NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2808, 8 January 1908, Page 23

NEW ZEALAND PRODUCE IN LONDON.

(Fboji Otra Oto Cosbesponiheht.; j LONDON, November 29. j "wool. i, -The sixth, series sales of oolonial wool .. " * for the current year is now in progress, the catalogues for the opening day comprising .9699 bales, .of .-which only 758 Bales were from j<ew Zealand. The saleroom -was well at-^ tended, but competition, waa lacking in animation. ' Messrs Charles "Balme and/ Go. say that , merinos sold *t » reduction "which amounted . in average to 10 per oenC 4ne 'best style of greasiea made within 5 per cent, of the rates ' current- at ihe. close of the previous auctions, but" other grades were "from 10 to 15. per "pent, cheaper;' the depreciation "being particularly noticeable on wasting < and faulty ' descriptions, wbioh realised extreme values . -in. September. The crossbred wools brought iorward consisted chiefly of slipes, which soldi ~ai a decline of . 7|r j?er" cant., a> quotation TWhiah "«,lso applies, to the few lota of gxeasies - included in the catalogue. On South African ' wool ttie fall may be quoted- at- 5 per cent. im super snow "whites, 7i per cent, on snow ■whites and sooureds, 10 per cent, on combing grease, and 74 per cent, on clothing grease. - ' ~- To-day Messrs Baline write: "Since the ■ close of the September-October sales, the tone o"f the wool market has undergone a ; complete change. Consumption at present j S3 well maintained, but the dearness of { ptoney all over Europe has had the effect ,_ «f stifling speculation, and causes top-makers ' _«nd dealers' to act with very great caution. , On the other hand spinneecs, who are well ' (employeS, and not very heavily etocked, are - more freedom.; consequently, in - <ibie saleroom, there is ■■& marked difference Jyetween the prices paid for tihe better classes of merino greasy' wools which appeal to .'Bpinners, and the general run of greasies and .eeoureds which come within the scope of topzkza&ers', operations. Since. the. outset of the auctions there _ has (been, no alteration in /-values, -although- -tfhe market is somewhat ,- etwdier at f - the -initial decline. Among' - jnerinos, #» - T»st lots of ' greasies out of 'eboioe flocks realise prices closely up to the " previous aeries' level, but on superior ;6ocmreds, aa well, as average to goofl parcels, _3f>Ota» scoured and greasy, the depreciation, "bo 10 per cent., while in the case Of inferior and faulty, descriptions it freouently reaohes 15 per cent. Very few lots "ipf greasy orossbreds haye 'so far passed the faammer. As far as can be judged, however, - t£e finer grades are 7£ per cent.j and the jjpßdiuitt and coarse -fully 10 per cent, lower. Qn Bcoureds and ettpes the decline also ranges itom 7J to 10_ per cent." Meesr* vf- "Weddel and Co. write' regarding ■$B> flurrent wool sales: "More than usual ; nterest attached to the opening of these: i lies, aa, owiagto tihe extremely small amount i i actual business which had been put through ; ti^ihe cEifferen-i European maiteta during.- the ; i£ei t moni%, ~%' definite working basis liad to "i j «rep£ extent disappeared. Although, there ' &A been 'no-,- very distinct falling off in j spjtumptioß, yet- confidence, consequent on

