DAIRY MARKETS

Evening Post, Volume CXV, Issue 24, 30 January 1933, Page 12

DAIRY MARKETS

'■ PRICE DECLINES

EFFECT"OF EXCHANGE

No improvement is visible this week in the London market for New Zealand butter and cheese. The: Dairy Board's cabled advice of the state of business when the produce exchange closed for the week is to the effect that the butter market was slow and the New Zealand coloured cheese market was firm. Wholesale prices of both New Zealand butter and cheese fell by Is per cwt. for butter and 6d to Is for white cheese; but coloured cheese was dearer by 4s to 5s on the week, as that article is in short supply. Retail prices in London for New Zealand dairy produce are as follows:— ' ~ Per lb. Butter ij,j Cheese 8d "Danish butter is retailing at Is Id per Wholesale prices are as follows:— Butter. Pe r cwt . A.ew-Zealand, salt 79s to 80s Aew Zealand, unsalted .. 80s to B's Australian, salt. 75 s to 78s Australian, unsalted ... 78s to 72s Argentine, unsalted .... 76s to 78s Dutch, unsalted HBs to 120s Latvian, unsalted ...... 94s to Danish, spot price .... 114s to 116s Danish butter rose during the week by 8s per cwt. Cheese. p er cwt. New Zealand, white .. 45s 6d to 46s _ew Zealand, coloured.. 58s to 59s Australian/white .. 44s to — Australian, coloured 55s to 563 Canadian, white 60s to 68. Canadian, coloured ..... 60s to 66s' English farmers' 96s to" 105s The stock position of all butters in the United Kingdom, according to the Empire Marketing Board, is a holding of 638,200 boxes as at 21st January, compared with 403,247 boxes at the corresponding date last year. New Zealand butter in stock at 27th January was 6582 tons, compared with 2739 tons at the same date last year, and Australian stocks were 4483 tons, compared with 2889 tons for 27th January of last year. LOWER PRICE, GREATER RETURN. The increase in the exchange rate New Zealand on London -has necessitated the adjustment of the board's table of approximate' values of butter and cheese, based on London prices and prepared by Messrs. G. A. Duncan, Hawera, and G. M. Pottinger, of the Dairy Board staff. The change may be better understood when it is explained that the free on board New Zealand values of butter and cheese before and after the exchange was raised were as follows:— Butter in London at 81s to 82s per cwt before the rate was raised equalled 8 l-8d per lb free on board New Zealand; and at 79s to 80s per cwt after the rate was raised it equalled 9d per lb f.o.b. In other words, although the price in London fell during the week by Is per' cwt the price returned to the farmer was increased 7-8 d per lb. New Zealand white cheese which sold in London at 48s to 49s per cwt. before the rate of exchange was put up gave a return equal to 4_d per lb in New Zealand; but after the rate was raised, although the price fell to 45s 6d to 46s per cwt, the return to New Zealand producers was raised to 4%d per lb. . Joseph Nathan and Co., Ltd., have received. from Trengrouse and -Nathan, Ltd., the following cabled advice, dated 28th January: -"New Zealand butter 79-80s per cwt; New Zealand cheese (white), 465, coloured 58s. .Tsoth markets quiet.