DAIRY PRODUCE.

Press, Volume LXIII, Issue 18947, 11 March 1927, Page 13

DAIRY PRODUCE.

INCREASED EXPORT FOR FEBRUARY. (-"BESS ASSOCIATION TILEOEAM.) WELLINGTON, March 10. Figures of the Dairy Division of the Department of Agriculture show that ealted butter grided for February, 1927, was 7602 tous, a6d ucsalt-ed 2SO tons, a total of £OB2 tons, compared with 7070 tons sa.lted and 240 tons unsalted, a total of 7310 tons, for February, 19-26, an increase of 10.6 per cent. For the seven months ended February, 1927, the respective quantities were 52,049 tons and 1706 tons, a total of 53,755 tons, compared with 4C.143 and 2563 tons, a total of 48,706 tons, for the corresponding period of the preceding season, an increase of 10.4 per cent. Chee3e graded for February, 1927, co;nlirised: —White 6413 tons, coloured 3182 tons, a total of 2600 ton?, compared with 5291 tons white and 3538 tone coloured, a total of 8829 tons, for February, 1026, an increase of 8.7 per cent. The quantities for the ecvf.n months en-Jed February, 19'27, were:—White 36,217 tons, coloured 18,195 tons, a total of 54,112 tons, compared with 33,792 tons white and 18,915 tons coloured, a total of 52,707 tons, for the corresponding period of the pieceding tjea-son, an increase of 3.2 per cent. Converting these figures inti butter-fat equivalent, there is an increase of 8 per cent, in butter-fat production for the seven months as compared with the corresponding period of the 1923-26 season. Stocks held in the various grading ports as at February 28th, 192 ft, were;— Butter, 13,811 tor.s, cheese 13,224 tons, as compared with 91G6 tons butter .and 13,016 ton 3 cheese held on February 2Stli, 192 G. A. H. TURNBULL AND CO.'S REPORT. Messrs A. H. Turnbull and Co. have received the following report on the London dairy produce market: — | The following are the top market quotations for the past three weeks:— Feb. 26. Mar. 5. Mar. 9. Danish butter ~ 192s ISCs 180s N.Z. unsalted .. 182s' 17Js 170s N.Z. salted .. 168s 104s 104s N.Z. cheese, white 92s . 88s 85s N.Z. cheese, coloured 923 88s 85s Butter—Although weekly sales were beins maintained at only 23,000 boxes instead 01' the 60,000 necessary to clear arrivals, the Control Board advanced prices on February 12th by 2s per cwt. This move did not stimulate buyer 3* interest in Now Zealand butters, and stocks continued to accumulate, A reduction of 8s on February 20th failed to increase sales, and a further drop in prices of 4s on March sth has. now been made. Although arrivals of New Zealand, Australian, and Argentine butters in the United Kingdom during January and February show a shortage on last year of approximately 12,000 tons, New Zealand controlled stocks continue to accumulate, our estimate unsold on February 28th being 350,000 boxeß, whilst arrivals in March and April will be approximately 80,000 boxes weekly. In view of the heavy stocks that have accumulated, and tfee fact that arrivals in the near future show a weekly surplus of about 50,000 over average weekly sales, buyers are not inclined to stock up, and it will probably be found that the reductions to date are not sufficient to influence large sales. A reduction in unsalted quotations to 170s is announced to-day. Cheose—The position is disappointing, ani average weekly sales have declined. Instead of tho anticipated increase in demand, buyers are not showing much interest and stocks are accumulating. Our estimate of controlled cheese stocks in London on February 28th is 140,000 crates, whilst 50 per cent. o£ March and April arrivals will have to go into store unless sales materially improve. It is to be hoped that the reduction made yesterday to 85s will tempt buyers to operate more freely. In view of the heavy stocks in New Zealand, which "Will be shipped later in the season, it is imperative t.hat any accumulation of stocks in London and all arrivals should be cleared during the next two or three months before Canadian early make comos on the maTlcet. The figures set out below show that production of both butter and cheese to date is well above last season's. We draw particular attention to the fact that there aro nearly l<fooo tons of butter still in store in New Zealand. BUTTER. 1925. 1926, 3.927. Tons. Tons. Tons. Gradings during Feb. 8,150 7;300 8,082 Gradings 7 months to end Feb. .. 56,150 48.650 53,800 Butter in store Fob. 28th .. .. 8,650 0,150 13,811 cheese! ■ Gradings during Feb. 8,650 8,550 9,600 Gradings 7 months to end Feb. .. 50,450 52,700 54,400 Cheese in store Feb. 28th 8,250 15,000 13,224 ARRIVALS OF N.Z. PRODUCE IN THE U.K. 1925. 3 926. 1927. (EstiButter— mated) x March .. «.:i9."> 5,.1-62 8,201 April . . 8,6:->7 6,333 8,250 May , .. 6,647 4,296 ..6,280 Cheetie—■ March .. 9,530 B.S6S 9,358 April . . y,744 R. 668 9,902 May .. 8,039 7,903 6,957

