DROP IN BUTTER

Evening Post, Volume CIV, Issue 147, 19 December 1927, Page 12

DROP IN BUTTER

"INVISIBLE STOCKS"

PRICE AND DEMAND

(Received 19th December, 9 a.m.) LONDON, 17th December.

Hopes recently prevalent of an improvement in the butter market have not been realised. Trade has been phenomenally dull, with falling prices. Why this should ■be 80 experts cannot explain, for the statistical position seems satisfactory. One reason advanced is that invisible stocks (a term used for retailers' holdings) are larger than they were believed to be. Certainly retailers have been holding off for some time, so apparently they had enough to go on with. Yesterday's official report states there was more inquiry at the reduced prices, and as the retail price was lowered to Is 8d per pound there seems some ground for anticipating a better trade soon. The New Zealand Producers' Co-opera-tive Marketing Association's weekly cabled market'^report from London, dated 16th December, is as follows:—"Butter: Market quiet. New Zealand, finest 156s to 160s, first grade 152s to 1545, unsalted 170s to 1745; Australian, 150s to 158s; Argentine, 154s to 160s; Danish, 1S2»; Siberian, 146s to 1545. Cheese: Market slow. New Zealand, white 91s to 925, coloured 90s to 91s; Canadian, white OSs to 104s, coloured 100s to 1025."' The Bank of New Zealand, Produce Department, has received the following advice from its London office, under date 16th December:—"Butter: Little more doing; 156s to 160s per ewt. Cheese: Slow; 90s to 925." LONDON, loth December The butter market is very dull, buyers holding off. Choicest salted. New jsealand, 160s. to 1625. per cwt.; Australian, 1565. to 158s. Unsalteds are at about 15s premium. Danish is weak at about 180s. The cheese market is slow. New Zealand coloured, 90s. to 91s per cwt.; white, 91s. to 925.; Australian, 88s. ■ FROZEN MEAT PRICES. LONDON, 17th December. Sheep.—Canterbury, medium, 6 l-8d; North Island, medium, 5%d; Australian, firsts, 5 l-8d; ewes, sd. Lambs.—Canterbury, light, 9%d; medium, 9%d. Australian, firsts, 9%d; other States, B%d. Chilled Beef. —Argentine, fores, 3 5-Bd, hinds 5 5-8 d; others unchanged. Messrs. Dalgety and Co., Ltd., report having received the following cablegram from their London house, under date of the 15th instant: — "Lamb.—New Zealand prime Canterbury lamb, 28-36, 9 5-Sd; North Island, 28-36, 9ttd; Canterbury, 36-42, 9 5-8 d; North Island, 36-42, 9 l-8d; Canterbury second quality, SVtd; North Island second quality, 7%d; Canterbury, 42-50, 9d; market unchanged, demand limited. Mutton: New Zealand prime Canterbury mutton, 48-56, 6 3-8 d; North Island, 48-56, 5 7-8 d; Canterbury, 56-64, 5 7-8 d; North Island, 56----64, 5 3-8 d; Canterbury, 64-72, 5 3-8 d; North Island, 64-72, 5 l-8d; Canterbury ewes, 48----64, iYtd; North Island ewes, 48-64, 4 l-Bd. Market steady and unchanged; demand moderate. Beef: Argentine chilled hinds, 6%d; fores, 4d. Pork: English porkers, 80-100, lOd; New Zealand porkers, 80-100, B%d; New Zealand porkers, 100-120, Sd; New Zealand baconers, 120-170, C'/fd: Now Zealand baeoners, 170 and over, 6d. Australian lamb: G.A.Q. Australian lamb, 26 36, B%d; third Australian lamb, 5%d to 6%d; market dull owing to lack of demand; demand poor." The Bank of New Zealand, Produce Department, has received the following advice from its London office, under date 16th December:—Frozen meat: The market for wethers is quiet but firm. Ewes are in fair demand. Lambs are firm, but little business doing. Australian is quoted at 6%d to 9%d, and Argentine 6%d to B%d per Ib. The beef market is depressed owing to heavy stocks of Argentine. Wethers, light 