DAIRY PRODUCE

Dominion, Volume 24, Issue 52, 25 November 1930, Page 12

DAIRY PRODUCE

Market’s Heavy Decline A COMPARISON OF VALUES The persistent decline in the values of butter and cheese since the beginning of the season is a serious matter for the dairy farmers of the Dominion. On August 1, from which date the new season begins, the price of New Zealand salted butter In the London market averaged 137/- per cwt., while at the corresponding date in 1929 the price was 170/6. But new season’s butter was not then on the market; it was available about the end of September, and came into competition with the carry-over butter of the past year held in cold store. The average prices for butter and cheese over the past nine weeks com-

The decline in the price of butter, as compared with last year, is £64 a ton, and for cheese £24/10/- a ton, which is a serious matter for the dairy farmers; but taken as a whole up to the end of September the difference in the aggregate was small. The value of the butter and cheese exporte dfor the year ended September 30, compared with the corresponding period of 1928-29, show as under:— 1930. 1929. £ £ Butter 13,149,011 12.754,805 Cheese 6,555,641 7,128,431 19,704,652 19,883,236 The decline according to the above figures was only about £lBO,OOO, which Is very small. The figures given above are the declared values at the time of shipment, and while for the season 1928-29 they were acceptable because there was no great change in the values over several weeks, the same cannot be said for the 1929-30 period, for there has been a steady fall practically each week, and it is obvious that the earlier shipments would be overvalued. The prices are now well below the pre-war level. In July. 1914, New Zealand butter was selling in London at 118/-, and the price to-day is well below the cost of production. Stocks and Deliveries. The Empire Marketing Board’s estimate of stocks of all butters as at ovember 15 was 438,361 boxes, which compares with previous dates as follow:—

■ There are heavy, shipments of New Zealand'dairy produce on the water and as detailed yesterday 895,000 boxes of butter and 308,700 crates of cheese have been aUotted for sailings up to January -1. A Tooley Street View. The Anglo-Continental Produce Co., Ltd., of Tooley Street, London, writing on October 15, at which date New Zealand butter was selling at 114/- to 118/- a cwt., comment on the position as follows;— “Since our last report we have had a very bad two weeks on butter. As already written," the heavy stocks have a very big sentimental effect on buyers, and with a continued Increase In the production In New Zealand, Australia and the Argentine, nnd having regard to the economic position of these countries, buyers are very reluctant to take more than what they actually require from day to day. However, with Ireland and Continental makes falling off, there has been for the last two days a decided improvement In the position, and there are altogether many more buyers for New Zealand and Australian, Including stored butters, than we have had for some months, while the European and Irish butters were coming here in big quantities. In our opinion the market was allowed to go down much lower than vias necessary, and this was chiefly owing to too much centralisation on the part of New Zealand and Australia. Had the arrivals been spread and sold through the same channels as In pre-war days. do not think we would have had such an Ut "The°consumption of butter ani | che®se is good, but it must not be forgotten that the spending power to-day depends greatly upon the dole.” ACTION BY IMPORTERS London Meeting To-morrow Members of the New Zealand Dairy Prodnrp Importers’ Association in Tooley Street. London, according to a cable messnee received in Wellington, are meeting to-morrow to discuss the present market nosßion, and what action is possible to arrest the present downward tendency in the price! of New Zealand dairy produce. A FURTHER FALL Saturday’s London Prices Tnseph Nathan and Co.. Ltd., have rece?ved P the following market report from Trnnurouse and Nathan. Ltd., London, irregular. government stocks London, November 20. The following table gives current quoand colon al. inscr bed

CUSTOMS REVENUE. The Customs revenue collected al. the port of Wellington yesterday totalled

pare as under: — Butter. 1930. 1920. Cheese. 1930. 1929. Sept. as .. 95/Oct. • > -a*.... . 119/1 181/6 71/6 95/Oct. 10 .. 113/181/6 94/Oct. 17 .. 181/73/6 93/Oct. 24 . 115/179/6 73/6 93/Oct. 31 . 112/177/6 94/Nov. 7 .. 112/172/6 93/Nov. 14 ,. 110/6 93/Nov. 21 . 107/6 171/6 70/94/6

