DAIRY PRODUCE.

Press, Volume LVIII, Issue 17452, 12 May 1922, Page 8

DAIRY PRODUCE.

L EXCELLENT PBOSPECTS 70S V: BUTTER

CHEESE LIKELY TO FALL.

(fbok our own correspondent.) ■_ LONDON, March 31. Prices for butler to-day should provide considerable satisfaction to the producers and go a long way towards helping them through thfcix financial difficulties. Many thousands of boxes were sold yesterday at 190s per cwt, and marketmen are watching each other carefully to-day to fiud out the possible trend of prices. It is certainly not unlikely that 194s "will be paid for best New Zealand by the beginning cl next week. Although there is a shortage of butter—a shortage which is likely to be of benefit to producer.! for the remainder of "the season—the critical time has arrived when, the consumers are returning to margarine. _ Beasjns for tho jicstnt satisfactory state of afiairs must be Bought for as iar back a3 November and December of last year. The slump at that period , ( due tq the large Government stocks, allowed retailers to sell at from Is 2d to Is 4d per lb. Thousands of people who hud been using margarine sinoe the war acquired the habit of eating butter, and margarine fell to 8d a lb. at which pries it has remained. The more or less unconscious consumption of butter has heen so great that all the secondary and underpriced produce has betn completely cleared out, and now the consumption is greater than the supply. In addition, there has been a good Continental demand and a great quantity ot New Zealand butter lias irone to France. Then, owing to the high price for Danish, a much greater drmand has come from the north of England and from Scotland, where the pale New Zealand butter ii favoured. One other factor must be remembered now (hat the war contracts are things of the past. In pre-war days England bought thirty to thirty-five thousand tons' of Siberian butter each year This is no longer available, though on the other hand ;\'cw Zealand's supply as compared with pre-war days has more than doubled. From the producers print of view, therefore, ; -the prospects are distinctly L'ood,:. and it is expected that retailers will be. ,Boiling at from 2s to 2s 6d per >lb very Foort,- and ~ these prices are likely to be fairly permanent.

The Human Factor. The only against this.rise is the ■unsatisfactory industrial condition of tho country. In the week there will he a gelieral reversion from butter buying to' margarine. Already the price of the latter lias gone up, aSad it is likely to go still higher. Wiih tliis safety valve against high values in butter the public will probably resist a retail price nigher than 2a £d a-: lb. Although thj taste for butter has been: acquired by a large proportion, of the popular ton who had learned to make a virtue of necessity in the matter of eating margarine, they have had the superior article at » very • reasonable price, and their,new habit is not likely 'to bo so ingrained as tp cause them to pay more than .2s a lb for butter. Once the commodity as above 5e a lb the butter.consuming population, especially in these I bad times, decreases very rapidly, so .that there ja little likelihood of e, return to those times when the producers prospered so greatly and the consumers paid through the rose for what had becomei a luxury. The stocks this year from New Zealand are giving great satisfaction in Tooley street in tne matter of ruality. This, perhaps, is due largely to the fact that all the Government stock, and tho inferior butter that had accumulated, has now pono into consumption, and. the fresli supply appears by comparison of moro than usual excellence. j Prospects for Cheese. i Cheese is a little firmer to-day, white male-" ing 96s and' coloured from 98 to 100s per cwt. There will be a good market fqr; the next month or two, but after that it is doubtful .if prices will .hold. Recently the large local dairying firms have been paying la a gallon for their, milk. Prom April, Ist, however, they iure to pay s|d, ■ g.nd they intend to make a : great,;deal more_ cheese. .Canadian cheese, too, will be 'coming forward, in-May and Jtine, and'-vit is thought that prices will fall'back 15s to 20s per >' cVt. Under these circumstances agents in." advising their p'uncipals. in'the' ■Dominion to turn'their attentdbii'/ta butter.' Trial Consignment of HggPulp. . A trial shipment.of egg pulp from Messrs. J. B. Memtt and. Co. (Chnatcburch) has, just'been disposed of by Metßi-s A. J. Mills and Co. This . consisted, of - ten ca/ses each containing, two 401}] tltis. The shipment ar- . mved seme time .ago,, and it has been kept in cold- Store awaiting a favourable market.' This week the have been sold in lots at Bd, lOd, and 1« per IJb resjfectively, which, considering that Is 6d' is quoted in New Zealand itself and that 'Chinese egg .pulp is sold at Is 6d per : lb in London, cannot be considered other than ■» failure. The'" fact of. the matter is tliat the. tins should not have been eo large. Ten. or twenty pound tins are. the largest that , ere used by bakers, and as the veubstance must be used immediately it is. thawed tlie 401b-tins were unsaleable at the current : market price'; .Acf&cl to' this the pulpr-arrived in a- "stringy"..conditionthat is, bo congealed that , it would not hto out smoothly and beat up' in a proper manner; The reason for this is not evident.

