a strong general demand for pelts of all classes, which keep very firm, in price. The small supply available sells readily at fully, late rates, except in so far as prices may ba influenced by the less intrinsic value of the offseason's pelts. The next sale of rabbitskms will be held on the 10th inst., when there will *be a very full supply available.

In regard to salted pelts, the report of Messrs Gordon, Woodroffe, and Co. contains information to the same effect as that which I hava already quoted above.