NEW ZEALAND PRODUCE.

Otago Witness, Issue 3673, 5 August 1924, Page 15

NEW ZEALAND PRODUCE.

CONFIDENCE IN WOOL POSITION [From Our Own Correspondent.) LONDON, June 17. During the last fortnight there has been no relief from the period of slackness whicti has prevailed recently in the wool market. Messrs W. Weddel and Co .say that the position in France is still very uncertain, and recent movements in tlie franc have seriously interfered with the operation of French firms. The great difficulty which the Germans still have in purchcenig sterling ha 3 largely curtailed the export of tops and yarns from Bradford to that country. It is difficult to find a compensatory outlet for the goods which the Germans are unable to finance under existing conditions, and it seems as if no improvement can be expected till the present financail troubles have been overcome. The next series of sales are due fo start on July 1, and in spite of the absence of ready demand for tops and yarns, there is no lack of confidence in the wool position as a whole. From the statistical position raw material appears sound, and it is difficult to see how there can be any appreciable fall in prices. The necessity for increased production in Empire-grown wool was emphasised at the Conference on Textiles and Cotton, held at Wembley. There i 3 at the present time an incentive to put more wool on to the market, for very profitable prices are being paid. The Daily Telegraph wool corrspondent points cut that merino wool is 100 percent. dearer than in August, 1914, and crossbred wool anywhere from 50 to 75 per cent, dearer, according to quality. A restoration to anything like normal conditions on the Continent will ensure the maintenance of the present level, and will contribute to increase the demand for wool. At the same time it is unwise to emphasise too strongly the possibilities of a wool shortage. Prices to-day are such that growers in New Zealand and Australia scarcely need to be invited to put more wool on the market. They will probably do this on their own initiative, partly because prices are tempting, and because cattle have, generally speaking, been an unprofitable proposition. No definite developments took place in the way of actual business transactions during last week. Many of the spinning mills in the West Riding were closed for the whole of the period owing to the absence of adequate particulars to keep frames running. The anticipation that June would be a veiy slack month, with traders generally waiting for a lead, is being fulfilled, and it is not expected that the Bradford market will again become active until the basis of wool values is again established at the London sales. The various sweeping-up sales held at Australian selling centres during the week were somewhat disappointing, indicating horv dependant Australian markets are upon tho movement of events in consuming centres. There is no probability of the next London sales showing ally improvement upon the previous scries, unless there i 3 a definite improvement in Continental competition. It is generally understood that France, Germany, and Belgium are wanting wool, but are finding it very difficult to obtain, the sterling necessary to buy. The sole reason for the present quietness in the West Riding is the inability of German firms to lake up their current contracts and to pay accounts, new business in tops and yarns thus bei-g held up. The New Zealand Loan and Mercantile Agency Company mention that throughout

