BUTTER OUTPUT.

Press, Volume LXIX, Issue 20789, 24 February 1933, Page 12

BUTTER OUTPUT.

EASING MARKET GLUT. DAIRY BOARD'S PROPOSAL. ... [Few Ode, PAEUAiutNianr .Reporter.j WELLINGTON, February 23. As a means of easing the congestion of the butter market at Home the Dairy Board has proposed that New Zealand, Australia, and all foreign countries should each reduce their exports of butter by 10,000 tons a month for three months. Making this statement in an interview to-night, the Prime Minister (the Et. Hon. G. W. Forbes), emphatically denied a report from Auckland that the Government had stated it was prepared to restrict butter shipments by 10 per cent, for three months. Mr Forbes said that the whole question was one for the Dairy Board, and that although representatives of the board had been in conference with himself and' Mr Coates, the Government had given no undertaking, nor did it intend to step in, to control exports. The, board was the body concerned as directlly representing the dairying industry. In any event, Mr Forbes added, he knew of no proposal to restrict exports by 10 per cent. The board's suggestion was that exports of butter should be reduced by 1000 tons a month for three months, provided Australia and foreign countries did likewise. It was not proposed that this should be a comparative restriction based on exports during any particular earlier period, but that 1000 tons 1 a month should be deducted from the' volume of butter which would normally have been shipped oyerse'as from each country. No definite arrangement had yet been reached, this means of r«gulating supplies merely being proposed by the board for submission to the Home authorities. It has been suggested that the Dairy Board contemplates applying the principle ,of compulsory control of exports under which quotas would be allotted to London merchants. Enquiries in official pircles. show that no such proposal has been made so far'to the Government, and it is considered unlikely that a move will be made in this direction if other means can be applied to restrict exports. HIGHER FRENCH DUTIES. LITTLE EFFECT ON AUSTRALIAN TRADE. (CXII EH I>EESS &.S3OCIAMOH—BT KlXt"l*Jo •r ELESS Arm—co r imobt .'> (Received February 23, 5.6 p.m.; PARIS, February i'l. It is believed „that the increased French butter duty will have little effect on Australian sales, as the present tariff has caused the practical cessation of trade. DAIRY PRODUCE. LONDON QUOTATIONS. I*h6 iN» Zealand Loan and _ ilcrunnUie Agency Company, Ltd., havw receivod a, message from their London office, giving the following* information under • date February 23-:—' - ' ' ■■' X '■::>.■■ , '■■ ' • Butter—7*« ; »tea<iier. , 'Cheese—"Whito 428 loiot, coloured -16s; BIOTF. ... . Tho South Island Dairy Association, Limited, has received tho following market report from the New Zealand Produce Association, Limited, London:— Butter—Slow. Finest 74*, firsts 735, DanwU ■ 102s. Cheeie— "Depresied zncL declining. White 4ft- to 48a,' coloured ■*&». • A. H. Turnbull and Co.. Ltd., )i&*» received tho <ollov.'ins menage from their prin-: cipals, W. "Weddsl end Co., Ltd., dated London, February 32: — , • Butter—Danish 104b, New Zealand . salted 72s to 735, Kangaroos 70s to 725. "Market quiet. , Choose —Xew Zealand white 42* -to -13s, j coloured 4Ss to 465. Market <iaiet. j CAPITAL ISSUES. TREASURY BAN RELAXED. 0r»OM o(7* OWll COMMr-OKDiaT.) LONDON, January 17. The following statmeent has been issued from Downing Street: Now that the series of operations directly associated ''with the conversion of the 5 per cent. War Loan is about tobe completed by the repayment on February 1 of the 5 per cent. Treasury Bonds, 1933-35, the Chancellor of the Exchequer thinks that the time has come when he may safely, withdraw Mb previous request regarding new issues of capital except in the following eases: 1. Foreign issues, i.e., issues on behalf of the borrowers domiciled out : side the Empire or issues the proceeds of which would be remitted directly or indirectly to countries outside the Empire; and 2. The optional replacement of existing issues by new issues if those mvr Issues rank as trustee securities andin T volvc either underwriting or an invitation to the public to subscribe new cash. The Chancellor still asks, however, that, with a view to co-ordinating the requirements of intending borrowers and so preventing possible congestion of the market, no issue ranking as a trustee security may be made without prior agreement with the Bank of England regarding the amount and date of issue. * . N.S.W. CONVERSION. FAVOURABLE RECEPTION. (CIUI'KD PSB9B ABSOCIAIIOS—SJ ELECTSiO TELEOIUPH— COPTEIOHT.) LONDON, February V2. In connexion witb the conversion operation, Australia lias no option but, to repay or convert by July 1. Mr »• M. Bruce (Australian Minister in London), in placing it thus early upon the market, is actuated by a desire to leave himself a clear field for other larger conversions in the near future. The loan had a favourable reception on the Stock Exchange, and a good response is expected from cash applicants. Commonwealth 5 per cents, rose 5s following the announcement. METALS MARKET. '' (Recfcived February 23, 9.27 p.m.) LONDON, February 22. Quotations:- Feb. 21. Feb. 22. .••■••.- a-ton a ton. Copper- t\\ L 8 9 Standard, epot .. 36 8.9 -3 8 J Forward .. .. -28 18 li ;&*» -i [ Electrolytic,' . ... ,3'2\7 6 , -■ ; Wire bar 3 ..'•-- American electrolytic: 6 cents per id. L s&" : ■■ : •..-■10■»-■'«' • imi ■« Forward .. •• WIS 0 .'0 16 0 Forward .. .. U 7 6 HBO T '<W 'liS 7 '« ' U3 6 A Forward .", .:. 1« « « us 18 9 Silver— ',„„ ,*!> ' -,-j Standard, per ot. I™-"* V, -, M Fins, per oe. •• 18 9-lSd i 6 o-lM