DAIRY PRODUCE.

Dominion, Volume 1, Issue 160, 31 March 1908, Page 10

DAIRY PRODUCE.

LATEST REPORT FROM LONDON. • The following; report by Mr. H. C. Cameron, New Zealand Produce Commissioner in London, has been received by the Government from tho High Commissioner:— " When making my last report to you concerning the marketfor dairy produce in this country, I noted that there was evidence that the slight, weakness which existed for a short time - amongst some holders of butter was ended, and that prices were inclined to harden. The quotation I gavo as ruling for choicest New Zealand butter at the date of .writing was 118s; per cwt., average. " Sinco that report -was made, thero has boon a wonderful chungo in the butter market. Never has there been more excitement to secure supplies, and prices have been rising by shillings daily, until now the value of. choicest - New Zealand butter has reached 140s. per cwt. Commencing with a-rise a fortnight- ago, from' 118s. to 1205., by the end of last week all parcels of good quality 'available had been snapped up at 12-ls. A few holders of butter on board the s.s. Tongariro sold their parcels before arrival at 1265. per cwt.; but most of the shipment was held for 1285., at which figure a good deal was sold before the butter was landed. Those, however, who : held the Tongariro butter un 7 til it was delivered into warehouse did bettor still, ;for they were able to realise up to 140s. per cwt., by selling it in small panels. A fair price at which to average the Value o£ the butter received on consignment by s.s. Tongariro is, I consider, 1365. per cwt. That price could readily ,be made, yesterday. for large parcels, when the butter was being delivered int'o warehouses. ' ; • POSITION OF THE MARKET;

"At the present moment the market is, very firm and rising, but, naturally, when such a 1 figure,- as. that .now, ruling ■is. reachccl,, it is difficult to foretell what-may result.' 'It is, howovor, anticipated that the high rates will rule for the next six weeks. Meantime, it may be expected that I should give somo explanation of- tho' siiddon and extreme rise in price.'' The actualcauso is tho shortage supplies of butter coming into this 'country from all sources.% ;This shortage' l :was. not anticipated; and consequently has come as a surprise to the trade. \ Thero is, therefore, excited'competition to'secure existing stocks. " Two years, ago, wheii butter' Was 'plentiful, prides gradually declined, and' supplies were placed iii.'cokl storo in large quantity. Buyers last, year purchased New Zealand butter in the. Dominion/ freely at'top, prices, ixpectingi a' goby demand'.': The large stocks held in cold store,' however, being "steadily placed on the market, prevented: the rise in. values, that had been anticipated by the buyers',- who, in consequence, lost money on their pill chases.This'year they we're afraid' of being again 'bitten, and refrained ifrom buyiiu;. Owing to the high price, of cheese, this year, more attention has'.been given in New Zealand to cheese-making than to-butt-er-iniking.-, beeni producing little butter for oxport; confining herself to cheese. Tho expected large supply of biriVi'r .froiij 1 -,. Australia has : been diminished by ' tne, occurrence of. drought there. The buttsr shipments" (from : Now, Zealand,; like those from all other' sources, have 'declined, while .at the samo time this" season tlnre liavo been no cold-stored stocks.of butter to draw upon. When it was known'that shipments were .to bo;, short, and that,;there .was no.lcold-stored {siijjplj^^available,<,a 'panic set jttj.'Sri 1} prices; [rushed up/ v-j j' v ' • EXTREME, PRICE&' " Naturally, all realised early in;" the.: season .' by buyers,.-,or the ' purchases hiadt"';'-in''''tho Dominion 'would have, been greater, and values would have been higlie' - . It_ is,, howovor, fully, recognised , now,' ,anfl prices paid for . shipments to; arrive to the. end of the''season have lately been extromo. I i;m Jof 118s. per cwt. having <;iven for butter to, arrive from New .Zealand in shipments spread.over the next four'months. "Buyers in this country who this wear secured .outputs' of., buttor. ■ factories in New Zealand will, of course, 1 ,mako./'tremendous profits, and easily recoup ,-Jall loss' they may liavo inade' on ipurchases 'last year. Thoso factories' 'that have-'"pursued" a '.'steady policy of consignment should' have' a'-most succsssful year. ; -; ~ ; V .

"."• Tho . Dairy Commissioner, Mr., Caddie; .having;arrived in .London, has been closely watching'. ; fclie market 'for New Zealand butter. •: Along _ with him,' : 1 1 inspected the shipment of ilairy produce .received by s.s. Tongariro dtfring discharge. This vessel left Tyisllington on December 19, arriving, in, dock'/hero" on February 1. . She carried of , 'b,utfer; : .tliis:beiiig .the largest shijimept of .butter. 'so, [far advised" from the Dpn;iui6n .this ieasosj/jand V1.5,100'.'/crates of cheese. Tho 'butter was 'carried 'in' Nos. 2 tend 3 louver holds,, the, cheese in Nos. 1 and 2.f'tw'ceii/decks, andMn itho shelter, deck be--twe'en, 'Nos.l' and' 1 2/:/ The/ temperatures recorded in tho engineer's log wpro carefully examined-by, both Mr. Cuddie and myself, and foiind to havo'beeri properly maintained ■.throughout* the; (Vpyago^.-Thp, temperature ;at which "the. cheese "chambers'''had been kept averaged '50 deg. This was a .shado higher than that noted by. me in shipments- arriving by previous', boats;. but is,' I consider, a most satisfactory ono to maintain for cheese. Mr. Guddio sampled the.chess#in the doek store; but the buttor being in hard frozen condition,''could, not ..be ihas been examining, .it' ; in-several;of the ware- ' houses in tlio City,. ; - .''The)cheeso, market since I/last reported weakened' slightly, but: after falling has ref gained the, loss in price;: arid, quotations are now thfe same as : when I s last' wrote—about 615.. per cwt. for white, and. 625. for coloured.'' There ,havo been several complaints regarding : tho' quality, of; some of the New- Zealand cheeso received'this season. .Mr.,'Cuddie.'s attention has been''directed'" to 'those brands that have, been found faulty, and lie has taken note' of the complaints. On tlio other hand, everyone favourably of' -the quality of the buttor. It may'be consideredj, however, that as tho market is so firm, supplies short, and prices booming, that complaints "that might bo-mado in an ordinary- • season -'are being; overlooked.; ' -From, my 'expiorienoo of the butter, however, I am satisfied that the quality- is ' satisfactory." . ,