BUTTER MARKET

Evening Post, Volume CIV, Issue 3, 4 July 1922, Page 8

BUTTER MARKET

LONDON'S LATEST RATES

LOCAL PRICE FURTHER

ADVANCED.

In sympathy with values in the London market the price of butter for the local-trade is advanced Id per pound as from . to-day. Standard brands are, therefore, 2s Id per pound in pats retail, returning Is lOd to factories supplying the local market. This is id per pound less than the value of butter free on board at New Zealand ports on London current prices of 230s per cwt, or ls 10|d f.o.b. Wellington. The companies who are meeting demands of the local trade have found themselves in a .much better position than those : who, have sold their outputs for export at Is sjd to Is 9d per pound. The London butter market is in a very sensitive condition' at the moment, and looks very much like weakening. The High Commissioner, advising by cable dated London, Ist July, reports as follows: — . '-'Butter market not quite so active ; prices somewhat irregular • and fluctuating. Present quotations are : — "New Zealand.—lst July, 228s to 230s .per'cwt, (2s Oid to 2s 03d per lb). (This ss, a rise,on.the week of 4s per cwt on the lower-price quoted.; On 17th June the ■ price was 196s t0.2005). I ."Australian.—lst July, 226s to 228s per cwt (2s Oid to 2s Oid per lb). "Argentine.—lst July, 212s to 218s per cwt (ls 10_d to Is Hid.per lb). "Irish.—lst July, 224s to 226s : per cwt (2s to 2s Oid per lb).. "Danish.—lst July, 224s to 228s per cwt (2s to 2s o_d per lb)." It should be noticed that NeSv Zealand is 2s'per cwt better than Danish: The National Dairy Association has to-day received the following cablegram from its London office dated Ist July :— ... "Butter market easier. New Zealand, 2305; Australian, 2265; Argentine, 2165. Demand for butter has slackened." ■.. OFFERS FOR NEXT SEASON.It is .reported that Is 9id per pound f.o.b.' is being offered on Behalf of British importing houses for butter to be made and shipped August, September, October. This is quoted as indicating opinion of the prospects for new season's butter; but there is also a fairly general feeling that the present London prices are too high to last, which view is supported by both 'the High Commissioner's and the National Dairy Association's cabled advices, published to-day. : .THE CHEESE MARKET. r With respect to cheese, the High Commissioner also advises from London, under date Ist July, as follows:— "Cheese market is less active at increased rates. Official quotations at Ist July ."are: —'•"■': , ■■'■' Canadian.—Coloured, new, 96s to 100s per cwt (10id to IOJd per lb); 'white, 100s' to :102s. per cwt (lpfd to 'lid per lb).. ' ! "New Zealand.—Coloured, • 100s to 102s'per cwt (lOfd to lid per lb); white, 102s to 106s por cwt (lid to U_d per lb). ■'" Australian.—96s to 100s per cwt (10id to 10fd per lb)."! The National Dairy Association is advised by cable from London, dated Ist July, as follows : — "Cheese much , quieter. White 104s per cwt; coloured, 100s. , ' , ' ; "Demand, for cheese,has slackened."; MARKET CONTROL. As to distributive control, the Australasian remarks that the scheme for giving stability to the market, recently prepared and now under consideration by butter and cheese factories in Victoria, it is considered, is not only wellnigh unworkable, but. it is almost certain not to receive the support necessaryeven to give it a trial. "What the industry needs to consider, is by what means' costs of production may be reduced, and it would benefit., greatly by paying more attention to improving the herds and studying economy in several ways. Fortunately for the farmers and consumers in Victoria, price-fixing is a thing, of the past. The Australian Farmers' Federal. Association, however, aims at: creating a monopoly in the daily produce : business, so investing itself with powers to dictate prices to consumers in the Commonwealth. Apparently, its idea, would'be to determine prices of butter on the basis of cost of production as compared by the .Victorian Farmers' Union, which apparently considers the amount to be 2s Id a lb. At present the wholesale price of best butter in Melbourne is ls Bel a lb., and Balling agents are not heard . complaining of the lowness of that quotation.": FRENCH DUTY ON DANISH. - The duty on all butter imported into France has beqn increased from 20 franc's per 100"kilogrammes. The higher duty operated from 6th April., «According to the Copenhagen correspondent of the London Grocer, the action of France did not come as a surprise to Danish shippers. It is added that although it. is rather premature to form' any idea of the permanent effect which the new duty will have upon the Den-mark-butter exports to France, it is, in the first instance, .^q'und 'td'.have a deterrent effect',on:|tradei;;';';■;':. r"!;.

SHIPMENTS FROM NEW .ZEALAND. .

There is sufficient shipping space available and-in sight, to lift the balance of this:. Reason's make 'of ;!!butter and cheese from the Dominion :by the first week in August. This; will, "leave all stores free to receive the new make as it comes.forward for/shipment.'