Boxes. August 22 .... September 6 .. 1,002,346 967,442 887,610 828,584 743,389 613,645 438,361 September 20 . October 4 October 18 •••• November 1 ••• November 15 .. According to the Dairy Board’s weekly reports, stocks of New Zealand butter and cheese in store in follow:— London have been as Butter. Cheese. Tons. Crates. September 4 .. 10,491 103,500 September 11 .. 9,994 117,403 September 18 .. 8,820 110,647 September 25 . 7,907 99,186 October 2 S.550 91,910 October 9 7,500 83,774 October 16 .... 7,400 62,984 October 23 .... 6,325 51,244 October 30 .... 6.000 43,000 November 6 .... 4,400 40,605 November 13 . 3,413 28,807 November 20 . 3,466 29,417 Deliveries during have been: — the last twelve weeks Butter. Cheese. Tons. Crates. September 4 .. September 11 • 1,287 1,489 26,000 22,372 September. 18 . 1,895 28,573 September 25 . 1,167 19,144 October 2 .... 1,065 18,267 October 9 1,240 17,587 October 16 .... 1,719 20,797 October 23 .... 1,350 lo,738 October 80 .... 1,450 11,416 November 6 .. ■1,950 12,838 November 13 . 1,520 1,631 13,380 November 20 . 11,325

stocks compared with t lose P £ of Nov. 13: — rice. Variation. s. d. £ B. (1. Consols, 24 £ -e ’ 1n knnn Fund. Loan, 5, 1960-90 War Loan, 5, 1929-47 Convers. Loan, 3$ p.c. . Victory Bonds, 4 p.c. . Com’wealth, 5, 1! { 4b -75 Com’wealth, 0, 1031-41 Victoria, 3, 1929-49... Victoria, 3A t 1929-49 .. Victoria’, 54, 1930-40 . Victoria, 5, 1932-4- .. Victoria, 4J, 1940-60 .. N.S.W., 4, 1933 N.S.W., 3, 193? ..•••• N.S.W., 34, 1930-50 .. N.S.W., 51, 1922-32 .. N.S.W., 64, 1930-40 ... N.S.W., «, 1930-40 ... Q’land., 5. 1940-60 .... Q’land., 3, 1922-47 ... O’land.. 6, 1930-40 ... 58 94 102 81 96 86 96 58 60 88 81 79 90 79 60 91 95 89 80 59 91 15 15 12 15 17 7 10 0 10 0 0 15 6 10 0 0 17 15 0 0 6 0 6 6 0 0 0 0 0 0 6 0 0 0 0 6 0 0 0 0 0 0 2 1 3 1 0 3 0 0 1 1 1 1 0 0 same 10 0* 2 64 10 0’ 2 64 2 lit 17 Gi10 0* 5 0* 10 olio Or IT) Of 5 Of 7 6* 15 04 12 6* 0 Ot 0 Or 7 04 10 0* 15 0» N.Z., 41, 1.948-58 .... 97 lb 0 0 N.Z., 31, 1940 90 12 6 same 81 15 0 same N.Z.'.’ 6,’ 1936-51 106 2 6 same St Austr.. 31, 1939 .... 77 10 0 0 Id U’ St Austr.. 3. 1916 or after 50 0 0 1 10 0* ,8. Austr., 64, 1930-40 . 95 15 0 1 7 6t Tasm., 34, 19 o 0-40 .. 77 10 0 1 0 0* Tasm., 3, 1920-40 .... 74 0 0 2 0 0* Tasm., 01, 1930-40 .... 97 0 0 0 10 ot W. Austr., 34. 1920-35 .. 84 0 0 3 10 0t W. Austr., 3, 1915-35 . 79 10 0 same W. Austr., 6, 1930-40 . 94 0 2 10 ot f Higher. ♦Lower.