NEW ZEALAND PRODUCE IN LONDON

Otago Witness, Issue 2860, 6 January 1909, Page 9

NEW ZEALAND PRODUCE IN LONDON

<F»om Oub Owir Coebbspokdbht.) LONDON, November 20. wool. Within the past 10 days a sudden change bos oome over the wool markets in this coontry <tnd abroad, and 'titte strong ton© now prevailing has, Messrs Wed<lel tell me, advanced confidence generally, and more inquiries and readiness to do business have consequently resulted. Quite a feature of the situation is the ready way any spot wool available is snapped up at hardening prices, and this, coupled with a strong American demand for good merinos and orossbreds, makes the outlook for the approaching sales very hopeful, especially as stocks are held and users must perforce come into the market to replenish. The sixth series, to open on the 24th inst., will be closed on December 20. The available quantities, including old stock, are:— New Zealand 42,800 bales, Australian 125,000 bales, South African 8900 bales, Sootih American 2800 bales, making a total of 180,300 bales. N.Z. OATS. Messrs Weddel report that oats are generally a good market, and holders ere asking more money. The nominal value of good Canadians, Gartons, and sparrdwbills is 24s to 25s per 3841b; Duns are quoted at 21s 6d to 22s 6d per 3361b; and Danish at 16s 6d to 17s 6d per 3201b. « taixow. The quiet - demand for Australasian tallow has continued, and values have declined fully 6d per cwt. with buyers still indifferent. Messrs Weddel say that at the public auctions held here on the 11th and 18th inst. there has been little animation in the bidding, and out of a total offering of 1681 casks, only 567 found buyers at a final decline of 6d per cwt. Mutton tallow, of which tihere is a considerable stock, is still the worse market; edible sorts are not wanted in any quantity. On c.i.f. terms little business has been possible, and i« mostly confined to parcels near at hand. Soles have been made for good beef at 29s 8d to 30b 3d. and 30s 6d has been bid for ordinary good hard mutton. There is little offering from the colonies. The current spot quotations for New Zealand and Australian sorts are : — Mutton — Good to finest, 32s to 35s per owt; dull to fair, 3^ to 31s 6d; inferior, 28s 6d to 29s 6d. Beef— Good to finest, 31s 6d to" 35s per ewt; dull to fair, 30s 6d to 31s; and. inferior, 28s to 295. DAIBY PBODTJCB. <- • ' During the week the demand for all kinds of butter ha 3 been very slow, and no improvement on last week can be re* cordod— in fact, if anything, the hand-to-mouth principle of buying is more marked than ever, the buyers being anxious to satisfy their immediate requirements only. Messrs Weddel .note that there have been no arrivals from New Zealand this week. The lonic k -about due with 16,000 boxes. In the early part of the. week New Zealand butter was quoted at 122s to 123s per cwt, but very liltle business, if any, was done, and prices gradually fell away until to-day the quotation stands at from 118s to 120s pear cwt, with an extra shilling for special brands. Just before the closing of the mail 1 have received intimation from the N.Z. {yoan and Mercantile Agency Company that New" Zealand butter is slow of sale— th» shipment ex Tongariro not being yet cleared — and prices have receded 4s per cwt on the week. The quotation is now 116s to 118s per L owt, with 'lOOs to 102= per cwt for milled and dairy descriptions. All through the week the market for colonial butter has been lifeless, buyers strenuously resisting all Attempts to persuade them to purchase extensively, and, in cot<sequence, a reduction in price has had to be submitted to. SEW ZEALAND MEAT. In the past two weeks 65,000 carcases of New Zealand mutton have arrived. Messrs Weddel say it has not been posBible to improve the position of the mutton market, owing chiefly to the continued! heavy supplies from the Continent, which must necessarily be realised almost immediately on arrival. Canterbury sheep still feel most keenly this competition, and values are again a shade easier for that description. Small carcases (under 481 b) have been cold at 4d per Ib, while medium weights (48/641b) are now not saleable at over 3£d per lb. Heavy carcases (64-/721b) realise about 3ld per lb. North Island sheep of good quality are in fair request, and are within a fraction of current rates for Canterbury sheep. Ewes remain firm at 3id per lb for good quality mediumweight carcases. Continued heavy marketings of Homegrown and Continental lamb at low prices snake the eale of frozen lamb slow and difficult, and the market has lost a (food deal of its strength in spite of small fefcocks. Messrs Weddel report the arrival of 26,400 carcases from New Zealand during the fortnight, and say that^ Canterbury lambs under 361b are quoted up to s£d par lb, 36/421b weights at the same, and 42/501b at 4|d per lb - Prime Wellington lambs under 421b PsaJise sid per lb to sjd per lb, and ordinary quality North Island lambs id per lb less money; 42/501b cannot be quoted at more than 4jd per lb. The early arrival of Australian lambs are of satisfactory quality, and, notwithstanding th© position of the market tjenerallv. Lest qualities are realising up to 5d per lb. Frozen beef has been a most difficult sale t&rouehout the fortnight, and Messrs

Weddel write that value of both fore and hindquarters are weaker; the very heavy supplies of chilled beef which, in many cases realised considerably under frozen values, have been the cause of the present poor inq-uiry for frozen beef. The C.C. and D. Company remarks that the demand for New Zealand lambs has shut up with unusual suddenness, and it is fortunate that N,ew Zealand stocks arc now very moderate. At the moment sales are practically impossible to make, and Australian arrivals are simply going into store to await a better inquiry. Light carcases can be sold in limited numbers, but medium and heavy weights are not wanted at all. The quotations eiven do not indicate the prices at which larger business would be done. The demand for New Zealand mutton has naturally been curtailed by the cheap offering of Dutch' sheep, and although there is no quotable ohan.gpe in prices, values have a distinctly weaker tone, particularly for Canterbury brands. Considering the circumstances, a fair business has been done in North Island sheep at 3id to 3|d per lb, but good medium Canterbury descriptions have changed hands at 3|d per lb. Business in frozen beef is at a standstill, while chilled beef sells so cheaply; stocks have been increased by 1463 quarters from New Zealand, 7929 from Australia, and 30,224 from the Argentine during the week. River Plate meat is also accumulating in store until a more favourable opportunity arises for selling-