COMMERCIAL

Greymouth Evening Star, 28 February 1928, Page 9

COMMERCIAL

BUTTER AND CHEESE

(Special to “Star.”)

AUCKLAND, Feb. 27.

The opinion that this season has been one of the most favourable for many years for f.o.b. sales, is advanced by Mr. W. Goodfellow, in his monthly circular to dairy suppliers. He outlines the policy adopted by the N.Z. Co-op. Dairy Coy., concerning the butter sales on London market. He says it was decided at the end of January to take off the export market forthwith all the company’s requirements for the next seven months, for the London carton trade, and also to pack local market stocks for July. The sale totalling some 35,000 boxes. This decision resulted in the Company’s February shipments being reduced by 50 per cent. Mr. Wright, the London representative was immediately advised by cable, and he forthwith advanced the price of the' companyy’s butter from 158/- to 164/-, at which figure substantial sales were being made. Unless the all-powerful multiple shops companies of Great Britain decide to run the market down, in order to stock up, says Mr Goodfellow, he expects to see the present London prices maintained and probably advanced during April, when the February make from New Zealand will be going into consumption. Canadian buying has practically ceased, but the Australians are expected to do business in butter before June 15, when the duty will be increased from 2d to 6d per lb. The cheese market for New Zealand in London remains very satisfactory. During the month, buyers were reported to be offering up to Bgd f.o.b. for January, February, and March makes. The company recently sold a line for Melbourne at 9£d f.o.b. Limited Canadian stocks are firmly held, and satisfactory cheese prices are likely for the remainder of the season. The casein market has again declined somewhat and sales have been made in London at 62/- per hundredweight. Efforts to place milk powder and products and condensed milk on the Eastern market are to be made.

SYDNEY WOOL SALES. SYDNEY, February 27. Wool salesf met very strong competition for all sections. Values • were equal to the best sales last week. The extreme demand for comebacks and crossbreds continued in evidence. HERCULES MINES The mine manager at Reefton in a report dated February 20th, reports: “During the past two weeks the battery level has been extended 19 feet; for the past five feet we have' been driving on reef from Ift to Ift 6in wide. To-day it is from 2ft to 2ft Gin wide and has every appearance of widening and is now very wet, showing that we are on the same block as that driven on in the level above. Samples are being taken regularly and will get some assayed before the end of this month.”