DAIRYING PRODUCTS.

New Zealand Herald, Volume LXIV, Issue 19736, 8 September 1927, Page 9

DAIRYING PRODUCTS.

LONDON MARKET CONDITIONS DOMINION'S GOOD PROSPECTS. Sun. LONDON, Sept, 6. Market inquiries indicate that there are much better prospects for New Zealand dairy produce in the coming season and (hat higher prices are likely to be .realised which would largely compensate for last season's losses. Canadian cheese exports to Britain this summer are estimated at 25 pet cent, less than in 1926, and the loivest for 35 years. This is due to the diversion of large supplies of milk and cream and to sales of more dairy cattle to tho United States. As Britain dependfe chiefiv On Canadian and New Zealand cheese, New Zealand is likely to monopolise the British market in the coming season, with correspondingly higher prices. A portion of New Zealand's output has already been sold in Britain at moderate prices, but the majority will reap real benefit from the improvement in Canadian cheese, which advanced by 10s to 100s a cwt. in the past week The shrewdest London importers point out that it is impossible for Canada to make up the deficit in the two months before the closing of the season, and they may be compelled to import New Zealand cheese next winter. British importers have already received inquiries from the United States which may not materialise in a demand for Supplies but which con vey an indication of a possible winteT shortage all over North America. The butter position is not yet defined, biit unless Australian Conditions improve NeW Zealand's early months' production should realise relatively high prices. It is noteworthy that already considerable quantities have been booked for Canada, but it is uncertain whether the United States will import butter in the winter. Well-informed people in the trade say they foresee that the present conditions will end in world-wide agricultural depression and brighter prospects for dairying. BRITISH WAR LOANS. CONVERSION OF £222,000.000. (Received September 7, 5.10 p.m.) A. and N.Z LONDON', Sept. 6. The Treasury announces that it will shortly invite applications for the conversion of war leans totalling £222,000,000 into 3J, per cent, stock. AUSTRALIAN WOOL. -- - LARGE DECREASE IN CLIP. A. and N.Z. MELBOURNE, Sept. 7. A prominent wool firm estimates that Australia's wool clip this season will be 400,000 bales less than that of last season, of a decreased value of £7,000,000. BRISBANE SALES POSTPONED. A. and -N.Z. BRISBANE, Sept. 7. The wool sales,' which were to have been held in Brisbane next week, have been postponed as a result of the railway strike. SOUTH AFRICAN WOOL. GREAT DECREASE IN CLIP. " (Received September- 7, 6.5 p.m.) A. and N.Z • i CAPETOWN. Sept. 6. Owing to the record drought the- South i African wool clip is expected to shovv a decrease of 1 r :.A00 or 5(1.000 bales. MANCHESTER COTTON MILLS. SCHEME TO REDUCE OUTPUT. (British Official Wireless.) (Received September 7, 5.50 p.m.) A. and N.Z. RUGBY, Sept. 6. At a special meeting of the American section of general commerce of the Federation ol Master Cotton Spinners' Associations in .Manchester to-day it was decided, with three dissentients, that the whole of the spinners of American cotton should be recommended strongly to curtail their production by the stoppage of the mills on Saturday and Monday, or its equivalent, from September 10* to October 31. This would mean a reduction of working hours by 13 each week. I NEW ZEALAND MEAT. LAMB AND MUTTON IN LONDON. • The New Zealand Meat Producers' Board has beeu advised by its London manager that the following retail pricesi were being quoted for New Zealand lamb and mutton retailed' in London on September 2:—Lanib: Legs, 14d pei lb.; shoulders, 13d; loins,- I2d; necks, 8d; breasts,. sd. Mutton (wether) : Legs, lOd ; shoulders, 9d ; loins, 9d; necks, 6d; breasts, 3d. SOUTH i AMERICAN SHIPMENTS. The New Zealand Meat Producers Board has received a cablegram from its representative at Buenos Aires, South America, advising the following shipments to the United Kingdom for the fortnight ended September 1, from Argentina and Uruguay : —Quarters, chilled beef, 262,600; frozen beet, 34,3541 carcases frozen mut ton, 95,822; frozen lamb, 60,457 The quantity shipped to the Continent of Europe during the same period was as follows:—Quarters frozen beef. 157,900; carcases frozen mutton, 3050. CHICAGO WHEAT MARKET. A. and N.Z. .CHICAGO, Sept 6. Wheat.—September, 1 dollar 32 3-8 cents per bushel; December, 1 dollar 37 3-8 cents; March, 1 dollar 40 7-8 cents. THE PRICE OF GOLD. A. and N.Z. LONDON. Sept. 6. Gold is quoted to-day at 84s per oz. SOUTHERN EXCHANGES. [BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON. Wednesday The following sales were made on the •Stock Exchange to-day:—Bank of New South Wales, £43 12s 6d; Bank of New Zealand, 58s. CHRISTCHURCH. Wednesday The following sales were made jd the Stock Exchange to-day :—Commercial Bank oi Australia, 27s lid (two parcels ; Electro Zinc (pref.), 28s 3d. DUNEDIN Wednesda> The following sales were made on the Stock Exchango to-day Commercial Bank, 27s 9d; Union Bank, £ls Is, £ls; Bank of New Zealand, 58s 3d. LONDON WOOL SALES. Dalgety and Company, Ltd., report having received the following cablegram . from' their London house, dated September 6:—Wool: The following vessels in which we are interested, have arrived in time for sales:. Raranga, Rotorua. Arawa, Tairoa, Remuera, Port Hardy, Matakana, Port Pirie and Mataroa. We will sell on September 16, 23 and 28. The aalea will close on September 29.