of lower prices in Australia, had been impaired, and to restore this it was felt that the London sales were sorely needed. In these circumstances a large muster of the trade was in attendance for the first catalogues. Competition at the outset proved to be of a somewhat hesitating nature, but has improved on .subsequent days, the English and French houses competing with some freedom. The selection has been good, but the large proportion of short wools is noteworthy. As to' prices, these show a general decline from the extremely high, rates of September^ On the best greasy merinos the fall does not amount to "more than 7h per cent., but in jmedium lota, as well as on all pieces and bellies, there is a good 10 per cent. fall. Sooureds are irregular, btut on average are 10 pea? cent cheaper, faulty lots being nearer 15 per cent, lower. "Lambs sxave been scarce. Greasy crossbreds have "been iji very small- supply, and practically all -grades are 10 per cent, lower than in September. Slipes have also been only in moderate supplies,-, and are from, 7J per cent to 10 per cent, cheaper. The sales, as at present arranged, will last till the 10th Decemibeir, by which date, with any easing of money, some improvement "in prices may "quite well take place." The New Zealand Loan and Mercantile Agency Company remarks that there 'was a large attendance at the opening of the sales, and while" some , hesitation was- at first manifest in the biddings, as "the sales progressed competition improved, and on the whole was fairly general, America) howeveor, operating but sparingly. As compared with the preceding sales, closing rates for best quality v merinos ruled about 5 per cent., and medium, - inferior sorts,~ and' scoured 10 per "cent, lower, while crossbred" marked a decline of 7J l to 10 per- cent. Since, -with more confidence in the bidding,- values have-Truled steady at the level 'established art the opening."- The total , supply available is 125,000 bales. - "The National Mortgage and Agency Company^ mentions that competition! for, merino wools in the grease was distinctly strong :at the opening of the aaJes, but prices showed a nf alnmtt. Ift T»Ar Pant, in Jhe Case

ft decline of about 10 per cent, in case of- all and inferior wool. Superior wools, however, were not more than 5 to 7i per cent, cheaper. Scoured -wools were 'generally also 10 per cent, easier, especially aH faulty" lota, on -which the decline was oven, somewhat more. Greasy cross bred! wools -wer* very thinly represented, and as iar as can be judged prices for all descriptions were about JLO per, oent. lower. Slipes ■were iri large supply, and also depreciated lo about the same extent as greasy. GRABS'. Messrs ~Weddel write tbait the market for peas is quiet, with a limited demand, and 1 values are unchanged. New Zealand and' Tasroanian maples are quoted at 36s to 40a per,. 5041b," New "Zealand oats are quoted nominally. • " ' The New Zealand Loan and Mercantile Agency Company writes that the market for cocksfoot is very quiet, and buyers, having satisfied their first requirements", are not operating at the present high Tange of values. Shocks- are within small compass, and prices keep very firm, so that it is anticipated a further advance will take place when the spring sowing demand sets in. Should this be so consignments arriving here not later than the end of March would probably make very high prices. Tiie quotation for 17lb seed is 75s per s cwt (c.i.f.). 3JiEW_ "ZBALAITO FLAX. Only a limited number of transactions have taken, plaoe in New Zealand flax at irregular prices, and the New Zealand Loan amd Mer- . cantile agency Company staJes tha-t the market closes quiet, the near positions being most in demand owing to specula-tors being short. Quotations are: Gxtod fair spot, £29; December, £28 15s ; January-Ma-Toh, £28 ; Mr spot, £28 ss; December, £27 15s; JanuaryMaroh, £27; and fair current Manila, October- December,- £28 per ton (ci.i). Tow U offered at £12 per- ton- (c.i.f .). The Nartional Mortgage and Agency Company notes -that with, a serious decline of 30s per ton ia the value of Manila, the marfcet for New Zealand flax has fluctuated, -and pricea are now 20s per ton lower than those - last recorded, closing with a slight reaction under the influence of " bear " operators, who are short, especially for near positions. Thoi sales- amount to about 400 tons — namely, near, good, fair, £29; fair, £28 6s; October-December, good fair, £28 15a to £29; fair, £28 10s down, to £27- 10s, and 1 since buyers at £27 15s; January-March,, good fair, £28 5s to £27 15s; fair, £27 to £26 10s, and since buyers at £28 15s. Tow is offered at £12 per ton, ' TALLOW. The New Zealand Loan' and Mercantile Agency Company writes that there has been only a- moderate demand for tallow at the four auctions which have been held since the issue of tie last report by tMa company, wd prices, which have gradually tended in buyers favour, at the lose maxk » decline of Is 6di to 2s per cwt. Edible beef and the inferior aorta have inert; with the ljest inquiry, but mutton tallow; during the last »*** ** >*— > >**tiod under x^YiffW,. HAS QXQs'

