NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, 1 June 1910, Page 23

NEW ZEALAND PRODUCE IN LONDON.

CFbojt Our Own Coeeespondent.) April 15. THE MEAT MABKET. An exceptionally slow trade has been! experienced in the meat market during the week, and ome of the worst features has been the section devoted to frozen mutton. Messrs Dalgety and Co. write that demand! has been extremely limited, and although prices must be quoted £d to §d per lb easier, it is thought that any further chango must be in favour of the buyer. No legitimate reason can be stated for the decline, as stocks are not excessive, but the fact remains that butchers will not give the prices asked, preferring to do half their usual trade, as there is no profit to them in the ruling quotations. Lightweight Canterbury sheep are quoted at 4id, medium at the same price; heavy at 4d, and second quality, light, at 3Jd ; top price for Southland mutton is 4£d, and for lights and medium weight Wellington sheep 4d. For frozen lamb the demand has beenl extremely limited, and prioes are easier to the extent of £d to gd per lb on the week. Canterbury lambs of medium, and heavy weights arc "quoted at sid per lb, ail descriptions of Southland at sd, light, medium, and heavy Wellingtons at sd, with 4fd for second' quality, light. Owing to heavier supplies of chilled beef, frozen beef has been somewhat neglected, and although Messrs Dalgety cannot quote, prices down, any change is distinctly in favour of the buyer. Pork continues firm, s.od some prime carcase:; from New Zealand were sold at Smithfield the other day at 6|d to 7d per lb. Prices are likely to decline as the season advances, but consignments of good quality frozen pork should be worth ;.,>t.i;r. 6d ex store for some little time. The C.C. and D. Company also make reference to a small consignment of perk which was received from New Zealand'. Its quality is described as having been excellent. The Customs returns show that considerable quantities of Chinese pork are still coming in, the year's imports of the latter already amounting to 23,846 cwt. Its is understood that all ; s converted into bacon before sale. SMALLER SUPPLY OF X.Z. MTTTOX. During the last five weeks 205,765 carcases of New Zealand mutton have arrived, but this increase in receipts has been inadequate to bring the total imports for the year up to last year's level. The aggregate of 421,992 carcases show's a deficiency of 125,025 carcases. The C.C. and! D. Company point out that, the receipts of mutton from Australia practically replace the shortages from New Zealand and! South America. The light supply, coupled l with high values for Home-grown sheep, enabled a substantial advance in prices to b? established in. the earlier portion of the period under review. Canterbury sheep touched 4|d per lb, North Islands reached almost the same figure. After Easter, larger supplies were available, and, while there was no more activity in the ordinary retail demand, importers whose purchases showed a good profit at current rates, were in haste to realise, with the usual result)' of giving a much weaker tone to quotations. Canterbury brands now range from 4d to per lb, North Islands from 3J<J to 4gd. As stocks are still in moderate compass, and the shipments afloat are not heavy, the market should recover a firmer tone. So far there has been a decline o£ 268,909 carcases of mutton from Soutb America in comparison with last year; offerings at the moment are extremely limited. N.Z. LAMB—SMALL DECMXE. For the past five weeks receipts of frozen lamb have been heavy, totalling 651,487 carcases, but in spite of this, the C.C. and D. Company place on record the fact that the total sxipplies tor the year are less by. 321,972 carcases. High prices have giveni way under the influence of the heayietf supplies, which have been available since Easter. The demand has been fairly good for the time of year, but is not developed quite enough to cope with the present offerings. The decline in the value' 08 New Zealand lamb amounts to about id per lb, the current quotations being sid to s|d per lb for Canterburys, and sd' td sid per lb foi North Islands, while thej tone of the market closes weak, with indW cations of a further reduction. Supplied afloat ?,re heavy, but the demand -will pr& bably be stimulated bv a lower range of prices. Current values are still fully W _Js

