KAURI GUM IN LONDON. A VISIT TO THE AUCTION ROOMS. (From Our London Correspondent.) London, October 10.

Te Aroha News, Volume II, Issue 425, 4 December 1889, Page 3

KAURI GUM IN LONDON. A VISIT TO THE AUCTION ROOMS. (From Our London Correspondent.) London, October 10.

Yksticuday I was invited to attend the Usual monthly auction sale of kauti and other gums hold in the Exchange Buildings, Mincing Lane. The sale was largely attended, some sixty or seventy buyers being present, and when the Auckland gum was being offered the scene was more than interesting. No less than five different auctioneers mounted the rostrum (not all at the sametime), and were successful in placing most of the lots ottered at prices considerably in advance of pievious bales. Some of thoso who were unsuccessful shrugged their shoulder.', and said they could nob understand some two or three buyers giving such ridicu lously high bids — that the market did not. warrant the prices offered. Notwithstanding this, 1,226 cases were sold out of 2,256 offered, and this, I was informed, is something unusual. A largo number of cases withdrawn have since been disposed of at reserve rates. I don't know much about the value of gum myself, but I was informed by some of those who know a thing or two, that some 500 cases which was passed contained very poor stuff, no care having been bdken in the sorting. The manager of Walker's Gum Company tells me that owing to excessive competition in Auckland the current local quotations of 38a for ordinai'y kauri gum, and 48s for East Coast, are absurdly inflated. It is not the least use New Zealand buyers, at these prices, sending their gum either to London or New York in the expectation of realising a protit ; they will simply lose money. Judging from further remarks this gentleman made, I should fancy thab even at the best of times kauri gum is an uncomfortable commodity to do business in. At the sale yesterday there was a special run on good clear red, and in most cases this quality realised fully 10s in advance of previous sales. May it continue. Thinking it might interest your readers, I jotted down the quotations as the various lots were disposed of. There was little or no demand for gum olibanum, gum copal, or Zanzibar gum animi, or grass tree gum ; the latter is sent from South Australia. The following is a list of cases sold at d prices realised per cwt. The average weight of a case is 2cwt>. :— 4 cases, 8s per cwt. ; 2 cases, 9s per cwt. ; 10 cases, 15s per cwt, ;11 cases, 17s per cwt. ; 17 cases, 18a per cwt. ; 6 case*, 19s pci r cwt. ; 21 case.", 21a per cwt. ; 28 cases, 23s per cwt. ; 52 cases, 25s per cwt. ; 6 cases, 27s per cwt. ; 8 caees, 27s 6d per cwb. ; 28 cases, 28a per cwt. ; 8 case", 28s 6d per cwt. ; 11 cases, 30s per cwt. ; 11 cases, 31s per cwt ; 5 cases, 32s 6d pei cwt. ; 9 cases, 33s per cwt. ; 46 cases, 34s per cwb. ; 39 cases, 35s per cwt. ; 12 cases, 358 6d per cwb. j 20 cases, 37s per cwb. ; 9 cases, 37s 6d per cwb. ; 10 cases, 39s 6d per cwb. ; 4 cases, 41a per cwb. ; 29 cases, 43s per cwb. ; 2 cases, 44s per cwb. ; 26 cases, 45s per cwb, ; 24 cases, 46s per cwt. ; 15 eases, 46s 6d per cwb. ; 65 cases, 47s per owb. ; 4 cases, 48s per cwb. ; 3 cases, 49s per owb, ; 33. pases, 50a per cwb. ; 39 cases, 51a per cwb. ; 24 cases, 52s per cwb. ; 30 cases, 52s 6d per ewb. ; 117 pases, 53s per cwb. ; 13 cases, 54a per cwb. ; 15 cases, 55s per cwb. ; 60 cases, 56a per cwb. ; 20 cases, 57s per cwb. ; 41) cases, 58s 'per cwb. ;60 cases, 59s per owb. ; 13 cases, 60s per cwt. ; 9 cases, Uss per cwb. ; 69 cases, 65s per cwt. j 26 cases, 66s per cwb. ; 51 cases, 67s per cwb. ; 15 cases, 68s per owb ; 18 cases, 83s per cwb. ; 14 cases, 85s per cwb. ; 11 cases, 87s per owb. ; 7 cases, 87s 6d per cwb. ; 2 cases, 90s per cwb.; 20 cases, 102s 6d por cwb. ; 1 case, 115s per cwb. ; 1 case, 155s per cwt. ; 1 case, 215s per cwb. ; 1 case, 240s per cwb. ; 1 case, 266s per cwb. j 1 pase, 257s 6d. The room was quite full of buyers and interested persons, and during my stay there was no downright slaughtering. Once or twice certainly bho auctioneer brought his hammer down too &oon, bub bhe lob was nearly always put up again. Biddings ruled brisk and ib soon became evident kauri was on the rise. A broker named Windsor boughb largely and was smartlj opposed. Altogobher, to my unexperienced ©yes the sale seemed a success. •