CHEESE ACCUMULATING.

Auckland Star, Volume LII, Issue 25, 29 January 1921, Page 6

CHEESE ACCUMULATING.

A SERIOUS POSITION. EIGHTY PER CENT NOT SOLD. (3y Tflegrapfc.—Special to ••Star.") WELLINGTON, this day. Cheese is accumulating rapidly in New Zealand stores, as the Overseas Shipping Committee has been unable to maintain the arrangement to ship 100,000 crates monthly. The delay is officially attributed to the poor dispatch in New Zealand and the total loading for February and March is very small. Practically all the Imperial meat has been lifted, and it has not been possible to arrange heavy cheese loading at the expense of private shipment of meat, which is also wanted in London, and is also beginning to accumulate very rapidly in New Zealand.

Mr. J, T. Martin, manager of Wright, Stephenson and Co., suggests that producers should insist on at least space for 200,000 crates of cheese monthly, otherwise an acute position will arise. The steamers loading at the present time were only removing the cheese that had reached store before the middle of November. Tne seriousness of the present position lay in the fact that fully 80 per cent of New Zealand cheese had not been sold by the factories, but was on consignment to London, to take advantage of whatever prices wore ruling at the time of landing, The London price at the present time was, roughly, according to cablegrams, 14d per lb f.o.b. New Zealand, but the market was very uncertain. There was grave danger that, owing to the lateness of shipment, the bulk of the New Zealand supply would arrive in London at a time when it would clash with the early Canadian make. This might result in a serious decline in values. An indication that Home people to-day had very little confidence in the future of the market was afforded by the fact it was impossible to induce them to make purchases for February. March and April shipment from Xew Zealand. Mr. Martin concluded by observing that the price ruling for cheese this season had been the highest on record, therefore there was room for a tremendous drop.