PRODUCE PRICES

Hokitika Guardian, 13 July 1935, Page 6

PRODUCE PRICES

LATEST quotations. Butter quotations in London on 3uh 5, , w ere— New Zealand 89s, Kangaroos 86s, Danish 100 s, market, firmer. BUTTER. A firm market with steadily improving prices has been experienced dunng the past month in London, spot values closing on July 9 at 89s per cwt., but with a quieter market. Forward buyers have- again been active and a good proportion ol the June-July make of butter has been disposed of on f.o.b. terms, recent sales being from 10|cl to lOrcl, July-August shipment, finest basis. Cabling on July 6, Messrs W. W(ridel and Co. Ltd., report that the firmness of the butter market, may be put down to the. sound statistical position, especially i'oir colonial butter; further that the peak of the continental production having been reached, an even better market may be looked for.

It will be interesting, in view of this cable, to consider the export figures from New Zealand and Australia.

Shipments from , New Zealand to the United Kingdom for ten months ending May 31, amount to 110,790 tons, being a decrease of 12,899 tons as compared with the same period last year.

Australia, for twelve months ending June 22,. shipped 110,048 tons—an increase of 8,769 tons. Stocks in New Zealand amount to 12,444 tons as against 8,726 tons at the end of June, 1934, and this is possibly the result of dual factories switching over from cheese to butter. The total gradings of New Zealand to the end of June, show a decline of 4,388 tons or 3.17 per cent. Whilst prices may hold and evtm improve, it must be remembered that any further increase in spot prices will necessitate the raising of the. retail price above Is, which invariably curtails consumption.

CHEESE.

Spot values have shown very little improvement, closing at 44s 6d, to 455. Reports from London have stated that the market for cheese has suffered, first from a cold and backward summer which restricted the consumption, but more seriously from the greatly increased production in the United Kingdom, a large proportion of which is of inferior quality and offered for sale at low prices. This increase in Home? made cheese is the result of the Imperial Government Milk scheme. The result is that cheese has not. kept pace with the butter market but has remained steady with little ’alteration in spot prices and little or no demand for forward sale. 4 Gradings show a decrease for eleven months of 10.55 per cent, stocks unshipped being practically the same as last year 13,095 tons.