DAIRY PRODUCE MARKET

Hawera Star, Volume LII, 28 January 1933, Page 4

DAIRY PRODUCE MARKET

BUTTER AND CHEESE REVIEW COLOURED CHEESE RISES EASING IN PRIOR FOR WHITE Butter quotations: This week: Finest 80s, first 795; .slow, but .steady. Last week: Finest 81s, first 80s; steady. Last year: Finest 965, first 945. Cheese, quotations: This week: White 465, coloured 58s 3d; market slow. Last week: White 475, coloured 565.; market quiet. Last year: White 575, coloured 565.

BUTTER. Little variation from the continuing low- prices is to be reported in this week’s cabled quotations, finest grades having eased Is per cwt. to 80s. Whereas prior to the rise in exchange, however, this price represented a net f.o.b. return to factories of 8d per lb. it now represents approximately 9d per lb. f.o.b. One of the most satisfactory features of the market is the increasing consumption as a result of existing low prices, London deliveries of New Zealand butter for the week ended January 20 being 2100 tons compared with 1781 tons for the corresponding period of last year. Whilst the disastrous effect of such low prices is self-appar-ent, nevertheless the resulting .benefit in the widening of our market must riot be lost sight of. A more optimistic note for the future is struck by the well-known foodstuffs journal, the “Grocer”, in its issue of December 10, in which it says: “The heavier supplies to arrive during this month and next are partly responsible for the recent lethargy of the market. If times were ordinary, one or two hundred thousand boxes of butter would not depress values* as is the case at present. It is necessary to look in another direction to find the solution. Economic disturbance is the only answer and it is world-wide. The latest contretemps is the difficulty in reaching a favourable settlement with all parties of the War Debts. This feature seems to. be the main cause of the collapse in all commodities, not one of which is escaping the debacle. It would be very surprising if such a necessary product evaded the general depression and lower values. But a sudden recovery cannot he rul.ed out of serious consideration -when it is larne in mind that the present- basis of butter prices has not been experienced for very many years. Surely a recovery must set in soon!” With the recent increase in. exchange rates and the low condition of the market it is not surprising to find little activity this week on the part of f.o.b. operators.

CHEESE. An easing of Is per cwt. in white Jieese prices and a further rise of from 2s to 3s per cwt. in coloured cheese are the main features of this week's cabled quotations. Not for many years has such a great disparity letween white and coloured prices been evident and when it is remembered that today’s quotations represent approximate f.oib. returns of 4fd and 6 3-8 d for vliite and coloured respectively the loss suffered bv those factories making only •■bite cheese is apparent. As with butter the low retail price ruling at Home for cheese appears to have stimulated consumption to a; marked degree; last week’s London deliveries showing as 25,000 crates against 17,428 for the same period last year. London stocks of dhe.ese show a corresponding decrease of 11,500 crates for the week ended January 20, 1933, over last year’s figures.

A definite lack of interest on the part of forward buyers is, once again to be reported. In any event it is extremely doubtful it any sellers could be found at the present low prices. Average London retail price of New Zealand cheese remains at 8d per lb.

LONDON MERCHANTS’. CABLES Messrs Henry A. Lane and Co., Ltd. London, have to-day cabled the following market report to their Hawera, office : New Zealand cheese, white 465, (slow market), coloured 58s to 59s (steady); New Zealand butter, 80s (market quiet but steady). The Hawera office of the New Zealand Loan and Mercantile Agency Co., Ltd., have received the following advice from its London office. Dairy produce with last week’s quotations in parenthesis: New ' Zealand butter, choicest salted 79s to 80s (81s) per cwt. ; cheese, white, 46s (48s) ; cheese coloured 58s (565) j markets are quiet.