The Auckland Co-operative. Egg Society is also forwarding a consignment of; egg ; pulp, and .it will be intere-ting to see whether it will meet with a more favourable Bala than the Chris tchurch lot.

THE DAIRY POOL.

(SPECIAL TO "THB PBKSS.") GREYMOUTH, May 11. A meeting hsld to-day of West Coast dairy factory- representatives, after listening to an address on fthe proposed' dairy pool, by Mr X. C.. Brash, unanimously resolved to approve of the scheme.

BANK OF NEyV SOUTH WALES.

Shareholders of the New Zealand register of theitank of New South Wales have now been notified by a-circular dated in Sydney ion the 29th ulto., that a Special general meeting' of shareholders.' will, be held: at-.the Chief Banking House,' Sydney, on" Tuesday,. the 80th inst., :to consider 'proposals to increase the capital of the bank from £5,000,000 to . £6,000,000, by the creation of 60,000 new shares of. £2O each. The new shares are .'to be issued to shareholders on the register on Ist prox., in the proportion of an even fifth of the number of shares then held. Allottees of five new shares or over are to pay for them in four instalments on the Ist July and Ist October, 1922, and Ist January and Ist April, 1923, the first payment to be for not lesa than one-fourth of the-number of -shares'allotted to* each proprietor. Allottees of four. new shares or less, are to pay for one share on each of the foregoing dates, or until allotment •is completed. Shares paid in full .on any of the above-mentioned dates will participate'-in dividends as from date of payment. All shares not accepted, or accepted'and not paid ior, • will B e iorfeited, and with all shares accruing from fractional-parts will be pooled and sold, or otherwise dealt with'by the bank: Any surplus over £2O per share, after deducting expenses, will be divided' proportionately amongst the holders of the old shares from which' such new. shares are derived.

The , bank was established in 1817,' and incorporated in 1850. and the subsequent growth ia illustrated by the following increases in capital. In March, 1851. the paid-up capital was £122,120, and in March, 1855, £soorboo In 1860 it was Taised to £750,000, a few years later to £1,000,000, and then to £1,250,000. Subsequent increases hare been:—

1893 by £750.000 at £5 premium. 1907 by £500,000 at par. 1

"1910 by £500.000 at £5 premium. 1912 by £500,000 at par. 1916 bv £500,000 at par. 1919-1920 by £1,000,000 at par.

COLONIAL SUGAR EEFININCJ COMPANY.

Speaking at : the half-yearly meeting of the shareholders of the Colonial Sugar Refining Company, Mr H. E. Eater,. M.L.C., the deputy .chairman, eaid: "The output from our Fiji mills last season was somewhat larger than we anticipated, as we were able to work twofsctories up to the end of January. Next season's production ■ is. qtaita problematical, because it' depends on labour conditions, about which it is impossible ait -present to form any conclusions; at any rate, the' outdia bound to be considerably smaller than season. Our agreement with the" Kew Zealand Government expires in June, but, owing to the uncertain position in Fiji, we havenot been able, so far, to suhmit any fresh proposals to them. We have, however, suggested for the consideration of the Government a temporary way out of the difficulty, by which the Dominion will be provided with sugar up to the middle ot October."

, SIAEESTSi • ; q*> .. '■ vt(BP*oW 20 "' CKR PRRSS - ) • . b»VL C VU:CKLAXD, May 11. ! e a b.iuc quieter 'his weeki bifißUectii^r^ o for 3 one. ; is tSpreSfioa that sugar will see 'Aria ?fhoii me present contract expires, bv.t or the ao .iicoinents i n iiio princi'p « contributing _ cetsrts,; and toformation, i.garding reductions m Stocks, U :« vowibfe J»« pi-. s- r«« Jf-y ;b « mainr'.;\odp p r Z-eulnud supplier. Tobacco ifoc>".' i '- avo - n.-teraily improved '-bis ~.V e: : k nid ti" row pcss;bi!> to obtai n a]' 'rarffi" oi »!«r and cut pipe to*. 'djcco a-d njrßietts p.nd also a' l i,rHn ,: ? .saw-tus. ii is many months wi!i"e t'.or. haw bee-n but -• is 4 j.«-'c-. .'.ti '.*.r. suture <ui?piies will bo I'ivr -''■•'■* ''.miaul. New Zr-a\-nr! v ?.-: i-' "a . ;.UuU.: m stowing do-

