DAIRY PRODUCE PRICES

New Zealand Herald, Volume LXX, Issue 21533, 3 July 1933, Page 5

DAIRY PRODUCE PRICES

QUIET LONDON CONDITIONS

CHEESE IN BETTER DEMAND

The London butter market is quiet and prices are unchanged at up to 78s per cwt. for finest. The cheese position is more encouraging, the market being firm owing to an increased demand. White cheese is Is per cwt, higher at 'lßs, and coloured, remains at 5Cs.

Mr. C. R. Spragg has received the following report from Bauuatyno and Company v Limited, dated July 1: Butter: 78s. The market is quiet. Cheese: White, 48s; coloured, 50s. The market is firm after weakness.

1 he following additional reports have been received under date June 30: Mr. H. S. Withers, from Mr. A. C. Howsoti.—•Butter: Finost, 78s; first grade, 775. The market is weak owing to absence of demand and the outlook is uncertain. Cheese: White, 48s; coloured, 50s. The demand has increased and the market is firm. It appears the improvement is likely to be maintained.

Allen and Findlay. Limited, from Armour and Company, Limited.—Butter: New Zealand, salted, 76s to /8s; unsalted, 80s to 84s; Australian, salted, 76s to 78s; unsalted, 79s to 82s; Danish, 86s to 88s. The market js quiet. Cheese: New Zealand, white?, 47s to 48s; coloured. 49s to 50s; Canadian, white and coloured, 64s to 68s. The market is steady.

New Zealand Producers' Co-opera-tive Marketing Association, Limited.— Butter: New Zealand. 76s to 78s; Danish, 90s. Cheese: White, 47s to 48s: coloured, 49s to 50s. Both markets are quiet. A. H. Turnhull and Company, Limited, from Weddel and Company, Limited.—Butter: Danish, 89s to 91s; New Zealand, salted, 76s to 78s; Australian. 76s to 78s. The market is quiet. Cheese: White, 17s to 48s; coloured, 49s to 50s. The market is firmer.

Mr. A. L. Lewis, from the AngloContinental Produce Company, Limited. —Butter: 76s to 78s. Cheese: White, 48s; coloured, oO.s. Both markets are quiet.

LOCAL BODY LOANS

POWERS OF CONVERSION A DUNEDIN CRITICISM ' Criticism of some of the clauses in the Local Authorities' Interest Reduction Loans Conversion Act, 1932-33, was made last week by Mr. Harman Reeves, chairman of the Dunedin Stock Exchange, who said that powers were conferred which were all in favour of the borrower, and to the great disadvantage of the lender. Mr. Reeves said that the proposed conversion of local body loans was 011 a different footing from the conversion of Government loans, as lenders could bo forced to convert without appeal, or if they dissented from conversion their interest was to be reduced 33 1-3 per cent. The Loans Board, subject to the approval of the local authorities and the Governor-General-in-Council, could decide the maturity date and the rate of interest on any loans that were in existence at present. This was all in favour of the borrower, and a distinct breach of contract. Many lenders wanted their loans paid off on the date fixed, even if in the meantime the interest was reduced, but the Loans Board could extend the loan to any date it liked.

"While it may be possible to have a standard rate of interest for Government loans, it will be absolutely impossible to have a standard rate of interest for public bodies' loans," said Mr. Reevej. "Is it to be supposed that the Borough of Green Island can in future borrow at the same rate of interest. as the city of Dunedin, or that the security to the lender is as good as that of'Dunedin? Small boroughs in the past have been able to raise loans only be offering A per cent to 1 per cent more than the larger and wealthier if.iblic bodies. Tney would have no chance whatever in the future of raising loans if the rate is to be fixed at, say per cent, the same as a citv loan."

GOLD AND SILVER

QUOTATIONS IN LONDON

(Received July 2, 5.5 p.m.) LONDON, July 1

Fine gold is quoted to-day at £6 2s 4.Jd an ounce, compared with £6 3s yesterday and £6 2s 4d on Thursday.

Silver was quoted yesterday at 18|d an ounce spot and 18; d forward, compared with lSjJd and ISJd on Thursday.

The quotation for silver at per fine ounce yesterday was 20.id, compared with 19 13-16 d on Thursday.

TE KUITI EWE FAIR

HIGH QUALITY OF STOCK

[by telegraph—OWN correspondent] TE KUITI. Saturday

Tho outstanding quality of sheep nt. the Te Ivuiti winter ewe fair held lit the local saleyards yesterd.iy was the subject of much comment by well-known breeders and experts. There was a great yarding, almost double the usual number. Some buyer.-) from the Wniknto were particularly impressed, and one of their number, a wellknown expert, states that it was the best yarding of ewes that he has seen penned in the Auckland province this autumn and winter. Prices were high and in some classes the sellers received just twice the sum for their sheep us they did at the same sale last year.