PRODUCE CIRCULAR.

Taihape Daily Times, Volume 8, Issue 121, 23 May 1916, Page 6

PRODUCE CIRCULAR.

BANK OF NEW ZEALAND. LONDON, March 20, 1916. WOOL. —The second series of Sales for the year which commenced on 29th ult. terminated on 17th inst., the quantities available and catalogued being as follows: —■

Of the quantity sold 8,000 bales were taken for foreign account, American purchases being nil. There was a* good attendance of buyers, but competition at the opening lacked the active and buoyant tone of the previous Series. When a basis of values had been established, however, the market assumed a steadier, tone, although without any marked improvement in prices.

The run of the Sales has been contrary to general expectations, and the results are looked upon with somewhat mixed feelings by the importing section of the trade. The importance of the decline cannot be overlooked, but at the same time the fact must be borne in mind that very extreme prices wer e ruling last Series, there seemed to be no limit to values, and all that buyers had to do was to fill the orders regardless of price. At the moment, however, the whole trade appears to be faced with somewhat different conditions, various factors being given as responsible for the setback in Wool values\ Difficulties in transport as well as shortness of labour in manufacturing centres, and the arrival of importations from overseas, secured at a much lower level than lately ruling in London, are all held to be contributing agencies. In addition we have the Government refusing to pay any more for its requirements, the whole trade being up igainst a very big factor when the former limited the price of their khaki serge to 5s 6d a yard. What the Sales have undoubtedly laekod' lias been the competition cf American and Continental neutrals, that really being ciie of the chief causes of the decline. Even if America had only bought a moderate quantity her com-

petition would have been a stimulus to others, and her absence has seen values sag to a level which nobody ever expected. Italy not being permitted to buy Crossbreds. and Prance not being so active as expected, have helped to force nearly all the wool en to the Home trade, and naturally this section has not failed to take advantage of so excellent an opportunity to obtain the raw article at practically its own figure. Merino wools have sold at an average of 71 per cent. The best greasies made previous sales' prices ,but average to good sorts were lh per cent., and inferior and faulty descriptions 10 to 15 per cent, cheaper. On scoureds the decline was less pronounced, superior grades being again in good demand on Russian account at practically unchanged rates. The offerings of greasy crossbreds ha\*e been the most noticeable of the series, having been good both in quanj tity and quality. The New Zealand /clip has been favourably commented upon, being apparently well grown, sound in the staple, and fairly light in condition. Although importers have not relished taking less money, they have realised that ti was the best policy to endeavour to meet the market, and users have shown willingness to take all that was offering at the lower level established.

The initial decline of 5 per cent, in the medium and coarser qualities became much mere accentuated as the Sales progressed, the fall at the close being fully 10 per cent, reduction as compared with the exceptionally high prljdes ruling at the previous Sales. Among fine Crossbreds the best New Zealands shewed practically no change compared to January, but inferior descriptions were per cent, lower. The most disappointing feature of the Series has been the sale

of sliped erossbreds, these in conjunction with scoureds being 11 to 10 per cent, cheaper. Greasy crossbred lambs made from 1/6 to 1/8 per lb., according- to condition, and are fully up tc January level. Tim following vessels have arrived in time for the Third Series commencing on 4th April, viz.—"Ruapehu," "Mainari," "Star of Australia." "Star of India," "Reniuera," "Kia Ora," "Athenic," "Century," "Nerehana," and "Ocean Monarch," t-he total net quantity New Zealand Wool available, in'eluding eld stock, being 56,111 bales. Sheepskins.—The second Scries of the year was held on 2nd inst. under good competition, the offerings being practically cleared. Combing descriptions were par to 5 per cent, cheaper, and clothing par to 5 per cent, dearer.

Current Prices (New Zealand Skins ):—Merino, full woolled, Sd at lljd per] lb; Merino I to J-woolled, 7d at

10id per lb; Merino, short and s-'iorn, 4d at 8? t d per lb; Cross-bred, fullwcclled, fine Hid at 15d; Cross bred, full-woolled, coarse, 111 at 14d per lb; Cross-bred, h to ii-woolled, fine 9}d at 13£d per lb; Cross-bred, I to "-woolled, coarse, Bid at 12||d per lb.; Cross-bred, short and shorn, 4Jd at 9id per lb.

Pelts. —The new season's pelts are coming forward very slowly, no doubt due tc freight difficulties in New Zealand. Arrivals during the past four weeks have been small, consisting mostly of late season pelts, but for the small quantity of North Island freezing sheep buyers have paid 4/to 6/- in advance of last season's prices. None of the new season's Lamb pelts have yet been landed. Trade in America is reported as good, and consequently the demand from that quarter continues very active, but English trade is finding the labour problem very difficult, which should become more acute as time goes on. Current Prices.—Prime Crossbred'(ex large) 36/ to 40/i Prime Crossbred, 32/ to 36/; Ist Crossbred, -20/ to 30/; 2nd Cross-bred, 20/ to 26/ per doz.

Prime 28/ to 34/; Ist- 1breds, 24/ to 28/; 2nd J-breds, 20/ to 26/; Ist Merino 15/ to 18/; 2nd and 3rd Merinos 9/ to 15/; Extra Lambs, 21/ to 24/; Ist lambs, 16/ to 21/; 2nd lambs, 12/- to 16/6 per doz.

Dairy Produce.—Butter.— Owing to ; the decline in imports Danish has ad-! vanced considerably, and prices for Australian and New Zealand moved up in sympathy, the demand being principally for the finest qualities, lower grades being more or less neglected. Cheese.—Government orders have lately depleted stocks, and the market has consequently developed a strong tone for Canadian and f New Zealand, prices for which have substantially advanced since our last quotations. The extreme prices ruling are, however, causing the ordinary trade to adopt a hand-to-mouth policy. Current prices: Butter, 150/ to 163/ per cwt; butter, unsalted, 162/ to 166/ per cwt. Cheese, white 100/ to 102/ per cwt; coloured, 101/ to 102/ per cwt. Frozen Meat. —Since our last Circular supplies on the market have been on a very small scale with values of practically all descriptions slightly dearer. Supplies of home-killed have fallen off. and as the Government are taking nearly all the shipments from the Dominion and Australia, there remains very little for sale. At present there is scarcely anything but River Plate mutton available en the market. In spite of the extremely severe weather conditions lately experienced throughout the country, there is a Sreat demand for land), new season's New Zealand being much sought after. Frozen and chilled beef have sold ' steadily throughout, values being quite firm. /

Current prices (ex store): —New [ Zealand sheep 73d to 8d per lb; New : Zealand ewes, 7id to 7|d per lb; Canterbury lambs Sid to B|d per lb; Wellington lambs (New Season) B:id to 9id per lb: Canterbury Tegs. Sid to per lb; Frozen, hind quarters, 2nd quality 6!, ; d to 1\ per lb; frozen, fore ; quarters, 2nd quality, sgd to 6d per jib; Argentine hinds, 8d to Sid; Argentine tores, 6Sd to 6Hd per lb. A. L. ROBERTSON, Produce Manager.

Brought m Cataand not logued. offered. Bales Bales New South Wales 23,352 about 2,500 Queensland 12,S50 1,700 Victorian 3,775 200 South. Australian 3,545 „ 450 West Australian 16,029 1,750 Tasmanian 6 i, New Zealand 36,621 „ 3,400 Capes 4,988 500 Total 100,806 „ 10,500