COMMERGIAL.

Gisborne Times, Volume XXVII, Issue 2544, 3 July 1909, Page 2

COMMERGIAL.

LONDON MARKETS. Messrs. Weddel and Co., London, report as follows for the week ending May 21: — BUTTER, The weather all over western and north-western Europe continues very detrimental to big hay crops,' aind the pastures also remain very unsatisfactory for the time of year. Unless good rains fall at an early date the position will become critical. Already the milk supoiy in the above-mentioned area shows a great shortage on a normal season. The demand for the new arrivals of Australian and New Zealand butter has unexpectedly and suddenly become •keen, and the market is rapidly approaching a .state of excitement. Old stocks of both the above varieties of butter are nearly exhausted, and had not the Asturias, with 15,680 boxes,, and the Moravian, with 8090 boxes, arrived this week with fresh supplies, buyers would not have been able to fill their requirements, and, as it is, they have had to pay a considerable advance on previous purchases. The Mongolia from Australia is due on Monday with only ,4500 boxes, and the Paparoa, from New Zealand, on Friday with 15,000 boxes, and the latter too late to reach the market before Whitsuntide. Shipments from Australia this week are only 200 boxes, and they are coming in the Ophir, whose capacity is over 30,000 boxes.. The Arawa sailed from New Zealand yesterday with only 560 boxes of ■ butter. We may, therefore, look upon the shipments from Australasia as virtually ended until August or September.. The Danes have raised the official quotation by another 3 kroner, making a total rise of 6 kroner in this month. The quotation was established in 1875, and only twice since then in May Inis it been advanced by more than 3 kroner, viz.;—in 1875, when it rose 8 kroner, and in 188 S, when the advance was 15 kroner. It is to be hoped that no further increase will be made, as the trade generally believe the present advance will bring about a collapse- of the market. Against that there is the fact that the present rise is due altogether to the consumptive demand. There is no speculative element in it.. Hence, increased supplies or a diminished demand are the only factors that can bring about a fall. Sentiment has a wonderfully great power when the demand is speculative, hut very ■ little when the demand is backed up by active consumption. It is, in the present instance. howe.ver, the increase of supplies that will bring down prices. Germany put by only small stocks of butter for the past winter and therefore has had to come on the market earlier than usual for her current requirements. This has diverted butter to Germany that would otherwise have been sent to this country, and the cold and dry spring on the Continent generally has reduced the ordinary supplies of European and Irish and British butter. Added to this is a temporary shortage from Siberia, which will be ended in a couple of weeks. Argentine supplies have stopped for the season. Australian is the same as twelve months ago; New Zealand is 12s per cut cheaper, while Danish and French are 6s, and Siberian 4s dearer. However, if warm and rainy weather should begin immediately, or in the near future, we are likely to see a big decline in values by the middle of June. CHEESE. The cheese market is very firm and strong, with a good demand at 68s per owt. for Canadian white, and 70s for colored. White New Zealand is making 65s and 66s per cwt. Colored is selling at 68s. The Arawa is bringing 650 tons of cheese. MUTTON. New Zealand.—Arrivals during the past two weeks amount to 112.315 carcases. Values are a shade lower, but at the reduction a little more business has been possible. Stocks of Canterbury sheep are now only moderate and current values are obtainable without difficulty. Small and medium weight carcases realise 3§d per lb., but the 56 to 64 lbs grade is sold at 3|d per lb. Heavy carcases are being moved relartiveiy slowly at 2£d and 2|d per lb. Best quality North Island mutton is quoted at 2\d to 2fd per lb. according to P weight. Supplies of second quality sheep of heavy weights are still excessive and are quoted at 2d to . 2|d per lb. The light and medium weights sell slowly at 2f to 2ld per lb. Ewes are freely offered and realise no more than lfd to 2d per lb. LAMC. Arrivals consist of 234,646 carcases from New Zealand, 22,389 carcases from Australia, and 38,042 .carcases from South America, including 35,542 carcases from Patagonia. The demand is not sufficient to absorb the heavy supply available, and values are again lower for all .descriptions. Canterbury lambs receive the larger share of buyers’ attention, but even so are barely steady at 4fd and 41 d for under 36 lbs, and 4pd for 36 to 42 lbs, and 3fd for 42 to 50 lbs. Secondary Canterburys under 421bs realise 4|d per lb. Prime Wellington lambs are moderate in supply and realise 4Jd to per lb, for under 42 lbs. Other North Island lambs - are particularly plentiful and very weak in price. Almost any brand can now be bought at 4d per lb, and secondary carcases at per lb. The low prices of New Zealand lambs are cheeking the sale of remaining Australian stocks, which are unattractive to buyers even at 3§d per lb. River Plate lambs are offering at 3jd and 3gd per lb. ’ BEEF. Frozen.—During the east two weeks 2960 quarters have arrived from Australia, 14,906 quarters from New Zealand, 58,481 quarters from the River Plate, and 10,373 from Uruguay. Owing to the short supplies and high values of South American chilled beef, frozen hind quarters shew a welcome advance in price, and with only a moderate supply available, values are firm. Forequarters' have also come in for more inquiry, .and close a shade bettor.