NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2686, 6 September 1905, Page 22

NEW ZEALAND PRODUCE IN LONDON.

(Fson Ous Ovrs Cokeespokdent.) LONDON, July 23. WOOL.

It is±emafked by the New Zealand Loan and Mercantile Agency Company that the fourth series of London wool sales terminated on the 4th insfc. Save that with a slackening in the American demand for medium grades of crossbred, for which extreme rates were paid in May, values gave way to the extent of about % per cent., prices showed but little alteration from the opening, the sales closing with a firm tone. The position, of certain loading descriptions, as compared with t^a

close of the May sales, was as follows: — Merino, 5 to 7J per cent, higher; coarse crossbred, 7i to 10 per cent, higher; fine and medium crossbred, (ordinary), par to 5 per cent, higher; medium, crossbred (suitable for America), about lh per cent lower; crossbred lambs, 5 per cent, higher. Of the available total of 119,000 bales, 108,000 bales were disposed of — 39,t100 bales for the Continent, and 7000 for America; while 11,000 were held over for firiure disposal. NEW ZEAIAND MEAT. Messrs Weddel write to me that arrivals of New Zealand mutton have been heavier, amounting to 75,000 carcases during the past fortnight. There is no improvement in the demand for the various descriptions of mutton, although sales of ordinary New Zealand sheep are probably rather more numerous than realisations of Canterburys, the lower qualities being preferred at the relative difference in price by a good many buyers during a spell of dulness, such as that through which the mutton market is now passing. Canterbury sheep under 561b may be quoted at 4ftd to 4gd per l'b, but the larger weights range in price from 32d to 4Jd per lb. The favourite brands of North Island mutton sell at from 3Jd to 4Jd per lb, according to size of cai- < case. Ordinary North Island sheep are being quoted at from 3|d to 4Jd for small carcases; 3Jd is the top quotation for ewes. For lambs, Messrs Weddel tell me, there is a food demand, but owing to the lsrge numbers of heavy-weight carcases coming forward some importers are Tather pressing sales of that description, with the result that the attempted combination among 3-anib consignees for the maintenance *of prices proved to be unsuccessful, and values of carcases over 361b have steadily lost ground. Canterbury lambs under 361b realise up to s|d, but the 36-421b grade sells at no more than '5J to 5 5-16 d, and teg 3 are freey offered at 4|d to 4gd. Southland and Dunedin lambs under 361b are almost as I valuable as Canterburys of the same weight, and realise up to sgd per lb. Carcases of 36-4!&b are quoted at s|d per lb, and tegs at 4|d. The supply of North Island lambs is much more plentiful than that from the ■ South Island, and as the bulk of- them are j of light weight, sales are comparatively readily made at 5Jd to s£d per lb. Importations for the fortnight include 112,000 carcases from New Zealand. The quality of the pre- ! sent marketings of New Zealand beef are, I am told, quite ordinary, and in the present position of the market sales are slow at 2Jd to 2Jd for forequarters, and 3£d to 3£d for hindquarters. DAIRY PRODUCE. I hear from Messrs Mathie and M'William, of Glasgow, that New Zealand butter is completely cleared. Canadian butter has made its appearance earlier this season, and the quality has been found to be most satisfactory, but buyers are " kicking " at the high prices for all ohoicest butters, as at this season of the year, when butter is usually pentiful, they are accustomed to low values. New Australian butter is now coming to hand in fine order and condition, and is commanding satisfactory prices, the quotation for choicest being 104s to 106s per cwt. Messrs. Mathio and M'TVilliam look for an early colonial season, with a good opening in prices. New Zealand cheese, this ihrni says, is now practically cleared, and any stocks in hand ara held for extreme rates, the quotation for finest being put down as 53s to 555. Messrs Weddel observe that there is pTactically no New Zealand cheese left on the market; the price of cheese, like that of butter, is the highest for very many years, and although there may be no immediate decline, it is idle to ignore the accumulation of stocks taking place in the United Kingdom. The National Mortgage and Agency Company of New Zealand say that veiy great efforts are being made to raise the price of , cheas^ and several firms, who. have been buy- ,

ing rather heavily, are taking their stocks off the market and holding them for higher prices. This has caused a general advance, and buyers, though only taking very small quantities, as they have been for some consideiable time past, yet have to pay <he advance. Owing lo shoit supplies, the butter market lias ruled veiy firm, and any change has been for the better as regards price, so that now Danish butter is much dearer, realising as much as 114s per cwt.

MISCELLANEOUS

The New Zealand Loan and Mercantile Agency Company reports that oats are dull, at about 6d lower; beans and peas are unchanged. The market for cocksfoot is very dull, and few transactions have taken place. The news that the American crop is not a good one has been confirmed, but no definite advice is yet to haiid as to the amount of shortage ; 17lb bright seed is quoted at 535, 161b medium at 49s to 50s, 141b dark at 46s to 47s per cwt c.i.f.

The National Mortgage and Agency Company remarks that the competition of the English new wheat will be keenly felt in disposing of the cargo which has just arrived from New Zealand by the Indralema. Oats,, after showing an improvement of 3d per quarter, close quiet, with an easier tendency; for the common descriptions New Zealand oats are unchanged. Peas and bsans are steady, and cocksfoot is inactive, and nominally unchanged.

The New Zealand Loan and Mercantile Agency Company records that the three latest sales of tallow there has been a good inquiry, and prices have advanced 6d to Is per cwt, the principal demand being for the " fair to medium " description. There are buyers of all sections of the trade, and with moderate supplies, both of colonial and South American kinds, it seems fair to expect that the market will not give way in the near future. A good business has been passing in Australasian for arrival at 263 6d to 27s 6d for mutton, and 25s 6d to 25s 9d for beef per cwt c.i.f.

The New Zealand Loan and Mercantle Agency Company reports a very fair business in New Zealand flax, and, in sympathy with a better tone in the Manila market, prices advanced about 30s a ton. At the close, however, there is a quieter feeling, and values have given way 5s per ton. "Good fair" spot is quoted at £28, July-September at £5u 103, "fair" July-September at £26 ss; failcurrent Manila is quoted at £37 per ton c.i.f.

The National Mortgage and Agency Company states that the demand for New Zealand pickled pelts has continued extremely keen, and prices are fully firm at late rates. The demand remains widespread, and both splitters and tanners are eager buyers of sheep at Tuling prices. Lamb pelts find a ready market, althoxigh buyers complain of the prices which they are forced to pay. Rates are extremely high, and no present prospect is seen of any drop. New Zealand crossbreds, heavy firsts, are quoted at 26s to 36s per dozen; do seconds, 18s to 255; medium substance— firsts, 24s to 30s per dozen; seconds, 16s to 21s; merinos — firsts, 14s to 18s ; seconds, 9s to 13s ; New Zealand lambsfirsts, 15s to 225; seconds, 14s to 18s per dozen.

Further, I am told by the National Mortgage and Agency Company that the demand at the recent sales of leather was good, and values were firm at id per lb dearer, firstclass New Zealand at ll|d, and seconds at 10|d per lb; first dressing sides at 15|d, and seconds at 133 d; bulls at 8d to B£d -per lb. The next sales will be held on August 4. At the last sale of hides there was a fair demand for heavy weights, at firm prices. The inquiry for light-weights is fairly gcod for shipment, but prices asked in the colonies are not obtainable at present. Heavy New Zealand ox is quoted at 4Jd to 6d; light New Zealand ox at 4£d to s|d, and seconds at 3|d to 4Jd per lb; cow at 4d to 4ld. At the last sale of basils, about 3700 New Zealands were offered, and all were sold at fully id per lb advance.