DAIRY BOARD'S REPORT. The Board has received the following market report from London dated 4th instant:— Butter—New Zealand: Finest 104s, first 1625, unsalted 1725, 1743. The market is Btill quiet in all butters. Australian: Finest 1565, 160s, unsalted 160s, 1665. Argentine: Unsalted finest 1525, 15fis. Dutch: Unsalted 184s, 186s. Danish IBG3. The retail price for New Zealand is unchanged., Danish Is lOd.: Continental demand is slow with . a slight improvement. Cheese —New Zealand, white and coloured: Finest 88s, first 87s. The demand is still slow. Canadian: Finest white coloured 963, 98b. . The demand is slow. English: Finest farmers 116s, 120s. In short supply. Betail prices are unchanged. The Board has also received the following advice from its agents in Vancouver and Montreal: —Butter —Vancoufer 39J cents (Is 7Jd). Buyers are still cautious and await developments. Manitoba and Saskatchewan are now producing a surplus, which is being shipped mostly to Eastern Canada.Montreal 411 cents (Is Bjjd). Butter stocks'at March Ist were 28,637_ tons, and cheese 120,763 tons. Cheose is quoted: New York 505 cents (2s lid). Messrs A. H. Turnbull and Co. have received cabled advice from London that the New Zealand Dairy Produce Board have reduced their quotations for unsalted butter by 4s, and cheese 3s per cwt. BANKRUPTCIES. INCREASE LAST YEAR. The number of persons adjudged bankrupt in 1926 was 752, as compared with 653 in 1925, 670 in 1924, 674 in 1923, and 695 in 1922. The districts in which the bankruptcies were dealt with are:—Auckland, 328; Wellington, 217; Marlborough, 13; Nelson, 18; Canterbury and Westland, 92; South Canterbury, 25; Otago, 27; and Southland, 81. The occupations of bankrupts were as follows: — 192 C. 1923. Farmers .« •• 143 143 Dairy farmers .. 13 '7 Farm labourers ... .. 13 15 Labourers •• •• 100 Builders .. -5 25 Carriers .. ..19 12 Bakers IT 1" Motor drivers ••. 15 3) Contractors .. •• It 12 Storekeepers .. •• 11 20 Carpenters •• ..11 17 Butchers *■ ..10 15 Hotelkeepers .. .. 13 6 .

A classification of the year's bankruptcies shows:—Under £SO, 44; £SO to £IOO, 62 • £IOO to £250, 175; £250 to £SOO, 154; £SOO to £IOOO, 141; £IOOO to £2OOO, 91; £2OOO to £SOOO, 68; over £SOOO, 14.

BRITISH AMERICAN TOBACCO COMPANY. Some account oi the working of the busLtess of tho British-American Tobacco Company, of which the British Tobacco Company (Australasia), Ltd., ifl an associated company, was giveu recently by the chairman, Sir Hugo CunlifFe-Owen. He said that the company • was principally concerned with tne manufacture of tobacco, etc., in Ensiaiw and the United States for export to other countries. It had shareholdings, direct or indirect, in over 100 companies operating all over the globe, and, with its associated undertakings, employed ■ upwards of 74,000 people. The populations supplied with its products numbered between 1000 million and 1400 million persons, 60 that the profit per capita was an infinitesimal sum. Sir ■ Hugo stated that the business :n China had suffered, mainly .as » result of the interference with the railways by rival military commanders.'He expressed, however, a hopeful view for the future.