NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2785, 31 July 1907, Page 23

NEW ZEALAND PRODUCE IN LONDON.

(From Ouh Own Correspondent.) I/O2TDON, June 14. WOOL. Messrs Weddel mention that the reports from all districts of the woollen industry represent trad© as being good, but users are mostly «mployed an old orders. The consumption, however, of both, fine and course •wools continues on a lively scale. Seeing that the Home clip will Boon be on offer little disposition is shown on the part of buyers of medium and coarse wool in any way to force prices. "Wool, however, is wanted, and coarse descriptions, which, at the time of Messrs Weddel's last report were a little off colour, have gradually recovered. Merinos Lave been firmly steady without much alteration in prices, the tendency, if Anything, being againrt the buyer. During the next ieW months supplies cannot but be very slight, so prices her« should remain, firm, although, as customary, efforts will before long be made to depress the values on ultdmaite markets. The chief item of interest on the Continent has been the public sale of about 13.600 bales of Australian and South African merino wool, held at Bremen, from the 4th to the 7th June. There was a good attendance, and |

prices secured were about on. a level -with London 'May values. ■ Tbe. National Mortgage and Agency Com* . pany remarks that in manufacturing circlet I employment has been general since the May sales closed here,' and practically no machinery has been. idle. Spinners have been kept mostly busy with old con-tracts, but new business at remunerative prices has not been easily secured. All the 'same, there has been * good- market for fine jrools at fully steady prices. .Holders of the raw Article are quite alive, to the fact that supplies from now j onward foe some time to come will be -very, I meagre, so no attempts are made to push' sales. Soon after the May -sales closed course wools eased off slightly, but during the last week or so the tone has oh«nged for the ( better, leaving the "level of values fully up to what it was' & month ago. NIW ZEALAND ITEAT. Arrivals during the fortnight amount to 73,000 carcases of New Zealand mutton. Messrs Weddel say that there is not muob alteration to record in tbe position of -the market, with perhaps the exception of North: Island mutton, which has been Belling at - slightly lower rates. Canterbury sheep of all weights are in good demand, and are really, the only brand of mutton selling at high rates. These obtain a substantial premium* over all other brands. This is accounted for by the short offerings, although the mutton market generally is weaker. Canterbury) sheep, under 641b, are selling at 4Jd per lb> the few sheep under 481b having sold as high l as 4jd to 4Jd. Heavier weight's are realising from 3|d to 4id per lb. Southland sheep are selling at 3Jd to 31d per lb. according to weight, and North Island sheep of best' brands -from 3|d to 3Jd per lb, secondary, qua 'i ties being quoted at from BJd to 3|d pel lb. I Although arrivals of New Zealand . lamb' I appear to be heavy, they come at a time I when stocks in London are very light, and 1 , with warmer- weather and. the; demand, in* creasing both in London .and ia-tihe provinces,? x they will readily find their way into cos-] sumption. Messta Weddel say, however, thai. th> simultaneous arrival of a few boats carrying large cargoes caused many holders to take rather a pessimistic view of the market', . and as the bulk of the lambs had been purchased at considerably under present values they exhibited an anxiety to sell and take .their profits, consequently the market quickly weakened, and a drop of |d to }d per lb has taken place. This reduction in values caused buyers to act with greater caution and ' t not to commit themselves to laijger number*, than they can readily move, preferring to hold off in the hope of the market weakening still further. The high prices which have ruled for some time past forced many butchers ■Jo curtail their lamb purchases as much aapossible, and the reduction which has now. 1 taken place will certainly be beneficial to th'a demand. Medium and heavy-weight lamb* still meet with a good demand and command a slight premium in price over lightweights. Prime Canterbury lambs, 281b ta 361b. are quoted at Sid; 361b to 421b, at 5Jd "to 53d; 431b to 501b, at s|d. Prime North Island lambs are quoted at 5Jd for the 281b to 42ib grade. 1 The National Mortgage and Agency* Company reporte that there has been a fair demand for New Zealand mutton, and there has been a general advance. Demand for New Zealand lamb has been fair, and prices h*ve j advanced, Canterbury descriptions being quoted at s|d per lb for 281b to 361b, and at 621 for 361b to 421b. Secondary deeoriptdona , of Canterbury realise 3d to 5Jd pet lb, and other brands from 4£d to s|d per lb, according io quality and weight. Prices for New Zealand forequartera of beef are unchanged^ but hindquarters have advanced in value at the quotation of 3jd to 4d per lb. With regard to New Zealand mutton, th« C.C. and D. Company writes: — The month' J receipts amount to 186,086 carcases, and the total for the year, aggregating 953,777 carcases, shows an increase of 151,289 carcases'. This is the most disappointing section of the frozen meat market. Conditions have been favourable for an advance in values for som* time past, but other descriptions have been selling too cheaply to permit of the attempt, and the demand has scarcely been brisk enough to warrant the step without support all round. Stocks in store are in moderate compass, and the anoats are not heavy. Canterbury sheep are somewhat scarce, and prices show no change at 3Jd to 4Jd per lb, according to weight and quality. North Island* constitute the bulk of the offerings, and ligbfr carcases have improved to 3Jd per lb, and the bottom figure for heavy sheep is about BJd per lb. Ewes are still v«ry plentiful, and tbe good carcases are cheap at ■&«• ounceni quotation of 3Jd to 3£d per lb, but heavy -wast** ful sheep axe still selling down £0 2Jd per lb. Of New Zealand lambs tbe same firm remarks: — The month's imports, amounting to 400,930 ©arcases, have not proved at all toor

