LONDON MARKETS.

Wairarapa Age, Volume XXX, Issue 8438, 9 May 1907, Page 3

LONDON MARKETS.

(Prom Our London Correspondent. LONDON, March 29. Under date March 22nd Messrs W Weddel and Co. report as follows :- Wool.—The second series of coloi ial wool sales was commenced her on the 12th inst. On the openin night there was excellent competitio for merino wools at prices full equal to the closing rates of the Jar uary sales. So far as the sales hav gone there is little change to rot with regard to superior wools, but a ordinary staple is now nearly 5 pe cent, higher than at the commence ment. This is chiefly owing to a ver active Continental demand. Scourei wools of good style have sold ai about January figures, but inferior show a rise of fully 5 per cent Crossbred wools have been freel; offered. Fine and medium sorts hav< not met such strong Americans sup port as at the last sales, and in con sequence prices at times have gon in buyers' favour. Coarse wools, oi the other hand, which opened at pa to 5 per cent, advance are no\i fully 5 per cent, higher than in Jan uary. All sliped wools havo soli well, and also show an improvemen of 5 per cent. Offerings up to 2lsl inst. comprise some 125,000 bales, including 55,000 bales from New Zea land, 61,000 bales from Australia and 5,000 bales from South America, About 120,000 bales were sold, o; which 52,500 were of New Zealand 60,000 of Australian and 5,000 'jo: South American origin. Grain. —Wheat, etc.: There has riot been much animation in the trade during the past fortnight, but holder! have been firm, and values may b< ■ quoted 3d per quarter dearer. Although shipments to Europe have been liberal, and the quantity afloal is large, it has'to be remembered thai stocks in the United Kingdom and the Continent had been greatly reduced during the last three months, and jSome time must elapse, ev§r with the present heavy shipments, before stocks can be replenished. The demand from the Continent for wheat still continues, in consequence of reported damage to the crops, the extent of which cannot yet be estimated. This applies to both Germany and France, and, as the season for crop scares in America is approaching the market is likely to continue about steady for the present. The outlook in Russia is still very uncertian. A cargo of American wheat has arrived at Riga, and others are being enquired for, for the faminestricken districts. Shipments from Southern Russia, also from Roumania, continue small. in some measure due to the delay in re-open-ing navigation, as a result of the prolonged winter, but for the remainder of the season a much smaller weekly average of shipments is expected. At the close the market k quiet. New Zealand wheat, ex store: Supplies on this market are exhausted; prices are nominal. We quote:—3os to 31s for Shortberry, and 31s to 32s for Longberry, per 4961b5. New Zealand oats, ex store: The market has reached to the extent of 3d to 6d per quarter, but New Zealand sorts are in small supply. Wequose:— Good Canadians, Sparrowbills and Gartons at 22s 6d to 25s per 3841b5; Duns, 19s to 21s per 3361b5; and Danish, 18s to 19s per ■32olbfi. Tallow.—The following are current • spot quotations for Australian and New Zealand sorts:— Mutton, good to finest 37s 9d to 39s 6d per cwt, dull to fair 36s 6d to 37s 6d per cwt, inferior 35s to 36s per cwt; beef, good to finest 36s to 37s 3d, dull to fair 35s 6d to 36s per cwt, inferior 34s to 35s per cwt. Frozen Meat; — General market: There has been no activity in the meat market during the past fortnight. Home-grown mutton has been plentiful, and values have again receded, and cannot now be quoted at more than 6£d to 6|d per lb for Scotch, and 6d to 6Jd per lb for English sheep. Chilled beef, and especially North American, has occupied a . comparatively low level of values right through the fortnight. At ■Smithfield, States sides realise only 5d to s|d; and Canadian 4|d to per lb. At Deptford, prices of cattle have recovered ([slightly to £l6 10s to £2O 10s for States, and £ls 10s to £l9 per head for Canadian. In the frozen meat markets, the chief interest has been centred on the lamb trade, and sales of both mutton and beef are not numerous. Mutton: (New Zealand): Arrivals during the past two weeks amount to 90,931 carcases. There has been a poor demand, and with the larger quantities available, importers have found it -impossible to maintain prices which have ruled lower during the whole of the period under review. Even at the reduced rates it has been difficult to effect many bulk sales, and in the case of heavy weights and secondary grade mutton of indifferent quality, the competition of good, useful River Plate sheep has very adversely affected values. |Canterbury sheep under 561bs are selling at 4d to 4j|d, 56-641bs at 33d to 4d, and carcases over 641bs at 3§d to 3fd per lb. Southland sheep are realising from • 3Jd to 3£d, according to weight. North Island sheep realise from 3|d to 3gd, and ewes from 3Jd to 3|d per lb. Australian: Receipts during fortnight amount to 73,710 carcases. There has beer: perhaps a f little more ei:<,u : : y for good Australian sheep dui.i,;; the last- week, but values have not improved, many holders taking advantage of .the better demand stocks. Small • sheep are selling nt 3gd to 3Jd, and heavier carcases 3id to 3gd per lb. River Plate: There is really no alteration to report in this market. The demand has been fairly good, and, notwithstanding the lower values being taken for New Zealand sheep, River Plate mutton has maintained its price. Small sheep are quoted at 3£d to 3f d, while heavier carcases realise 3§d to 3|d. Lambs: Arrivals during the fortnight amount to • 82,358 carcases from Australia, 86,775 carcases from New Zealand, and] 240 carcases from the River Plate, the quantity in each instance showing a reduction as compared with arrivals during the previous two weeks. Considering the dullness of trade generally at Smithfield the demand for lambs has been remarkably good, and now that the quantity going into consumption will further increase week by week, it is becoming apparent to importers that there is no necessity to further reduce • values in order to push sales. Lambs

of really good quality are scarce, particularly heavy weight Canterburys, which are now commanding a premium over light weights. Good average North Island lambs are fairly plentiful, and are selling at 4Jd to 4|d per lb. There are still plenty of secondary New Zealands on offer, and these are exceedingly difficult to dispose of. At the close a slightly better tone is noticeable in the market, and values for prime quality are if anything a shade better. To-day's quotations for New (Zealand lambs are as follows: Prime Canterbury 3, 28-361bs, 5d to 5 l-16d; 36-421bs, s£d; 42-501bs, s|dtos.id; best quality North Islands, 4fdtosd; secondarys, 4|d to 4sd per lb. Australian lambs continue to meet with a good enquiry, and although values were weaker dur'ng the earlier part of the period under review, they recovered some what at the finish, and may be quoted as follows:—Prime quality 4£d to 4jjd; medium, 4§d to 4Jd and secondary at 3Jd to 4d per lb. There are practically no River Plate lambs being offered at Smithfield, but in the Provinces sales are being made at about 4d to 4Jd per lb. Beef (frozen). — Arrivals during the fortnight total 11,611 quarters from New Zealand, and 25,141 quarters from the River Plate. There can hardly be said to be any { improvement in the frozen beef trade, though a slightly better de- ' mand is becoming noticeable. Very little premium is being obtained for New Zealand over River Plate beef, and then only for the primest quality. A good proportion of marketings of New Zealand beef continue to show carelessness in grading for quality.-