NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2861, 13 January 1909, Page 21

NEW ZEALAND PRODUCE IN LONDON.

(Faou Oub Ovm Oorkespondbnt.) LONDON, November 27, WOOL SALES. On -the 24th inst. the sixth series cf colonial wool sales of the present year were opened with 9054- bales, including 2545 bales from New Zealand. Messrs Charles Baline tell me that the saleroom w.13 well attended, and that competition was active and general, American buyers being keqn operators among the better descriptions 0/ greasy combing merinos and niediumqnality greasy crossbreds. Merinos may be quoted in average 7£ per cent, dearer than at the close of the October auctions, the appreciation being most pronounced on average sorts suitable for top-makers' requirements. Among greasy crossbreds fine sorts sold at an advance of 7£ per cent., medium 12 per cent., and coarse 15 per cent. Scoureds and slipes met witn a keen demand at an average improvement of 10 per cent. » Here, again, the rise was most anarked on the lower grades. Writing to me just before the closing of the mail to-day Messrs Balme say: — " The aspect of the market has completely changed since the close of the last sales. During the interval a keen inquiry has prevailed by private treaty for all sorts of wool, but holders have been unwilling sellers, in view of the favourable prospects for the public auctions, and the quantities cold by no means reflect the volume of demand. In the manufacturing districts quotations for 'tops' have -gradually hardened, the result of the Presidential election, as well as the settlement of the Lancashire cotton strike having had a favourable effect on the course of business. In the saleroom competition is active and general, while American buyers are competing freely for the better classes of greasies. such as long^stapled Queensland wools in light condition. Their operations also extend 1 to -superior lots of mediumquality greasy crossbreds. " Merinos sell in average at prices 7£ per cent, above Ihose current at the clcse of the previous series. On the best 6coureds the advance does not exceed 5 per cent., but for medium and faulty lots of combing length top-makers are bidding eagerly and paying figures fully 7£ per cent., and sometimes more, above the October level. Faulty lots of short wool, however, are somewhat difficult of bale, and show no appreciable improvement. Good greasies are in request for America, at from 5 to 10 per cent., while on medium and inferior sorts, including bulky broken and pieces, the rise amounts to 7| per cent. " Greasy fine crossbreds are rather scarce, but so far as can be judged from the lots offered they may be quoted 7£ per cent. dearer. Medium greasies suitable for the American trade sold well in October, and the results now obtainable . do not show more" than, say, 5 per cent, advance 011 the rates then current. Lots falling short of that standaa-d, however, are keenly sought after by Yorkshire buyers at prices marking an improvement of from 10 to 12£ per cent. Coarse qualities also sell well at a rise of from 12£ per cent, to 15 per cent. Among slipes fine sorts rule from 5 to 7£ per cent., medium 7£ per cent., and coarse 12£ per cent, dearer than at tha close -of the October series. Values for scoureds have also rallied sharply, and may now be quoted in average 10 per cent, dearer, the appreciation being most pronounced 1 on the coarser descriptions." The New Zealand Loan and Mercantile Agency Company reports that there was a very large assemblage of buyers at the opening, all sections being well represented. Competition was spirited and general, and as compared with preceding sales' closing rates, values for merino ruled 5 to 7 per cent., and for crossbred 10 to 15 per cent., higher. The improvement is most marked on medium scoured merino and the coarser grades of greasy crossbred; scoured and slipe crossbred ruling about 10 per cent, dearer. There is a strong demand on German account, while for suitable parcels. both_ of merino and crossbred, animated bidding from America is enlisted. The tone of the market is firm. Messrs Dalgety and Co. give 168,600 bales of New Zealand and Australian wool as the net available total for the sales, New Zealand being represented by 42.800 bnles. About the beginning of this month markets both here and on the Continent showed distinct signs of improvement, and about 1000 bales of bought-in lots were cleared at an advance of £d to l£d over sale bids. This improved tone was also reflected in the sales in Australia, where the American and German buyers were most active. It was therefore anticipated that a substantial advance over October closing rates would be registered here, and a large muster of buyers, including several from the United States, assembled on the opening day, and competed with great keenness for all classes of wool. The chief factor in the advance is the strong demand from America and Germany, and provided the rise is not overdone — 74 per cent, on greasy merino on average, 5 to 7£ per cent, on scoured merinos, and 10 to 15 per cent, on crossbreds in general, — Messrs Dalgety see HO reason to expect a relapse, as prices are still moderate and supplies show no sign of being greatly in excess of requirements. Since the opening day the sales have continized a. firm tone, ancL values have been fully maintained. NEW ZEALAND FLAX. The New Zealand Loan and Mercantile 'Agency Company reports that there has bc-?n A limited amount of business passive id

