PREMIER EXPORT

Evening Post, Volume CXVI, Issue 143, 14 December 1933, Page 12

PREMIER EXPORT

MILK PRODUCTS

MARKET VAGARIES

"Evening Post," December 14.:. Once upon a time wool was the "headline" in the exports of the Dominion. It is printed in smaller letters by comparison, than meat. For the te.n months of this year exports ,of milk ' products in New Zealand currency—to which, the exchange premium hasi to, be-added—were of the following values:— ' £ Butter ..- 8,550,540 Cheese '....;.'.........;...'..'... 3,739,413 Casein ' 60,436 Milk powder 230,600 Sugar of milk 9,884 Preserved milk • 29;805 Total £12,920,984 For the same period meat exports, including tallow, skins, hides, and all that, were about £9,700,000; whereas wool was down to under £6,500,000. The markets for butter. and cheese —for of the markets for other milk, products but little information -is . available— for /this year have frequently been, bclo"w cost of production. The'average-price of New Zealand butter in the' London market at this time last year was .8.4s per, cwt, and 'this'year began'at 81s. Then -the-price fell away until at one time in April last ■it was as low as .6'os per cwt, .the average for that month, however, being 68s. A recovery followed in May and 77s was the average. Abnormally dry weather conditions in Great Britain and northern dairying countries generally may explain why the market rose to 90s in August and 102s in September. For October the price was arouiid'97s, and.it has, now slipped back to about 71s for finest quality New Zealand butter—and this on the eve of Christmas. Australian butter, the great ' competitor 'with New Zealand in the British market, has-been subject to the same vagaries of the market. Even Danish butter has suffered to the extent that -while a month ago it was commanding 119s 6d, today it is selling in London at 112s. ■■'..: Heavy quantities of New Zealand butter are being produced and are already afloat, and in these circumstances buyers are naturally careful not to commit themselves, especting prices to; go even lower than the current quotations of 71s to 7^s for New Zealand. What is wanted in this butter market as in many other: markets, including exchange, is stability. However, some buyers are in the New Zealand market for butter at B%d to BV 2 d per Ib, free on board New Zealand, but only. for shipments made during this month and next. Beyond January they will not go at present. The cheese market is much steadier, but prices are still very low. The year began with white New Zealand cheese bringing 47s per cwt in London. Coloured cheese, which Was scarce, brought 10s per cwt more, but subsequently this margin was narrowed. The London price for Ne.w Zealand white cheese last December averaged 46s per ewt. Today it is bringing 495, and coloured is/down to 465. So far as can be ascertained locally, there are no inquiries for forward business in cheese. Interesting comments on the London market position are contained in cablegrams received yesterday; by A. H. Turnbull and :, Co. from their principals, Weddel and Co., London. This firm is of fife opinion that the butter market should remain steady until Christmas; and that; the cheese- market will be likewise. Consumption of cheese is reported as good. : The.position of the premier export of the Dominion today may be summarised ■as follows: — Butter market steady; prices low; increasing production, but shipments regulated. • Cheese market steady; prices low; production heavy and large quantities on the ■water; demand good.