DAIRY PRODUCE

Dominion, Volume 24, Issue 266, 6 August 1931, Page 12

DAIRY PRODUCE

London Market Prospects AN OPTIMISTIC NOTE In their monthly report on the London butter market, Joseph Nathan and Co., Ltd , state that after showing signs at the beginning of July of a welcome upward trend, the market has again moved In favour of buyers. On July 13 the market was Arm at 115/- per cwt, but has since receded until the week-end quotation was again 110/- per cwt. “The unsettled European situation, coupled with fairly heavy arrivals, has no doubt accounted in no small measure for this fall in values, but now a settlement of Germany’s finances has been arranged, we are again looking for higher values. Our principals' anticipations for the forward market are optimistic and quote August 120/- September 124/-, and early October 128/-?’ Buyers have been more or less active during the month, and some sales have been made, mostly by factories anxious to clear up the end of season’s make and thereby make a definite final payment to suppliers. Although the cheese market has, generally speaking, followed the trend of the butter market, it has not been affected by the recent fall of the latter. As a matter of fact, It has been quite the reverse, and has risen a further 1/- per cwt. In view of the flrm tone of the market, buyers have again become active, and sales have been made of afloats and in store, Most of the buying has been confined to LLc South Island, where little cheese now remains unsold. Buyers’ limits have increased, and there are reports of sales at Old t.0.b., equal to about 64/- per cwt. The rates of advances against Augu it shipments are: Butter, lOd per lb; cheese, sfd per lb. Discussing the question of maturity of cheese, the report commends the recentlygazetted regulations providing that AugustSeptember makes must be kept on the factory shelves for three weeks, but expresses the view that the whole of the season’s cheese should be held for that time or even longer, instead of reverting to the fourteenday period from October onward. This would probably necessitate extra accommodation being made available, but the expense involved should be well repaid by a higher return, and a more satisfactory outturn at the other end. The report considers that the new regulation regarding the temperatures of curing rooms and cool stores should tend to bring the cheese more quickly to maturity. Hemp and Tow Gradings Gradings of hemp and tow at Dominion ports last month show heavy decreases as compared with those for July, 1930:— *

July, 1030. July, 1931. Decrease. , Bales. Bales. Bales. Hemp 2311 1032 127ft Tow .... 608 495 MB Stripper Slips <13 8 4