DAIRY PRODUCE MARKET

Hawera Star, Volume LII, 19 November 1932, Page 4

DAIRY PRODUCE MARKET

BUTTER AND CHEESE REVIEW FURTHER DECLINE IN BUTTER CHEESE QUOTATIONS LOWER, Butter Quotations — This week's Finest grade, 92/-; ifirst, 90/-; market slow. Last week: Finest, grade, 96/-; first, 92/-; market quiet. Last year: Finest grade, 114/-; first, grade 107/-. Cheese Quotations — This week: White, 61/-, coloured, 68/-; market slow. Last week: White, '64/-; coloured. >6O/-; market quiet. .. Last year: White, 69/-; coloured, 68/-. ■BUTTER.. Lowest cabled quotations recorded for many years for butter are reported this week, a further decline of 4/- per cwt. on finest grades having occurred. Fresh arrivals of -new season’s- -make with quantities of -finest grades' included in .them, have -reduced 'the Imafgin between finest and first grade to the normal 2/- per cwt. Whilst consumption will undoubtedly be stimulated at the new low level of prices, this will be necessary to absorb the increasing quantities being poured into the United Kingdom from all sources. Statistics issued by the New Zealand Dairy Produce Board reveal that for the three months ending October 31, 1932, shipments totalling 25,153 tons were made from New Zealand alone to the various ports of the United Kingdom, compared with a total of 17,391 tons for the corresponding period of last year, an incre’ase of approximately 44 per cent. Further the estimated butter stock position at November .1 was as follows: 1932. 1931. 1930. Stocks in London IS ,700 16,700 1)7,100 Stocks in N.Z. 9,400 9,200 6,350 N.Z. stoc ks' afloat 14,893 10,755 10,186 42,993 36,653 33,636 On perusing, these figures the cause of the recent decline in prices does not take much seeking. As stated by Mr Goodfellow in the course of his address to dairy farmers at' Stratford last /Monday, the future of the butter market must depend largely on European conditions. ' Only when trade is revived in these countries, enabling them to once again absorb large quantities of foreign butter (at present being forced on the market of the United Kingdom) can we hope to see an improvement in our butter prices. Slight activity is reported on the part of forward buyers during the past week, further small quantities having been sold round about 9 5/:l6d per lb. f.o.b.

The average London retail price of New Zealand butter has been reduced ■to !/- per lb., Danish remaining unchanged at 1/3. -CHEESE, The last of our end of season’s make of cheese having, arrived on the London market during the first week of the month particular interest centred round the arrival of the first of (the new season’s, which arrived last week by the s.s. Otira and s.s. Port Wellington. The market generally showed, an easing tendency, values declining from 2/- to 3/- per cwt. This figure ha.s been viewed by many in a pessimistic light, hut it must be remembered that whereas the previous week’s quotations wore for a fully matured article ■this week’iS offering was comprised chiefly of the new season’s make and therefore somewhat immature. A similar reaction has been recorded in most other years on .the arrival of our new season’s cheese. The New Zealand Dairy Produce Board’s statistics reveal a much sounder position with regard to cheese stocks at October 31 than do the butter. They are as follows: 1932 1931 1930 Stocks, Canadian, Aus- . tralian and New Zealand at London, Liverpool and Bristol 9,180 14,700 13,497 Stocks in New Zealand and afloat 15,693 12,793 14,563 Total 24,873 27,493 28,060 Official grading figures for the three months ending October 31,. 1932, reveal the illuminating fact that of the cheese, graded during that period, only 27 per cent, was coloured compared with 37 per, cent, coloured for the corresponding period of last year. Thiq week’s cabled quotations show the margin between white and coloured cheese to have been reduced to 3/- per cwt.

No activity on the part of forward •buyers is reported this week. Although indications of s§d f.o.b. for Dc- ! comber shipment were received, no factories appear to nave been interested at this (figure, most preferring to risk consignment rather than accept thi§ price. The average London retail price of New Zealand cheese remains at 9d per lb. LONDON MERCHANT ’,S CABLE. Henry A. Lane and Co., Ltd., Hawera, have received the following advice from the 'firm’s London office: — New Zealand butter.—SOs, 925; market slow. Australian butter.—S7s, 'B9/-. 'Danish butter. —104 s f.o.b. New Zealand cheese.—White 61s, coloured 58s; market slow. ,