many for the trade, and in fact at the end of May there was an absolute scarcity of Canterbury lambs. The receipts for 'the year »ow flhow that the surplus over last year's figures has been reduced to 78,501 carcases, out the position at the two dates shows a ■wide difference, values being fully id per lb higher this year with stocks in much mare moderate compass. The demand has left no* tiling -to be desired, and has been of the usual progressive ohara'cter. At the close prices are nos quite so firm as they were, probably owing to the arrival of two or three large cargoes. Canterbury lambs can be quoted »t s|d to s|d per lb, and North Islands at 4Jd to sgd per lb. Some 20,000 Australian lambs lave come to hand in the four weeks and these are coming on' the market in small quantities. They are selling a<t 4!d to 4Jd per lb. GRAIN. According to the report issued by Messrs Weddel, the market for oats continues firm at fully late rates, but New Zealand sorts are in small supply. The demand for peas is very limited, but prices fcoirtinue steady. TALLOW. There has been a steady demand for tallow during the past fortnight, all qualities and all positions coming in for a gocd measure of support, and prices are distinctly harder •both on the spot and for distant shipment. Messrs Weddel say that mutton tallow, which fotv£ome time has been rather dull of sale, is now much more in demand, but there is very little premium obtainable for fine edible qualities over ordinary hard sorts? At publio •ales 3200 casks have been offered, of which 5)600 found buyers at prices ranging- from 6d to Is per cwt over those ruling a fortnight ago. "To arrive " a fair business has oome # about it advancing prices, but a far bigger trade oould have been done but for shippers having optimistic ideas. Good mutton iallow has been sold at 36s to 36s 6d, and beef and mixed at from 34s to 35s as for quality, all on c.i.f. terms to London. Shipments of tallow from New Zealand and Australia during May were 3900 tons, as against 4200 tons for the same month last year. Stocks in London at the end of May were 14,013 casks, an in. 2ease£»f 3223 casks during the month. Current spot quotations are: Mutton — good to finest, 86s 8d to 37s 6d, per cwt ; dull to fair, 35s to 86s; inferior, 32s to 84a 6d; beef— good •to finest, 3os to 375; dull to fair, 34s to 35s fid; and inferior, 32a to 33s 6d per cwt. DAIRY PRODUCE. Messrs Weddel and Co. say that the demand lor New Zealand and Australian butter continues good for "choicest" qualities, but for lower grades there is a slackness. The %one of the market appears to be improved, hut most of it is mere sentiment. Prices are unchanged. TJhe National Mortgage and Agency Company states that some of the New Zealand butter which has been kept back in the colony is now coming' to hand. It does not, however, open up to the usual standard, and it is rather a pity that it was not shipped «t the. time the butter was made. Finest butter is wanted, but any tihwt shows the least signs of being off flavour is difficult to dispose of. New Zealand cheese is in good clemand, and the cheese this season has been very fine, and has become quite popular. Most of the factories have turned out in excellent style, the appearance being attractive', and the packing exceedingly well done. The arrivals have been about 21,680 cases from New Zealand and 1400 casee from Australia. New Zealand white is quoted at 6>? to 665, and coloured at 63s to 645. Messrs DaJgety and Co. note that the market for Canadian and New Zealand cheese was firm throughout May and advancing, and -white, on account of its scarcity, commanded a" premium over coloured, finest old Canadian realising as high as 70s, and finest New ZeaJdnd. 675, as against 663 and 65s respectively for coloured. There is now, however, a ,<juieter tone in the market, and values have receded 2s io 3s per cwt. The arrivals from New Zealand are 82,251 crates (OBwestry fTramge 4058 crates, lonic 9787, Tur*kin«. 9642, and A/thenio 8764 crates), as compared with! •nly 16,944 crates for the coneflponding period •f 1906, an increase of 15,807 orates. * CTith reference tq butter, Messrs Dulgetjj

, write: — "A regrettable feature is the quantity 1 01 inferior butter (chiefly Australian) now 1 accumulating in cold store in consequence j of the utter absence of demand for anything «i all second rate. The only buyers are speculators, who would wish the merchants to make sacrifices not justified by the situation, there being no reason to anticipate any great slump in values. With these accunmlations both here and in New Zealand, taken in conjunction with the high prices paid and losses sustained by speculators last season, we do not anticipate f.o.b. or c.i.f. buyers will be found at very tempting prices next season, especially for outputs of New Zealand, so that possibly factories will find it more to their advantage to consign for sale hete."