been sold in retail lots, and to place any appreciable quantity holders would probably have to make a substantial reduction in . price. All soap oils have declined in. value, antf with heavy stocks of tallow on hand the outlook is somewhat unsafe-factory. Litfle business has been done in Australasian for ( arrival, and values have also fallen about | Is 6d' to 2s per cwt, good coloured mixedl being now- worth 30s 6d per owt (c.i.f.). Quotations are: Finest mutton, 34s 6d to 355; I tfair to good, 32s 9d to 33s 9d; edible beef, ] 345: ana fair to good, 31s 9d to 32s 6d per cwt. k ! Messrs Weddel mention that the demand j for tailow has been, limited, during the past fortnight, and values have receded a further 6d per cwt on all descriptions!, although the 1 offerings at the" public auctions have been. 1 on a very small scale— namely, 1511 casks, I of which 826 found buyers. Mutton - tallow ' in particular is a very dull market, and to sell any quantity much lower prices would have to be -taken, "To. arrive"' sellers have been enterprising, and a large business- has 1 been d^ne for' winter shipment in South American sorts at continually falling prices. The export demand on the spot is very poor just now, and edible sorts are dull of sale. The Nartional Mortgage and Agency Company reports that at the four most recent public sales of tallow, 6674 casks -have been available, and 3042 casks have found buyers. The market has been very quiet throughout, and prices have' slowly declined, being no-w-ls J to Is 6d per cwt under quotations "given; -some weeks ago. The bulk of the ■business done has been in medium and lower qualities -f-oT export. For these descriptions there has •''been a fairly steady demand, though concessions in. price have been necessary, r 1 - Fine sorts have "been slow of sale. The home trade has been, quiet, but supplies - ar-e moderate. For forward arrival there -is-only a limited quantity offeringi and a> "reduction in values is necessary to induce business. ' The market ,«t the close is quiet;" with a very limited demand. - - Imports -during the past month have included! 527 casks from New Zealand and 2602 casks' • from. Australia. Stocks of tallow, all Mndfi, in warehouse in London at the end of -October, were 15,614 i against 5474 packages at the same date last ' year, and .. 6065 packages at the end of j October, 1905. Shipments from New Zealand! • and Australia during the month of October or© advised at 2400 tons, compared with 2600 tons in the same month last year. BKINS. ■ 1 learn from 1 the National Mortgage and Agency Company that at ' tiiey last, -public auctions, 1655 hides were offered, but failed to- attract buyers. Of 3456 salted calf hides offered 74 only were sold. New Zealand, average 6Jlb to lllb, at sd' per lb, with , dsymaged at 4d' per lb. Out of 856 sides of leather, 120 were sold. The demamd was very quiet. Quotations are: Wellington, first class, lljd to lljdj second class, lOJd';" third class, 9id". First class dressed are quoted at lSd, and second' class dressed at 18d per lb. There are no private sales of importance to report, and the few transactions which have passed^ show a decline of about Jd per lb. There was a fair demand for baiedls at the auctions lately held, 3092 skins selling out of the 5864 catalogued. Prices ruled barely steady. Belts Tiara recently been a very narrow marked and the National Mortgage and Agency Company says that a rapid and beavy fall in prices- has- occurred where sales have been made. The chief _ cause of this has been tfie financial in America, which has most seriously ' affected general business in that coun<try. -With so little business doing, It is. difficult to .give : quotations, bat . sheep have declined- 10 per "cent, during the past four weeks, and are now about 30 per cent, down from the highest point. In the case of lamb pelts no sales are reported, wt tthawt w prices are altogether nominal, but there- is no doubt that a heavy drop will occur before the stook held here finds buyers. There seems no ground for expecting a recovery in prices, and, the future of the market wiii depend very largely upon -fee course of events in the United States. Quotations for New Zealand pelts are; Crossbreds — heavy firsts. 26s to 36s per dozen; do Seconds, 20s to 26s per dozen; do medium substance firsts. 22a to 30s per dozen ; do- seconds, 16s to~ 22s per dozen ; merinos — firsts, 14s to 18s (pen dozen; seconds, 10s to 14s per dozen; Now Zealand lambs — firsts, 16s to 21» per dozen; do secondia, 12s to 16s per dozen. Quotations for- New -Zealand lamb pelts are nominal in the absence of business. A -sale of rabbitskins is shortly lb "Be held. Of the 3478 bales catalogued, 216 -bales are fromi New "Zealand. The collections cempris© * a good proportion of best season, skins, but in view of America probably standing out of the market, a decline in prices is anticipated. WEW ZEAXAND JMEA.T. Reviewing the meat market for the past four weeks, the New Zealand Loan and Mercantile ■ Agency Company says that -the demand for mutton- Tfta continued quiet, though, witii supplies firmly""- held, it was possible, during the earlier- part of the four weeks, -to advance .values id per lb.- The last ' two 'or. three 3a&B, however,- ioiaeia i»-«» "• Sheared 'mor» anxious, to effect sales, and j

