Produce Circular from London.

Horowhenua Chronicle, 29 March 1915, Page 2

Produce Circular from London.

(By mail via San Francisco, lbth

February, 1915)

The itaiik of New Zealand reports as under :— London, February 13 Wool.— 'J'lie first series of colonial wool sales of the current year, wh'.'h opened on the l'Jth ultimo, closed on tin- (slh inst. The quantities available and catalogued were as follows:— Bales bales .Now .South Walt* 50,618 12,212 ''Queensland 17.749 3,020 Vietrian 15,255 JSG Soii'th Australian (5. J 00 ">G AVest Australian 16.148 I.U) Tiisitianian 87 5 .Now Zealand 37,4«>1 *• 89 Capes ii.L'27 • . HJ2 .m**" Totals , 103.975 16,808 The lirst column oi figures show the number of bales available and tin* second nut offered and bought in. The Home trade was again fully represented, whilst a few buyers from the United titates and France wa:i also present. The total quantity taken tor ioroign account was estimated to be about 18,000 bale*, of which 15,000 bales were bought for America. ■Since the close of last sales, sevjrii influences have arisen, bringing about a very beneficial effect on the wool market, and will help to account for tne dramatic change in the position of merinos. In 'the manufacturing districts trade had shown a strong I.arde:.'ei.ing tendency, directly due t-- t:;e" placing of large and importjint l'tw khaki orders, together with* the ii'Liig of the embargo, thus permithng the shipment oi merinos to the United States and neutral Continental countries. Then again, owing to the congestion oi the docks and upon the railways, Home consumers difficulties have been intensified by their inability to get their overseas purchases deli/wed promptly, and as they have ooiHvaurs to fulfil, were- forced to buy woo s "nn spot," and so created a much iu.vca-ol demand at these sales. These factors art- quite sufficient in ordinary tini(>s to disturb the equilibrium of the market, but they are more so at a tirae like the present, and without a doubt they have materially assisted in the advance in prices. In marked contrast fco the slackness so noticeable at the close of t'e previous sales ,the competition Cr.rougiiout I , as been of a keen and acti'-j doscilpt>oll. The splendid way merinos have su'd has exceeded most people's expectations, but no one could see the effsct of the raising of the embargo \vo;:ld have upon the market, the big weight of business placed in Bradford ihowir.g t.Vjtinctly that all outside count' , !*; are_ vi iy bare of supplies and are u'.■jrij.itly in need of the raw material. Greasy merinos have sold at an average advance of 12J per cent, superior sorts 10 per cent, medium 15 per tent, and inferior from 10 to 15 per cent. On s'-oured the rise has been 'fsw j>• i-i.ouih-ihl, better descriptions ailvaiuiig JO per cent and inferior classes from 5 f TO per cent. There has been a.ll excited delimit 1 Jjor crossbreds throughout the series, due of course to the further placing of ivhaki orders, but with the previous high prices ruling, and in view of the rapidly increasing supplies becoming available, a further appreciation in values was hardly to be expected. The placing of these orders before the fu'.c, however, made all the difference to tl*e market an 1 if the expectations of many at this end have been upset, the above lactor has t rought considerable benefit A) colonial wool growers. Prices for greasy line crossbreds at the openi.ig showed very little change but hardened towards the- close and are quoted at liar to 5 per cent dearer than last auctions. Coarse and medium descriptions opened at an advance of o to "\ per cent and gradually hardened at the close they are about 10 per cut better than December sales. Crossbred scoured and slipes. which were in small supply, have met with keen jom- - petition at about 5 per cent advance on previous sales' rates. / The new clip from New Zealand, m far seen, appears to be heavier in condition than its predecessor as well as being rather short in staple. The wool market lias always been noted for its surprises, and the trade has become accustomed to them, but the change in position 6f merinos jame as a distinct surprise. It was anticipated that the first move toivards a better tone would be the raisng of the embargo, But the eubstan:ial .advances were.more than most people expected. The outlook" is accordugly more cheerful, and wMh a coninuance of the facilities afforded to 'rieiidly countries to«"import merino cool it seems highly probable that present prices will be maintained. At the time of going to press we hoar a rumour, which however, laolw official confirmation, to the effect ■;■« Government, are refusing to grain licenses for the export of merino >'vV<~ to thi> United States, which ajra-in rac?w er overshadows the above outiouk. Crossbreds appear fo hi as birjiig ever and their future is "pniot-ically an assured one. The oiK.injious orders placid for many months ;ih«:id will mean a very strong ami active mnrk(»(£ and !•<> long as the war continues high prices appear to be inevitable. Owing to the euiigeafton of the docks the r-ei'iMid series will now commence on 23rd inst., the list of arrivals being closed as at the 2nd inst.. ft having been found impossible to include arrivals beyond that date, the following vessels Ijoing available, viz., lonic. Rakaia and Turakina. Since the list closed the Cape Ortegal. Indrabarah, Tonga riro. Star of Xow Zealand and Messina have reported and will lie included in a series at present arranged to commence on l(jth March. Hemp CXi'w Zealand).- The market li;i,s been very firm at advancing prices Offers . from the Dominion are very scarce and spcoiyl-hand aelle-i« verv reserved. Good fair touched £28 los but there is now a. quieter tone and prices a little easier. Thle export of Now Zealand hemp from the United Kingdom is prohibited, and it is doubtful what effect this will hare on the position. Present quotations are good fair £28 10s. high "point fair £27 10s and fair £26 15s January-March to March-May shipment.

Pelts.—Thore has been vory littlo change in the market conditions. Business, if anything, a shade quieter than a month ago, reports from America, indicating that traders there are buying from hand to mouth. Dairy produce. Butter.—Continued high prices have curtailed the consumptive demand, while the isiuppliea have increased, trade during Uio past leuweeks has become quiet. "Bear" operators have also unduly depressed the market with the result that prices .havo oasd off somewhat since the date of our last circular. The depression in the market is more, pronounced with regard to nnsalted than salted. Current prices aro 136s to U2.s iK>r cwt. Cheese.— The market continues firm for cheese, htocks of Canadian being light and supplies of New Zealand ready for delivery aro small, but the liigh price has checked tho ordinary '«demand, altliougli there- is no weakness fej.\U><* |H:sitioii owing t<i the largo .quantities being absorbed for Government reqtiiiommits. Current prices aro from H-J« to B(>.s per cwt.