COMMERCIAL.

Taranaki Daily News, 10 February 1922, Page 2

COMMERCIAL.

ORIENT SHIPPING COMPANY. By. Telegraph.—press Assn.—Copyright. ’ London, Feb. 8. The Orient Company has circularised debenture holders that the company is prepared to apply a certain amount of its funds towards the cancellation of otitstanding debentures, and will consider tenders for redemption at 96% or under. , AN AMERICAN LOAN. New York, Feb. 7. The Brisbane loan is meeting with an excellent response. LONDON WOOL SALES. VALUE OF LONDON MARKETS. Received Feb. 9, 8.5 p.m. London, Feb. 8. The list has closed for the May wool sares. "Free” quantities are; Australian, 55,000 bales; New Zealand, 14,000; 8.A.W.R.A., 75,000. The Colonial Wool Merchants’ Association resolved that London was incomparably the best: market for the sale of consigned colonial • wool, as world competition centred there. The association strongly deprecated any encouragement of outside ports as being contrary to growers’ interests.—Aus.-N.Z. Cable DAIRY PRODUCE. The . local market prices this week are as follows (spot cash) Buying. Selling. Eggs 1 9 2 0 Hams ..................... 0 11% Bacon (sides) 0 11 Ba'con (rolls) 1 1 Butter (creamery) pats ... 14 Butter (separator) 0 10 j 0 LONDON PRODUCE REPORT. The New Zealand Loan and Mercantile. Stratford, have received the following information from their London produce department, under date December 12, 1921

9th series of London sales, which conuiiekjftd on November 22, terminated bn the Bt?F instant. The total quantity offered was 135,451 bales, of which 62,058 bales were on B.A.W.R.A. account, the balance comprising 60,963 bales Australian and New Zealand

“free” wools, and 12,430 bales from other countries. Of these, about 112,000 bales colonial and 10,000 hales sundries were disposed of, 40,000 bales being taken for the continent, l,0<)0 bales for America and the rest on Home account. While on the opening day there was a full attendance of buyers, competition, particularly from the French and German sections, lackey animation, the fall in the value of the mark materially curtailing operations on the part of the latter. Prices, in showed considerable irregularity, but, as compared with October closing rates, on average merino and scoured and slipe crossbred ruled 10 per cent, to 15 per cent., fine greasy crossbred 10 per cent., and medium and coarse crossbred about 7% per cent, lower. Values for medium grades of crossbred as well as slipe subsequently further weakened, but with the progress of the auctions Continental competition widened, with the result that prices for most descriptions hardened.

Tallow.—The market has been very quiet as the Home trade is buying very sparingly, whilst the Continent, owing to the instability of the exchanges, has almost ceased to operate. Public auctions were suspended for about a month, but were resumed on .the 7th instant, but of the 2,051 casks offered, only 250 casks were sold, and prices mark a de-

cline of 5s to 6s per cwt. on those quoted in our last advice, whilst the is unfavorable as stocks are large and heavy shipments are reported. Some business has been done during the last few days In South America) as this description is offering at cheap rates. The London stock on 30th ultimo was returned as 17,402 casks being an increase of 6,987 casks on the month.

Butter. —The market continued steady until the arrival, almost simultaneously of twelve boats from Australasia at the end of November. Thereafter, prices for Australian and New Zealand weakened considerably, and. with buyers holding off, a serious fall has taken place during the past fortnight. Quotations for Australian are at the time of writing 144 s to 150 s for salted, unsalted a comparatively small supply realising 170 s to 180 s, while New Zealand rules at from 160 s to 165 s for salted. Government stocks were drastically reduced in price last week, but meet a very slow sale. The proximity of further heavy shipments from Australasia accentuates the downward tendency.

Cheese.—After ruling steadily almost throughout November at 86s to 96s for white, and 78s to 88s for colored, the market became bare of supplies of New Zealand, and prices rose as high as J 10s for choicest white, anil 106 s for colored. The level was too high for a healthy trade, and after the arrival of the "Ruapehu” with 16,750 crates, values declined in the face of a quiet demand to 100 s to 104 s for white, and 98s to 100 s for colored. Australian supplies have beep only small,' and quotations ruled for some time at 70s to 82s. Following New Zealand, they rose to 90s to ,94s at the end of November,, but colored has since receded to 86s to 925, white remaining at 94s to 96s per cwt.

Frozen Meat. —Generally speaking a slow demand has been experienced for Argentine chilled beef, but with smaller offerings rather more money has been obtainable for hindquarters. The position as regards frozen continues must unsatisfactory, supplies of Argentine, Uruguay, and Australasian proving m excess of market requirements, while values have declined. Secondary ox cow and bull are really not required, and for these descriptions low rates have had to be taken in order to effect sales.

The Inquiry for mutton has been extremely disappointing, and, in face of the, large stocks of New Zealand and South American and anxiety on the part of some holders to make more rapid progress with sales, a serious decline in values has to be recorded. For lamb the demand continues to fall away, and prices for all descriptions mark a heavy fall, ranging from Id to 2d per lb according to quality. Further, secondary and Inferior sorts of New Zealand which in many cases show signs of storage, arc feeling the competition of new season’s Australian, which can be bought at considersblj’ less money.

Throughout the period under review, the market has been heavily supplied with Home Killed and Dutch meat, which has proved in excess of the demand, with the result that prices generally have been in buyers’ favor. The attempt to support values of lambs by holding for an agreed minimum price has Deen- abandoned, as owing to their being in so mans’ hands it was found impracticable to get all holders into line. The position as regards finding storage accommodation is now Decoming easier.