LONDON MARKETS.

Wairarapa Age, Volume XXX, Issue 8403, 18 April 1907, Page 3

LONDON MARKETS.

(Prom Our London Correspondent.) LONDON, March 87" Under date February 22nd, Messrs W. Weddel and Co. report as follows : Wool.—An active demand for all qualities of wool continues to characterise tha markets of the principal centresjof tthe industry. Practically throughout Europa the call for both raw wool and wholly or partly manufactured goods is urgent, and supplies from both Australia and New Zealand which are now arriving in large quantities,pass into the hands of top makers, spinners or manufacturers, as the case may be, without delay. Pressure is brought to bear to ensure prompt delivery under the contracts entered into earlier in the season,and most of these sales having been booked at very low rates must leave the sellers to face a considerable loss. Spot prices are not quotably dearer, but the tendency is distinctly against the buyer for both merinos and crossbreds. A good enquiry has been experienced in this market, and sales of both fresh arrivals and "bought in" lots from last auctions are reported to have taken place at very satisfactory prices. Grain. — Wheat, etc. — After the active market reported on a fortnight ago, the past two weeks have tean very quiet with a weakening tendency, and values may be quoted 3d to 4Jd per quarter down from the recent highest price paid. Shipments to Europe have been heavy, principally from the Argentine, but it is very necessary that this should continue for some time to come if a scarcity is to be avoided. In Russia prices of 'wheat are considerably above the export level, and as there is a large demand by the Government for supplies for the interior and famine siricken districts, the port stocks are rapidly diminishing. Several cargoes of American wheat with Russian options are reported as having changed hands. Shipments from India are small, and are likely to continue so for three or four months, while it is doubtful if America and Canada will continue to export heavily at the present comparatively low level of prices. Australia is now shipping more freely, although up to date, exports are 100,000 quarters less than for the same period last year, notwithstanding' that the yield is estimated at half-a-million quarters greater than last year. At the close the market is quiet but steady. English \lvheat: The country markets have received smaller supplies and prices are firm at an advance t of 3d lo 6d per quarter. The average price last week of 26s 7d per imperial quarter marks an advance of 4d per quarter from the previous fortnight, but is 2s 4d per quarter lower than at the same time last year. Australian wheat, ex store: Stocks are nearly exhausted, and, with an im- i proved demand, values are higher. ' We quote 32s per 4961b5. New Zea- J land wheat, ex store: Supplies I on this market are exhausted; prices I are nominal. We quote:—29s 6d to j 30s 6d for i Shortberry, and 30s 6d to 31s 6d for Longberry, per 4961b5. j New Zealand oats, ex store: The market continues firm at fully late rates, but New Zealand sorts are in small supply. We^quote:—Good Canadians, Sparrowbills and Gartons at 22s 6d to 25s per 3841b5; Duns, 19s to 21s per 3361b5; and Danish, 17s to 18s 6d per 3201b5. Frozen meat. —General market. — As usual at the commencement of the season of Lent, there has been very little life in the meat markets during the pa3t fortnight. Homegrown mutton, though still low in price, shows a slight recovery at 7d to 7Jd for Scotch, and 6Jd to 7d for English mutton. A poor demand, and offerings of low quality. North American ' beef have combined to depress prices of chilled beef, which, although they close higher than at any previous time this week, are still low. At Smithfield, States sides only realise 4£d to s|d; and Canadian sides 4|d to 5d per lb. At Deptford, States cattle are selling at £ls to £l9 10s per head; and Canadian at £l4 to £lB 10j. Tiie frozen meat markets are vei*y quiet, and, as the recent heavy arrivals have materially added to stocks, reductions in prices of both mutton and beef have been necessary to encourage the demand. Values of lambs have declined under the influence of increased arrivals from New Zealand, sales of which are being pressed. Mutton —New Zealand : Arrivals during the past two weeks amount to 79,157 carcases. Although the demand for mutton generally has been, if anything, slightly better, yet the large increase in arrivals from all sources of supply has made it necessary for importers of New Zealand sheep to reduce their prices from the level which it was possible to maintain when stocks were much smaller. While this is more particularly applicable to Canterbury mutton, yet almost all brands are included in the decline in value. Canterbury sheep under 561bs are selling at 4£d to 4|d; 56-641bs at 4|d to 4&d; and carcases over 64lbs at 4d to 4&d per lb. Ordinary North Island sheep are realising from 3£d to 4£d per lb; while W.M.E.'s and Longburn sheep are making from 4d to 4gd, according to size and quality. Ewes are selling at 3&d to 3§d. Australian: Receipts during the fortnight amount to 114,822 carcases. This is by far the largest quantity received in any sim'lar period this season. The consumption has been fairly good; but the larger offerings have, nevertheless, had a weakening tendency, although values are nominally maintained. The grading of some of the best brands has, unfortunately, not been all that could be desired, but the general quality of importations to date has been good. Small sheep are selling at 3Jd to 3§d, but medium weights and heavy carcases realise only 3 5-16 d to 3&d per lb. River Plate: Arrivals during the past two weeks amount to 131,077 carcases. As in the case of both the New Zealand and Australian branches of the trade, there is here also a large increase in receipts. A fair demand is being experienced, but as one or two importers are selling more freely values are easier at the close. Small sheep are quoted at 3§d to3gd, and medium and heavy carcases at 3|d to 3|d per lb. Lambs: Arrivals during the fortnight amount to 361,177. carcases from Australia, 77,905 carcases from New Zealand, and 2,447 carcases from the River | Plate. As is only to be expected j

during Lent, trade generally has been decidedly slow, and with increasing quantities coming to hand from New Zealand, consignees have been endeavouring to clear shipments as they arrive, and thus as far as possible prevent stocks from accumulating. With such a poor demand, however, it has been rather difficult to attain this object, even although considerable reductions in price have been made. This easing off in values of New Zealand lambi has weakened prices and lessened | the demand for prime Australian lambs. The quality of the prime Canterbury lambs just arriving is very satisfactory, as is also that of some of the best brands of North Island lambs; but there is a large percentage of very secondary New Zealand lambs coming to hand, for which there is practically no demand, and same can only be realised at a great reduction under prices for prime quality. The market for both New Zealand and Australian lambs closes weak at the following quotations: — Prime Canterbury lambs 30-421bs, s|d to s|d; North Island best brands, 5Jd to s|d; secondary, 5d to s£d per lb. Australian prime quality, 43d to 4|d; medium, 4|d to 4§d; inferior, 3|d to 4d. The few River Plate lambs available are unchanged at 4Jd per lb. Beef, frozen. —Arrivals during the fortnight total 14,251 quarters from New Zealand, and 72,799 quarters from the River Plate. With the further increase in importations of New Zealand beef, and as a result of the quantities and cow be jf offering, values have fallen away for all descriptions. The demand, too, has been very poor, which is probably partly accounted for by the commencement of Lent, and partly by the low prices which have obtained for chilled beef. New Zealand beef is selling at 2§d to 2£d fores, and 3|d to 3£d per lb hinds. River Plate beef is quoted at 2Jd to 2|d fores and 3Jd to 3gd hinds.