5%d to 6%d per lb, heavy 4%d to 5%d; ewes, 4d to sd; lambs, 2's 9dto9%d, B's 9d to 9%d, 4's B%d to 9%d, seconds 7%d to B%d; ox hinds, 4'4d to 4%d; ox fores, 3%d to 3%d; cow hinds, 4d to 4Vid; cow fores, 3d to 3%d. The New Zealand Meat Producers Board has received the following cable from its London office, dated 16th December, advising SmitlTfield delivered prices at that date, with movements on the week, if any, shown in parentheses:—N!Z. wethers and maidens, Canterbury quality, selected brands, 56 and under, 6Vid; 57 to 64, 6 l-8d (up l-8d); 65 to 72, 5%d. Other brands, 56 and under, 6d; 57 to 64, s&d (up l-8d); 65 to 72, 5 3-Bd. N.Z. ewes: 64 and under, 4 5-Bd. N.Z. lambs: Canterbury quality, 36 and under, 9%d (up l-8d); 37 to 42, 9% (up l-8d); 43 to 50, not quoted; seconds, B%d. Other brands, first quality, 36 and under B?4d, 37 to 42 B%d; second quality, 30 to 32 average, B%d. Australian lambs: Victorian, first quality, 36 and under O'/id (up %d), 37 to 42 9'/id (up %d). Argentine lambs: First quality, 36 and under 7Kd; 37 to 42, 7d. N.Z. beef: Ox fores 4d, ox hinds 5%d. Argentine chilled beef: Ox fores 3 5-8 d (down J,4cT), .ox hinds 5 5-8 d (down Yid). Argentine frozen beef: Ox fores 4d, ox hinds 5 7-Bd. Frozen pork--80 to 1201b, 8d (down %d); 120 to 1801b 6V 2 d (down Vzd). Frozen veal: Not quoted. All markets quiet owing to Christmas trade. Messrs. Levin and Co., Ltd., have received the following cable from their London agents, dated 16th December. Frozen meat quotations (prices on a "delivered" basis, i.e., including storage charges, cartage, tolls, etc.):—Down lamb 28/42, nil; best North Island, 28/42 nilordinary North Island, 28/42, B%d per lb; second quality lamb', BJ4d8 J4d per lb; best North Island wethers, 48/64 5%d per lb, 64/72 S'/ad per lb; ordinary North Island wethers, 48/64, 5%d per lb; North Island ewes, 48/64, 4%d per lb, 64/72 4%d per lb; New Zealand prime ox beef, 160/220, 4%d per lb. As compared with last week's quotations, wethers and light ewes are %d per lb higher, and others are unchanged. The market is firm but quiet The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date 16th December:—New Zealand frozen meat: Lamb, market steady; mutton, market firm with upward tendency. (Last week's quotations: Lamb 9%d per lb; mutton, wether and maiden ewe, light 6d per lb, heavy 5V4d per lb; ewe, lijtht 4%d per lb, heavy 4%d.) SOUTH AMERICAN MEAT EXPORTS. The New Zealand Meat Eroducers Board has received a cable from its representative at Buenos Aires, South America, advising the following shipments to the United Kingdom for the fortnight ended Bth December, from Argentine and Uruguay:—l96,47o quarters chilled beef, 19,818 quarters frozen beef, 37,355 carcasses frozen mutton, 105,313 carcasses frozen lamb. The quantity shipped to.the Continent of Europe during the same period was as f0110w5:—95,339 quarters frozen beef, 11,690 carcasses frozen mutton. RAW MATERIAL PRICES. LONDON, 17th December. Cotton.—January. 9.66 per lb. Kubber.—Para, 17d; plantation smoked 19 5-8 d per lb. Jute.—December-January, £31 2s 6d per ton. Hemp.—December-February, £33 10s per ton. Copra.—December-January, £27 per ton Linseed Oil, £29 5s per ton. Turpentine, 39s per cwt. ONAKAKA IRON COMPANY. (From Our Own Correspondent.) NELSON, This Day. Onakaka Iron Company shows a net loss of over £7000, making total losses over £17,000. Although this looks bad, the directors are most optimistic, and state that the outlook "is not devoid of all hope, as certain contributory causes of the present position will be non-recurring, and the prospects generally are at present very bright and encouraging,