COMMERCIAL

Greymouth Evening Star, 16 January 1928, Page 8

COMMERCIAL

INDIAN GOVERNMENT LOAN. (Australian and N.Z. Cable Association.* LONDON, January 14. The Government of India has underwritten 4-| per cent a loan of £7,500,000 issuing at £9l 10s per cent and redeemable in 1958-68. STOCKS AND SHARES.

DUNEDIN, January 16. Sales, on ’Change, Union Steamship (pref.) 20/1. Reported: Union Bank £l4/12/6. BUTTER AND CHEESE.

Messrs A. H. Turnbull and Co., Christchurch, report: — Butter:— All descriptions have shown a steady fall throughout the month and Messrs W. Weddel and Co. Ltd., London, cable that this has been brought about by a variety of circumstances —namely: (I) 1 Reduced home consumption; (2) Rapid recovery Australian production with offers “Kan-

garoo”' 1 brand 151/- c.i.f., which was made possible by the increased county paid for export, under the Patterson scheme; (3) Heavy shipments of New Zealand butter to arrive and to be shipped during December-January; (4) Increased production in New Zealand; (5) Decreased expoyt to the Continent, owing, to a prolonged season there and in Ireland. The market actually fell to 156/- for finest and the retail price

to 1/7 pei’ lb. At this level, the large multiple shops purchased heavily and this, together with the increased consumption owing to the lower retail price and colder weather on the Continent, caused a rapid recover// to 164/-, at which level we look for a steady market during January. There has been active buying in the United Kingdom for January-February ship-

ment from New Zealand at l/3id f.0.b,, but Canada appears to be satisfied for the present on the Atlantic Coast, although several recent sales are reported to Vancouver. Production: The output of .butter again constitutes a record for the month of December and for the five months ending December 31. Cheese shows .a slight decrease for December but for the five months is still 1270 tons ahead of the past season.

Cheese: It is interesting to note the fall in the production of Canadian cheese during their last season, estimated at fully 300,000 cheese, the reason being that -both milk and cream are being used in other directions. Milk in the Condenseries and cream in the manufacture of Ice Cream, whilst a large quantity of both milk and cream is being transported over the border to the United States of America. This shortage had a beneficial effect on the values of our New Zealand cheese, and largely influenced the steady market in November, but with‘the heavier arrivals from New Zealand during December, the market weakened considerably and prices fell from 100/- to 92/- for white, and from 98/- to 94/- for colored. The reduction of the retail rate to 1/- per lb has had the desired effect and the market closes firm and should remain steady during the month. The only offers reported f.o.b. for January make, and to end of season, are on the basis of 8d nett f.0.b., which is well below the parity of to-day’s London spot market.