OVERSEAS MARKETS.

Auckland Star, Volume LIX, Issue 238, 8 October 1928, Page 4

OVERSEAS MARKETS.

LONDON WOOL SALES.

DISAPPOINTING RESULTS

EXPERT COMMENT

LONDON, October 6.

Tie total offerings at the wool sales which have just closed were 140,000 bales, of which 92XW0 Wfere sold, the Continent taking 55,500, Yorkshire 35,500, America 1000. Expert commentators take none too rosy a view of future prospects. H. Daweon and Company state that the sales not only registered a severe decline in values, but left both the producing and consuming sections of the industry in a perplexing and uncertain position. Until the opening of the sales there was no indication of such serious trouble. Scarcity of new yarn orders from Continental centres, combined with a slight drop in Sydney, began anxiety, which was intensified by holders of raw wool, who could not obtain adequate prices for tops and yarns, deciding to send stocks for resale. This decision to become sellers instead of buyers did much to shake confidence and checked new business at the manufacturing end, and changed the fairly comfortable position of July and August into one that approaches stagnation. The whole industry, from the grower to the distributor of cloths, received a great •hock by the sudden change of the market, but there is no justification for the semipanic felt in some quarters. The new arrival of colonial purchases, although dear, will not be heavy, and stocks of raw material and maunfactured goods ar« generally light. The export demand for cloth is surprisingly good., The shipments for the first eight months of the year total 120,000,000 square yards, compared with 112,000,000 for the same period last year. * DAIRY PRODUCE. THE BOARD'S REPORT. The New Zealand Dairy Produce Board has received the following market report from its London office, dated October s:— Butter.—New Zealand: Salted, 178/ to I 184/, exceptionally, 186/; unsalted, 186/ I to 196/; first grade whey. 164/; second ' grade whey, 160/. ~ Deliveries of New Zea- i land this week, 555 tons. In store, 3700 | tons. Australian; Finest salted, 166/ to I 172/. Argentine: Finest unsalted, 176/ to 180/, exceptionally, 182/. Irish creamery: Salted, 174/ to 176/; unsalted, 178/ to 180/. Danish: Spot, 195/ to 196/, up to 198/; f.0.b., 190/ to 191/. Dutch: Unsalted, 188/ to 192/. Siberian: 160/ to 182/. Ukrainian: 162/ to 166/. Polish: 154/. Lithuanian: 160/. The market is slow, and the New Zealand retail price unchanged at 1/10. The Danish retail price is reduced to 1/11. Cheese. —New Zealand, white, 112/ to 113/. up to 114/; coloured, 110/ to 111/, up to 112/. Deliveries New Zealand this week, 4850 crates. In store, 31,000 crates. Canadian: White, 110/ to 114/; coloured, 110/ to" 112/; c.i.f y 106/ to 107/. Australian: White, 110/ coloured, 108/ to 110/. Market quiet and retail prices unchanged. English: Finest farmers' 134/ to 138/. Market firm. The Taranaki finished discharge of butter on September 28, and the Rotorua finished discharge of butter oiT October 2. The Te Koa commenced to discharge butter on October 4. The estimated stocks of all butters in Great Britain at October 1 were 10,360 tons, compared with 14,760 tons last year. The estimated stocks of cheese at London, Liverpool and Bristol at October 1 were: New Zealand and Australian: 39.500 crates; last year, 47,000 crates. Canadian: 182,000 boxes; last year 168,300 boxes. Cheese sales, f.0.b., have been made for up to the end of December make at 9 9-16 d, and for the whole season at 9%d. Tn its monthly review of the markets the Dairy Produce Board says:— "Whilst prices still remain reasonably high, the question of supply must be watched. For production, the season in New Zealand is opening well. The same is reported from Australia, and the board's agents in the Argentine indicates increased quantities for shipment during the spring months. From Canada, which is our only real competitor as far as imported cheese is concerned, come reports which still indicate that whilst production is on. a par with last season, shipments have been greatly increased. The latest prices at which we have advice of sales being made are:—Butter, to end of March, at 1/5%, f.0.b., equal to about 178/6, London. Cheese to end of December, 9 9-16 d, or for the whole season at 9 3-Bd, f.o.b.' New Zealand. There is ample space offering for the shipment of butter and cheese.

Messrs. Allen and Findlay have received the undermentioned cable from their priicipals, Messrs. Armour and Co., dated London, October s:— Buttery Market slow. New Zealand, *2* I®-/ P er cwt; Australian. 170/ to 1/2/; Danish, 192/. Cheese: Market quiet. New Zealand, 113/ t0 il3// PCI ° Wt; tan *^ ian ' 110 / to Amalgamated Dairies, Limited, have received the following cable from their London manager, under date October 6:— Butter.—Prices unchanged. Anchor. 186/ per cwt. Market still dead quiet. Danish, spot, 195/6; f.0.b.. 190/. DeliverNew Zealand, 555 tone; stock, 3740. Retails unchanged. Cheese.—White, 112/ to 114/ per cwt; coloured, 110/ to 112/; Canadian, spot, 110/ to 114/; e.i.f., 104/ to 106/. Retail unchanged. Cheese stocks, 182,000 boxes, 39,600 crates, compared with 168,000 and 47,000 last year. Markets Stagnant. Messrs. Joseph Nathan and Company have received the following cable from their London principals, Messrs. Nathan and Trengrouse, Tooley Street, dated October 6:— New Zealand butter, 178/ to 180/ per cwt. New Zealand cheese, white and coloured, 110/ per cwt. Both markets stagnant.

FROZEN MEAT

The New Zealand Meat Producers' Board has received the following cablegram from its London office, dated October 5, advising Smithfield delivered prices averaged for the week ending at that date as follows:— New Zealand Wethers and Maidens.— Canterbury quality, selected brands, 561b and under, 7%d per lb; 571b to 641b. 7%d; 651b to 721b, 6%d. Other brands, 561b and under, 7%d; 571b to 641b, 7d; 651b to 721b. 6%d. New Zealand Ewes.—64lb and under, 5%d. New Zealand Lambs. — Canterbury quality, 361b and under, 10% d; 371b to 421b, lOHd; 431b to 501b. 934 d; seconds. o%il. Selected brands, 361b and under, lOVsd; 371b to 421b, lOlkl. Other brands, first quality, 361b and under. lOd; 371b to 421b, lOd; second quality, ,301b to 321b average, 9%d. New Zealand Beef.—Ox fores, 4d; hinds, ,5%d; cow fores, 3V4d: hinds, sd. Argentine Chilled Beef.—Ox fores, 4%d; hinds, 6%d. Frozen Pork.—Porkers, 601b to 801b, 7'/4d; 81ib to 991b, 7Hd; 1001b to 1201b, 7%d; baconers, 1211b to 1801b, 7Vsd. Lamb and Mutton.—The market is dull and depressed by heavy pitchings of Homekilled meat. Beef.—The market is quiet, but steady. New Zealand Porker Pigs.—The market is easier,- owing to heavier supplies of Home-killed. ITew Zealand Baconer Pigs.—Stocks are exhausted. Nominal prices.

The Department of Agriculture has received the following cablegram, dated October 4, from Messrs. Landale and Clark, Limited. Calcutta, with reference to the linseed market:—'"We quote £16 17/6 for linseed per ton net, c. and f., Sydney, for immediate shipment. The market is dull."