DAIRY PRODUCE PRICES.

New Zealand Herald, Volume LXIV, Issue 19714, 13 August 1927, Page 9

DAIRY PRODUCE PRICES.

BUTTER MARKET EASIER. CHEESE CONTINUES FIRM. (Received Aug. 12th, 5.5 p.m.) A. and N.Z. LONDON, Aug. 11. The butter market is rather easier. Choicest New Zealand and Australian salted is quoted at 168s to 170s. Unsalted New Zealand is quoted at 172s to 1745: Australian, 168s to 1725; Danish, 1765. The cheese market is firm. New Zealand is quoted at 92s to 935, with exceptionally good cheese at 945. REPORTS FROM MERCHANTS. LULL IN THE BUTTER MARKET. Advices notifying a drop in the London market of two shillings, reducing the maximum quotation for New Zealand butter from 172s to 170s, were received by Auckland exporting lirms yesterday. Cheese fell one shilling on quotations published yesterday. It was expected :u some well-informed quarters that there would be a lull in the rapid rise in values which has taken place during the past few days, and the slight decline reported is not, in itself, likely to cause much concern.

Joseph Nathan, Limited, received the following cablegram yesterday from their London house, Messrs Trengrouso and Nathan, Tooley Street, that both butter and cheese markets were easier. Butter was quoted at 168s to 170s, and cheese at 92s to 935.

Dalgety and Company, Limited, received the following cablegram, dated August 11, from their London house: — Butter.—New Zealand, finest salted, 168s to 170s; Danish, 176s to 178s; Australian, finest unsalted, 1725; salted, 168s to 170s.

Cheese.—New Zealand, white, 91s to 935; coloured, 91s to 935; Canadian, white, 90s to 945; coloured, 90s to 945; c.i.f., 92s to 94s Danish butter was firm owing to the demand from Germany, but Australian and New Zealand supplies were quieter, resellers operating at 2s less than the quotations cabled

The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from its London office:—Butter, New Zealand, 170s > 172s per cwt. Market qaiet. Cheese. New Zealand, 92s to 94s p<;r cwt Market steady. Norden ..:id Company, Limited, have received the following cablegram from Andrew Clements and Son, London, dated August 11:—Butter, salted, quiet at 170s equal to Is 4.3d, f.0.b.; unsalted, 1745. equal to Is 4.7 d, f.o.b. Cheese, quiet at 935, equal to B.ld_, f.o.b. The Port Auckland. Tairoa, and Corinthic, had ar rived W W Bowker has received the following cablegram from A. J Mills and Company, Limited: —The butter market is quiet. New Zealand butter this week, 168s to 1725, slow at advance The cheese market is steady. New Zealand white and coloured cheese, 92s to 935, fair demand.

DISPOSAL OF OUTPUT. DAIRY FACTORIES HESITANT. TENTATIVE OFFERS RECEIVED. Lacking an immediate precedent to guide them, dairy companies have warily regarded the quite satisfactory tentative offers made recently by exporting firms for the new season's output.

Competition among buyers for Tooley Street houses has been keen. Sixteen of them attended a meeting of directors of an Auckland district factory the other day. There was no bidding, the attendance of exporters being merely by way of endeavour to secure the company's agency- for the season, or part of it. That ho decision was arrived at indicates the conditions of the hour, when factories, unable to gauge the market to their satisfaction, and entering on a year of free marketing with the control regime as the only immediate past guide, are acting with deliberation. Tentative offeis of Is 5d for supply up to the end of September or October have not. it is stated m authoritative circles, resulted in forward sales. It is significant that that figure would be warranted only by London values round about 178s per cwt., which, apparently,'. Tooley Street houses at the time anticipated would be realised. It is a confi- r dence shared by many city experts in the trade. A development of interest to those concerned with the dairying industry is the abolition of the "contingent sales" policy formerly adopted by some exporters. Under that system an exporter approached a company and offered an attractive figufe for the first few months' output, provided the factory agreed to allow him to handle the balance of the season's butter. The jettisoning of "contingent sales" would appear to place all the more substantial value on recent offers, for while they may be a little inflated through excessive competition for renewed free trade custom they are not expanded by the old method' of bargaining. A company, having sold its output up to the end of September or October at a good figure will still be free to vend on the best terms offering for the balance of the season. In the meantime, dairy company directors are see-sawing between the options of selling or consigning, but real business should soon result, and that on a sound basis. The retail price of butter locally has not yet advanced in sympathy with the rise in the London parity and is approximately a penny a pound below it. CANTERBURY MARKETS. POTATO VALUES HARDEN. [BY TELEGRAPH. PRESS ASSOCIATION*.] CHRISTCHURCH, Friday Except for occasional periods the "shutters have been up" practically the whole of the week in the grain and produce circle, and as a result there has been little opp6rtunity for much change in values. The week has been one of holiday. Potatoes, however, have taken a turn for the better. The official admission that the earlier estimate is far too optimistic, conforms to local opinion, and the result has been a hardening in values to the extent of 5s a ton. August delivery is now quoted at 5s f.0.b., s.i., and AugustSeptember at £5 ss. A few inquiries are also coming from the North. However, from now on the market' is likely to resolve itself into one of supply and demand. The season is too far advanced for much speculation. Oats are easier than they were at last week-end. A grade Gartons have been sold at as low as 3s l|d, f.0.b., s.i., with B's just failing to touch the even money. All other classes of produce arc devoid of market life.

FEILDING STOCK SALE. [BY TEIEGRAPH-—PRESS ASSOCIATION.] FEILDING. Friday. At,: the Feilding stock sale there was a medium yarding of both sheep and cattle, and generally competition was good. Fat sheep were yarded in large numbers and maintained the high values o! last week. Dairy, cattle were keenly sought and practically every line was disposed of under the hammer. Rates were:—Fat Sheep; Hoggets. 20s 7d to 2Gs: ewes, 2Ss 3d to Sis; wethers, 32s Gd to 36s Id. maiden ■ two-tooth b.fewes, 25s 9d to 355. Store Sheep: Wether hoggets. 13s 9d to 21s 3d; small ewe hoggets, 18s'7d; f. and f. wethers. 30s 3d: f. and f. owes. 20s 9d; aged ewes in lamb. 13s to 20s Bd. Cattle: Springing Jersey heifers, £4 5s to £lO 10s: springing cows. £5 15s to £S: fat bullocks. £7 7s Gd to Es; fat heifers, £3 to £3 10b: fat cows. £4 2ft fid to £8 Is; yearling heifera. £3 4S to £3 13s.