the market at the close has an easier ten- , dency. North island mutton is" quoted at 3id to 3fd per lb; Canterbufy mutton at 353 to 4i*d per lb. Ne-w Zealand; lambs are scarce, and. with a good) trade passing valuee . liave ruled in favour of sellers to the estent of Jd per lb. Canterbury description's range ifrolm 5d to Sid per lb, and North. Island from 4|d to 5Jd. During the past fortnight 49,900 carcases oi New Zealand mutton have been received, so Messrs Waddel report. During that period there has bean a fair demand for sheep of really good quality, and , the firmer tone in the market mentioned previously has been fully maintained. -Efforts are being made to raise pricea farther, but, in spite of the strong statistical "position,* tlnV is owing- to -the-, relatively "low jirices- current for ,Eiv©r "Plate", sheep. Prime C^terbjiry" muttfu- of '481b to ' 561b - weigb.tr, realises SS per lb\i _561b, to-JBflb, 3gd;*'iaindv Heavier; Bgd to 32d~j>er-lV Best Southland- sheep of medium weights are quoted at 3|d, "arid -Sid, to SJd r per lb ' for , heavy carcases. North • Island mutton is * In . few 'hand's^ and the small weighta of good- quality are firmly iheld- at 3|d to 3Jd per lb. fleavy-weighta and second quality are -offered at 3|d to 3ijl per lb. Ewes have been' more generally inquired for, >and, beiog in short supply, 2p to 3d per lb is readily obtainable. ,

Receipts of lamlba have included 12,500 carcases from New Zealand! - during the fort- ! night. ; Messrs Weddel write -that- there -has been a very fair demand" for lambs at Smithfield for this time of the year, but the inquiry from the provinces is 'only limited. Now that' "supplies' coming td hand are so ; light, stocks in store are being idrawn upon i and" are going readily- into'" consumption, | sales receiving only a very light check from the- higher prices "now current. Canterbury ' lambs of 281b to 361b are . quoted at 5Jd ; 361b- to 421b at sfd; 1 and the -421b to 501b grade- -ait sJdl ta eid^per lb. Although the sale of Australian la\nbs , has received some ■ assistance from the -higher- prices 'of New Zealand descriptions,' the "quality of Australian parcels thus far is v unsatisfactory, and is causing dissatisfaction! art Smi-thfield.

More on account of moderate stocks than 'by reason of any. market improvement in the demand. Jlessrs Weddel say' that higher prices are being N ©bl;ained for both fore and hindquarters of beef. The market closes quite steady, and; Values ex, store are fully equial to those obtainable off the 'hooks at S^nithfield; in -some oases, indeed., higher prices are obtained ex stb're. Importations during "she fortnight "include 5000 quart«&from New. Zealand. , * -

