BUTTER UNCHANGED

New Zealand Herald, Volume LXXI, Issue 21698, 13 January 1934, Page 13

BUTTER UNCHANGED

LOW VALUES CONTINUE BUYERS REMAIN INACTIVE WEAK TONE OF MARKET No improvement has occurred in the London dairy produce market. Quotations for New Zealand finest remain around 65s per cwt., which shows a decline of 2s 6d per cwt. for the week. The market for Australian has weakened to a greater extent, having declined 4s to 635. Danish quotations are irregular, but on the 1 average are 3s per cwt. lower than last week. The outlook in the market is practically the same.' Most reports indicate a very quiet tone, with buyers holding off. Cheese also is quiet and values aro Is to Gd per cwt. lower than last week. The Press Association message despatched from London on Thursday states the butter market is weak. Danish is quoted at 925; choicest salted New Zealand, 655; Australian, 635; ununited about 5s per cwt. premium. The cheese market is quiet. New Zealand, coloured, 445; white, 475; Australian, 42s 6d to 45s 6d.

The follow ing comparative table shows the mean closing quotations on the London market for the last two weeks: — Jan. 5 Jnn. 12 liiso Fall Butter — sd sdsdsd New Zealand 67 6 63 0 Australian . . 67 0 63 0 Danish . . . Ul 0 88 0 Cnrcse—New Zealand: White . . . . 48 0 47 0 1 0 Coloured . . 44 6 44 0 0 6 Canadian— White . . . . 50 0 49 0 1 0 Coloured . . 50 0 49 0 1 0 A week ago the butter market was slow'y, Danish was quoted at 91s per cwt.; choicest salted Now Zealand, 67s to 68s; Australian, 078*. unsaltcd New Zealand, 70s to 71s; Australian, 68s to 70s. ThtJ cheese market was quiet. New Zealand, white, was quoted at 48s; coloured, 44s to 455; Australian, coloured. 42s to 435. Dull conditions ruled in the butter market in the corresponding week last year. Danish was quoted at 104s per cwt.; choicest salted New Zealand, 82s to 83s; Australian, Sis to 82s; uns.ilted New Zealand, 86s to 88s; Australian, 84s to 86s. There was a good demand for cheese. New Zealand white was quoted at 48s; coloured, 565; Australian, 47s to 555.

FIXED PRICE OPPOSED STATEMENT BY MR. lORNS NEW MARKETING PROPOSALS Price fixation of butter in London is not favoured by New Zealand dairy farmers, according to a statement made in Christchureh this week by Mr. W. A. lorns, chairman of the New Zealand Dairy Produce Board. Mr. lorns said New Zealand was willing to cooperate with Australia, but it did not favour the Commonwealth suggestion that the- price of butter should be stabilised at 75s per cwt. The price would have to be at the discretion of the import trade. Mr. lorns was not optimistic about market prospects for the season. He said one factor which militated to a great extent against the price of butter was that Continental countries, particularly northern European countries, were sending as much butter as they possibly could to Great Britain. They realised they could always receive something for foodstuff's, but they would find it very hard to sell manufactured goods. Referring to consumption, Mr. lorns said that in 1926-27 Great Britain imported about 4500 tons of butter a week. At present about 8900 tons a week were being consumed. The New Zealand board received the approximate monthly requirements for the year from London, and the board tried to ship as near to those reciuirements as possible. In the last shipping freight contract entered into, the shipping companies agreed to endeavour to give weekly arrivals of dairy produce from New Zealand, and if that could be managed it would tend to keep the market steadier. Discussing the new marketing proposals, Mr. lorns said that praticallv no opposition had come from the producers and factory directors once it was realised that the new regulations were asked for by the importers of New Zealand dairy produce in Ensland. "They were not inspired by the board nor any organisation in New Zealand; but by a sincere effort of those handling our produce in Great Britain to get a more stable market and better terms for our producers, and not for mercantile houses," said Mr. lorns. "The board, in considering the recommendations of the merchants in the United Kingdom, slightly altered some of the recommendations, but the difference of opinion is so small that I believe unanimity between the board and the importers at Home will be reached. It is not the intention of the board to eliminate f.o.b. and c.i.f. sales, but some regulation of forward sellings by factories must como into operation."