NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2676, 28 June 1905, Page 22

NEW ZEALAND PRODUCE IN LONDON.

(From Oub Own CokFuEsfondent.) LONDON, May 19.

The third series of colonial wool sales of the current 3 ear, which opened on the 2ncl inst., was brought to. a close on Wednesday, last. The total available quantity was 166,030 bales, of which 155,593 bales were catalogued, and about 16 000 bales were held over. Ne.v Zealand's contribution to tho series amounted t a 87.000 bales, 77,000 of which werei catalogued 1 , and ."bout 10,000 were held over. Oi the quantity sold, about 75 000 bales have been taken for export, ir eluding some 2000 bales purchased for shipment to America. In their report on the series, which I have just received, Messrs Balnie say that during. the interval between tho close of the Ma^ auctions and the beginning- of the May salff, the position of the market distinctly improved". The finance connected with the direct importations, which had a prejudicial effect on prices during the earlier part of the year, was satisfactorily arrauged, thanks dn a great measure to considerable purchases of crossbred " tops " or. Contonental account, and, later om, to some largo operations in the Yorkshire district by American buyers. There were no indications', however, of such an important rise as has actual ly occ'iried in. the values of medium and fine crossbreds, the extent of the improvement coming as a surprise to the trade. Competition, tho report goe3 on, " has been active and general, +lie Americans buyring freely; throu.ebc-ut tho series, which closed with an extremely firm tone for all grades of product. Merinos, which were from par to 5 per cent, clearer at the cutset, soon further hardened 1 , the better classes in the grease being keenly competed f° r ' JV - German and American buyers

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*t quite 7J pei cent, above March final quotations, -while seoureds and the general run of greasies ruled 5 per cent, above that lev&l. [Lambs' wool also appreciated some 7J per ccn 4 ;. The full effect of the American demand was reflected in the results obtained for the fine and medium qualities of greasy crossbreds, prdces for which, beginning with advances of 7§ per cent, and 12| per cent, respectively, continuously rose during the progress of the Auctions, and finally stood 20 per cent, for fine •nd 30 per cent, for medium descriptions higher than a,b the close of the previous series, these quotations being frequently exceeded in the case of lots secured on American account. Th© coarser growths were not materially Nearer •io begin with, but i gradually came more into •favour as the Home trade was driven on to 'thenf by "the 'persistence of th« American buy- ' ing-of the finer grades, 'and at the end of tho 'series /they Tided- 15 per cent, above March - "closing rates. On crossbred lambs the' rise to "12$ per cent. Scoureds and slipes '■were well competed 'for throughout at from 75 -4o 10 .per cent" advance-. , " -> • ' ." "Wool values.'Mt is' further noted by Messrs < Balme, " have" now attained a' high level, more : particularly for the'fihe and medium growths, •and one which causes considerable embarrassmant to European manufacturers. Neverthe"less. there does not seem to be any reason *ior anticipating a -material relapse in the immediate future for the general run of staple. fThebulk of the colonial and Argentine clips !has not "been marketed, and the direct importations, thanks in a-large measure to American • purchases, are passing freely into consumption. Consequently, the inadequacy of the 'vorld's production, which was concealed during ' th» earlier part of the present year by the rapidity with which the various oversea clips were hurried vfofward, is now apparent, and consumers appear likely to have a difficult time ahead of them until the new season's wool comes to hand." As compared with the closing rates of the jsrevious series, Messrs Balme send me the fol- ■ lowing current quotations for New Zealand and Xustraldan -wool: — Merino, in grease, superior, Id per lb dearer (current price Is 2d to Is 3d) ; ineidno, in grease, average to good, £d to Id p>« lb dearer (current price lid to Is l§d); znerino, in grease, poor condition, |d per lb clearer (current price 7d to lOJd) ; merino, in grease, inferior pieces and' locks, §d per lb clearer (current price 3Jd to- 7Jd); merino, scoured, superior, Id =per lb dearer (current price Is lid to 2s 2d) ; merino, scoured, average to good, Id per lb clearer (current price Is 6Jd to Is lOJd); merino, scoured, inferior, |d to Id , per lb dearer (current/ price Is 0M to Is *"6d); merinOj scoured, faulty pieces and locks, §cl per lb. -higher (current price, 7|d to Is); "•merino £bnbd > ~Vwool, washed, stipenor, excep- . tibnal lots (current , price 2s 6d- to 3s 6d); , ■ merino lambs' - wool," in grease, superior, .Jd - per lb dearer (current pries ' lid to Is 3d) ; 'merino lambs'- wooV in grease, medium, Jd to Id per lb dearer' (current price 7§d "to lOJd) ; 'anerino lambs' -wool, in grease, inferior, id ' per lb dearer (current price 4|d to 7d) ; crossbred, in grease, fine. 2||d per lb deafer (current price lid to Is 4Jd); crossbred, in grease, medium, 3d per lb dearer (current price lOid to Is Id); crossbred, in grease, coarse, l£d per lb dearer (current price 9d to Is OJd); crossbred, in grease, inferior pieces and locks \& to Id per lb dearer (current price 4£d to 8d) ; crossbred, in grease, lambs, ljd per lb a««.rer (current price B|d to Is Id) ; crossbred, scoured, fine, Id per lb dearer (current price Is 5d to la lOJd) ; crossbred, scoured, medium, ' ljd per lb dearer (current price Is Id to Is Cld); crossbred, scoured, coarse, Jd to Id per "ib dearer (current price lid to Is 3d; crossbred, sliped, fine, Id per lb dearer (current iPrice, lljd to is 4d) ; crossbred, sliped, coarse, IS per lb dearer (current price 91d to Is Id). The fourth •serdes of sales is to open on July 4, the new arrivals being limited to 150,000 bales net. To date the gross arrivals are 56,968 bales, of which about 12,000 bales ef Australian and 7000 bales of New Zealand ' -wool have beer, forwarded direct to tho manufacturing districts. To the gross arrivals New Zealand has contributed to date 27,689 bales. WOOLLED SHEEPSKINS. , - The fourth series of public sales of woolled .sheepskins was held yesterday when 3285 bales • were catalogued, New Zealand heading the 3ist with a contribution of 899 "bales, Punta lArenas following a close second iritlh 759 bales. -ijtfessrs Charles Balme and Go. tell me that the attendance oS buyers was Iswge, but thai competition was marked by considerable hesitation, feJlmongers, in view of the extreme rates current for skins, acting with great caution. Supplies, however, were so limited that values •gain advanced all round, merinos feeing 7Jfor oeat., fine crossk«ds 12i yer cent., medium

