DAIRY PRODUCE

Dominion, Volume 24, Issue 188, 7 May 1931, Page 12

DAIRY PRODUCE

Butter Quiet at 106/108/-

CHEESE DOWN TO 46/50/-

The New Zealand Producers' Co-opera-tive Marketing Association s weekly cabled market report from London, dated May 5, u a follow --Butter: Market quiet. New Zealand 106/- to 108/-; Danish, 113/- to 114/-. Cheese: Market quiet. New Zealand, white 46/- to 48/-, coloured 49/- to 51/-. Joseph Nathan and Co., Ltd., have received the following market report from Trengrouse and Nathan, Ltd., London, dated MaV s:—New Zealand cheese: White, 46/47/- per cwt.; coloured, 49/50/- per cwt. Market very quiet. ■ Although the butter market has slumped badly since our last advice, we still have every confidence In the future of the market, state Joseph Nathan and Co., Ltd., in their monthly review. “Our optimism Is founded on the continued sound statistical position and It has been difficult In the face of ’this to find a reasonable cause or justification for the decline which has taken place. Weak selling by some buyers who had bought well earlier In the season and were content to quit stocks on arrival at slightly less than market rates certainly had a depressing effect on the market for a time, but even so, the fall should not have been so great. Cables just to hand from our principals give their vTew of the future of the markets as follows'Butter stocks only sufficient to last about ten days. Consumption now ahead of arrivals. Market affected by general depression and possibly finance, but there ate reasonable expectations of improvement. Cheese stocks In bad position; weather still against consumption; outlook not encouraging.’ As is only to be expected at this time of the year, arrivals In England will be lighter from now on, and it looks as if New Zealand butter will be In short supply, If consumption continues on the present basis. This should cause a hardening In values, and in anticipation of such recovery we have heard of- recent sales of April, May, June make at lljd, and even up to 1/-, f.0.b., which Is a fair advance on today's values.” The advance rates for May shipments are fijd per lb for butter and 3jd for cheese. Realising that the low advances, particularly those for cheese, may result In financial disability to producers, state Messrs. Joseph Nathan and Co., efforts are being made to have them Increased, and exporters here are In cable communication with the London Importers’ Association, putting the position plainly before them, and asking for their assistance and co-operation.

Manchester Market t Manchester, May 5. As a result of the Empire Marketing Board's propaganda, the steamer Surrey’s record consignment of 12,000 boxes of New Zealand butter to the port of Manchester was sold within forty-eight hours. HEMP AND TOW Greatly Reduced Gradings The quantities of hemp graded last month ,were less than one-quarter, and those of tow less than one-third of those dealt with in April, 1930. The gradings of hemp were 1124 bales, as compared with 4976 bales, a decrease of 3852 bales. Tow graded last month totalled 439 bales, as compared with 1342 bales in April, 1930, a decrease of 903 bales. Twenty-eight bales of stripper slips were graded, as against 80 bales a year ago. AUSTRALIAN STOCKS i Weakness in Wall Street New York, May 4. Sales of Australian securities on Wall Street to-day compare with those previously cabled as follow:—

Overseas Wheat Markets

London, May 4.

Wheat.—Cargoes to-day were firm and prices were raised threepence to sixpence per quarter. Parcels were held for a like advance, and trading was less active. Futures: London, June, 21/7 per quarter; Liverpool, May, 4/7 1-8 per cental; July, 4/8}; October, 4/9 3-8. New York, May 4.

Chicago Wheat.—May, 83} cents; July, 64 1-8 cents; September, 63 5-8 cents; December, 67} cents.

April 27. May 4. Commonwealth— Dois. Dois. 5 p.c., Jan.-July, 1055 .., .. 601 ■ 58} 5 p.c., March-Sent., 1057 . .. 60} 57} 4} p.c., May-Nov., 1956 . .. 53 53} New South Wales— 8 p.c., April-Oct., 1957 . .. 48 45} 5 p.c., April-Oct., 1958 . .. 50 48 Queensland — 8 p.c., Feb.-Aug., 1947 ... 57 7 p.c., April-Oct.. 1942 ... /. 80 60} •No sale.