COMMERCIAL.

Horowhenua Chronicle, 28 July 1916, Page 3

COMMERCIAL.

1 ti.v.Mv Ol'' NEW ZEALAND PRO- ! DICE CIRCULAR. From the Levin manager ol the' Hank i of New Zealand The Chronicle is in I receipt oi the baiLk's Latest report on the London .produce market. The circular is dated. London, 12th Juue, me. Wool.—The il'ourth series of saies commeucedi on 30th ult., and terminated on Bth inst; the quantities available and catalogued being <30,539 bales and 60,273 bales respectively. Of tho quantities sold some 5000 bales have been taken for export to our Allies. These sales brought the'usual large muster of buyers from aid the principal Jimne icentms, competition being keen and active, especially for the finer wools, and the results obtained at thp opening eaie confirmed the favourable conditions ruling during the interim, merino wool denoting a rise of 5 to 7\ per cent, compared with the previous auctions, but there was practically no change in crossbreds, except, in the finer qualities, which were 5 per cent dearer. As the auctions progressed values hardened, and at tho close merino wools were 10 to 15 per cent dearer than last sales. Exceptionally high prices, more or less in sympathy with the rise in merinos, were realised for light-conditioned greasy wools, audi these were 7} to 10 por cent dearer on previous sale rates.

but medium and coarse crossbreds were somewhat disappointing, being only on a par with last sales. Greasy lambs wool, in moderate supply, sold well at a.n advance of about ,7 per cent. Ihe quantity of scoured and slipe orossbreds offered has also been on a moderate scale. Slipes have sold at par to 5 per cent and scoureds 5 to "i per cent above last sales' currency, th<> advance being most marked in the case of the liner qualities.

The sales closed with a. very firm tone all round, and, in view of the limited supplies both present and prospective, and; the strong demand from the general trade, apart from the existing Government contracts, prospects for the immediate future appear favourable. At the same time, however, the fact must not be overlooked that practically the same conditions continue to prevail as existed in the pa.st. with the same uncertainty as to what may happen from the varying fortunes of the war, which does not make a dependable forecast an easy matter. Added to this uncertainty the recent action of the Home Government in prohibiting the opening sale of the season oi new cup domestic wools has naturally given rise to various conjectures ana surmises, and ueveiopinents are being awaited witli considerable interest. iieiup.--During the past month the market has leinamed very firm, and goou business was done in the more distant position m higher prices, viz., good-fair up to £SU, tan .c \V, fair jL-ii 10s at i-iS per toil, but tlie market is now easier and <juiet.

.Sliyepsisins.—'llie fourth series of tiie you. was held on Ist uist., beiore a attenuance of buyers and uudier

ktcii competition. Prices lor iunuooiied skins have advanced 10 to li per cent, and hali-wooiled -from o to 10 per cent-, and snort and shorn descriptiono ruled from par to 10 per cent, above last sales' rates.

i't-lts.—Arnvaifa during the past inoiitn have bean _ very suiaii, ana iu liie absence ol supplier no business ot importance lito been done here, aithoiigti record prices are reported to liuve been made tor iair tines of the -Nojtii ielad freezing oUeep pelts. The market appears to oe in. a very strong position, and everything points substantially to ti very high range of values. Prices show an alt-round adivaiM-e ot about -Is on our previous tjuotatioifci.

'1 allow.- -During thy past lour weelits tliroe series of public, saiee have been liokl, at which 3,038 casks were offered ana 2335 casks sold under the hammer. The market was, during the earlier part of the interval, very quiet, with steadily declining prices, the difficulty being, in the absence of permits for export, to hnd the level of values on which the Home trade would find it reasonable to do business of any volume. We have now arrived at a lair basis for the present ,and a good quantity has changed hands during the last week or two. Competitive article . have, however, had a stili severer fall, and it is therefore doubtful if yet we have found the bottom.

Dairy produce.—Butter shows very little change in values, the market beiiy without new feature, aaid very quiet, with the moderate arrivals keeping the tone steady. There is practically no New Zealand on spot. Danish butter continues quiet, and stocks of Siberian are light. Cheese.—The market for New Zealand has strengthened during the past few days, especially for white, and values of the latter are 2s at 4s per ewt. higher than a ■week ago. Current prices: Butter.— 168s at 170s per cwt; unsalted, 166s at 170s. Cheese, white 106s at 110s par cwt; coloured 104s at 106s.