NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2728, 27 June 1906, Page 20

NEW ZEALAND PRODUCE IN LONDON.

(From Oue Own Correspondent.) LONDON, May 11. WOOL. L-ast Tuesday the thud Eerie of colonial wool cales of the present year weie oper.-ed v/ith cata'.ogties iota' ling 12,738 bales, of which number New Zealand contributed TOSS bale?. lam informed by Messrs Cha=. Balnie and Co. that there was a large atiendanca of buyers on tho opening day ; competition -was animated, the derornd from the English trade being particularly keen. Prices for rueriio wool ruled from ?ar to 5 per C2n. above last sales' closing rates, the improvement being most pronounced en scoured l>aiec s. Among crossbred produce, the fine and medium qualities were not quoiab!y dearer, though the tendency of the market vas in favour of sellers. For the coarse grades values were 5 to 7\ per cent, higher than those curient at the close of the preceding auctions. As legaids South African vools, combing greati3s may hs quoted 5 per cent, dearer; the position of the othpr descriptions, however, was not materially varied, although previous lates \\ere fhmly maintained. The u-et available supp'y for the series comprises about 157,500 bales, including old stock. Messrs Dalgety and Co. report that at the opening of the current series of sales the attendance of buyers was very ,arge and competrtjon was extremely keen, especially from the English trade, for which a large proportion of the wools offered was specially adapted. Prices of merino 3 ranged from par to 5 per cent, advance, the. rise being speci- | ally pronounced on the beiter descuptions of scoured. Fine and medium crossbreds, alhough slightly in favour of sellers, showed but little change, but for the coarser grades values were 5 per cent, to 7J per cut. higher <han at the close of the March series. " Since the opening," conhnue Messrs Dalg«ty, "pi ices have slight 'y tended in sellers' favour, and competition is very keen from all sections of buyers. From all quarters come reports of the depletion of stocks in manufacturers' ana dealers' hands ; and although we believe that some considerable quantities of wool purchased in Australasia by foreign i buyers are still held by them unsold in the expectation that they will do better later on, visible supplies for some months to come are so light tnat we think everything available will meet a ready eale in July, and if the reports of the probable delay in the shipment of the Queensland wools owing to the lecent heavy rains and flood prove correct, wa may fall co short in September 'as to

see full values maintained or sven a further rise. " The continued advance in coarse crossbreds is a< remarkable featnre, and the question generally asked is, How long will this last? The very low prices at -which these wools were obtainable a few years ago, say 4d to 5d per lb, and even less, and the growing scarcity of merinos owing to the effects of the Australian drought, naturally turned the attention of manufacturers to the possibility of producing attractive and cheap goods from these coarse crossbreds, and the Russo-Japanese war was a further point in their favour through the great demand for goods for army purposes. It was generally assumed that when this was at an end values would fal! sharply, and though for a moment there was a slight weakness, values now and again are higher than ever. It appears certain, therefore, that up till now fashions must still favour these wools, but at the sftme time they are evidently at present at a dangerous level, and when merinos are again in bettei c'ipply we think these crossbreds must see a smart fall, because although fashions may only change slowly, still, instead of the cheapness which first started these wools in their upward course, they are now about the dearest wools on the market. One thing that may, however, assist in maintaining their value is that after the close of the present sales the quantity of greasy New Zealand ciossbreds for the rest of the year will only be moderate." „ dury produce. ~*- I learn from Messrs W. Weddel and Co. that there has bsen no material change this week either in the demand for Australian and New Zealand butter or in the prices they have realised. The demand is good for the time of the year, due, undoubtedly, to thesmaller productions of European and- British and Irish butter owing to the cold spring. Choicest". quality is going freely into consumption, and secondary descriptions are n;:d:ng a better demand. Another cause of colonial butter being in request is the smallness of the arrivals during April, compared with those in March, which shows a decline of nearly 87,000 boxes Sine? the Ist July, 1905, to date, over two million boxes of colonial butter have been received into the United Kingdom (not one million as reported a fortnight ago), of which 575,000 came from Canada, 511,000 from New Zealand, and 982,000 from Australia. "Choicest" New Zealand butter is now quoted at 100s to 102s, and finest at 96s to 98s. The demand foxNew Zealand and Canadian cheese continues quiet, and free from a'l speculative elements. Prices show a decline of about Is per cwt on the ucek, New Zealand coloured making CJs to 62s per cwt, and white 69» KEW ZEALAND HEAT. I It is stated by the C.C. and D. Company to-day that theie has been no airival of New Zealand mutton this week Th,e competition among seller- has resulted in prices beirg brought to an unnecessarily lon level, a:.d apparently without achieving any material increase in the output. Heavy North Is'aud sheep were at one time freely offered at 3Jd per lb, and good medium weights could bs bought at 3id per lb. At the finish a bsttei tone prevails, and 3Jd is now the bottom price for anj average North Island carcases, while good light-weights make OJd per lb. Canterbury sheep are not n uch in evidence, and range in values from 3Jd to i\d per ib; but the limited supply dees not appear to cause inconvenience to buyers. There has been no addition to stocks of New Zealand lamb, and the C.C. and D Company writes that the brisk state of the delvand has resulted in some holders being ob lged to draw supplies from vessels now di^chaigijig. This is very satisfactory evidence of the position of 6tocks, but prices have not yet proved amenable t this influence. Canterbury lambs can still be bought at 4^d per lb, the top value being 4£d per lb, a though the inquiry leaves little to be desired. North Uland lambs are still selling cheaply at 4Jd to 4Jd per lb, and the supply is fairy plentiful. New Zealand beef haa be^ii more plentiful, and prices have receded to 3Jd per lb for hind quaiti.rs and. 2Jd to 2£d per lb for forequarters.