and coarse cfossbreds 15 per cent., and short ciossbreda 10 per cent, dearer than at the previous auctions. As compared with the values current at the sales held on April 6 Messrs Balmo quote: Merino, full to three-quarter-woolled, |d to per lb dearer; merino, half-woolled, per lb dearer ; merino, short and shorn, gd per lb dearer; crossbred, fine, full to three-quarter-woolled, Id per lb dearer ; crossbred, coarse, full to three-quarter-woolled, lid per lb dearer; crossbred, halfwoolled, id to gd per lb dearer; crossbred, short and shorn, Id per lb dearer; lambs, |d per lb dearer. The next sale of woolled sheepskins will be held on June 29, and other fixtures for the year are: — August 17, September 28, November 10, December 21. The following are the quotations for New Zealand sheepskins -.—Merino, full-woolled, 7|d to 9!d per lb ; merino, half to three-qnarter-woolled, 6fd to BJ<3 per lb; merino, short and shorn, 5d to 6|d per lb ; crossbred, full-woolled, fin©, 8d to lOJd per lb; 'crossbred, full-woolled, coarse, 7|d to- lOJd per lb; crossbred, half to three • quarter-woolled, fine, 62d to 9|d per lb; crossbred, half to three-quarter-woolled, coarse, 6^d -to B£d per lb; crossbred, short and shorn, 5d "to 7d per lb.

DAIRY PRODUCE.

Messrs Weddel report that the demand for New Zealand and Australian butter has shown an ixnprovemant this week owdng to the tempora.ry shortage of supplies, but -these have row been sensibly increased, and as the supplies of Continental butter have largely increased during the past fortnight, the improvement most probably will not continue, although values are not likely to fall muo'a below the present level. It seems almost certain that the .supplies of Australian and New Zealand butter during the coming' summer months will bp considerably less than last year. "Choicest" New Zealand is quoted at 92s to 95s per cwt, and "finest" at 2s to 3s below these figures. Values of cheese have declined about 2s per cwt on the week. New Zealand cheese has also made a decline of fully 2s. Messrs Weddel note that it is a curious instance of sentiment and prejudice combined, that " choicest " New Zealand cheese, which, on its merits, ig worth 2s to 4s per cwt more than the remnants of last season's Canadian now on the market, yet it is now selling at fully 2s per cwt less.

NEW ZEALAND MEAT.

Although tho quantity of New Zealand mutton available is not excessive for the time of year. Messrs Weddel say that the demand is generally very poor,/ and all classes and grades are a poor sale with the exception of good sheep of small weights, which are still wanted, and •vrhich, owing to shortness in supply, are realising- prices out of all usual 3>roporfciona to- the heavier grades. Canterbury sheep under 561b are quoted at 4£d to 5d per lb, and larger weights at 3Jd toi'4|d per lb. Best brands of North Island mutton sell at 3|d to 4Jd per lb. Ewes are in demandl at 3Jd to 3|d. The' oomparatrvely high prices current for lambs have undoubtedly more or less checked sales all along, but, Messrs Weddsl observe, as the season advances the retail denoand grows, and butchers are more oi* les3 compelled to handle lambs in order to meet the requirements of customers at this time of year. It thus happens that arrivals are going into consumption as they becomte a.vailab-I*, a position which is tp^ soni© extent assisted by the very moderate rate of discharge of import steamers. Prices have been fully maintained for all descriptions, and there has been some competition for parcels on ex ship terms from the agents of shippers who failed to execute " forward " contracts, and have had to purchase on thie spot to corer their sales. In these circumstances very full prices have been demanded and obtained, especially for carcases under 361b, which are relatively scarce. Canterbury lambs, under 361b, now realise at Smithfield 52d to c sid per lb; the 361b to 421b grade, s£d to s|d; and; tegs, s£d to s|d per lb. Soiithland and Dunedin lambs of 30lb to -121b are quoted at 6ld to 51d. There, is irregularity in prices of North Island lambs, owing to cheap sellers, and the range is from s£cl to 5 7-16 d per lb.