OUTLOOK FOR BUTTER

Dominion, Volume 27, Issue 70, 15 December 1933, Page 14

OUTLOOK FOR BUTTER

Some Factors in the Market HEAVIER ARRIVALS IN U.K. Joseph Nathan and Co., Ltd,, have revived the following cablegram from their principals, Trengrouse and Nathan, Ltd., dated December 13: —New Zealand butter : 70/- per cwt.; market weak. Cheese : White, 48/-; coloured, 45/-; market quiet. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following advice from their London house: —Dairy produce (last week’s quotations in parentheses):—Butter: New Zealand choicest salted. 71/- per cwt. (70/- to 71/-) ; very quiet Cheese: White. 49/per cwt. (47/- to 48/-) ; coloured. 45/- to 46/- (45/-) ; market slow. \ A. H. Turnbull and Co., Ltd., have received the following cable from their principals, W Weddel and Co., Ltd., London, dated December 13: —Butter: Danish, 110/- to 111/-; New Zealand, finest, 69/- to 71/-; Kangaroo, finest. 69/- to 71/-. Cheese: New Zealand white, 47/to 48/-; New Zealand coloured, 45/- to 46/-. Both markets quiet. The spot stocks of butter in the United Kingdom are rather lower than they were at this time last year, but the very heavy quantities'afloat, together with the increased production in both Australia and New Zealand, have had a tendency to make buyers cautious, state A. H. Turnbull and Company, in their monthly market report, dated-December 12. .As a result the market during November weakened steadily, buyers adopting the policy of holding off. in the expectation of a continued fall in prices. Early this month, the market steadied nt round about 71/to 72/-, and more activity was noticeable. ,W.» Weddel and Co., Ltd., have cabled that they -expect a steady market from now till Christmas. Heavier Shipments to Britain. Estimated arrivals of New Zealand dairy, produce in the United Kingdom during Degember-January-Februarv. compared with'/ actual arrivals (luring those months : .in-the two previous seasons, are

Forward Stiles. During November very little forward business was done, as buyers were not inclined to operate. Toward the end of that month and early in December, faitquantities of butter were sold at from SJjl. to 84d.. f.0.b., for December-January shipment. Buyers are still available at these rates and for limited quantities, but there is no general activity. Australian Product ion. Although the Australian production has improved very considerably since the early part of their season, their- production up to the end of November was still some 8090 tons short of their record last year. • Victoria Las now definitely passed -the peak, and despite the fact that late rains have enabled Queensland and New South Wales to increase on their early production, the total figures for Australia disclose a gradual decline. The Australian Board,, after holding its fixed price for c.i.f.e. business at well above buyers' ideas of value for the past two months, dropped its price to 69/- on December 1, which was practically equivalent to" the buyers’ ideas of value of New Zealand butter for forward shipment. Postponement of Sltipmetii. The Australians have apparently now decided to postpone shipment of approximately 20 per cent, of their production until after March. There seemed to be a general feeling in New Zealand that this was a move toward quotas, but from ; what can be gathered it does not appear v'lthat there was any idea of Australia definitely adopting a quota. It was merely an idea that shipment should be postUponed so that arrivals of Australian butter would be spread in much the same way that the New Zealand Dairy Board has spread the arrivals of New Zealand butter for many years past. It is a little difficult to forecast what the result of this postponement of shipment will be. aud the success of the plan will depend very much on the weather conditions for the northern hemisphere spring and the southern hemisphere autumn production. Heavy American Stocks. At the end of October, the New ’Zealand Dairy Produce Board advised that stocks in the United States were approximately 42.000 tons greater than at the same, time last year. Although America lias isolated herself from the rest of the world's markets as far as butter is concerned, this heavy quantity must sooner or later affect the world 'markets. With the depreciation of the dollar, the Americans may be inclined to. export a portion of this surplus, and already mention has been made in the press of the possibility of-butter from America being exchanged for exports from Great Britain; ' : ’ • ! ' Cheese Market.. The cheese -market has shown a little ;weakness in sympathy with butter, but Ha-s maintained'a much steadier price level. W, IjVedd.el and Co., Ltd., have cabled that stock's of cheese are low, but the heavy production in November and December in New Zealand, and large quantities still afloat, will probably prevent any rise in prices. The market, however, has been steady and consumption good. No interest has been shown by forward buyers. GRAIN AND PRODUCE Australian Market Prices By Telegraph.—Press Assn.—Copyright. (Received December 14, 8.30 p.m.). Sydney, December 14. Wheat, bagged on sidings, 2/04 a bushel; bulk, 1/114 ;\being equal to about 2/74 ex trucks, Sydney, Flour, £ll/15/.- a ton. including £4 5/- a ton Federal-tax., Bran, £4/5/- a ton. Pollard, £4/15/- a ton. Potatoes: Tasmanian, to £7 a ton ; Victorian,to £3/10/-; local, new, £4/10/-. -Onions: Victorian Brown Spanish, £4 10/- a ton. Oaten hay, £7/10/- a ton. Maize, 3/8 a bushel. Adelaide, December 14. Wheat, growers’ lots, 2/4 a bushel. Flour, bakers’, lots, £7/2/6 a ton. Bran and pollard, £4/17/6 ; a "(on. Oats, Algerian, abobt 1/10 a bushel. Chicago Wheat Futures By Telegraph —Press Assn.-—Convrieht New York, December 13. Chicago wheat futures: December, 83 3-8 cents; May, 85J cents; July, 834 cents.- • New--York; cash; 95 5-8 cents. AUCTION DIARY TO-DAY. Rolleston St., 10 a.m.—Sale timber, doors, safe, etc. (E. Johnston). Basement, Hope. 'Gibbons Buildings, Dixon Street, 1 p.m.—New furniture (E. John ■ ston). , ■',■ ... Cuba St., 1.30 p.m.—Furniture (Silver- - stone). 98 Manners St., 1.30 p.m.—Furniture (Kam- . sey ,Wil son ). / ' 8 Willeston St., 1.15 p.m.—Toys (E. John ston). . -N '9l Dixon St., 1.30 p.m—Furniture (C. SV. Price). “

MONDAY. Johnsonville store stock and dalry'"saie, 1 ..... ....

