NEW ZEALAND PRODUCE IN LONDON. (FROM OUR OWN CORRESPONDENT.)

Otago Witness, Issue 2892, 18 August 1909, Page 23

NEW ZEALAND PRODUCE IN LONDON. (FROM OUR OWN CORRESPONDENT.)

LONDON, July 2. WOOL. During the (past fortnight, the Bradford wool market has continued to be v<?r> quiet, with little disposition to do bucinoss. Messrs Weddel report that ■values have given way a little for wmc d^toriotioiis of tons, but this is more due to an uncertainty of what the Americans aro going to do hr>re in July, and a!--o to topmakera taking profits on colonial pui chases, * rather than to any sensible contraction in business. Spinnor« are working on old contract^, which keep them woll employed in the meantime, but for any fre-Ji crdara they are content to wait for t!xe July .sales before coming into the market aga:'n. Reports fiom the manufacturing districts are, however, quite satisfactory, and, given a steady output during the next few mentis — a not too sanguine- cxpoctat ;c; cm — wool j should 're in request- in t'i^> latter pat of j tho \»ar Tli« country faii^, which op n n o d > so bri-klv two weeks tinea, have dightlv j eriven wav, the extrmiie pricn? lhcn paid , by the Airciican-i are not always to be! lia<l nnw. This i», not surprising 1 , for it. j must be remembered that the level of : valuer now is much higher than it na? ] this time last year. The London market has been -without feature, practically no business changing hands. Slight Reaction. Writing of the {position of the wool

market, as viewed over a -period of four weeke, the National Mortgage and Agency Company saye : " After a burst of strength such as that apparent at the third series of sales here, it is quite in the order of things for there to have been come- slight

reaction, and such to-day is the case at Bradford. There has been no pronounced decline in values of fine wools, but for the, time being users are well stocked up and not such ready . buyers as they were a month ago. On the other hand, no disposition to force sales has been evident, as both holders of the raw article and top-makers seem confident of the future, 'but where eales have been made rather easier prices have been accepted. On the Continent the trade has a firm undertone, but, as with us, business has been fairly quiet. On June 9 a sale was held at Bremen of some 10,000 bales of Australian wool, all of which have been bought in' colonial markets. A satisfactory clearance was effected^ at fully recent London rates. "Crossbred wools meanwhile- seem to ba marking time. Here again the best values of a month ago «re not forthcoming, but seeing that our domestic clip is now in process of being marketed there is every inducement for top-makers and others 1 to assume a more or lees indifferent attitude. American operators are still taking a fair quantity, but here again the pace is not quite so fast. As far as medium and coarse wools are concerned, the American inquiry dominates the situation, and as long as that continues there is not much likeliihood of a much lower range of Values, but should this fall off & readjustment of prices will "naturally ensue. -,

grain,- etc.

The comparatively small quantities of New Zealand wheat available meet with a good inquiry. M'sesrs Weddel quoteshortiberry ait 45s to 465, and longDerry at 46s to 46s 6d J per 4961b. The market for peas is very firm, but the si^pplies are in email compass; New Zealand and Tasmanian maples are quoted at 49s to 50s, and Victorian duns are nominally priced at 35s to 36s pet 5041b.

For New Zealand oats the market is decidedly active, and prices are about 6d per quarter dearer for 6om» descriptions. Messrs Weddel quote good Canadians, Gartons, and sparrowbiils at 263 to 27s per 3841b, duns at 23s to 24s per 3361b, and Danish at 19s to 20s per 3201b, ex store. From New Zealand ports the following steamers have arrived with cargoes of grain : Kia Ora, with 442 sacks of wheat, and 609 sacks of oats.; the Tokomaj-u, with 267 sacks of seed from the Bluff, and 1203 sacks of nea« from Picton ; the Whakarua, with 5132 sacks of oats from the Bluff, 15,710 sacks of wheat, 5457 sacks of oats, and 1136 sacks of pc* 3 from Lytteltou*, the Arawa, with 1833 sacks of wheat and 902 sacks of psas from Lyttelton, and with 2824 sacks of wheat and 2346 sacks of oats from Timaru.

The N.M. and Agency Company states that business with New Zealand in wheat has been greatly interfered with by the scarcity of ships, but contracts for MayJune shipment of that- grain at 43s 6d to 44s c.i.f., and of oats at 20s for A grade and 19» 6d foi B grade, have been fairlj plentiful. Buyers are very chary,, however, in bidding for July and August shipment. . Owing to a continuance of a scanty supply of oats of the bolder descriptions and to the bad proepect of the growing crop in this country, which has in many cases been ploughed up, New Zealand oats continue to attract the attention of buyers, and a gocd business has been done, especially for May and June shipment, and a few safes for July. Offers now from New Zealand arc scarce, on account of the lack of freight

Very few ocers of New Zealand maple peas have been made lately, and buyers are not too keen to operate, but they are willing to give from 41s to 42s c.i.f. for May-June shipment; later shipments would clash with the Home-grown crop, but 't ib too early yet to know how thfe will turn out. For the fine=t parcels of New Zealand maples on the spot the National Mortgage and Agency Company ttates that there are buyers to be found at 50s to 525.

Beans aio scarce and are firmly held. Cocksfoot is \ery quiet, and buyers are holding off.

