DAIRY INDUSTRY.

Auckland Star, Volume LIX, Issue 165, 14 July 1928, Page 4

DAIRY INDUSTRY.

' TREND OF MARKETS.

FOUR WEEKS REVIEWED.

The following review of the dairy produce market has been issued by Messrs. A. H. Turnbull and Company. New Zealand representative*, of W. Weddel and Company. London: —

The following are the top London quotations for the past four weeks: —

June June June July 15 22 —Sf C I>anlsh butter . . 172/ 170/ 170/ 17t>/ N\Z. nnsalteil . . ISO/ 180/ I*o/ 180/ N.Z. salted 174/ 170/ 178/ 178/ Cheese, white' .. 102/ 104/ 100/ 108/ Clieese, coloured 102/ 104/ 106/ 108/

Butter. —The above tahle sbows a steady improvement in prices throughout the month, although the increase has not been as rapid as many predicted. Messrs. W. Weddel and Company, Limited, cable that the strength of the market lies in the. strong statistical position and the fact that large operators have been buying stocks to protect them against a possible shortage during the northern autumn, owing to the short stocks of New Zealand to arrive. A further factor has b#en the backward spring in Northern Europe, resulting in a very considerable decrease in arrivals to date of Continental and Siberian butter, as compared with last year. Weather conditions arc now reported as more favourable and consequently some easing off of demand on the part of large buyers has been experienced. For forward delivery, new season's gftles have been made as high as 1 /5Md net f.0.b., but here again, the immediate demand of forward buyers has been filled and business is only .possible at reduced prices, present indications being in the vicinity of 1/5 net f.ojb. for finest, V*d lb less for firsts.

C'hoese, like butter, stands in a strong position. Retail prices have been increased to 13d per lb, and wholesale rate® advanced accordingly. Cold weather was reported as retarding consumption, but with the warm weather of mid-tsummex this should now be overcome and it is expected that supplies will be abort until the arrival of new season's Canadian make. This is now offering at 103/ to 104/ c.i.l-, but with little forward buying. We are of opinion that the market will remain steady, but with a slightly lower tendency meantitae. A very good indication for new season's make is given by the rate of advances authorised i'or August grading, being 1/6 butter and lOd cheese, f.o.b. It must, however, be remembered that these are purposely made on a very liberal basis, to assist factories at the commencement of the season and must not not be token too literally, as prospective, values. GRADINGS AND STOCKS. (In Ton Butter graded during 1920 15)27 1. June 700 1300 1440 Butter graded eleven months to June 30.. 62,050 71,(XX) 73,790 Cheese graded during June 1300 1500 1904 Cheese graded eleven months to Juiic 30.. 73.500 70,200 70,504 Butter stocks in N.K t>2so 3224 Cheese stocks in X.Z... 4350 30.K) 2001 Since the foregoing was written the market has still further hardened, and butter is now quoted up to 182/, with cheese up to 112/.

HOKIANGA COMPANY.

The twentieth annual report of the Hokiangu Co-op. Dairy Co. states that while the season opened well, from a production point of view, the prolonged drought subsequently experienced materially affected production, the output for the season being 659 tons as compared with 064 tons last year. The number of suppliers increased ill. . c.ar from 412 to 454. The sum of £73,857 has. beui} paid to suppliers as advances against butterfat, averaging 14.5873 d per Jb. It is anticipated that when stocks have been realised theer will be a further sum of £12,454 5/2 for distribution, making an approximate additional "payment of 2.38 d per lb. The quality of the company's product has shewn an appreciable improvement during the year. The directors recently made arrangements with the Rural Intermediate Credits Board for advances to suppliers, under the guarantee of the company, to enable them to secure fertilisers.

The balance-sheet shows the paid-up capital to be £12,704. Sundry creditors and bills payable total £13,007. Assets total £30,107, including 50 shares in the Farmers' Trading Company, valued at £20, 444 in the Auckland Farmers' Freezing Co., valued at par. 405 £ L shares paid up to 2/6 in the North Auckland Box Co., valued at £50 12/6 and 100 £1 shares in the "N.Z. Dairy Produce Exports," valued at par.