BUTTER IN LONDON.

New Zealand Herald, Volume LXIX, Issue 21132, 15 March 1932, Page 5

BUTTER IN LONDON.

OUTLOOK CONSIDERED GOOD. VERY HEAVY CONSUMPTION. SATISFACTORY STOCK POSITION. The firm market for New Zealand dairy produce in London is expected to continue, according to a survey of conditions received by A. H. Turnbull and Company from its London principals, W. Weddel and Company, Limited. The report states that New Zealand butter is steady at the higher level of 109s to Ills. The Continental demand quietened to some extent at the end of February and the market for New Z;aland weakened in consequence. However a much firmer tone is now manifest, chiefly on account of the reduced gradings from Australia and the Dominion. A continued firm market is expected. The general stock position is good and exceptionally heavy consumption continues both .in the United Kingdom and on the Continent. There has been a steady demand by forward buyers during the month, starting at 10|d and going as high as 11 3-Bd. After withdrawing when the Continental demand slackened, buyers are now active again and have increased bids to llgd, f.o.b. Referring to cheese, the report states thafc the market has remained quietly steady at 60s to 63s per cwt. The stockposition of New Zealand chceso is very strong, the quantities in store on March 5 being less than half those at the same time last year. Arrivals in the immediate future are not heavy and it is expected that a steady market will continue. There has been a fair demand for forward business, but factories generally are more inclined to favour a consignment policy. The estimated arrivals of New Zealand produce in the United Kingdom during. March, April and May, as compared with actual arrivals in 1930 and 1931, are as follows : BUTTER. 1932. 1031. 1930. Marrk . . 10.000 8.127 7,072 April . . 10,430 9.08:5 10,733 Msy , . , 8,100 8,527 6,651 Totals . . 28,530 25,736 24,456 CHEESE. March .. 10,000 11.808 11,412 April .. 0,600 0,957 11.298 May .. 7.475 11.735 8.888 Totals . . 27,075 53.500 31,598 Leonard and Son, Limited, has received the following cablegram from Mr. A. C. Rowson, London, dated March 11: Cheese: Deliveries, New Zealand and Australian, 22,693 crates; Canadian, 8382 boxes. Stock, New Zealand and Australian, 79.801 crates; Canadian, 124,699 boxes. White, 61s to 625; coloured. 635. Butter, first grade, 110s; finest, Ills. Both markets very slow.

TRADE OF TONGA. SHARP DECLINE IN 1931. HEAVY LOSSES INCURRED. The annual report of the Tonga Chamber of Commerce state:; that Tonga's imports and exports for 1931 both show a very heavy decline from the already low point reached in 1950. In the latter year the imports were valued at £148,306, aad the "exports at £183,204. Last year the respective figures were £81,170 and £90,596. The total exports of copra for 1931 amounted to 8929 tons, valued at £80,361, f.0.b., being 5205 tons and £89,249 in value less than the previous year, which was a bad one. "The year," says the report, "has been the worst year for trade within the memory of the oldest members of the commercial community, and very heavy losses have been incurred." In 1924 the total imports were valued at £232,600 and the exports at £306,658. The report says: —"A serious attempt has been made, and with considerable success as far as this end is concerned, to establish a trade with Mew Zealand. The object is to export regular monthly shipments to that Dominion, and so far three shipments have gone. Difficulties, however, have arisen in regard to the arrivals of the fruit in Auckland, each shipment clashing with the Tofua. The handling and packing of the fruit also is not satisfactory to ihe buyers. Until these matters are rectified the export of bananas cannot be regarded as a steady source of income to this kingdom. If "nd when the trade is established, there .v gh£- possibly be £IO,OOO a year in i» for this country."

EUSSIAN METAL OUTPUT. RETURNS FOR LAST YEAR. BELOW PROGRAMME FIGURES. There has been much plain speaking and facing of facts at the Russian Communist party conference in Moscow in February, but also some discreet evasion, says Mr. Walter Duranty in a despatch to tho New York Times. Thus M. Ordjonikidse declared that copper production totalled 12,000 tons in 1925 and 48,000 tons in 1931, but omitted to state it was 47,000 tons in 1930 or that last year's programme called for 100,000 tons. Nor did ho mention that pig iron, steel ingots, and rolled steel in 1931 were all below tho output, of the previous year and barely reached half the total set by the programme. On the other hand, M. Ordjonikidse and vice commissar of heavy industry M. Pyatakof and M. Budzutak did not hesitato to say that metal is now the weakest point in the Soviet economy—- " tho problem of problems which must be solved," M. Pyatakof called it. M. Ordjonikidse admitted that irregularities in tho transportation, especially in the earlier part of the year, bore part of the blame—no blast furnace could work properly without a steady supply of coko and ore—but he ascribed the trouble as due chiefly to poor management, adheronco to obsolete methods and to lack of technical initiative. M. Rudzutak went further in his criticism, declaring he had seen blast furnaces in charge of young engineers " only one year out of school whoso energy and enthusiasm could not replace experience." He added that the proportionate deficiency in iron and istcel had increased to an alarming degree and asked how machine factories could work satisfactorily under such conditions. Pyatakof said the machine industry was now in a position to produce 9,000,000,000 .roubles of output annually but was limited to 7,000,000,000 by shortage of metal.

TIN DREDGING RETURNS. The following tin dredging returns are reported:— Kuala Kampar.—February: 673 hours, 210,000 yards, 38 tons; costs, £1925; realisation, £3266. January: 526 hours, 200,000 yards, 40 tons; £1954; £3441. Rawang Tin Fields.—February: 642 hours, 200,000 yards, 52 tons; costs, £2304; realisation, £4433. January: 621 hours, 240,000 yardtt, 30 tons j £2158; £2566.