The National Mortgage and Agency Company remarks that stocks of New Zealand mutton are now getting into smaller compass, and are concentrated in a few hands,and, with a very small number of sheep afloat, holders have been firm in their ideas. Owing to the good quality and low prices', ruling for Eiver Plate sheep it has been impossible up fo~the present to obtain, much advanoe in New Zealand descriptions, which are already selling at a premium of- Jd per- lb to Jd per lb. Canterbury sheep,, under 641b, are quoted up -to 4d per lb, with heavier weights at 3Jd to 3fd, while North Island range from 3£d to 3gd per lb, according to weight and quality. Ewes meet with -a slow trade at 2£d to 3d ~ per lb. -In spite of the shrinkage in the ■ demand, which has now fallen to a minimum, prices for 'tomb have advanced' in the market. s , Canterbury descriptions may now bef quoted up to, sjjd for 28lb' to 421b grade, and 1 to sJdl perlb' for "421b to 601b; other brands, sid to sgd per lb. Values of hindquarters of beef have been "maintained, and fo^equarters are rather firmer, but the trade has ruled <M1 and disappointing.. There is still 'a dull demandi for frozen rabbits, but supplies" from Australia continue large, and, with increased competition from English, the. prices remain -without improvement. Arrivals during the past four weeks have been 42,416 crates from Australia and 18,500 crates from New Zea-

ana. . -• ,The ,C.O. and D. -Company observe that tie arrivals of Now Zealand mutton during tne week e^o very email, and only consist 01 one shipment by the Corinthio, amounting to 12,427 carcases. There is no improvement to report in ■values, yfhioh- are practically unchanged. Frime Canterbury sheep are setting at Sid to 4Jd, while North Island mutton is making 32d to Sg& per lb for the best- -quality. There; .are, .-however; •* -oertain number erf stale sheep being marketed, which 'do mot tend! to improve Buyers generally are not disposed to purchase, more than about a week's supply at a time, Hind ait the close the market is decidedly flat. Tine Ccnin'thic- brought 1806 carcases of-lfew Zealand lamb. The demand 'is gradually getting less, as may be expected at this time of the year. It will be advantageous to the shippers if all the old stocks can. be cleared before the new season Australian lambs come •to- hand in Large numbers. are, Lowever, well maintained, but there is a" tendency fox the' market to weaken. The demand continues la favour of fofequartera of. beef; and in consequence these are a little SxxiKxri -rritiie ijiH^qxrartom- are correspondingly' weaker. - The former are quoted at 2^3

[ to 2ga, and hindquarters at 3Jd" to 3|d per lb. ± ' •■* ■ DAIHY PRODUCE. The New Zealand Loan, and Mercantil« Agency Company - notes that the 'Australian. ' and "New Zealand buitter season ha® novr." ! started 1 , >and "prices are about -8"s to 10s pc« cwt higher than at this period last year< Supplies are" considerably less, but, owing .to- the higher rates ruling, the demand is slowV^- Shipments afloat are in small com- ' pass,'- and -this firm does not anticipate any, serious decline in the- near future! Choioesti New Zealand is" quoted at 118s to 120s per cwt, «aid_ finest a,KU4s to 116s. The respec-tive-prices^for Victorian is 116s to 118s, and -110s 4o 114s gef cwt. The National Mortgage and Agency Company informs .me that the s.a. Corinthio is now discharging 'her butter. Some of th« best 'brairds are quite up to their usual standard, there are a few others, .graded as seconds, whose quality is -very There is no difficulty in clearing fine' qtaality, but .the iH-flavoured butters are-difficult to dispose of. New -sea^m's- finest salted Nev* 'Zealand is quoted ,at 118a ',ta 120s pearowt;! do £ne salted, 110s to 114s ; ;and fine salted 'stored .104s to 110s per cwt. The" Corinthio haa ' on." boarS -"40S|8 , obAs v ,of cheese. JTha quality ~ot- this is opening;; up' rather irregularly, but is expected tihat menta will takei plaoe in later shipments.. Prices range from 60s to 61s per cwt, ' Canadian.- beings preferred at rather highes prices. Although /there isf'very little trad« this week, the pasHdon is steady, and if the demand improves, the National Mortgage and Agenpy Company thinks there may possibly be -a better market. '\ - ■