MAIL NOTICE

Australian Out To-day Maile will close at Chief Post Office, Wellington (Ci), and between 0.30 a.m. and 5 .P-“; at Te Ar o (C2), and Wellington East (C 3 Post Offices as under, except late fee. Packet and newspaper mail closes half an | hour before the time of closing ordinary letter-mails :— FRIDAY. DECEMBER 15. Australian States; Ceylon. India, China, Japan, Straits Settlements, Egypt, and South Africa, per Monowai, 1 p.m.; c.P.O. late fee. 2 p.m.; at steamer, 2.45 p.m. Parcel mail closes 11 a.m. Norfolk Island, per Baroona, from Auckland, 1.30 p.m.; C.P.O. late fee, 2 p.m. Parcel mail closes noon. Late fee box, outside Thorndon Station, 2.50 p.m. Australian States, via Sydney, per Canadian Scottish, 4 p.m.; C.P.O. late fee, 5 p.m. Parcel mail closes 2 p.m. Great Britain, Ireland and Europe, for correspondence specially addressed “per Norfolk”; also Central America, British, French and Dutch Guiana, Venezuela, Republic of Colombia. Peru, Ecuador, via Cristobal, per Norfolk, from Napier. 5 p.m.; C.P.O. late fee, C p.m. Parcel mail closes ‘ 4 p.m. Mails reach London approximately January 26. MONDAY. DECEMBER 18. Fiji, Tonga, Apia, Pago Pago, Hawaiian Islands, and Japan; also specially addressed correspondence for Canada, United States of America, Mexico. West Indies, Great Britain, Ireland and Europe (due London January 12), per Mariposa, from Auckland, 1.30 p.m.; C.P.O. late fee, 6 p.m.; late fee box outside Thorndon station, 7 p.m.. Parcel mail for Fiji, Tonga, Apia. Pago Pago, and Hawaiian Islands, closes noon. Correspondence will also be accepted for dispatch by Air Mail services in Canada and United States of America. INCOMING OVERSEAS MAILS. (Arrival times approximate only.) December 15.—S.S. Otira, from Sydney, via Opua: Australian mail for Wellington, . 2 bags,. 1 parcel receptacle. December 16.—S.S. Kartigl, from Melbourne. via Bluff: Australian mail tor Wellington, 10 bags, 5 parcel receptacles. December 17.—M.V. Wanganella, from . Sydney,: Australian mall. December 20.—S.S. Mararaa, from Sydney, via Auckland: Australian mail. December 20.—S.S. Mariposa, from Sydney, via Auckland: Australian mail. December 21.—S.S. Rangltata, from London, via Auckland: English mail for New Zealand: 1000 bags, 400 parcel receptacles. . December 2(I.—R.M.S. Aorangi, from Vancouver, via Auckland; English and American mail. INLAND MAILS. By Steamer. (Unless otherwise - indicated mails close daily.) Plctoti. Havelock, and Blenheim, via Picton. per Tamahlne (Mon., Wed., Fri.), 1.30 p.m ; CPO late fee 1.45 pm.: steamer. 2.30 p.m Nelson and Havelock, lettet mails to: Blenheim Reefton and Westport; letter malls for Plcton (Mon., Wed. Fri.l. also all malls for offices In Pelorus Sound (Wed. and Sat.): Mon., Wed., Fri., per Arnhura. 5 p.m.; C.P (). late fee (I p.m.. at steamer, 7.15 p.m Tues., Thurs., Sat., per Matangi, 5 p m.; C.P.O late *ee 0 p.m.: nt steamer 7.15 p.m. Southern Offices ot New Zealand, Mon.. Wed., Frl„ per Rangatlrn, 6 p.m,; C.P.O. late fee 6.45 p.in.. (except Marlborough and Nelson districts; also Reefton and Westport. Mon., Wed, Fri only); Tues.. Thurs.. Sat., per Wahine, 6 p.m.; C.P.O late fee 6.45 p.m., late fee box nt gates to ferry wharf. 730 p.m , I -M. MCLEAN, Chief Postmaster. Friday, December 15.

Otago Harbour Loan Success

By Telegraph.—Press Association. Dunedin, December 14. A cablegram received from London states that the Otago Harbour Board's loan has been oversubscribed. The loan is of £600,000 at 44 per cent, issued at £99. to repay 5 percent. loans maturing on January 1.

as follow:— BUTTER. . 1931-32. 1932-33. 1933-34 Ton s. Tons. Tons. Dee 12.S00 13.716 14.500 Jan 12.777 12,665 15,450 Feb 10,371 9,537 14.975 »1 1 - - - ' — ■ Total 35.948 35.91S 44,925 CHEESE. 1931-32. 1932-33. 1933-34 Tons. Tons. Tons Dee 7,602 9.259 8,064 Jan 9,889 11.137 11,400 Feb 8,626 ■ 9.968 11.100 ■ 1 ■ —— ■ ■ 1 ■■■ ■ ■ " i Total 26.117 30.364 30,564