Tlie Imperial average price of British wheat for the past four week* is given ai 433 ld, 42s lid, 4& Bd, and 42s 3d per quarter of 4801b. The quantity of wheat and flour in passage to the United' Kingdom i-i now 2,750,000 quarters, against 3.405,000 quarters four weeks ago, and 2,355.000 quarters in 1908. The American "visible" eupply is estimated at 13,992,000 bushels, compared with 24,864,000 bushels a month ago, and 15,368,000 bushels in 1908.

TALLOW. Prices of tallow are dearer bj fuUx 6d

per cwt for beef and mixed, while muttoa tallow is not more than 3d per cwt dearer and rather dull of sale at the time Messrs Weddel issue their report for to-day's mail. A good demand is recorded tor the past fortnight, almost entirely for export to Russia, the general demand for the Home trade and the Continent having; been quiet. On c.i.f. terms Australian has been in demand, especially for mixed sorts, for which 3d andT 6d per cwt advance has been paid. Messrs Weddel now quote 43£deg good colour mixed at 30s, and 48deg fair colour mutton et 31s 3d per cwt. In South American, descriptions the sales have been large, beef tallow having; made 30s to 30s 3d and mutton 31s to 31s 3d for the harder brands, and 30s 3d 1 to 30s 6d for Matadero sorts, c.i.f. London, or Liverpool. The stock in warehouse at the end of June shows a reduction of 738 casks, but the arrivals during the past week have been very large, 6000 casks, and there are several steamers about duo with a good deal of tallow." The following are the quotations for New Zealand an<B Australian sorts — Mutton : Good to finest, 31s 6d to 33s per cwt; dull to fair, 31s to 31s 3d; inferior, 29s 6d to 30s 6d. Beef:] Good to finest, 31s to 325; dull to fair, 30s to 30s 6d; and inferior, 28s 6d to 29s 6d per owt.

Acording to the National Mortgage and! Agency- Company there is a steady demand" at fully the equivalent of spot values foe parcels of tallow afloat and for shipment. Shippers are more "disposed to eel], and a' fair business has been done- recently in various positions. Moderate quantities are offered by 1 South America at firm prices, - quotations being 30s 9d to 31s for, mutton and 30s c.i.f.. ror beef. Importa during the past four weeks hare- included" 6695 casks from New Zealand.

FLAX. ,

By the National Mortgage and Agency Company a very quiet iharket is repoitedl in New Zealand flax, with a minimum of business passing. Offers from the other sido are scarce, and buyers here show very little interest. A few lots of " fair " in dock and near at hand have been sold at £21 10s to £22, and £23 10s ie asked for • good fair "an dock. New Zealand tow has been sold at £9 per ton in dock, and about £8 10s is the nominal value for shipment. Fair current Manila is quoted at £22 to £22 10s per ton c.i.f. The following statistics are of interest :. —

Hemp. — Landed in June, 9 tons; delivered in June, 7 tons; stock, 200 tons; stock last year, 591 tons:

Tow. — Landed, 69 tons; delivered, 20 tons ; stock, 131 tons ; Jast year, 115 tons. Quotations for New Zealand flax are nominally as follow :— Fine, £24 10s per ton; good fair, £23 10s ; fair to fully fair, £22 to £22 10s; common hemp, £19 10s ;j hackled tow (toppets), £16 ta £18; tow, £8 to £8 103 per ton (ex warehouse).

SKINS

I In the report of th& National Mortgage [ and Agency Company it is recorded that the- inquiry at the last sale of hides was limited, and the bide made ranged too 10-, v for acceptance in the case of calvea and yearlings. Of horse hides +54 (salted) were offered and sold at full prices— ljcsfc at 10s 6d; seconds and email, 8s 6d to Sa 6d; thirds, 4s 3d and 4s Sd per hide., Privately .there is little passing at the high values aeked. No Australasian sides of leather were offered at the sales laet held;, privately a fair trade has been done afc firm rates. At the auctions of basils 1556 from Australasia were catalogued, but none were gold as there was no inquiry; privately there is little trade though prices are firm. During the past four weeks New, Zealand freezing sheep and lamb pelts hay© continued in good demand at quite firm prices, the large arrivals having all found buyers readily, so that the market to-dayj is practically clear of 6tock. Sheepskinf tanners in the United States report business in finished skins quiet and unsatisfactory, but the fact that they are buying pelta freely ©hows that they are anticipating better trade in the autumn. It seem*

probable that prices will keep firm at their ©resent level, although this will, -depend largely on the course of business in " the Unite! States during the next few months, felts of medium and secondary quality a-re in rather better demand, but the call is for prime stock. Some business has been done during the last few weeks in Australian merino pelts at a reduction of 10 to 20 per cent, from prices ruling when the year opened. Stocks here are now in more moderate compase, but buyers are not interested in pelts of this character Unless tempted by low prices. Quotations for New Z«aland sorts are: Crossbrede, he.avy, firsts, 26s to 34s per dozen; do second?, 18s to 26s per dozen; do medium substance, first, 203 to 28s per dozen; do seconds, 14s to 22s per dozen ; merinos — , firsts, 10s to 16s per dozen ; seconds, 83 to 126 ; lambs— fir6ts, 14s to 21s per dozen ; seconds, 9s to 12s. There have been no sale 3of rabbitskins.