COMMERCIAL.

Poverty Bay Herald, Volume XXVIII, Issue 9171, 13 June 1901, Page 3

COMMERCIAL.

♦ — Electrio . Te'egraph -Copyright— United Press Association. (Received June 13. 9.5 a..m.) LONDON, June 12. The wheat and flour afloat for the United Kingdom is 3,415,000 bushels ; for the Continent 1,800,000 bushels. Shares are unchanged. Tin on spot, £132; three months, £126 17s 6d. Tallow sales : 1750 casks were offered, and 1100 sold. The prices of all kinds were unchanged.

The Bank of New Zealand produce circular, dated London, April 30, reports: "The prospects of the market for merinos is considered favorable, and it is antici- i pated that, if the present values are main- , tamed, the old stocks will be largely re- j duced at these sales. The position of the J trade as regards coarse crossbreds is ex- 1 tremely unsatisfactory. This has to a ' great extent been brought about by the low rates at which topmakers are able to buy Argentine wool. It is said that such wool is being freely offered at as low a price as 6^d per lb clean scoured, delivered free at Bradford. It is, therefore, not to be wondered at that the value of the [ colonial article is kept down* for, although New Zealand wool gives more sat- : isfaction to the spinner, the very low •■ price of Argentine has attracted the attention of several large buyers who never used anything but colonial before. The future course of our market, will, to a large extent, depend upon the length of time it will take to clear those cheap wools. On every side it is being said that there is more coarse wool either on hand or coming forward from one quarter or another ,th"an the trade can conveniently absorb m the near future. The' only safe course, therefore, is to meet the market and avoid, as far as possible, ; stocks accumulating beyond reasonable di- j mensions, as happened last year with merinos, with such disastrous consequences. Meat (frozen) — Mutton : Prices have been gradually going down during the past month, but as values were previou" 1 - too high for those butchers who are the main support of the market for New Zealand mutton, the fall was not unexpected by those who know the run of the. trade at this end. Prices have «lso to some extent been weakened by the action of some holders who have been] pressing sales. Lamb : There is a good j demand, but the quantity coming forward j is said to be very heavy, which has a depressing effect, "and values are lower, j Then again c.i.f. buyers have not been j able to secure very large lines this season, I owing to sellers holding out for extreme !

prices. The former have not therefore the same interest m keeping prices up <)9 they would if they themselves were large holders. Beef : The trade is slow, owing to an over-supply of American.