BUTTER MARKET.

Manawatu Standard, Volume LVII, Issue 304, 23 November 1937, Page 5

BUTTER MARKET.

STEADY AT LOWER LEVEL. A further heavy decline of 16s per cwt. in the price of New, Zealand butter in London last week brought Friday’s price down to 120s-122s , which is from 30s to 32s a cwt. below the rate of 152 s ruling oh October 2D. The latest price, however, is from lLs to 12s a cwt. above that of a yeai ago. According to the cabled report received by the Primary Products Marketing Department, the London market closed steadier following the sharp decline. The New Zealand retail price, which was reduced to Is 4d per lb. last week, as against Is 5d for Danish, was expected to bo lowered on Monday to Is 3d a lb. in the London area only. Friday’s closing rates, with those of the previous week in parentheses, were as follow : New Zealand.—Salted, 120 s to 122 s (136 sto 138 s; a year ago, 109 sto 110 s); unsalted, not. quoted. Deliveries New Zealand, 983 tons (1230 tons); in store, 4338 tons (2569 tons); includes 19,880 boxes (497 tons), ex Akaroa. / Australian. —Salted. 120 s to 121 s (135 s to 1365); unsalted, 126 s (1445). Deliveries Australian, 792 tons (830 tons); in store, 915 tons (1025 tons). Danish.—l2os f.0.b.; 142 sto 144 s spot (128 s; 150 sto 1525). Dutch. —TJnsalted : 122 s ; ex. 131 s (1.345). ' Polish.—Salted and unsalted, 113 s to 114 s. The basis rates fixed under the guaranteed price scheme, subject to quality differentials, are 123 s 8d for buttor and 70s 4d for cheese per cwt., f.0.b., New Zeal nd currency. The equivalent landed prices in London are 112 s for butter and 67s for cheese. The guaranteed price for butter is equal to 13.25 d per lb., f.0.b., and the current London quotation is equal to approximately 14.66 d per lb, f.0.b.. New Zealand ports. The equivalent price for coloured cheese is 7.97 d per lb, f.0.b., and for white 8.06 d, compared with the guaranteed price of 7.54 d. Deliveries of New Zealand butter in London last week totalled only 983 tons, the quantity in store, including 497 tons ex the Akaroa, being 4338 tons, as against 2569 tons a year ago. Deliveries of Australian butter last week totalled 792 tons, the quantity in store being 915 tons, as against 1025 tons a year ago. The price of New Zealand cheese last week declined by Is 6d to 2s a cwt., thb market closing quiet. Friday’s closing prices, with those for the previous week in parentheses, were as follow: — New Zealand.-—White, 71s to 71s d (735; a year ago, 735); coloured, 70s to 70s 6d ’(72s to 72s Od; a year ago 725). Deliveries New Zealand, 8684 crates "(11,035 crates) ; in store, 44,547 crates (40,692 crates). Australian.—White, 68s to 69s 6d (69s to 71s). Canadian.—White, 72s to 73s (73s to 745) ; coloured, 73s to 74s (73s to 745); e.i.f.. 68s (68s 6d). Deliveries Canadian, 17,672 boxes (14,152 boxes) ; in store, 153,347 boxes (110,836 boxes). English : Finest farmers’, 92s to 94s (91s); factory cheese, 51s 6d (52s 6d to 57s 6d). Deliveries of New Zealand cheese last week w r ere 8684 crates, the quantity in store being 44,547 crates, as against 40,692 crates a year ..ago. Canadian cheese in store totalled 153,347 boxes, as against 110,836 boxes a year ago.