COMMERCIAL.

Taihape Daily Times, Issue 201, 27 September 1916, Page 5

COMMERCIAL.

PRODUCE CIRCULAR. The Bank of New Zealand's produce circular, issued in London on July 31 last, is just to hand. It states that-the Fifth Series of wool sales commenced on the 11th inst., and terminated on the 28th inst., the quantities availah and catalogued being as follows, viz.: Net available, 109,400 bales; catalogued,, 105,171 bales; bought in and not offered, 12,500 bales. Of the total quantity sold, 90,000 bales were taken for Home consumption, and 7000 bales for foreign account, mostly for France and Russia. During the interval, prices of merino tops, and to a lesser extent, fine crossbreds, continued to advance, though there was some irregularity in tm quotations. Other qualities were rather affected by the Government action in regard to the Home clip, and quotations were rather easier. The opening results were much in accordance with expectations, merinos, owing to scarcity of this class cr staple, being 7\ to 10 per cent dearer during the first week. Towards the end of the second week, however, the demand eased perceptibly, and earlier extreme rates were not forthcoming, but the decline was only slight, and ai the close all good conditioned wools were 5 to 7£ and inferior sorts 5 per cent, dearer than the previous sales.

Crossbreds have been somewhat disappointing, particularly coarse, shabby descriptions, which sold with considerable irregularity, and*w r ere often neglected, although at tie close a

er better tone was noticeable. With the exception of the finest grades, which showed practically no change, the market opened five per cent lower. As the sales progressed, the finer qualities lost ground to the extent of 5 tc 7 1 per cent, from which they never recovered, medium and coarse descriptions at the close being generally 7J to 10 per cent below the . level o. last sales. Greasy lambs wool was gen erally lower, with seedy lots very irregular. Slipes and scoured crossbreds have met a ready market, fine qualit ies being practically unchanged, but medium and coarse varieties were fully 5 per cent cheaper. For the time being it looks as If values had reached high water mark, both in merinos and crossbreds, and present prices should satisfy growers. An abnormal consumption and scarcity of supplies appear to warrant the •high prices for merinos, which may possibly obtain for some time yet, as it will be towards the end of the yeabefore there can be possibly any weight of new clip merinos available for actual consumption. The decline in in crossbreds Is generally attribut to the action of the Government in regard to the Home clip. Buyers are un certain about the future, and feel that they must be prepared to meet me keener competition of the lower-prlcecr English wools, which many are reckon ing coming on the market. In view of the cost of handling, however, it remains to be seen whether they will ultimately be much cheaper than the rates now current for Colonial wools of similar quality. Here, we may state, that the prices fiixed by the Government for Home grown wools are those current during June-July, 1914, plus 35 per cent. The following vessels have arrived in time for the Sixth Series that opened on September sth: —Rimutaka, Arawa, Otaki, Opawa, lonic. Turakina, and Niwaru.

Sheepskins.—The Fifth Series of Sales was held on the 20th inst, when there was a good attendance of buyers and active competition. Prices for combing merino and fine crossbred skins marked an advance of £d. per lb, medium and coarse crossbreds being slightly in buyers’ favour. Next sales, September 7th. Pelts. —Arrivals are still very much below what is usual at this time of the year. No Canterbury freezing pelts have yet been landed here, and there has therefore been no opportunity of l testing the market with them. North 'lsland freezing sheep pelts continue to find buyers at the extreme level of values established about two months ago. In the case of North Island freezing lamb pelts, all of these are required for the Government jerkin leather order, and therefore have to be sold at their market value here on May 12th. At present the Government is granting export licenses for New Zealand pickled pelts,' which are not suitable for jerkin leather. New Zealand butcher and dried pelts are in good request at prices fully equal to the record high level of 1907. Business in the U.S.A. is not as active as it was a month or two ago, but the general opinion is that we are not likely to see any reaction for some time to come. It. is, however, impossible to say whether North Island freezing sheep pelts will continue to sell at prices now ruling, as these are so much higher than anything of which the market has before had experience. Dairy Produce.—Butter: The market has continued quietly steady with prac tically no change in values. Available supplies are quite equal to the demand