LONDON. NEW ZEALAND PRODUCE IN

Otago Witness, Issue 2818, 18 March 1908, Page 24

LONDON. NEW ZEALAND PRODUCE IN

(Fbom Oub, Own Cobbespondent.) LONDON, January 2t. WOOL. , ' In their latest report on the wool' market, «. the National Mortgage and Agency Company observe : " The closing fortnight of 1907 - found wcol markets in this country in a depressed condition and particularly so aa " regards coarse crossbred wools. Moderate v sales on an unwilling market had cm ex* aggerated effect on prices, and coarse cross* bred tops, which during the late sales wera quoted at Is lid, fell to Is per lb. The * lowering of the bank rate, however, on the 2nd inst., and again last week, caused at complete change in the sentiment of the market, and a sensible recovery ensued; and all the drop has since been regained. Merino tops, which had also reacted, but not quite to the same extent, have also improved to about last sales' prices. At the moment the demand, both in this country and abroad, is quiet, but the feeling is fairly general ■ that, with further improvement in th« monetary situation, the trad© will find itself in a much healthier condition than for the last few months. There are, therefore, good prospects that merino wools should assert their position, especially when it is bora© in mind that there will be a considerable deficit! in this season's Australian clip, estimates of which vary from 50,000 to 100,000 bales. The outlook for crossbreds seems more indefinite, but ■ there is no apparent reason why they should recede from DecembeiT valves." The first series of colonial wool sales of the present year opened* on the 21st inst. with 7389 bales, New Zealand being represented by 814 bales. Messrs Charles Balm* - and Co. write that the sale room was well . attended, and that competition from all quarters was animated. Merinos met with * good demand, the better grades selling fully up to last series' final rates, and sometimes occasionally in excess of them. On th« other band, the prices made for inferior . descriptions wexe from par to 5 per cent. * below that level, the weakness being mostf pronounced on short, faulty greasy pieces. Fine crossbreds were not represented in tha catalogues on the opening day. Medium and coarse growths, however, sold readily ati values showing a decline of from par to 5 per oent. as compared with December closing] quotations. The net supply for the scried • is about 187,000 ba'es, plus old stock. Messrs Dalgety and Co. write that ther« was a large and representative attendance) at the opening of the peries, several buyers from the United States being inoluded, but it remains to be seen how far the, last-named are prepared to operate. The selection offered was not a very attractive one, but there were some good lines of merino greasies, and iii was at once apparent that the general ton« of the room was quite different from thaM at the close of last sales, biddings being spirited and the buying pretty evenly distributed among all sections of the trade 1 . The general verdict of the opening was that all good merinos were fuly up to closing; rales of last series. Faulty and -inferior: merinos were about 5 per cent, lower. Crossbreds are, if anything, rather easier. O:i Wednesday, with a better selection, prices were in some cases slightly firmer, and good combing merino greaaies made occasionally more than December closing rates. Greasy crossbreds also, if in good condition, made full prices. Owing to fog, no sales could be held yesterday. With the reduction of the bank rate to 4 per cent, financial conditions may again be considered normal, and a3 there are indications that in spite of large sales in the colonial markets users generally are not overstocked, the outlook* is much more favourable than was the casd a few weeks ago, though at the same tima Messrs Dalgety do not look for any rise in/ values at present unleFS American buyers should come freely into the market. Writing this afternoon as to the progress of the sales, Messrs BaJmo say: " The improvement in the tendency of wool values which set in with the turn of the year, has, under the influence of increasing ease int the European money markets, made further progress during the past few weeks. Con-. sequently, at the sales which opened oa the 21st inst., competition is more vigorous and widespread than during the Decembes auctions, although the- largest volume of demand still comes from the Home trade, which has benefited most by the cheaper rates for money. There is very little ehanga in the position of merino wools. The beafi descriptions of greasies sell fully up to lftsti sales' rates, and occasionally in excess of tliem. Average to good parcels, when free from burr, also command previous quotations, but in the case of the inferior cla&ses soma weakness ia noticeable, whioh (frequently amounts to 5 per cent, on short, faulty wools. The market for scoureds is not quite sot strong as that for greasies, but here again the weakness is most pronounced on faulty sorts. The greasy crossbreds so far offered have consisted almost entirely of the mediual and coarse qualities, winch sell at prices iadicating some slight reduction on the December level One or two lot» of Australian fine croB3breds have realised previousl

