Commercial

Levin Daily Chronicle, 28 July 1917, Page 2

Commercial

BANK OF NEIW ZEALAND REPORT. The following report has been received from Mr Pyke (manager of the Bank of New Zealand (Levin). — LONDON! WOOL SALES. Wool.— A unique as well as inter-esting-sale of Government-ewned w r ool consisting mostly of (Xeiw Zealand greasy crosshreds took place in London on Alay 24th. The offerings were made lip of one shipment of 18,272 bales, about '1000 bales being .merinos, the wools being sold for the, director of army contracts by the .committee of London woolbrokers, at fixed prices printed in the catalogue. The greater portion of the quantity available was disposed of, and generally speaking, the results appear to have given satisfaction to the trade, which, however, in some respects, might have been more fully represented. In all probability sales of a similar character will be held from time to tim», but the quantities to be offered on each occasion are likely to undergo considerable reduction.

'Hemp.—The market has ruled iirmer and enquiries far exceed the supply. A few transactions have been carried through on the basis of £83 at £83 10s for high points fair; £82 at £83 for fair, shipment June-August. and later. Prices .quoted include war risk.

Pelts.—Since our last circular the market lias been very quiet. American buyers have for some time past been indifferent to offers of Jvew Zealand pelts because of the unsatisfactory market they have for their finished product. The position has been made worse by the fact that the American Government is about to impost an impou-t duty of 10 per cent on pickled sheepskins. If this duty should be imposed, the American tanner will oiiber have to buy his raw material at a corresponding reduction or advance his prices of finished skins. In any case the threatened impost makes American buyers inclined to wait until they know definitely where they are. Some important sales of North Island freezing sheep pelts have, however, been made here recently at a reduction of about 8s compared with prices ruling at the end of last year. In the case of North Island freezing lamb pelts,, those of first quality arc being taken by the Home trade at about late rates, though the. market is if anything—in the absence of Amercan demand—not so firm as it was. It is quite possible that second lambs, which depend largely on the demand from America may .have to be sold at a reduction from previous prices. No Canterbury or Southland pelts have arrived yet.

Tallow.—[During the past fou'r; weeks four series of public sales have been held at which 3,083 casks of Australasian were offered and 1218 casks sold under the hammer. The market has been quiet with a limited demand for inferior and medium qualities, fine mivtton being quite unsaleable. Prices show an average decline of about Is per cwt.

(Dairy Produce.—The unexpected action of the Government in commandeering a considerable quantity of Australian butter, referred to in our pre-

vious circular, imparted a steadier tone to the market and this improvement was strengthened! by the rumors that shipments from {Denmark would cease in the. near future. fit was also thought that the shortage of margarine would have a beneficial effect on the sale of butter. Consequently a fairly healthy tone prevailed, and the demahd was good during "the three weeks following the ' Government action, but since then trade has been rather dull with prices showing an easier tend'enci^.

Cheese.—The market is without special feature. Stocks of Canadian and States are in very small compasss and any parcels offering are eagerly bought by the trade at tbe maximum price: 1(52s for Canadian and 160 for States.

Grain markets.—ln the absence oi supplies it is still difficult to give information of any value regarding various cereals which come forward in

normal times, and which for the time being do not appear to be available for our markets, but basing values as before upou tiho relative figures ruling for similar grades of other nationalities, we would estimate current values as a little higher. ,

-.Frozen meat.—There is very little that wo can saiy, about the market that is likely to bo of interest or service to our colonial friends. As current prices show there lias been on the whole a steady advance in values of all classes of .home-killed meat. Several reasons can bo given to account for this, but it is probably due prineivally to the fact that feed is plentiful, .and naturally farmers are not anxious to kill. The Government releases of New Zealand meat have been rather large lately, and this li'ae been very satisfactory to the trade.