New Zealand flax during the last few weeks, the bulk of the transactions being for next year's shipment, and prices have declined 15s per ton for good fair, and os for fair. The market closes quiet with a weaker feeling. Quotations are : Spot, good fair, £25 10s; October-December, £25; January-March, £24 15s; spot, fair, £25; October-December, £22 15s to £23 ; Janu-ary-March, £22 15s. Tow is in better demand at £9 to £10 10s per ton, c.i.f, , m tallow. I Since the issue of their previous report the New Zealand Loan and Mercantile Agency Company to-day write that therehas been only a limited demand for tallow, valu>&3 having declined about 2s per cwt. In the absence of demand from Russia, the market depends on the Home trada and operations on Continental account, but it would appear as if prices are still too high for these, and, notwithstanding the fact that stocks have been considerably reduced, the company fears that values will have to give way further before business to any appreciable extent can be induced. VeTy few transactions have taken place on c.i.f. terms excepting in second-nand parcels just arriving-, which, being forced on the market by anxious &ellei-s, have , caused prices to decline about 2s per cwt. Spot quotations are : Finaat mutton. 32s to 34s 6d ; fair to good, 30s 6d to 32s 6d ; edible beef, 31s 9-d to 335 ; fair to good, 303 to 31s 3d per cwt. GEAIX. Oats are reported to be quite, with a downward tendency. Beans and p-eas meet a good demand at about . late, rates. The New Zealand Loan and Mercantile Agency Company quote New Zealand sparrowbiil oats at 22s to 22s 6d per 3841b :- finest, at 23s to 255; Danish, at 17s to 18s; beans, 31s to 32s per 5041b; blue peas, at 5Cs to 60s. NEW ZEALAND MEAT. Trade passing in mutton has continued to be very quiet, sales baing of a hand-to-mouth character, and prices have ruled in favour of buyers, especially so as regards Canterbury mutton. The quotations given by th© New Zealand Loan and Mercantile Agency Company are : Canterbury sheep, 3£d to 4d per lb; North Island, 3£d to 3Jd per lb. For lambs, a further falling off in the- demand has to be advised, and notwithstanding the fact that stocks are now in small compass holders have had to accept lower prices. Tegs are being pressed for sale at 4i>d to 4£d per lb; Dutch lambs are in plentiful supply, and realise from 5d to 6d per lb. Quotations for New Zealand descriptions are : Canfcarbury, 4id fo s|d ; North Island, 4^d to sid per lb. Chilled beef has been in exceptionally heavy supply, and this, meeting with a depressed market, caused values for a time to rule very low, down to 3d per lb being accepted for hindquarters, but this week, with smaller supplies to hand, some recovery in values has taken place. Frozen beef- has been practically neglected, though in tho case of New Zealand a few quarters have been sold ex store ; prices must be considered nominal at 3gd to 3|d pe-r Ib for New Zealand hindquarters, and at 3ed to 3id for forequarbers per lb, off the hooks at Smithfield. The C.C. and D. Company writs that the only steamer whioh has arrived during the week witih New Zealand mutton has been the lonic, with 27,455 carcases. Although the consumption is limited, the output appears to be commensurate with the present reduced stocks, and there is no indication that holders will require to push sales for some time. Quotations in these circumstances have been fLrirlv maintained for North Island sheep at 3£d to 3|d per lb, but tihe extreme value of best Canterbury mutton has declined to 4d per lb. The margin of value bstween the two descriptions still exceeds the difference in quality. For lambs the demand is remarkably small, and it appears that some reduction in pricea will bs necessary to clear the New Zealand stocks, which have been increased by 1930 carcases ex lonic. The C.C. and D. Company mention that at present quotations are unchanged, but very little business is taking place. Frozen beef has been absolutely neglected while chilled b^ef was so cheap, but the advance in the value of the latter has improved the position a little, although the demand is still far from brisk. Hindquarters are quoted at 3id to 3*d per lb. and forequarfcers at 3£d-3id, but in both cases can be bought for less money in the provinces. DAIRY PRODUCE. Messrs W. Weddel *tate that the market for butter remains in a very dull condition, and prices continue to fall away. An all-round drop of from 4s lo 6s has been experienced during the week. It is difficult to understand the reason for the present low price, as the quantities imported are considerably- lc-;s compared with those at the sarr>3 time last \ear. Tha total imports from the colonipo show a dec/ea-sc of 1673 tons, Australia showing a deficiency of 1792 tons and New Zealand of 42* ton*,. An increase of 543 tors took place on Canadian shipments, but t<he*e are now practically finished for the season. No doubt in the course of a week or two when buyers have worked off rhoir stocks of stored goods, the market will assume a better tone and prices will onoe more come in line with supplies. The lonic from New Zealand, arrived this week with 16.100 boxes on board. This being the really first large arrival of the season frcw New Zealand, a better demand was expected. It was not, however, the case, ard toward the latter part ri the week the quotation stood ait 112s to 114s per cwt. December 4. WOOL— STRENGTH OF AMERICAN DrjUXD. M«-3*rs Cha.rles Balms and Co. wiite today that the auctions have projjre«<?d with great spirit, although bu^nc'S has b&*\\ considerably interfered with by the dull weather which has nec-cssitaited the postponement of sales on two occasion^. The latter part of tb2 serias has consequently been re-arranged, and the enks will now close on the lith. The most prorninont feature of the market is the strength of the American. <'2mrr.d which is directed towards the lighter-con-ditioned Australasian grea«y nucrkiGS of gcod combing length, as well ss medium to fine greasy cnossbrecls. considerable quantities of the former having been es'.urcrl for shipment to the States at prices v.hich may now be quc-ted 15 per cent, above October final rates. Medium grea=-y crossbreed, suitable for thift market, realise a similai advance, but such lets aic, as usual at this time of the >ear, few and for t"-tn-«a. Merinos in average now rule 10 per cent, dearer than at the end of last Pales, th? impiovernent beinp greatest on th<* good greasy wcols alluded to. a? w?]l a- bulky fptiltv «courede. Among greasy eic-sebreds, which axa in *ujall supply, the

UTAGO WITNESS^

January 13, 1909.