per lb above those ruling at the same date last year. BUTTER AND CHEESE. At the beginning of the present week there was a good demand for New Zealand and Australian butter but at the close the inquiry is less. This is not due to large ariivals for they bsve been only moderate. Messrs Weddel mention that buyers are only purchasing from hand to mouth but as there are no stocks in store ftor in the hands of retailers all requirements have to be made in the open market. ■Values may decline but this will be a slow process until new spring grass butter in targe bulk comes on the market and' this will not be yet. The market for Continental butter is easier and Danish is down three kroner. Irish butter' is slowly increasing in quantity but the quality is far from perfect. Arrivals of Australian and New Zealand.butter for January, February, and March this year are 92,801 cwt in excces of last year; arrivals of foreign butter .for the same three months are less by 137,483 cwt. The demand for New Zealand and Canadian cheese is quiet, and holders are inclined to meet buyers on slightly more favourable terms than last week. NewZealand coloured is bringing 60s to 60s 6d, and .it is very difficult to obtain more than (Sd for white. According to some accounts, Germany is •xpeoted to absorb 73 per cent, of the Siberian export this year; if so, this should belp the market for other sorts. New Zea- : land butter is quoted at 120 s to 1246, and milled at 110 s to 114 s; Argentine butter ranges from 116 s to 121 s. The general demand ■ for cheese remains poor, and the market is dull and lifeless . with a declining tendency. White still commands a premium. - ' May 22. WOOL—SATISFACTORY POSITION. ; ' Consumption of the finer classes of wool Continues to be well maintained in the manufacturing districts, and quotations for ; these grades, which have been further ♦ strengthened to a slight extent, now stand , iirell over the level current when the last - London sales were brought to a close. t Messrs Balme say that the demand for . ■bort-stapled coarse crossbreds is also satis- ' {factory, but the inquiry for combing sorts i skus recently been rather apathetic, with the 'jeiult that quotations for "tops" made from itiiam have weakened somewhat. Very gfttle business, however, is reported to have jjkakea place at the lower level, and more jpecently there have been 6igns of some ftvival yj the demand for these qualities. iJPurang ijie present week there have been .pake of River Plate wool at Antwerp, and SF woolled sheepskins in London, At both 'potions there was good) competition, and ft Bomewhat higher level of value has been for the finer grades of merinos laid fine crossbreds than wag current at the . jWoee of the last London teles, while the prices realised lor the coarser qualities' Of ttrossbreds do not show any very apprecia•aqle weakness compared With those then ruling for similar descriptions. Tiaklng all the circumstances of the situation into account, Messrs Balme consider it probable that at the coming La J lon auctions merino and fine crc.--brcd wool will ?•--" rocp> par ''jo 5. per -cent. ■abr,v£ the rate*, cur. Vv' at

the close of the March series, while coarse crossbreds may rule in favour of buyers, possibly to the extent of 5 per cent. Alto' gether about 170,000 bales are available for the series, including 107,000 bales from New Zealand. FUTURE PEOSPECTS. Mjssrs Weddel remark that the features of the wool market are very much thesame to-day as they were a fortnight ago—namely, an increasing demand with a hardening Tendency in values for all merinos and fine crossbreds, and a somewhat unsatisfactory inquiry for medium and low cross-, breds, with topmakers here and there inclined to give concessions in the 'matter of prices. For the fine wools, therefore, prospects at the coming series of sales here are satisfactory, and it is expected that the home and Continental demands will amply make up for the shortcomings of the United States, where things are still quiet., Those handling the rougher crossbreds are also awaiting the sales with the greatest interest, as they will afford a more .reliable basis of values than has been obtainable since the close of the last auctions here. With supplies of ; colonial wools at about their maximum point, and the near approach of the marketing of the home clip, it must be admitted that opportunities for "bearing" the market are present,' and open competition at the sales here may straighten matters up. ; WOOLLED SHEEPSKINS. Yesterday the third series of public sales of woolled sheepskins of the present year took place, the total supply of 6985 bales being catalogued, New Zetland contributing 1823 bales. Messrs Balme write that the sales were well attended, and competition! from home and Continental fellmongers was setive. Prices for the longer descriptions of merinos and fine crossbreds were from to 5 per cent, dearer. On the other hand, those for coarse crossbreds were occasionally somewhat weaker. The rates paid for half-woolled merinos showed no appreciable variation from previous quotations, but those for crossbreds were generally rather higher. Merino pelts were sold at a decline of about 5 per cent., but crossbreds were l'rom par to 5 per cent, dearer. Ae compared with the prices current at the sales held on March 3, Messrs Balm© quote merino, full to three-quarter-woolled, id per lb dearer; half-woolled, par; short and shorn,, £d to id per lb cheaper; crossbred, fine, full and three-quarter-woolled, id per lb dearer; crossbred, coarse, full and three-quarter-woolled, par to gib per lb cheaper; crossbred half-woolled, par to id per lb dearer; short and shorn, par to id per lb dearer; lambs, £d per lb dearer. Current prices of New Zealand in comparison with those ruling after the last sales are: ~ 5 Present Preceding Quotations. Series. per lb. per lb. d. d. d. d.

