NEW ZEALAND PRODUCE IN LONDON.

Otago Witness, Issue 2814, 19 February 1908, Page 25

NEW ZEALAND PRODUCE IN LONDON.

(Faoir Our Own Cobbespondent > LONDON, January 10. Wool In the most recent report on the wool market laciied by Messrs Gordon. Woodroffe, and Co. it is mentioned that a generally quiet tendency ha= prevailed in the trade since the close of the last aales. and there has been little actual "business transacted so far as buying and selling aie concerned. Woo), however, purchased in the recent auctions has been going into consumption, but until a basis of va'ues has been established and confidence restored bu^irass is likely to be only of a hand to-ruoiuh order No lrmprovement in the position of medium and coarse v ooi« can a-, yet be reported, but holders of the»e qualities are not inclined to Eaeufice and it it- hoped that mquiiies may r borti> be more numerous The markets m !^ew Zealand aie repoited to have opened flat r.i.d se'le-.s lia\e \mhdiEv.n large I}-,1 }-, lef using to saenfice. as i>oth:.ig would <=uit bu} er=> Vioie better thai 1 a cheap market on th? o'hei side to e=tab 1 i = h a low basis of ■w'ues for the new clip coming on to this market shortly. Apait Trom the want of confidence, chiefly due to the financial position in Germany and America, Mes=is Gordon Woodicffe, and Co remark thit the condition of trode doe 1 ? not explain the marked de- ' time in cro^pbied wools, and provided there is an easiei money market antl a lowei bank i late it is not imieasonable to anticipate a [ steadier market and eventuaMy an improvement in values later on in 1908 Messrs Brow re. Eagle, and Co. have sent me a tabular statement showing the quantity of New Zealand ard Australian wool imported into thi<- country during 1907, in comparison ■with the two previous years, by the largest importers — the importers, that is, of more than 30 000 bales — during the past year for the London market. PEe details are as

1 1907. 1906. 1905. Bales. Bales. Bales. Messrs Dalgety and Co. 80,606 67,936 71,694 ATustrahan Mortgage, i Land, and Finance Co. 47,714 35 ; 287 42,192 N.Z. Loan and Mercantile Agency Cc . . 44,211^ 45 681 45.265 Union Bank of AusI tralia ... . 43,230 39 81S 40.721 Messrs Sandeison, Mur- ! ray, and Co. ... 42.505 37 213 34.313 Bank of Xew Zealand . 37,589 30,641 33,121 Messrs James Momson I and Co 30,700 26,400 22,613 j "Writing to me to-day on the present state of the wool market, Messrs Balme and Co | observe .— " The easier conditions prevalent i in the money market since the turn of the I year, as well as more favourable reports from. | America indicating a gradual restoration of confidence, have had a beneficial effect on , wool values. The improvement is most pronounced in the Home markets, where quotations for • tops ' made from coarse crossbred 3, which were driven down to a low figure i tpward the end of December by heavy forced sales, have recovered fully Id per lb from the lowest point touched. The more hopeful feeling is also reflected in a slight appreciation in the values of merinos and the finer I qualities of crossbreds. Advices from, Con- ! tinental centres are not quite so cheerful, I although recently they have indicated Jie ! prevalence of a somwhat better tone. In these circumstances the for the 1 ensuing sales appear more favourable than was the case a few weeks back, and it seems probable that prices for botii merinos and crossbreds during their currency will rule about on a par with those obtaining at the close of the December auctions." New Zealand Meat. j The first steamer arriving in the new year carrying New Zea'and meat was the s.s. Riinutaka. which had on board 8711 carcases of j New Zealand mutton. The market is steadily , weaker ing, and the C.C. and D. Co. states J lhat although inquiries have been received j for forward delivery, business has only re- i suited when a reduction on current rates has been accepted. There are not many Canterbury sheep in evidence, and their value rßnges from 3|d to 4d per lb. North Island I sheep aie fairly plentiful, but move slowly a*t 3§d to 3sd per lb. The market is dull > and spiritless, and the outlook is not very encouraging. Frozen beef has aaturally been neglected while chilled beef is so -heap, and prices show a distinct dec'me. Hindquarters have dropped to 3Jd to 3Jd per lb for New Ze*iJand descriptions and 2£d to 3d per lb f or South American- Forequarters show less | change at 2Jd for New Zeland and 2id tc ' 2Jd for South American forequarters. No j mention is made in the current report about New Zealand lamb. Dairy Produce. Messrs "W. Weddel and Co report tnat the demand for New Zealand and Australian j butter has been keen this week, owing to , short supplies on the quays and short stocks in wholesale and in retail establishments. The market is very firm, and there is no immediate prospect of any decline. Indeed, it lcoks as if any material reduction on present values was very far away. Shipments this week from Australia amount to only 37.00Q boxe3, and from New Zea'and to 43,000 boxes, both of which are below those of this time last year. According to the B|oard oi Trade returns the imports of butter in December" from A.ustra!ia are 64,226 boxes, and from New Zealand 16,830 less than last year, which is over 2600 boxes a day. During the present month of January the imports will be about 124 000 boxes fewer, and from New Zealand about 13,000 boxes fewer thajo. last year, or 4400 boxes a day below arrivals last January. " Choicest " New Zealand butter is quoted at 116s to 130s, and " finest " at 1123 to 114s per cwt. The demand for New Zealand and Canadian cheese has been slow, and prices remain without a.teration- The imports of cheese for 1907 have been 266,500cw* below those for 1306, but, as in butter, the Home production has been very largely increased. Messrs Dalgety and Co mention that the market for all descriptions of butter has ruled firm since December 13, the date of the last report issued by this firm. Prices have remained steady at abcut the high levels then current, and owing to the heavy shrinkage in imports, which for the period under review amounts to about 3o,ooocwt, there is every prospect of present conditions obtaining for some time yet Low grade Austialasian makes are selling at relatively much higher va'ue than finest , indeed, owing to the shortage m arrivals of such qualities from America and Siberia, second and inferior Australasian is frequently sold at within 2s ' to 4s per cwt of finest. Uwalted is in com- ; pa-ratively heavy supply, and has m conse- i quence fallen about 2s per cwt below salted. | Wood. ) Writing of kauri pine planks, in their review of tLe year, c&ncer2iing the market" for the various c asses of wood. Messrs Churchill and Sim note that there was again only one ' entire caigo of the kauri pine planks sent heie, but the various parcels which came were generally larger than in the previous year, so that the total import showed a considerable increase, and stocks are heavier than at the beginning of 1907. The demand was steady and, sales not being piessed, prices showed no variation, and remain firm at from 3s to 3s 6d per foot cube TallowMessrs Gordon. Wocdroffe. and Co repoit , that the tallow market has 'ately been veiy weak, with little bu^me^s passing, prices show a decline of Gd to 9d pei cwt on the last quotations The trade is ■^erv quitt generally, and consumers are unwilling to purchase more than small quantities lhere has been a limited demand for export, but j Continental buyers are desirous of Feeing i lower prices befoie operating tc- any great extent. The Home trade continues quiet, but supplies of Home melt have been moderate For arrival offerings are still small, but the demand is raiher slow. Arrivals during the past three iveeks are 5550 ca=ks from Australia and 839 casks from New Zealand