LONDON MARKETS.

Wairarapa Age, Volume XXX, Issue 8501, 2 August 1907, Page 3

LONDON MARKETS.

I (From Our London Correspondent.) LONDON, June 16. Messrs W. Weddell and Co. report as follows under date June 14th:— Wool —The situation remains much the same as at the date of our last advice. Reports from all districts of the woollen industry represent trade as good, but users are mostly employed on old orders. The consumption, however, of both fine and coarse wools continues on a lively scale. Seeing that the home clip will soon be on offer, little disposition is evinced on the part of buyers of medium and coarse staple in any way to force prices. Wool, however, is wanted, and coarse descriptions which at the time of our last issue were a shade easier, have gradually recovered. Merino have been firmly steady without much alteration in prices, the tendency, if anything, being against the buyer. During the next few months supplies cannot but be very light, so prices here should remain firm, although, as customary, efforts will ere long be made to depress the values on ultimate markets. The chief item of interest on the Continent has been the public sale of about 13,500 bales Australian and South African merino wool, held at Bremen, from the 4th to 7th June. There was a good attendance, and prices secured were about on a level with our May values. After deducting direct forwardings, arrivals for the fourth series of sales, to commence here on July 9th, amount to 126,500 bales, of which 68,000 bales are from New Zealand, 52.500 from Australia, and the balance from South Africa. '' Grain, wheat, etc —The market has been quieter during the past fortnight, and values, particularly for arrived or near-at-hand cargoes of wheat, show some decline from the recent high level. This is probably , due to the irregularity and uncertain-, ty in the American markets, which have shown some weakness, while : profit-taking on the part of speculat- j ors has also assisted in bringing about the reduction of 9d to Is per j quarter from previous quotations, j Reports from America regarding the crops do not indicate any material improvement in the conditions, and Continental advicesalso continue unfavourable except as regards Russia i where the weather has been more fivourable to the spring sown wheat. Shipments to Europe last week were again heavy, but owing t3 the large consumptive demand they are not likely to exceed re- >. quirements. At the moment, buyers j S2em disposed to wait for further I •crop developments before operating j again on any extensive scale, and a ! ■quiet market may therefore be looked for. At the close, buyers are scarce \ •and values have a declining tend- i ency. j New Zealand wheat, ex store — j 'There are no supplies on the spot, ! and values remain nominal at 31s 6d • to 32s 6d for shortberry, and 32s 6d ' •to 33s 6<l for longberry, per 4961b5. , 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 24s 6d to 27s per 3841b5; duns, 22s 6d to 23s 6d per 3361b5; and Danish 20s 6d to 21s 6d per 3201b5. Frozen meat, general market— The market for most descriptions of meat has been quiet during the past fortnight. Home-grown mutton has remained comparatively steady at BJd to 9d for Scotch, and 7£d to 8.1 , -for English. Dutch mutton is real- j ising practically the same price as ' .English, viz.:—7d to 8d per lb. •Chilled beef has been in moderate ; ■supply, but quotations have not ; been maintained at the levels cur- ; .rent a fortnight ago. At Smithfield, ; States sides are quoted at s£d to s§d per lb, and Canadian sides at 5Jd to ; s|d per lb. At Deptford States ! •cattle are unchanged at £lB 10s to £2O, but Canadians are the turn cheaper at £l7 to £l9 10s per head, j The frozen meat market is not' .strong. Heavy arrivals have caused [ some set-back in prices of lambs. Mutton is net in good demand, even -at the low prices current. Beef is selling only slowly at present rates. Mutton, New Zealand— Arrivals during the past two weeks amount to '74,467 carcases. There is not much alteration to record in the position of the market with perhaps the exception of North Island mutton, which ■has been selling at slightly lower rates. Canterbury .sheep of all weights are in good demand and •are really the only class of mutton selling at satisfactory prices. This is accounted for by the short offer- > ings of that description, although the mutton market generally is fairly well supplied and closes weaker. Canterbury sheep under 641bs a~e selling at 4Jd to 4§d per lb, the few sheep under 481bs having sold as high as 4Jd to 4|d per lb. Heavier weights are realising from 3|d to 4Jd per lb. Southland sheep are selling at 3£d to 3|d per lb, according to weight, and North Island sheep of best brands at from 3£d to 4d per lb, a few small weight Longburn and W.M.E. sheep making as much as 4£d per lb, and secondary sheep at from 3Jd to 3|d per lb. Ewes are selling at 2|d to 3|d per lb according to weight. Australian —Receipts during the fortnight amount to only 18,901 carcases. TraJe during the period has been exceptionaly dull, and even with the limited stocks available, sales have been very difficult to effect, although lower prices have been taken. The elimination of New Zealand ewes from Army contracts has had no hardening effect upon Australian wether sheep, although a better demand might have been expected, the counteraction being the admission of River Plate mutton, which, selling at low rates, has the preference. Small sheep are selling at 3|d to 3Jd, and occasionally 3|d per lb, the heavier weights at 2|d to 3d perl b. River Plate—Arirvals during the past two weeks amount to 117,813 carcases. With a very poor demand the market has fallen away toward the close of the period under review, and much lower prices have been accepted in order to make any headway with sales. As with mutton generally the demand has been very slack, and prices realised at Smithfield have been most disappointing.

Small sheep have sold at 3Jd to3|d per lb, while heavier carcases have realised from 21d to 3&d per lb. Lambs —Arrivals during the fortnight amount to 7,741 carcases from Australia; 242,031 carcases from New Zealand, and 17,031 carcases from the River Plate. Although arrivals from New Zealand appear to be heavy, they come at a timewhen stocks in London are very light, and with warmer weather, and the demand increasing both in London and in the Provinces they should readily find their way into consumption. However, the simultaneous arrival of a few boats carrying large cargoes caused many holders to take rather a pessimistic view of the market, and as the bulk of the lambs had been purchased at considerably under present values, importers exhibited an anxiety to sell and take their profits; consequently the market quickly weakened, and a drop of Jd to Jd per lb has taken place. This reduction in values has caused buyers to act with greater caution, and not to commit themselves to larger quantities than they can readily move, lest the market should weaken still further. The high prices which have ruled for some time past are forcing many butchers to curtail their lamb purchases as much as l possible, and the reduction which has now taken place will certainly be beneficial to the demand. With rather heavy supplies arriving this month some improvement in the weather would be welcome to stimulate the consumption. Medium and heavy weight lambs still meet with a good demand, and command a slight premium in price over light weights. To-day's values are as follows: — Prime Canterbury lambs, 28-861b, 6gd; 36-421b, s|d to 5 7-16 d; 42501bs, 5Jd. Prime North Island lambs, 28-421b, 5Jd to 5Jd; 42-501b, 5Jd to s|d. Secondary quailties are selling at 4 15-16 d to 5 l-16d per lb. Supplies of Australian lambs are now very light, the few available selling at 4§d to 4£d. River Plate and Patagonian lambs are realising 4|d p?r lb.