LONDON MARKETS.

Wairarapa Age, Volume XXIX, Issue 8392, 6 April 1907, Page 3

LONDON MARKETS.

(From Our London Correspondent).

LONDON, February 16. Messx*s W. Weddell and Co. report under date February Bth as follows : Wool. —The first series of sales which opened on the 15tii ultimo was duly brought to a close on the 30th idem, the quantities which came under the hammer being as follows: ,—Australian 108,175 bales, New Zealand 37,453 bales. South African 6,418 bales, South American 1,800 bales; total 153,846 bales. The chief buyers throughout the auctions were the home manufacturers and dealers, who between them it is reckoned took about 78,000 bales, Continental firms purchasing about 61,000 bales, whilst the quantity credited to the United States is 13,000 bales, but the exact figure of their purchases is necessarily difficult to arrive at, information not being always obtainable. About 2,000 bales are carried over to the March sales. The first week of the auctidns has been already .reported on, and during the other ten days no fresh development occurred. Greasy merino wools continued to command keen competition, and, if values for the good medium lots at from Is Id to Is 2d per lb were somewhat irregular, owing to the uncertainty of the American demand, all the lower priced parcels, and especially fine faulty pieces, made up for any such weakness by selling extremely well, being the turn against the buyer. Superior Westerns sold also at full rates, the highest price being Is 6sd per lb. Lambs wei*e in fair supply and sold well, faulty ones especially often bringing a £d per lb more money than in December. As high as Is 9d was paid for a good line ol: Western District lambs, and 3s lOd per lb for some spout washed. Scoureds were sparsely represented throughout the whole series, but sold remarkably well, good lots being 5 per cent, up, and all faulty pieces and locks being about 10 per cent, dearer. Crossbreds of the medium and coarser grades, although finishing up rather above the lowest point, closed a good 5 per cent, below opening rates. The fine grades, however, maintained their position throughout, and as much as Is s&d was paid for a line of North Island half-bred, this being a record price for many years past. Grain —There has been very little animation in tlie market during the past fortnight until within the last few days, when a fair amount of business has transpired. prices have advanced fully 3d per quarter, and this is chiefly caused by exciting rumors in regard to Russian supplies. It is reported that a cargo of American wheat has been bought for Russia, and that further sales are being negotiated. The Government officials are also reported to be buying wheat in Southern Russia for the faminestricken districts, and the prohibition of shipments from the seaboard is within the bounds of practical- politics. Reports from the Continent generally are to the effect that the young wheat plant is not sufficiently protected from the severe weather recently ruling, and the same may be said of some of the American States. .Shipments are, of course, expected to be large front the Argentine, and also from Australia for the next month or two, but there is every likelihood of it all being required, even at enhanced values. The market closes very firm. English wheat: Offerings are liberal, but sellers generally hold for 6d per quarter advance. The average price last week of 26s 3d per imperial quarter marks an advance of 2d per quarter from the previous fortnight, but is 2s 7d per quarter lower than at the same time last year„ Australian " wheat, ex ' Store: Stocks are small, and, with an improved demand, values are higher. We quote —31s to 32s per 496 lbs. New Zealand wheat, ex store: Supplies on this market are exhausted; prices are nominally Is per quarter dearer. We quote —29s to 30s for Shortberry, and 30s to 31s for Longberry, per 469 lbs. New Zealand •oats, ex store: The market continues firm at fully late rates, but New Zealand sorts are in small supply. We quote—Good Canadians, Sparrowbills and Gartons at 22s 6d to 25s per 3841b5; Dun, 19s to 21s per 3361b5; and Danish 17s to 18s 6d per 3201b5. Parcels w)iich have arrived in bad condition are Worth about Is to 2s 6d per quarter under these prices. New Zealand beans, ex store: The market •continues very quiet. We quote:—3ls to 32s 6d per 504 lbs. Mutton.—New Zealand: Arrivals ■during the two weeks amouifc to 42,248 carcases. There is not much alteration to report in the position of the market. Canterbury sheep, although still in good demand, do not now realise, on average, the rates which were obtainable a fortnight .ago, the heavier grades falling back in price, and leaving a wider margin .between their value and that of the lighter North Island sheep -are a trifle lower in price for both the medium and heavier weights, although small carcases are still in good demand, and more nearly approximate to Canterbury prices. Canterbury sheep under 56lbs are selling at 4Jd; 56-64lbs af 4£d to ■4|d; and over 64lbs at 4Jd per lb. North Island theep are realising from 4Jd to 4Jd per lb, according to size. Australian: Receipts during the fortnight amount to 349,891 carcases. This is less than half the quantity that came to hand in the previous two weeks. There has been a slight increase in the demand, although it has been impossible to make higher prices, importers being only too glad • of the opportunity thus afforded to >efFect a few more bulk sales at late rates. At the same time the maiket is by no means -strong, and several •consignees have been selling at prices below the following quotations Small sbeep of prime quality are selling at Sjjd, others at 3Jd to 3 9-16 d, while heavier realise only 3sd to Sid per lb, according to quality. River Plate: Arrivals during the past two weeks amount to 67,732 carcases. There is but little, if any, alteration j to report in the position of the market for these sheep. The demand is by no means active, but fair quantities have been going into consumption, and stocks are not heavy. Light weight sheep are selling at 3fdto3sd; medium weights at 3§d to 3Jd, and heavies at 3gd to .3id per lb. Lambs. — Arrivals during the fortnight amount to 37,988 carcases from New Zealand, 130,838 carcases from -Australia, and 5,707 carcases from

| the River Plate. The extremely cold •weather experienced during this period has somewhat retarded the sale of lambs; but considering the general dulness of trade the quantities going into consumption are satisfactory, particularly for this time of the year. The demand is chiefly for really prime quality lambs, arid these being scarce, are firmly held Importers are, however, showing more desire to clear the plentiful supply of" secondary lambs, which are a difficult sale even at prices considerably under those I asked for prima quality. Heavy lambs are still principally in request, little enquiry existing for the light weights. The market for Australian lambs has closed steady at the following quotations:—"Champion" brand up to 5Jd; others of prime quality 4§d to4|d; medium 4|d to 4fd; secondary and inferior quality 4d to 4|d. The few New Zealand lambs available have met a ready sale at 6d to 6Jd per lb, for prime Canterhurys, and 5Jd to 6d for North Islands. River Plate lambs are selling at 4|d per lb. Beef.—Frozen: Arrivals during the fortnight total 9,060 quarters from New Zeaalnd, and 37,101 quarters from the River Plate. Notwithstanding the smaller arrivals, and the fact that stocks are not in any way excessive, it has been found impossible by importers to hardsti up prices, although attempts have been made to do this. Some of the marketings during the period under review have consisted of long stored beef, for whieh low prices have had to be taken, and this has tended to depreciate the value of freshlyarrived shipments. . Very little, if any, premium is obtainable for New Zealand over River Plate beef, except for p few of the very choicest brands of New Zealand of the best weights. The general quotations for New Zealand beef are:—2sd to 2|d for fores, and 3Jd to 3§d per lb for hinds. At Smithfield, Kiver Plate beef is quoted at 2fd for fores, and 3Jd to 3Jd for hinds, but in the provinces fores realise only 2gd to 2gd, hinds only 3d to 3£d per lb.

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