OUTLOOK FOR BUTTER

New Zealand Herald, Volume LXIX, Issue 21279, 5 September 1932, Page 5

OUTLOOK FOR BUTTER

BRIGHTER FACTORS APPEAR SEPTEMBER ADVANCES RAISED The outlook for New Zealand butter on the London market is much brighter and further messages received by Auckland agents confirm the advanced quotations of 109s to Ills a cwt. Danish has also gained considerable ground. The chief factors which have influenced the market are the partial lifting of the embargo under which Germany completely prohibited the importation of Danish butter and the declining production as a result of the dry weather and the closing of the northern season. Whiie the German market was closed to the Danish farmer practically the whole of the Danish production was sent to the English market, but under the new conditions some quantities of Danish are now being absorbed by Germany, with a favourable effect on the price of both Danish and New Zealand. The cheese market is also improving and although tho demand is rather slow at present, prices in most cases are on a much higher plane. Agents' advances on consignment for September have again been raised, following the improved market conditions, the following rates having been announced Butter, lOd a lb; cheese, 5d a lb. These rates represent an increase of Id a lb. in the case of butter and a rise of jjd a lb. in cheese, in comparison with tho August rates. The rates are adopted by all agents and are based on 80 per cent of the approximate value of the produce. During the week the sale of a small parcel of butter for prompt shipment was made at 11 3-8 d a lb., representing approximately 110s a cwt, on the London market. Merchants have received the following cablegrams from their London houses, dated September 2:— Air. H. S. Withers, from Mr. A. C. Rowson.—Butter, 109s to 110s. The demand is slow and the market trend easier. Cheese: White, 62s 6d; coloured, 57s 6d. The demand is slow and the market firm. v .' New Zealand Producers' Co-operative Marketing Association. Limited.—Butter, New Zealand, 109s to Ills; unsalted, 108s to 112s; Danish, 1245. The market is quiet. Cheese: White, 62s to 635; coloured, 57s to 58s. The market is steady. A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited. —Danish butter, 1245; New Zealand finest salted butter, 109s to 112s: Australian, 101s to 104s; market firm. New Zealand cheese, white, 62s to 635; coloured, 57s to 58s. Market steady.

REPORT OF THE BOARD COMPARISON OF QUOTATIONS The New Zealand Dairy Produce Board has received the following market report from its London office, dated September 2, the figures for last week being given in parentheses:— ■ , Butter.—New Zealand: Salted, 109s to 112s (107s to 110s) ; unsalted, 108s to 112s {lo6s to 110s); 109s to 112s equals approximately 11 3-Bd, f.o.b. Deliveries, New Zealand, 1471 tons; in store, 2876 tons. Australian: Salted, 101s to 104s (98s to 102s); unsalted, 104s to 107s (104s to 108s). Deliveries, Australian, 1012 Ions; in store, 1900 tons. Danish: 108s, f.0.b.; 'l24s, spot (98s, 112s to 114s). Dutch: Unsalted, 108s to 118s (104s to 114s). Estonian: 88s to 92s (88s to 90s) Latvian: 88s to 92s (88s to 90s). Siberian: 84s to 85s (85s). Ukranian: 82s. Lithuanian: 88s to 92s (86s to 88s). The market is firm. New Zealand retail price, Is Id; Danish, Is 2d. Cheese:—New Zealand: White, 62s 6d to 63s (62s to 635); coloured, 57s to 58s (57s to 58s); 62s 6d to 63s equals 6.06 d, f.0.b.; 57s to 58s equals 5.51 d. Deliveries, New Zealand, 13,880 crates; in store, 48,821 crates. South Africa: White, 60s to 61s (61s); coloured, 54s to 56s (50s to 545). Canadian: White and coloured, 62s to 63s (61s to 635); c.i.f., 62s (635). Deliveries, Canadian, 13,500 box?s; in store, 165,734 boxes. English finest farmers', 96s to 100s (96s to 100s). The market is steady. New Zealand retail price, Bd. Estimated stocks all butters, London and provincial stores, at September 1, 20,500 tons; estimated stocks cheese, at London, Liverpool and Bristol at September 1, 208,300 crates. The board ha£ also received the following advice from its agents in Canada: But> ter: New York, 20 cents; Montreal, 21J, cents.

DANISH BUTTER LONDON PRICE RAISED (Keceived September 4, 5.5 p.m.) LONDON; Sept. 3 Tho price of Danish butter was raised to-day to 124 s a cwt. BRITISH TOBACCO DIVIDEND USUAL QUARTERLY PAYMENT The directors of the British Tobacco Company (Australia), Limited, have declared a -quarterly dividend of lj per cent, payable on September 30. The dividend is the fourth quarterly distribution of the current financial year, which ends on October 31, and is at the same rate as that paid for the previous quarters. It is at the rate of 6 per cent per annum, compared with 8 per cent for the year ended October 31, 1931. FARMING COSTS AND PRICES COMPARISON WITH 1914 [BY TELEGRAPH —PRESS ASSOCIATION] INVERCARGILL. Sunday Speaking at the annual meeting of the Southland Farmers' Co-operative Association yesterday, the chairman, Hon. Adam Hamilton, gave tho following figures showing the relative value of the pound to the farmer: —1914, 20s; 1917, 23s 8d; 1922, 16s; 1925, 22s Id; 1931, lis lOd; 1932 (June), 10s 2d. The latest index figures, he said, showed that retail prices in February, 1932, were 39 per cent above those of July, 1914; farming costs were 49 per cent above those for 1914; and export prices for meat, wool, butter and cheese were 25 per cent below those of 1914. CANTERBURY MARKETS

LITTLE DEMAND FOR POTATOES [BY TELEGRAPH—FRES3 ASSOCIATION] - CHRISTCHURCH, Saturday The potato market is depressed. 'I he Waipiata's big consignment which reached Auckland in the week caused a decided reaction in tho market there, and- the Waimarino's consignment will arrive too soon to allow a chance of it being cleared. Tho Waimarino sailed on Wednesday night and took 4500 sacks from all Southern ports. The Port Waikato and Wingalui will sail next week. Inquiry has been very quiet during the week. Prompt delivery is quoted at £5 to £5 7s 6d a f.0.b., sacks included, and September delivered at £6. Quotations to growers are £4 10s and small lots are offering. Fowl feed remains firm in price. It is stated that the Government's purchase of Australian wheat for fowl feed is of milling standard. Oats and chaff show no improvement in demand*