LONDON PRODUCE MARKETS.

Daily Telegraph (Napier), Issue 3612, 8 February 1883, Page 2

LONDON PRODUCE MARKETS.

We extract the following , from the New Zealand Loan and Mercantile Agency Company's monthly circular, issued in London for despatch by the Brindisi mail on the 15th of December: — WOOL. The fourth .series of sales which opened on 21st November closed on Bth instant, having , thus occupied 1(5 sittings. In the following , tabulated statement are given tho available arrivals and quantities catalogued : — Available Quantities arrivals, catalogued. Bales. Bales. New South Wales and Queensland .. .. 23.0G0 .. 35.35G Victoria 19.450 .. 3:j,920 South Australia .. .. 14.120 .. 1-1,283 Western Australia .. 40 .. 42 Tasmania 1,1 M .. 1,400 New Zealand .. .. 1-3,028 .. 22,20G Cape of Good Hope .. 31,920 .. 28,0G9

Total .. ..10-1,775 .. 136,0G(i Prom the former have to be deducted 9,300 bales sent direct into consumption, and in the latter are included "Wools in first hands held over from previous .sales, and second-hand parcels -which frequently find a place in the catalogues at this .season of the year. About GO,OO bales have been taken for export, and it is computed that some 10,000 bales remain in first hands for future disposal. The series just concluded has bovn In some respects disupiJointinja , . After the conclusion of the third series some disposition to operate by private treaty wii« Manifested, and the hopes of sellers were in consequence raised that during - the rest of the year the level of prices established throughout the August-September auctions would at least be maintained. But when buyers met in the sale-room on 21st ult. these expectations were not realised ; and in consequence of the abstention, more especially of the French section, considerable hesitation in the biddings was exhibited. The obvious results followed, —much irregularity in the biddings, and a quotable, decline in all Australasian descriptions which did not come within the category of good shafty Merino or line cross-bred, whether in a scoured, washed, or greasy condition. This position was maintained with more or less variation until the close. The series was not of sufficient duration to warrant that ebb and flow in demand, and consequent fluctuation in value, not unfrequently witnessed in the course of a long series. Still it can with confidence be stated that during the concluding ten days of the sales the greatest uniformity in demand and the most animamated competition were manifested. The subjoined prices current of certain leading descriptions shew the departure (if any) from those ruling at the beginning oi October, and while a comparison of values between the third and fourth series of anyone year can never be very precise from the absence or paucity of supplies in the latter of certain wools fully represented in the former, allowance being made for this, it may be said that save in the descriptions noted above •wherein September rates are still maintained, in the case of short, medium and faulty Merino sorts, and coarse crossbreds in any condition, prices have ruled in favor of buyers to the extent of .'d to Id per lb, and occasionally, in order to close parcels, a still greater decline has been subnutted to. The most favorable feature in the sales was that they closed firmly, and although, as shewn above, all available supplies in first hands have not yet found a market, these are within sufficiently narrow compass to prevent their exercising any undue pressure on the fresh arrivals which may have to bo dealt with here during ISS.j. It was at one time expected that a larger proportion of Australian new clip wool would reach port in time for inclusion in the fourth series than has actually been the case. The number of bales available, say 18,000, has proved, as foreshadowed in previous circulars, ample for existing home and foreign requirements ; and while the new clip greasy wools not unnaturally enlisted greater competition amongst export buyers than the remnants of old clip which found a place hi the catalogues, it is feared that in many cases the prices realised will prove unsatisfactory to growers and shippers, who, in their eagnemess to ensure arrival for the past sales, may have paid higher rates of freight for which no commensurate advantage in the results has been obtained. If any comparison be instituted, qua such wools, between the prices of November, 1881, and those of tho past month, it will at once be manifest that rather a lower level has recently been reached. It must not be supposed, however, that this i.s wholly or in great part due to difference of market. The explanation ought rather to be sought in inferiority of growth and condition in the ISS2 clip, as compared with that grown in 1881. Even amongst well known brands, especially those of Eiverine origin, the general tenderness of staple was very marked, while in the case of clips_ of an inferior "grade there was found occasionally lean and hungry wool, the natural outcome in both of the- trying season through which, the sheep had passed. Allusion haw already been made to tho generally disappointing 'result of tho eories just ended, and at the present juncture it is not easy fully to account for the fact that any decline in values had to be submitted to in order to effect sales. There is no doubt,

