DAIRY PRODUCE

Press, Volume LXXIV, Issue 22429, 16 June 1938, Page 13

DAIRY PRODUCE

BUTTER SLOW IN LONDON

DECLINE IN PRICE CONTINUES (united miss association—copteioht.) LONDON, June 14. The London butter market is slow. Choicest salted, New Zealand 119 s. Australian 116 s; unsalted. New Zealand 1235. LOWEST VALUES FOR TWO MONTHS HEAVY INCREASE IN STOCKS With a continuance of the slow conditions ruling on the London market for butter during the, last few weeks, quotations for choicest salted New Zealand are down to 119 s per cwt. Although the current rate is approximately 7s above the London landed equivalent of the guaranteed price, it is the lowest level for two months. The listless condition of the market has also affected retail prices in England, and last week both New Zealand and Danish butters were reduced to Is 3d per lb. The breaking of the long dry spell in Europe and in England about the second week in May acted as a stimulant to production and, although less butter has been going forward from Australia and New Zealand recently, there has been a marked increase in stocks held in London. According to the latest estimate of the Imperial Economic Committee,- 1 stocks of all butters in store amounted to 934,141 boxes, an increase of 148,745 boxes on last year’s figures. Store stocks of New Zealand, however, dropped further by 252 tons to 3407 tons last week, this total being little .over half the quantity held at the same time last year.

GUARANTEED PRICE FOR CHEESE' LOWERING OF GRADE URGED CONFERENCE SEEKS LIMIT ON STORAGE CHARGES (PRESS ASSOCIATION TELEGRAM.) PALMERSTON NORTH, June 15. A conference of delegates from cheese factories in Wairarapa, Hawke’s Bay, Manawatu, and Taranaki carried a resolution urging the Government to lower the grade for the guaranteed price to 91&-92, as one way of securing vhe 2d a pound premium over butter, ft stated that conditions this year had been against cheese companies. While finest butter had increased 10 percent., finest cheese was down half, and there was also twice as much second grade. It was also decided to ask for exemption from heavy traffic fees where farmers’ lorries were used omy to cart to and from the farm.

A request is also to be made to limit storage charges to companies to 28 days, or alternatively that additional costs be refunded to companies. It was contended that if the Governmem desired to hold cheese in store in order to spread shipments, conjpanies should not bear all that expense. These requests will be placed by a deputation before the Hon. W. Nash, Minister for Marketing. HIGHER WOOL CONSUMPTION STOCK POSITION REVIEWED NEW SEASON MAY BE DIFFICULT (UJtITRO PRESS ASSOCIATION —COPYRIGHT.) LONDON. June 14. The “Yorkshire Post,” commenting on the prospects for a smaller Australian wool clip in the coming season, says that pastoralists must not assume that the barometer is set fair. A large part of the current clip must move into consumption before the outlook for the new clip is clear. Unless a vast improvement occurs in consuming centres, the new season will open as difficult as that for 1937-38.

AMERICAN CAR FACTORIES GENERAL MOTORS NOT TO CLOSE (PSSS* 4SSOCIATIOW TRLTCORAU.) i WELLINGTON, June 15. Drawing attention to a press cablegram from America recently Which stated that the United States factories of General Motors, Ford, and Chrysler were closing down for two or three months during the summer, Mr George C. Seere, managing director for General Motors (New Zealand), Ltd., states that he had been advised by his principals in New York that, in its reference to General Motors, the report is without foundation. Some of General Motors factories will close down for two or three weeks in the latter part of the summer for the purpose of taking stock and overhauling tools and equipment, in accordance with the usual, annual practice amongst motor manufacturers throughout the world.

,-In view of the unfavourable impression that was created by the cabled report, he asked that the true position in regard to his company should be made public. COLOMBO TEA AUCTION (PRESS ASSOCIATION TELEGRAM.) DUNEDIN, June 15. Mr L. M. Wright has received the following cabled report on the Colombo tea auction of June 14: “There was a good demand for all grades at yesterday’s auction of 3,250,0001 b. Buyers followed quality closely. Fine teas were slightly dearer at the close of the sale. A total of 2,750,0001 b will be offered for sale next week.” SUEZ CANAL The chairman of the Suez Canal Company said at the general meeting that the board was considering an early reduction in dues. The year’s net profit was £4,793,000. There was a record traffic of 6635 passages, representing 36,491,000 tons. ,