Commercial.

Hawke's Bay Times, Issue 1620, 16 October 1874, Page 394

Commercial.

LONDON. We take the following intelligence regarding the Produce Markets from the Ne.w Zealand Loan and Mercantile Agency Company's Circular, of 25th August: Wool.—The third public sales of Colonial Wool, for the present year opened on 18th "instant with a catalogue containing 5,2(iG bales, including 885 New Zealand. The total arrivals in time for the current series were 260,861 bales, the largest proportion (85,856 bales) being contributed by New Zealand. Of this number about 17,000 bales, chiefly Cape Wool, have been forwarded direct to Yorkshire and the Continent. The favorable condition of the trade had for some time been such as to lead to the expectation of an improvement in values; and on the opening night an advauce was established of -/£ to ,-/l f ft on the closing quotations of previous sales, Cape Wool being even -jl to -|l| higher. Thus far the sales have progressed with considerable spirit. The attendance from all quarters, except perhaps Belgium, is numerous, and the rise of the first day is fully maintained. Home manufacturers have as yet been the principal operators, but to some extent this is accounted for by the composition of the catalogues, which have not consisted of the descriptions chiefly attractive to foreign buyers, but there are indications that as the series progresses aud suitable selections of the staple arc offered, some increase of competition from the foreign section of the trade may be expected. There is a small amount of buying on American account ; the quantity taken up to this time, however, is comprised within very moderate dimensions. So far as Australian Merino Wools are concerned, the improvement we have mentioned is noticeable chiefly in washed and scoured descriptions; greasy ruling about the same as at previous sales, with here and there a slight aovauce. In half-breds, quotations are fully on a par with the improved rates paid at the close of last session, or equal to au advance of about -jl fli ou those of the earlier auctions. It is too early in the series to venture an opinion as to the probable course of prices, but so far as present circumstances contribute to the formation of any view on the subject, the indications are towards a maintenance of firm quotations throughout the autumn. Machinery is well employed, aud the sales opened with stocks of raw material in manufacturers' hands almost exhausted. As at present arranged, the series will continue to sth October. Up to this date the 47.197 bales have been offered, including 12.726 New Zealand'. It is estimated that only 500 bales have been withdrawn. The arrivals to this date, for next series (the commencement of which has not yet been fixed) are only 2.772 bales of Cape Wool. Tallow.—The Tallow market has shown greater activity, more competition having been evinced at the public sales, although we sre unable to quote any improvement in prices. The demand for low qualities for export has continued, and some medium parcels have been taken by speculators for a rise. Arrivals during the four weeks ending 22nd August. 1,696 casks. Stocks of all sorts on 21th instant, was 24.100 casks. Shipments advised by the Australian mails delivered 3rd instant, amounted to 2,359 casks. Leather. —At the auctions of 31st ultimo, 12,848 sides Australian Leather were catalogued, and 12,736 disposed of at fully previous prices'to -\\ fft advance on the best tannages ; and on 14th instant, 0,404 sides offered, and only 1.888 sold. Transactions by private contract since that date have not been important, and no change of prices has occurred. Although the improvement has been less rapid than had been expected, the position of the market continues favorable, and a good autumn trade is anticipated. Preserved Meats.—More animation has been manifested in the demand for Preserved Meats within the.last fortnight, especially for 6ft and 41b tins of Boiled Beef, which are just now very scarce ; on these cur quotations show an improvement of -\l to -/{ ip lb. A similar advance is established in "2ft tins, which, however, arc not so much in request. The enquiry for Mutton is not very strong, but quotations have advanced slightly. Texas and South America are becoming regular and more extensive contributory t.o our market. Corn Market.—Owing to the unsettled weather which prevailed during the early part of this month farmers were unable to make the rapid progress with the in-gathering that had been anticipated. The past week, however, has been bright and fine, and in every way suitable for the completion of the harvest. The tendency of th.e wheat market is therefore universally downward, especially for home-grown produce. Last Saturday's country market advices report reductions varying from 2/ to 8/ per quarter in the quotations of English wheats, the present values of which may he given as 50/ to 52/ per imperial quarter (weighing o'OHbs) for white, aud 47/ to 49/ for red descriptions. W« quote nominal current prices as follow: Australian Wheat, 57/ to 58/ f 4961 b ; New Zealand, 54/ to 57/ ; Australian Flour, 38/ to 42/ f • 280Ibs ; New Zealand, 35/ to 38/. New Zealand Hemp.—There has been a slightly better demaud at the public sales of this fibre, but from the causes set forth in our last issue, the market continues dull and dragging. At the Auctions held on 29th July, 1,500 bales were submitted to competition, of which 450 were sold, ordinary to medium at £l3 10/ to £l7 10/ ; good medium to good dressed at £l9 to £22 per ton. 430 bales Tow offered were bought in at £9 to £ll. Another sa!o was held on 12th instant, when ;139 bales were offered -:M sold, medium at £l6 10/ to £l7 ; good medium to good at £l9 to £2O 101. and Tow at £lO p ton. Transactions by private treaty are reported to, the extent pi a few hundred bales, at prices ranging from £l6 10/ for ordinary to £2O .10/ for' fail) aud £22 for superior quality. j