102 SHILLINGS

Northern Advocate, 4 September 1935, Page 6

102 SHILLINGS

new ZEALAND BUTTER - PRICE ON LONDON MARKET | BEST FOR TWO YEARS. I • FORWARD BUYERS ACTIVE. [Svecial to “Northern Advocate.”} AUCKLAND, This Day. The New Zealand Producers’ Co-op. Marketing Association, Ltd., reports having received a cable message from London, dated September 3, reading as follows: Butter and cheese, both firm. Butter: New Zealand 100/- to 102/-; Banish, 112/- to 114/-. Cheese: New Zealand, white, 50/- to 50/6; coloured, 50/-. The figures for butter, represent Ahe highest point Reached since October, 1933. A cable from the London principals of Messrs W. Weddell and Co., Ltd., dated September 8 has been received by A. H, Turnbull and Co., Ltd., Auckland. The cable reads:—Danish butter, 116/- (last year’s figures 106/-); New Zealand salted, 101/- (last year 75/- to 78/-); Australian, 100/- (73/to 75/-); market firm (market steady). New Zealand cheese, white, 51/- (47/3 to 48/6); coloured, 50/6 (44/6 to 45/3). Both markets are reported to be firm. Forward business is being done at ll|d per lb f.0.b., equal to 95/ per cwt. in London. That is 5/ per cwt. less than the spot price, but some of the butter will not arrive in England until early in November. Usually at this time of the year forward business is not particularly brisk, owing to the expected rapid fall in London prices once the Southern Hemisphere is well under way. The willingness' of merchants to pay the equivalent of 95/- per cwt. 'for two months ahead is regarded as a favourable sign. New 'Zealand butter in store in London atUhe end of last week totalled 5240 tons —an exceptionally low figure for recent years. A total of 11,277 tons whs held at this time last year and 5769 tons in early September, 1933. Australian stocks totalled 4269 tons, compared with 1800 tons in September, 1933, when supplies were very scarce. l A few weeks ago it was estimated that stocks of, all butters were 29,482 tons, against 46,432 tons last year. Reports indicate that Continental supplies have not been as heavy this year. In Australia, dry conditions in Queensland and northern New South Wales during the past few months have had a disastrous effect upon the production of butter, and the export surplus has dropped to low figures. The reduction in recent shipments from Argentina suggests that that country has practically lost its footing in the British markets.

DEARER IN AUCKLAND. IMMEDIATE REFLEX. [.Special to “Northern Advocate.”] AUCKLAND, This Day. Butter was, dearer today on the local market, the price being advanced by Id per lb, except for first grade, which is reported to have been |d dearer. The net wholesale rates are: Finest 1/-, first grade ll|d, second grade lid. Retail prices are generally 3d per lb. above wholesale rates. Messrs Joseph Nathan and Co., have received the following cable dated September 3.—New Zealand butter, 101/-; market firm. New Zealand cheese, white, 50/6; coloured 50/-; market firm.

NO F. 0.8. FOR SEVEN YEARS. FAR SOUTH FEDERATION. ' Y [Per Press Association. — Copyright.l INVERCARGILL, This Day. The Farmers’ Dairy Federation announced today that it was distributing among its suppliers £16,000 as a final bonus payout, for the season. The company states that for seven years it has not sold any butter intended for export to England, f.o.b. It has consigned all its butter through one agent. It was also announced that the company’s cash reserve now equalled its capital indebtedness to the bank, and that dfter the balance had been approved a cheque could be issued to clear the total debt on its property. despite the cold. WHANGAREI OUTPUT KEEPS UP. CURRENT PAY-OUT PRICE. Considering the extremely unseasonable spring, dairy production in the Whangarei district is keeping up remarkably well. The output of the Whangarei Dairy Company last month was 170 tons a few hundredweight in excess of the make in August 1934. For August make the company will be advancing, on the 20th of this month. lOd for standard, compared with 9d for the same month last y ear