BUTTER MARKET

Nelson Evening Mail, Volume LXX, 15 June 1936, Page 10

BUTTER MARKET

The market for New Zealand butter in London was quiet at the close of business for this week after an advance on last week’s wholesale quotations of from 5s to 6s per cwt., according to the weekly cable received by the Dairy Board. New Zealand butter is selling retail at Is to Is Id a lb, and Danish at Is Id to Is 2d. In response to an inquiry as to possible market prices for July and August, the board’s London office has advised as follows:—‘‘Owing to keen competition between the multiple shops, retail prices so far have not advanced in relation to importers’ prices. For example, Lip ton’s and Home and Colonial Stores, two subsidiaries of Allied Suppliers, are still selling at Is Id retail. Germany is buying freely, particularly from Denmark. Russian supplies are still much below the average of recent years. “Small consignments of Canadian have arrived. Estimates of the Canadian imports for the season vary from 5000 to 7000 tons. “If the retail prices advanced in sympathy with importers’ prices, we believe some check on consumption would be likely, but the butter now in sight for the June-October period is hardly sufficient at the present consumption level. General trend in these months therefore points to a continued active demand, particularly as Tooley Street merchants are short of butter. This is dependent upon consumption being maintained at a higher retail price. 'Tublic spending power is certainly increasing. Uncertain factors are Russian imports, the continuance of heavier German buying, and the effect of higher retail prices if the multiple stores advance to a normal profit margin.”

WHOLESALE QUOTATIONS

Wholesale quotations for butter are: New Zealand., salted, Ills to 112 s a cwt. (which equals approximately 13.22 d a lb, f.0.b.), compared with 105 s to 107 s last week and 86s a year ago; unsalted, 112 s to 114 s; Australian, salted and unsalted, 110 s to 112 s; Danish, spot, 118 s; Dutch, 106 s; Polish, 102 s; Lithuanian, 107 s. New Zealand and Australian butter in store amounts to 9677 tons, compared with 14,473 tons at the corresponding period last year. The cheese market is quiet after a rise of from 2s to 3s a cwt. during the week. Wholesale quotations are : New Zealand, white and coloured, 61s to 61s 6d (which equals approximately 6.85 d a lb, f.0.b.), compared with 58s 6d to 59s 6d last week, and 44s a year ago; Canadian, 64s to 68s (market firm); English" factory, 56g to 60s (steady). _____ -