PRODUCE NOTES

Southland Times, Issue 17610, 26 March 1914, Page 7

PRODUCE NOTES

(From Our Own Correspondent.) LONDON, Jan. 20. WOOL. The tirst series of London sales, which commenced on 12 th January, terminated on 21 Hi. Of the available quantity of 120.000 bales. 123.000 bales were disposed of. of which HO,OOO bales were taken for export inclusive of about 0000 hales on American account — while 0000 bales were held over and withdrawn. Competition at the opening was general and spirited, the Home- trade oporI tiling more freely than for some con,siderable tim«? past, with the result that for merino, preceding series closing rates were well maintained, while crossbred mostly ruled in sellers' favour. With the progress of the sales, under the iutluencc of active bidding from all sections of the trade including Russia and America the market for most descriptions hardened and a firm tone was manifest at the close. Very wasty, greasy and faulty scoured meVino, as well ;ls crossbred slipe (which was mostly of a rather inferior description) however did not participate in the general improvement, and tended in buyers' favour, scoured crossbred and lambs (both merino and crossbred) being unchanged. The present position of certain leading descriptions, as compared with the clo.se of the Nov.-Dec. auctions, may be summarised as follows ; Merino greasy super, par to .1 per cent I) igher. Greasy medium, par to 7 per cent higher. Greasy inferior, par. Scoured super, par to .1 per cent higher. Scoured medium, par to 7 per cent higher. Scoured inferior, par. Crossbred greasy tine. 7 to 7 per cent higher. Greasy medium. 5 to 7 V per cent higher. Greasy coarse, r> per cent higher. Scoured, par. Slipe. par to .7 per cent lower. Lambs, merino and crossbred, par. With regard to the future the outlook is somewhat perplexing. At the moment. while on the one hand the demand for wool in all the selling centres is active, on the oilier, in the Home manufacturing districts with a quieter trade and consequential failing off in consumption. values of tops and yarns are relatively at a lower level than the raw material. At the same time the Home trade me lightly stocked, and so far as merino is concerned. fashion still strongly favours fabrics of a fine character. while (be hosiery branch of the industry in all centres continued to be well employed. At the sales just terminated supplies of crossbred consequent upon the strikes in the dominion were unusually restricted. and to this fact tbe advance in values may partly be attributable. Old stocks of wool, however, are well cleared, and as a considerable reduction in the quantities of tops in manufacturers bands in; y be looked for between now and the .March sales, the t>ooo bales of New Zealand which will then be available may be expected to find a ready market. The altitude of America, of course, remains a dominant factor, and while anything in the nature of a boom is not likely a steady expansion in tbe demand from that quarter may reasonably be looked for. N l-:w Z FA LAN D 11FM P. The market has been quiet with little business passing, as few offers have been received from the dominion. There is a steady feeling at the close and prices mark an advance on late rates of about las per ton. Current quotations : Good fair "Spot” £26 (nom.) : .lan-March. £26 7 s to £2tj 10s; fair " Spot " £2 l (nom.) : Jan.-March. £2l 7s to £2 1 Ins ; fair current Manila. £2B to £2V I Os per (on. c.i.f. TOW is scarce, and values are slightly firmer. Current quotations; £l2 10s to £l2 17s Iter ton No. 2. and £ll to £ll 7s per ton for No. quality. GRAIN. The market for wheal during the period under review has been quiet, and the general demand disappointing. With tlie advent of cold weather there was a belter enquiry and prices advanced about Id per quarter, but at the close with the temperature above the normal and large shipments, buyers lave become very reserved and values are about on a par witii late rates. In Australasian for arrival a few cargoes have changed, including 70()() tons Soutii Australian per Pikepool at :!7s T’/id per 480 lbs. c.i.f.. and 7700 tons South Australian per January steamer at :17s 3d per 4Solbs. c.i.f. There is some enquiry for February shipment, but at about Gd below shippers' ideas of values. Oats have been quiet, and with liberal offers at tlie close prices have declined about Gd per quarter. Beans are dull, and prices easier. Maple peas are scarce, and prices have advanced. A few lots of New Zealand for March-April shipment have been sold at 44s per 7041b5, c.i.f.. with further buyers at the price. A parcel of No. 1 Tasmanian for Feb.Marcli shipment have been sold at 48s per 7041b5. c.i.f. TALLOW. There have been four public auctions since my last report, and at these, witii a fair demand, good clearances have been effected. Prices declined at the commencement of the period under review 2d to 6d per cwt. but have now recovered to the same extent. Mutton tallow (which lias been slow of sale) is now in favour, and recently considerable sales have taken place on, we believe, Russian account. The market has a healthy appearance. but as there, is a large quantity of Premier Jus still unsold the general opinion is that prices arc not likely to advance in the near future, at least to any material extent. In AustraJasian for arrival a fair business has been passing at the equivalent of ” Spot ” values mainly in well known brands already on the way. Some parcels, however. of tine beef for shipment have changed hands at 24s 6d per cwt, whilst good mixed has been sold at 33s 3d and "no colour” at 22s per cwt, c.i.f. Current quotations : Fine mutton. 35s 2d to 27s 9d ; good to fair. 24s Gd to 25s ; edible beef. 27s to 27s 6d , and good , to fair, 24s 2d to 24s Dd per ewt, ex warehouse. COCKSFOOT. The market is very dull and easier, good Danish being offered at s«e per

cwt. The stock of New Zealand here Is very small, and sellers are asking 54s per cwt for 181b seed, but without response. Information as to the new crop is now available from the dominion, and as then; are sellers of Continental for delivery after this year's harvest at 5 per cent, if business is to be done prices will have to be moderate. CHEWING’S FESCUE. Advices from New Zealand state that the new crop is about the) same as last year, but of better quality. Thirtyseven shillings and sixpence per cwt is being asked for 22-231b seed, but there are no buyers at this price be nearer the mark. The growth of this seed has caused buyers so much trouble (luring the past few years that many will leave the article severely alone. It lias been found that seed arriving hero May-.Tune-July with a fertility of over 90 per cent, by January lias not a fertility of more than 70 per cent. Another complaint buyers have to make is that the seed is hardly over bulked before shipment. One bag will grow 90 per cent, and another one 10 per cent. It is most important that the seed should be thoroughly bulked. FROZEN MEAT. Generally speaking the demand for mutton during the last three weeks has been quiet and with supplies, particularly from Australia, proving more than sufficient for market requirements, lower rates have had to be accepted. Australian lamb lias been in good request at about last quotations. New season’s New Zealand met a very poor enquiry, and though up to 7%d per lb was realised for a few carcases, tlie top quotation at the close is 6%d. with a weak tendency. A. fair trade has ruled for River I’late chilled beef, and for hindquarters. which have boon in large supply, prices mark a sharp decline, forequarters bqing unchanged. Eittle business has been passing in frozen descriptions, and prices generally have been against sellers. Current timilhfiold rates per lb : Scotch and English meat, (i'yl to Slid. Canterbury mutton, 4%d to s’sd. North Island mutton, 4>£d to 4%d. Australian mutton, 3’Jsd to -1 : 'sd. River Plate mutton, id to t"sd. New Zealand ewes. Id to tVld. North Island lamb (new season's'), G d to d. Australian lambi), syl d io Gd. River Plate chilled beef, hinds, Usd to rc.sd. River Plate chilled beef, fores. 3"sd to iVsd. River Plate frozen beef, fores. 1-a <l. River Plate frozen beef, hinds. -P.sd. New Zealand beef, hinds, Hid. New Zealand beef, fores, -id. Australian beef, binds, 4V4d to Ivi-d. Australian beef, fores. 7k d to Id.