'vni-iv-jTc- .V.ir tre r p, :iv.irh mor® sat...nv er i.,j n -nnt :itr !">"•<•• v-„. jc immensely 'jv.tiSOT :: There "Kj- ii!k- r.. a -riMgramme, ild eho«W

' is present lev' »•>;. f r v atii;an9 from th» roiuiny -ii'-cri"'

rr...,' re unchanged . 1 ; n:.. 1 :■ ... r . ■ f ipo a little,

hilt ; ■ vr•> cu" -ually short in \:;r,'c ; r.-X' i.... b-rtcn any I®* ■tvrtiw. were'as liieh r.r. v! y.?i \i ■ I i relftil .prico to-rlny -!*• :-j p r r ■ ■ 1 Whe;-' \ ' ' '■• !mwl wheat are t-. i.air , r . •: :t ''ion is 6s 9d to "a s >1 uf - <.. . ■

Potaf'.L'.- - (iv.c.i, . of S-juthern. potatoes .coaiiris; r> i". rt ally though all iir-w f?"uiv>» H iv-M-vir. 1 on .the wharf selling at £ft lOr ocv f:

T.o j rnall, and the •••..n? .>? tbt> •• ••• The price is !l- 0- to 12; r... • , ■;.! has occurred :: i- .[■■ '.-Kills lines of i-.i-r bushel, on 1:: - . : V.. to'quality. i : •!., i.ti-n id locally, a: , >r. : . : .iii' ... ... le 4s 8d to 4(. :-.i:v 'j . :j .. • ■ „••. ;erian seed Or. '■>: —Creamery b !• od v . . > i Mmm c:'.sh, farine "v. f: Ji (. •• •; Cheette, fi 1 l r ! t md fo lid r-' • w.yor' mki- )>• ,-t >-af size is 2c: : ;l\ t:w, -iv. > p- lb net; b i. T..tin bulk 1 i n:"- .jtacfp 10d. !' •' .• '-r .: Flour, i cent, per ti■ ■•. / is. Bran, £ii 1 . :v ■ • • jn.

v.OUTi.I.Ar'.; ''..-V ::yv:'S.

,:: : ■ .■> tfay 11. .. :a,vt? il <i ..pitg steadily 'si. ' ' '. 'l> ' 'ho tendency se '. Ho >•'.••• .era. :.i the present sti .s r duHeult lor m« has ..•> • , umMijUentljr prj t: ; S'ocd samples of i .: ,'*.<-% • r '.mind 2a 4d on . ■•'H'r-jh-• I; m. .: t, keen for H ; i'- iciriy good den;".i.. ■ ' J[: l ii ihese have belt v CJ ; aU .' ;3 :l)s to the fart • i.. « ,<!'t i more has beeii . ' t>-t in :l.i .'ace of the posi; ..i i■. ;,:i i'' l >"■ 'J ;.l i'.ely that masuiii's 8- Ktn'c lian this pric--K; ;• i . .i about the same . - i i: iL Chan bees of jr..' ~; . i ■ :i ;i. 3s- 4d, pogflibjv ) 1' •'.4lb seed ,3a .i v. -.» i: p.^otsionately pc-; •>" : -iiipinent Is' weaA. , •':i 1 . Uir.d -[Til's to be ovcr3upp.. . ■ 1 1 conditions potot -' • .-■ • I'. •:.•,» ivt £i 15b,. ■1.0.b.. ' '• \rj up (ill iha end of July. J. i. ; ." »«Vt> »)«!. Uag 3Ut> to.o well, »•. ,i.« Wr:-. o-i trucks for shipn.' ' • I:•■>*!! JS 5i .S3 UN, form-. er£ v ;; 1 ■ p i■'■■ ICS 'from mercl

,','Hea." -u Xn'-ii ha®; come, to ' hav.: 'b■'. aivX values., all 'found! .. >?.:.«». waking apples arj it .'. ,'.-1 j Hid ihc v«lu#a of these have in. A of Adelaide 'lemons „'.a pio r:i'! .:is U. due to arrive ■.iH-iy w-j.-k. Following are the.' acr:imx ; .;:ate p-icos: — Appli t -Di-iidcHW 3>» 13a. Orange 9s rto-Ua, t-j 0" (• i, 3oarlets 6,s €d 't'Bo, Ea>'j>u« 7* to & Munro's 53'6d !? fa C 4- I'i'P Cro'ivnf- 5* to 7S:6d, Wakelys -7.u to BM, 7u to Ss,. ? ' Pears— Wjf,li;r Xi H» 2d to H 2|d to Bd, Vici-.Ai's ;•••.■■ '■> ('... v< [>er cm-. ■ ■ Tom.;'.-.';'---< ■1- ".<■ i*.>< I;'' loo;: ':d lo 6Jd, local }k::.:.ousi; rj"i bo 3d. : 1, t ;20p, Ameri. ■ ..: -'i .