values. Sconreds and alipes ar« in small \ Puppry, and sell at a reduction ranging from par to 5 p«r cent." As no sale was held , Feeberctay on acount of fog, the series vri.il! close on the Bth February instead of ifii© 7th as previously arranged. SKINS. In their latest reports concerning pelts, the National Mortgage and Agency Company say that the market continues to develop further weakness, prices being irregular and decidedly lower all round. English domestic sheep pelts have fallen heavily, and if it should become necessary to sell New Zealand sheep pelts on a parity, the prices of the latter will have to see a very' sharp drop from the last actual aales. New Zealand sheep pelts are, nominally, worth, more money in America, but so little business is being done in that country that the .prices nominally ruling have very little eignificanoe. It cannot be said that prices Lave- yet established themselves on any particular b&sis, and the quotations must be regarded as more or less nominal. In the case of New Zealand lamb pelts, until the new season's description come to hand it is impossible to say at what prices they are likely to sell, but it is possible that they may xule as much as 40 per cent, below the jhighpnt prices of last year. Quotations are: New. Zealand crossbreds —heavy firsts, 20s to 80s -pcx dozen.; do- seconds, 16s to 22s per dozen; do medium substance firsts, 18s to 26s -per dozen; medium substance seconds, 14s to 20a per dozen; merinos —firsts, 14s to 16s per dozen; seconds, 12s to 14s per dozen; Dew Zealand lambs—firsts, 16s to 20s per dozen; seconds, 12s to 14s par dozen. -At the time of the compilation of the National Mortgage and Agency Company's treport, sales of rabbitskins were still in progress, 3069 bales of New Zealand and Australian elrine having been catalogued, about 2400 bales having been offered and about 2200 having been sold. The demand is good for all kinds, but values of the bulk of supply show about id to Id per lb decline on average. Of 482 bales of New Zealand ekins catalogued, about 300 bales have been offered, and nearly all sold. Furriers are "buying the finer qualities and paying fancy prices, an 3as much as Is 7Jd per lb for selected grey, and 2s BJd per lb for silvery and black was obtained. Ordinary cutters' descriptions are id to Id per lb cheaper. Fair to- good season Australian are $d to Id per -lb easier, outgoing' and off-season about Id per lb. At the safe of hides, recently he'd, 408 yearlings were offered, and 15 were sold, prices offered being very low. Pour thousand one hundred and sixty-nine calf were offered, <pnd all were bought in. Buyers were only interested at low rates, and no sales were possible. Six hundred and ninety-one horse ■were catalogued, and 31 were sold —best at 10s to 14s, seconds and small at Bs, to 10s per hide. The National Mortgage an 3 Agency Company say that the demand for shipment baa" not improved, and at prices c*b!ed buyers are not interested. Quotations include : Heavy New Zealand ox, 4fd to "*6ld per lb; liglrfc ox, 4Jd to 6Jd; seconds, 4Jd to ©gd,;cow, 4§d to s£d. As for leather, the demand has been quiet. One thousand seven hundred and twerntyeigtxt sides have been offered at auction, and 1058 sold at Jd per lb decline. First class sold at lid; second class at lOJd; first class dressed at 14Jd; and second class dressed at 13Jd per lb. Private sales have been somewhat restricted. Values are about id to Jd per lb lower on the month. At the last auctions of basils, 18,672 were offered; and 6324 sold. The National Mortgage and Agency Company tell me that the inquiry was limited to best sorts. These has bees a much quieter market privately, and sellers are willing to accept fair concessions. TALLOW. In their lust report the National Mortgage *nd Agency Company mention that for four yreeks the tallow market has been very quiet throughout, prices all round having shown ft redaction of Is per cwt. The soap trade has been rather inactive of late, and makers, owing to present values baing in their - opinion somewhat high, have only been buying raw materials for their immediate requiremants. Thdre is a moderate demand front Continental buyers, chiefly for " trtre" sorts, at prices tending in buyers' favour. The* "edible" trade has been very quiet, jmd the finer qualities of tallow have been difficult of sale in any quantity. In forward business there are buyers for shipment, preeenit and two or three months forward, at about the equivalent of spot prices, evidently in expeotaition of better trade toward ihe middle of the year. At the sales held a week ago there was only a limited demand, the.small quantity sold realising a decline of about 6d per cwt. DAIRY PRODUCE. Messrs W. Weddel and Co. state that the ' demand for New Zealand and Australian butter continues firm, and those sellers who last week were pressing sales by a reduction in prices are now holding on for the last shilling. The cable messages conveying reports of bush fires in New Zealand and Australia and extreme high temperatures have caused the trade to recognise the fact (that supplies from both sources will not only be leas in bulk, but that they will cease sooner. than was expected. Bush fires Always seriously diminish the flow of milk, And consequently the supply of butter and cheese is reduced. " Choicest" New Zealand butter is quoted at 118s to 120s, and " finest" at 114s to 116s. The market for New Zealand and Canadian cheese is slow, but prices ere firm at unchanged rates. The National Mortgage and Agency Company mention that great delay has been experienced in getting the butter ex Biniutaka, and it was expected that the Mamaxi would dock before the Bimutaka had fully &sch*rged. All the butter brought by the latter steamer was sold, and the buyers weie anxious to get at their purchases. The trade in New Zealand and. Canadian cheese has been good for some weeks, up till the current week, passing at full rates, and it is thought that any shipments on the way should meet a ready market.