GRAIN. 1 Messrs Weddel report that there are no ; stocks of New Zealand wheat available. New Zealand oats are quiet, and prices : are barely maintained at 18s 6d to 21s 6d j for Gortons, 18s 6d to 2Cs 6d for sparrow- | bilk, 18s 3d to 19s for duns, and 17s to ; 17s 6d per 3201 b for Danish. There is only i a email demand ,fo,r present stocks of peas, ' : and values close weak at 54s to 58s per j 5041 b. TALLOW. ; There has buen a good demand for tallow during the fortnight, and prices have again I advanced .about Is per cwt on iihe spot, but the forward demand has been less , active during the last few days, and buyers have-, bid 3d to 6d per cwt less for parcels afloat, at which several second-hand parcels changed hands. At the axictions yesterday trade was again active, especially for the lower qualities, which were frequently 3d to 6d per cwt dearer. Messrs Weddel mention that there has been a severe fall , in lard which las affected the oil markets, : and no doubt has caused the hesitation in tallow. On c.i.f. terms considerable busi- ! ness has been done in good mixed at 35s 9d with buyers of edible mutton, and beef at 39. S and 38s respectively. There are now offers of good mixed from the colonies at 35s 3d, at which price there is more than one buyer, distant positions being in best request. '• N.Z. MEAT. j Stocks of New Zealand mutton are now i plentiful, and with some weak holders values have become easier. Arrivals during the fortnight have been. 120,500 carcases. Messrs Weddel say that the demand throughout the fortnight has been very poor. Canterbury sheep do not now realise more than 4id for 48-641 b grade, the heavier weights being quoted at 4d per lb. Prime ! North Island brands sell slowly at 3|d to 4d per lb, and secondary descriptions at 3Jd to 3£d. Ewes a.re offered at about 3|d per lb. Trade at Smithfield has been exception- | ally quiet for lamb, and with heavier arri- | vals prices have given way all round', and 1 are 3d per lb down on the fortnight. Messrs , Weddel say many holders have been anxiously endeavouring to sell, but buyers have shown little inclination, to operate, and this forcing of sales has only further weakened the market. Canterbury lambs are being freely offered at sgd per lb for all weights, and Wellington Meat Export Company's lambs and Southland descriptions at 4£d to . 5d per lb. There is a fairly good inquiry j for light weight secondary lambs, which ' can be purchased at 4|d to 4|d per lb. There has been hardly any for i frozen beef, as the cheapness of the chilled description has claimed the attention of most buyers. For a few sales made, lower values have had to be accepted. The C.C. and D. Company reports the arrival of the Kaikonra, Mamari, Whiakatane, Morayshire, and Karamea with a total of 90,868 carcases of New Zealand mutton. This meat arrives to a much weaker market, and even a lower range of prices has failed to stimulate the demand. Stooks a.r© still in very moderate compass, but tJie j present rate of output is not keeping pace • with arrivals. Canterbury quotations have j been reduced to 4d to 4£d per lb, and North Island mutton to 3|d to 4d per lb, but some

! (holders are disposing of all weights at 3£d j O'er lb, j During the week 171,256 carcases of Jamb ! have come from New Zealand, 10.869 from Australia, and 38,880 carcases from South America. -The CO. and D. Company write that this supply has proved too heavy foY j the demand in the present stage of its deI volopment, and prices arc weak with a i downward tendency. Canterbury descriptions are being very freely offered, and prime weights have been dealt in at per lb, although tlhe quotation is sgd to s|d. North Island lamb can be quoted at 5d to per lb, but business is slow. DAIRY PRODUCE. j The report Issued for to-day's mail by | Messrs Weddel does not make exactly cheerful reading—viz: "The unexpected has happened in the butter market. Instead of a ] steady fall in prices week by week as antici- | pated, the market has suddenly collapsed, and no one seems to know the reason. With an arrival of colonial less than usual, and with only a slight increased import of Con- ! tinental butter, there has come a stats of stagnation. The adage of the being father to the thought' appears to have ; operated or the minds of buyers, and some ! holders whose interest it is to bring prices I down have been very active bears, ind for a day of two forced prices down until the bottom, fell out of the market, and at the close of the week the position is most irregular. Prices are down six, «.ig.ht, f>nd ten shillings below last week, according to the> state of the nerves of the' toiler. The markets for Danish and other foreign butter in the North of England showed signs of demoralisation early in the wenk, ond the reduction of 4 kroner in Danish may not steady them, as very wild ideas exist as to the unnaturally huge prices which prevail. . . . From the state of things this week one would think that enormous supplies had been suddenly dumped down in every market place." The market for cheese continues quiet, and prices remain about the same as last week. Just before the closing of the mail the N.Z. Loan and Mercantile Agency Company have sent in the following report.: ] "The butter market has suffered a severe ; drop, which has mainly been brought about | by holders of 'bought' butter without any i apparent need, breaking values in order to effect an immediate clearance, notwithi standing that consignment houses have ' made special efforts to steady the market. j Somewhat easier prices -were certainly expected, but the drop would have been much less sudden had it not been for the j action of speculators already referrad to." j The Karamea has arrived -with 5475 boxes ' of butter from New Zealand.

Merin«> full-woolled 6|-9 6|- 8i „ i to 2-woolled 52- 8i 51-71 „ short & shorn 85-, 6 Si- 5g 0r6fflst>ral full-woolled, 8 -11 8 -Hi Crossbred full-woolled, 62- 9J 6|-91 Croaabred \ to |-woolled, 6|- 95 6J- 91 Crossbred \ to g-woolled, 6i- 8 6 - 8 Croosbr'id, short &. shorn 32- 61 32- ej