the third series of sales the Homo trade Operated freely notwithstanding the heavy commitments which have to be met by the trade at the present time in respect to direct imports. America did not operate. A feature of the series was the large quantity of Australian purchased wools catalogued, to most of which high selling limits were affixed, and a considerable proportion o f the “held over” consisted of such parcels. The catalogues also embraced some 5000 bales bought at the New Zealand auctions. At the most recent sheepskins auctions 5100 bales were brought forward, of which 8100 bales were from New Zealand and Australia. Althought there was a good muster of buyers, competition was generally poor, Prance and America purchasing sparingly, and about half tho offering was withdrawn. As compared with the rates ruling at the ■ales on April 3, prices for merino combing ruled par to 5 per cent., merino clothing, crossbred fine and coarse 5 per cent., and medium mostly 10 per cent, lower. Crossbred lambs were neglected. The New Zealand Loan and Mercantile Company quote (all sound pelted):— • Per lb. d. d. Merino, three-quarter to fullwoolled 21 tq_^7J Merino, quarter to half-woolled .. 16$ to 20 Merino, short and shorn .. .. 10 to 14Crossbred, three-quarter to fullwoolled fine 13$ to 271 Crossbred, three-quarter to fullwoolled, medium and coarse .. 13$ to 19$ Crossbred, quarter to half-'.voolled, fine 13$ to 19 Crossbred, quarter to half-woolled medium and coarse 11$ to 16 Crossbred, short and shorn .... 9 to 14$ Crossbred, lambs 15 to 20 The next auctions are fixed to take place on July 24. - During the past two weeks the tallow market has continued steady, and' a quiet business has passed at prices which can be quoted as unchanged on average. On spot a fair demand has been experienced, mostly for inferior sorts. The recent prices made for good mixed sorts, have, however, been barely maintained. Fine muttons are exceptionally quiet Messrs Weddel report that the bulk of inquiry comes fron the Home trade; the Continental countries are not keen buyers at moment. At the auctions held on the 4th inst., 1165 casks were offered, of which 335 .asks were sold. Slocks in London warehouses on May 31 showeci an increase of 2133 casks (324 tons) on the month. Australian sorts afloat have met with a quiet demand at about the equivalent of spot pricse. Shippers generally are inclined to hold material till it is near at hand before selling. Very little business has been done in material for shipment, shippers’ prices usually being above buyers' ideas of value. Materials under the heading of Oleo Products are practically neglected, and little interest is shown by consumers, except for small lots on spot. Some business could possibly be done in beef and mutton premier jus for shipment August-Oetober, but shippers are disinclined meantime to sell for these ahead positions. Spot prices all landed terms are: Australasian —white mutton tallow up to 45s per cwt; good mutton tallow up to 445; fine beef tallow up to 44e 9d; good colour mixed up to 445; dull to fair mixed, 39s to 40s 6d ; gut mixed tallow, 3os 7d to 37s 6d. This is usually a quiet time of the year for tallow, but although there is little export demand the Home trade is taking considerable quantities, and the New Zealand Loan and Mercantile Company hardly anticipate that stocks will accumulate to a serious extent. There has been nothing doing for forward shipment, but some parcels afloat have been eold at the equivalent of “spot” prices. The London stock on 31st ultimo was returned as 9201 casks, being an increase of 2133 casks on the month. The shipments from Australasia during April were 2100 tons, as against 3700 tons for the same month last year. There still continues a firm undertone in the butter market. While there has been a better demand, supplies of best quality on offer have been none too plentiful, with the result that quotations at the close are fully 6s to 8s per cwt higher than those last recorded by Messrs W. Weddel and Company. Last week the Port Brisbane, Maimoa, and Hertford arrived with about 58,500 boxes, but this week there have been no further arrivals. The demand throughout has been steady, and with only very limited quantities on offer quotations have advanced accordingly. Unsalted is still very scarce, and commands considerably more money. The position here regaling Australian is similar to that pertaining to New Zealand—supplies of best quality on offer being rather short, prices have advanced. The inquiry for secondary and third grade quality also continues. Argentine is scarce, and recent arrivals have met with a good demand. Supplies from Ireland are steadily increasing, but the recent advance for other descriptions has had the effect of considerably stiffening shippers’ ideas of value, and comparatively high rates are now being asked. Small shipments are beginning to arrive from Siberia, and may be expected to increase from now onwards. Although the weather is reported cold and unfavurabie for the time of year, production in Denmark is steadily increasing and is now practically at full grass make. With a decreased Continental demand quotations for ‘ Danish eased off last week, but have again firmed up, and close at 178 s to 180 s per cwt, f.oib. —equivalent to about 184 s in London. Late spot quotations have been: New Zealand: Salted, 174 s to 1765; uncalled, 190 s. Australian, first grade: Salted, 162 s to 1665; unsalted, 174 s to 1765. Argentine, finest: Salted, 160 s to 1625; uncalled, 160 s to 1665. Argentine, secondary: Unsalted, 150 s to 1565. Irish, creamery: Salted, 168 s to 170 s; unBaluted, 176 s to 180 s. Danish, finest: Salted, 182 s to 183 s. Dutch, creamery: Salted, 174 s to 1765. The cheese market has also advanced, but in a more marked degree, and values are now fully 10s to Us per cwt. higher than thoso recorded a fortnight ago. Some of the larger buyers, who have apparently been ■Working on very small margins of stock in expectation of larger offerings becoming available about now, have eventually been compelled to come on the market, and, as only limited quantities are yet available, have been forced to pay higher prices in order to fill in. New Zealand is still the only description available in quantity and for which there has been a good demand, more especially during the present week. A comparatively small quantity of “heated” cheesa was offered for sale, but was soon absorbed at slightly under current rates. Messrs Weddel quote New Zealand white and coloured, both at 92s to 945. Consequent upon th© lack of buying on German account, the market for New Zealand pickled pelts lias developed a certain amount of weakness, and freezing sheep pelts liave sold at a reduction of 4s per dozen. Supplies, however, aro still small, and the

New Zealand Loan and Mercantile Agency Company do not anticipate that the downward movement will assume serious proportions. Freezing lamb pelts are slow of sale, and values tend in buyers’ favour, whilst fellmongers’ pelts are not in such good demand, and are rather lower in price. Quotations are: North Island Freezers. Extra heavy, 70s to 73s per dozen, ex warehouse. Super heavy, 66s to G9s per dozen, ex warehouse. First heavy, 56 to 62s per dozen, ex warehouse. Second heavy, 44s to 50s per dozen, ex warehouse. Super light, 56s to 62s per dozen, ex warehouse. First light, 44s to 50s per dozen, ex warehouse. Second light, 32s to 36s per dozen, ex warehouse. South Island Freezers. Super sheep, 56s to 625, per dozen, ex warehouse. First sheep, 44s to 54s per dozen, ex warehouse. Second sheep, 36s to 42s per dozen, ex warehouse. North and South Island Freezers. Extra lambs, 34s to 38s per dozen, ex warehouse. Super lambs, 30s to 32s per dozen, ex warehouse. First lambs, 26s to 28s per dozen, ex warehouse. Second lambs, 22s to 24s per dozen, ex warehouse. New Zealand Fellmongers. Extra heavy first sheep, 56a to 62s ■ per dozen, ex warehouse. Heavy first sheep, 46s to 50s per dozen, ex warehouse. Heavy second sheep, 34s to 38s per dozen, ex warehouse Light first sheep, 36s to 42s per dozen, ex warehouse. Light second sheep, 24s to 28s per dozen, ex warehouse. Third sheep, 9s to 14s per dozen, ex warehouse. Dejects, 5s to 7s per dozen, ex warehouse. Large first lambs, 26s to 28s per dozen, ex warehouse. First lambs, 20s to 23s per dozen, ex warehouse. Second lambs, 14s to 17s per dozen, exwarehouse.