but that the financial and political condition of France all through, the present year has not been satisfactory, and, although this has only been indirectly reflected on the woollen industry, the signs have been sufficiently marked' to warrant the belief that a curtailment of financial facilities and a disbelief in the soundness of French trade have proved two important obstacles in the way of greater activity being displayed amongst j French and Belgian buyers of our leading colonial staple. To a certain extent the same untoward features have been at work at home, and the announcements of recent failures both in the manufacturing districts of Yorkshire and of Scotland have induced the conviction that a, weeding out process has commenced with the view of checking the support hitherto too freely given to weak traders, who none the less have heretofore contributed their quota of competition to the London wool sale rooms. While such remedial measures may temporarily restrain demand, and thus tend to lower prices, they will have a wholesome effect on tho future conditions of business, and exercise unquestionably a potent influence in establishing trade on a more firm and lasting basis. So far as the conditions of prospective supplies can now be gauged it appears that these should not prove in excess of the demand for the raw material to be looked for next year. The spending power of the agricultural classes, as the outcome of the last harvest throughout Great Britain ought shortly to show signs of expansion; and, while the outlook in France is by no means yet assured, from Germany material support ought to be given when buyers re-assemble for the first sales of the year ISS3. Should the recommendation of the Tariff Commission in the United States to reduce the import duty on wool about 20 per cent, become law, the consumption of colonial wools in the markets of that country will doubtless be sensibly stimulated. The statistical position of the article as regards arrivals, quantities catalogued, and wools received in transitu for manufacturing districts at home and abroad, is given in the following comparative table for the years 18S1 and ISS2 respectively. ISSI. Available Quantities Wool in Arrivals. Catalogued. Transit. Bales. Bales. Bales. Ist series.. 310.396 277,101 25,000 2nd series 363,392 350,331 26,000 3rd series 37.3,442 362,667 33,000 4th series 98,113 132,908 1.3,000 Total 1,117,343 1,123,067 102.000 1882. Available Quantities Wool in Arrivals. Catalogued. Transit. Bales. Bales. Bales. Ist series.. 309,302 '273,09S 42,000 2nd series 357,603 340,320 36,000 3rd series 350,14G 314,436 45,000 4th series 104,77') 136,060 9,300 Total 1.151.856 1,093,920 132,300 Note.—To ISSi, 16,000 bales were carried forward from 1880. To 1882, 10,000 bales were carried forward from 1881. To ISB3, 10,000 bales will probably be carried forward from 1882. Since the conclusion of the fourth series but few transactions have been reported. In view of the approaching holiday season it is probable that no extensive purchases will be made, but the tone of the trade is generally healthy, and with the resumption of manufacturing operations in the new year we look for a renewal of the demand for raw material. Arrivals for the first series of ISS3, the commencement of which has not yet been fixed, are as follows :— Bales. New South Wales and Queensland .. 9,2-35 Victoria 9,331 South Australia .. ~ .. 8,331 Western Australia .. .. .. 56 Tasmania .. .. ~ .. 70 New Zealand .. .. .. ..1,1.3.3 Cape of Good Hope 9,862 Total 38,060 We append an approximate table of pricos current during the I'ecent series : — i-.- _ 7-'\o :? co cc c-i t~ *M —ci o '-C >."i -~ xo •* γ-i —or —-r i— , —* i~ x,__i_._*,-._<,-■OO'-'O'-1000 ri r. ss o n>: 6 o;idit X o »«* -' oi- -r i— , x *j< —•i t-< C". i— ■— >~ ■ —© c 3 £ _< _| _< •- • ~' — <~<OC- J C.-*O'-'0 *j . "1 —i — ?l —' f- —i ~ C f % :: : ''■ :' : : : ■•::::: *'*!* •* * • r—< ' I • - O '.'.'.••••'' it ' v rH Vi O O T S o o -Z i. p «■ CC <■ O 'J2 O Xotc—Superfine flocks from New South Wales, Victoria, and New Zealand are not included in the above prices. mOZEX MEATS. Of the consignment per steamer Cuzco, aboiit one-third lias now to be sold, the remainder having , been marketed since the date of our last issue. The best carcases have touched Gkl per lb., but for the larger proportion lower rates have been accepted and we understand that the average of the whole quantity sold up to date does not exceed 5d per lb. As already reported, many of the carcases are of small size and not altogether .suitable to the requirements of the English trade, in addition to which several sheep were put on board at Sydney in imperfect condition. The balance of the consignment will probably be cleared in the course of the next ten days. The strength of the demand for Home-fed meats has undoubtedly been of material assistance in the realisation of the shipment. We quote home-fed meats to-day as follow :—Good English and Scotch beef (bodies), 4s % 5s 6d per Slbs ; good English and Scotch mutton (carcases), 3s (?£ OsSdper 8 lbs. NKW ZEALAND HEMP. The market has remained stead)' throughout the fortnight. At public auction, held on 6th instant, 350 bales were offered and 170 sold at £23 (« £26 per ton for ordinary jto fair quality. We quote fine, clean , parcels at £30 per ton. Next public auctions wall be held on 20th instant. The stock on the Ist instant was 371 tons against 421 tons last month, and 31 tons at Ist December, 18S1. (By Cable.) Melbourne, Wednesday. The Melbourne manager of the National Mortgage and Agency Company of New Zealand (limited) reports of the local grain market as follows :—Wheat i.s in good demand at 5s Id to 5s 3d; malting barley at 5s 3d to os 7cl is also in good demand ; New Zealand oats are less depressed, and rather more enquiry is now experienced, feeding qualities fetching 3s to :3s od, and New Zealand oats under bond 2s 6d to 35..