COMMERCIAL.

Taranaki Daily News, Volume LII, Issue 172, 24 August 1909, Page 1

COMMERCIAL.

LONDON MARKETS.

By Cable.—Press Association.—Copyright London, August 22. Wheat.—An Australian cargo sold at 42s 3d. D

Hides.—At the periodical sales there was an insignificant supply and bidding was poor. .Leather advanced a farthing to a halfpenny. Fim't Wellington arcssing sides lo'/Ul; basils unchanged. ' Copra.—lrregular small sales. South Sea August shipment £2U 10s. Copper.—On the spot £0!) 7s (id, three months £UO 03; electrolytic £Ol. Tin.—On the spot £l3O 10s; three months £137 los. Lead, £l2 Us 3d. Shares I .—Waihi: Bujrera, ta 7s Oil; sellers, £1) 10s; Junctions: Buyers 51s 10dj sellers, 53s Id.

THE HIGH COMMISSIONER'S REPORT. By Telegraph.—Press Association. Wellington, Monday. The High Commissioner's cable dated August 21 says:— Mutton.—Market weak, lmt better demand for light weights. Canterbury 3d to 2'/ B d, according to quality; North Island, 2y a d to 2d.

Lamb.—The market is depressed as a result of heavy arrivals. Canterbury, 3'/id for light weights, heavy weighs 2%d.

Beef.—Market firm, no change in prices. New Zealand hinds 3%d, fores 2%d. liutter.—Market firm, with good demand. Danish HGs, Siberian 102s.

Cheese.—Market steady with moder ate demand'. New Zealand wis.

Hemp.—Market firm, but little doing. Xew Zealand good lair on spot £2O per ton, fair grade on spot £25. For September-December shipments, New Zealand good fair grade £25 10s', fair grade £24 10s; quotations fiominal. Manila output 2!),000 oales.

Wool.—Market firm, with upward tendency. Hops.—(Market firm with improved demand.

The Xew Zealand Loan and -Mercantile Agency Company, Ltd., .Stratford, have received from their Londo-j house, per Naples mail, under date July IMb, advice as follows':—

Wool Market.—Since the date of our last report the position generally has improved, and with brisk all-round competition (America operating freely for suitable lots), values for merino as well as greasy cross-bred have hardened, particularly for fine and medium grades of the latter. The best descriptions of scoured eross'-bred are also firmer, but the coarser grades of slipe sell irregularly, and must he quoted 5 per cent, lower than at the opening.

Frozen Meat.—A slow trade has again to be reported for mutton, and values generally have been in buyers' favor. Lumbs'ineet a good demand, though in face of the heavy stocks and large arrivals no improvement on last quotations can be advised. At the low rates now lading buyers give the preference to Canterbury descriptions, with the result that North Islands, especially secondary and inferior grades, are not required for the time being. In view of the abnormal conditions prevailing a meeting of the principal importers was held on liltli instant to consider what steps might be taken by combined action to support the market, and as a tentative expedient it was agreed to 1x the minimum selling prices for certain grades as follows:—Canterbury 2's, 4d per lb; S's, 3'/ s d per lb; 4's. 3%il per Hi. The same grades of choice North Island and Southland %d per lb lower in each ease—the arrangement to remain in force for one week, when it was arranged that the position should again be considered. It was decided thai no similar arrangement with regard to mutton could with advantage at the moment be adopted. .So far, the result of the measures adopted has been somewhat disappointing, as some sellers who declined to bind themselves by the decision of the majority have accepted prices below the limits, and this meanwhile has tended to curtail the s'ales by those who have adhered to the arrangement. It is estimated that the stock of lambs in store here approximate n unillion carcases, while some 1,800,000 carcases arc due to arrive before the end of the year. Chilled l>eef has been in much larger supply, and, meeting a poor trade, values jniye materially weakened. In sympathy, frozen sorts have been less inquired for, and values all round have declined.

We quote Canterbury sheep 2'/ a d to 314(1, North Island 2d to 2 , /.(l, Australian 2d to 2%d; Canterbury lamb 3'/id to 4d, North Island 3d to 3%d. Australian 3d to 3y 4 d; Xew Zealand hinds, all weights, 3>/»d to 4'/ 4 d, fores 2'/ 8 d to i%A, cs market,

The New Zealand Loan ami Mercantile Agency Company, Limited, Stratford, have received the following cable from their London house, under date 21st inst.: —"Tallow.—We quote present spot values for the following descriptions: (liiod mutton, 31s (id per ewt.; good beef, 'Ma; mixed, 295. The market is active."

}|r. Newton King has received the following cuhlc advice from his Sydney agent, re hides, "Slightly easier.''