DAIRYING INDUSTRY.

New Zealand Herald, Volume LX, Issue 18348, 14 March 1923, Page 10

DAIRYING INDUSTRY.

MONTH'S ADVANCE PAYMENTS

GOOD OVERSEAS MARKET.

EASIER TONE ANTICIPATED.

[BY TELEGRAPH. correspondent.] HAMILTON. Tuesday. The directors of the New Zealand Cooperative Dairy Company decided to-day to make the advance payment for butterfat, supplied during February on the following basis: —For butter making, Is s£d per lb. for first grade, plus the usual premium of id per lb. for superfine; for cheese, Is 6d per lb., and for casein 2d per lb. more than the butter price. This payment will be made on March 20. In announcing this decision, Mr. W. Goodfellow, managing director of »the company, stated that the position of the dairy produce markets was very gratifying to all producers. Cabled information from Mr. J. B. Wright, tho company's London manager, intimated, however, that it was considered an easier tone would bo experienced in the markets in the near future on account of the approach of the summer .season in the northern ■ hemisphere. Full advantage was therefore be- j ing taken of the present satisfactory level of prices. In the case of cheese a very high level of price had been maintained for some time, but it was anticipated this would attract a particularly heavy spring make from Canada and consequently a decline in values might be anticipated. This would probably affect the latter portion of New Zealand's make and cheese producers would have to face figures lower than those ruling lately. Company's Output for Season. The season's make of the New Zealand Co-operative Dairy Company up to the end of February, had been approximately 17,000 tons of butter, of which quantity 11,000 tons had at that date been shipped, leaving a little over 4000 tons in store awaiting export. ' The remaining portion of the manufacture had been absorbed on the local market. Shipping facilities throughout the season had been fairly good, and some heavy clearances had been arranged for tho current month. In the case of cheese a slight accumulation had occurred at the end of February, but this would be rectified. The large quantities on the water and awaiting export had made it inadvisable for the directors to be too generous with the advance payment in tho height of the season, but the position was now becoming such that a higher advance had been decided on. It was hoped to continue this policy for the next few months. As far as could reasonably be seen a very substantial Bonus would be. due to suppliers on past realisations. Bonus on Last Season's Make. Owing to better prices having been secured in London for the produce in stock at the end of last financial year, it had been possible to make an extra payment for last year's October to April supply of Is 8d per lb, and a further payment of Is 8d on the May supply. Last year's balance-sheet showed that the average prices paid for direct delivery of superfine was 16.46 d, but the final payments now increased that figure to 16.62 d. Mr. Goodfellow added that all things considered this payment, was very satisfactory, and had not been beaten by any company sending its produce to Britain on consignment, a system of disposing of produce that always paid the suppliers in the long run.