Ivor,

The eatty tt 'V« Ht: M-a-lret yesterday ci: .-i is:ul.s, 3')4 fat wetheK, i i-iid ahoiii 1.-'O stores. Prima ; u ; til Vid '.o _:lss. medium weightt 'V -' 'o ! ', u»ic! liyht- v.i';;:bte 178 to 19b ;'So . '.. othc-r; 1 ;.f>3 t • l£& li t -t ui -eW©B 10# 64'tt» is# Id. The saieo wre ioi -H. M. Carr, 130 i ■ ;i> Ij3 i"o G;i; T. ]J -i? r .t-11, 84 at 18a i>l, C. li.i tb, 27 at 3.78 Till; fJ.W E* Fletoher. at 173 7ti; 3.' J. Brrkor, 10 at 38#°'2d;! >'• Ooak, ;?S at 21* id, til iSte.ldd; W. Earl, So at 20s; Tinip«Tide»» Estate,. 114 'at 17s 'i-i; J. Cvnrnigham. S at IBs 7d; T. Murray, '> at ?■*-; T. \V. C. o-nd i-Y W. Lukey, -S3 .it "2s il; P. C. Hobac, 185 at 22s lid; Mvs M. U. Mcßac, 5C it fls lid; W. L. V.'ri|,'ht, «,it 20s lid; 11. T bitfle, 108 at 2fo; K. B.ioo'a:!, 73 at :io.< ft!, 82 at 22# 3d; K. ar.-i W. Butcher, -S3 <'•! IDn 8d; Stewart Br >i t at 22i» 9d; J. iV'wvirk, 84 ai 19s l'Od; Waito'. 37 a:. y>? lid; O. Philpoti, -lii ai. -'. O.i 10.1. W'-'hi-r..IV* Waitoi Pea!i?, 53 at His -id; J. UjlU. J')9 at 17b 1d,'21 at J.'*. 17 H {•«; «H, rt 17#

7d. Ett'tS: ):V. :k.:> ' ! ifrhc:. fct 8# 9d; J. : V ' ; .i. j,. . 'ls. 9 at 18s; I. Ciort, •<•-! •• tUI, a:;-: -W, Butcher. 1." ni V.* .•«!. Svsr* 100 !:f Hi ii: 14s <x!, ,:.cl 89 forwardi at &> sd.

APPLES IN LONDON.

THE PESHAWTJE'S SHIPMENT.

(By Cable—Press Association—Copyright.) (Australian and N.Z. Cable-Association.) (Received May llth, 10.45 p.m.) LONDON, May 10. The Borda's shipment of Australian apple# wae discharged in apparently good condition. South Australian Cleopatra# are fetching- 12# 6d to 18# 6d. . i The Peehawur's shipment of "New Zealand apples'waa landed in a.somewhat variable condition. Jonathans 'los to 14s, London Pippins 11# to 13s, Dunns 10a to 12s 6d,' Alfriston# 10s, King Davids-10s, : and Coaa 10s to 14s 6d, a few going up to 20s a case.

WHEAT MARKET,

(Received May llth, 10.45 pjn.) LONDON, May 10. DospJte the bearish rendering of the Washington Agricultural Bureau report cargoes are fully steady. Australians are active, owing to cheaper re-sellers; •' The Kenilworth cargo sold at 57s 3d, and those of the Iskra, Springburn, and Faxen at B7s 6d. Parcels—Australian on passage 59s 9d. A parcel for Liverpool ex the Trevithick eold at 57# s}d.

TALLOW.

(Received May 11th, 10.45 p.m.) - , LONDON, May 10. At the tallow eales 690 casks were offered, and .162 sold. Prioes were unchanged.

LONDON WOOL SALES.

(Beceived: May 11th, 10.45 p.m.) LONDON, May 10. At the wool eales prices continue-to harden. There is a good Home and Continental demand for all merinos, especially average top-making sorts, and an equally good, demand fpr crosafcreds.- Low and medium sorts are now 10 per cent, above opening, prices. .

Messrs-Dalgety end. Company, Ltd., have received the following cable ' fro in their •London office, dated Hay, 9th,' 1922: Wool Sales—The list of arrivals closed on May Ist for the series opening July 18th. The .quantity of free wool to be offered at these sales is fixed at: Australian . 43,500 T»ale«, - New Zealand 36,000 bales, and Cape 8000 bales. B.A.W.R.A. quantities- will be announced later.