BUTTER REMAINS FIRM

New Zealand Herald, Volume LXXI, Issue 21799, 14 May 1934, Page 5

BUTTER REMAINS FIRM

WEEK OF GOOD BUSINESS MARKET POSITION REVIEWED BUYERS LOOKING AHEAD More active conditions continue in the London butter market. New Zealand finest is still being quoted at 75s to 7Gs per cwt. and merchants report the market firm after a week of good business.

In commenting upon the rise of 5s per cut. which has taken place in the market during the past fortnight, A. IL Turnbull and Company, Limited, states that while the movement is welcome, from the statistical position it is difficult to follow. The estimated arrivals of New Zealand butter in Britain in May are about 6000 tons more than last year, being a total of 14,500 tons. The stock position of Australian and New Zealand butter as at May 4 showed that the stocks in Britain amounted to some 4600 tons more than at the, corresponding time Inst year. On April 21 there were 28,000 tons of Australian, New Zealand and Argentine butter afloat, compared with 22.800 tons for the previous year. On the other hand, Weddel and Company, Limited, have cabled that it is estimated that the arrivals of Northern Hemisphere butters during, May, Juno and July will be somewhat less than last year, and no doubt this fact, coupled with the knowledge that both Australian and New Zealand gradings are showing a verv rapid decline, has given buyers confidence in the future. The demand appears to be chiefly from traders who are buying now, not so much for immediate requirements, but to protect themselves * : with stocks against a possible shortage of butters during the Northern Hemisphere autumn months.

In a further cablegram last week Wccklel and Company, Limited, advised that the future position with regard to butter was very uncertain and depended very greatly upon the decisions readied with regard to restrictions of New Zealand and Australian butters. The cheese market has to a certain extent followed butter, but has . not made quite such a strong rise. Prices are about Is per cwt. higher than those ruling a month ago. There has been a little forward inquiry from buyers for cheese in store to end of season's make, and a few sales have been made of limited quantities up to 5d per lb. f.o.b. Stocks of cheese in the United Kingdom arc on the heavy side. DAIRY BOARD'S REPORT The Now Zealand Dairy Produce Board has received the following market report from its London office, dated May 11, last week's figures being given in parentheses:—Butter: New Zealand: Salted, 75s to 765, equals approximately 8.68 d f.o.b. (72s 6d to 71s); unsalted, 76s to 77s (72s to 745). Deliveries: New Zealand, 2489 tons (last year, 1895 tons). In store, 10,481 tons (last year, 8215 tons). Australian: Salted and unsaltcd, 73s to 74s (71s to 725). Deliveries: Australian, 1614 tons (last year,i2soo tons). In store, 7699 tons ("last year. 4800 tons). Argentine: Unsalted, 72s (70s). Danish, 83s to 84s spot (61s to 82s). Dutch: Unsalted, 68s to 77s (70s to 775). Estonian: Salted, 60s to 71s to 72s ( —); unsalted, 70s to 71s to 72s (68s to 695). Latvian: Unsalted, 70s to 72s (68s to 695). Lithuanian: Salted and unsalted, 69s to 71s to 72s (67s to 695). Siberian: Salted, 70s (67s to 68s). The market is firm. Retail prices are unchanged. Danish, ]od and lid; New Zealand, yd. Cheese: New Zealand: White, 44s 6d to 455, 4:jd f.o.b. (4.3s to 43s 6d); cojoured. 445, 4.66 d f.o.b. (42s 6d to 435). Deliveries: New Zealand, 21,215 crates (last year, 22,500 crates). In store: New Zealand, 138,477 crates (last year, 124,639 crates). Canadian: White and coloured, 50s to 56s (50s to 54s and 52s to 545). Deliveries: Canadian, 6975 boxes (last year, 3600 boxes). In store: Canadian, 95,451 boxes (last year, 70,500 boxes). The market is firm. New Zealand retail price unchanged, Gd. The board has also received the following advice from its agents in Canada: —Butter: New York, 24J cents; Montreal, 20t cents. Canadian stocks, 110S tons (last year 877 tons). Cheese gradings for week ended May 5 were:—l7,6s2 crates white; 6852 coloured; total, 24,504 crates. REPORTS OF MERCHANTS Merchants have received the following cablegrams from their London houses, dated May 11: Mr. H. S. Withers, from Mr. A. C. Bowson. —Butter: Finest, 76«; first grade, 755. Cheese: White, 455; coloured, 44s 6d. New Zealand Producers Co-operative Marketing Association, Limited. — Butter: New Zealand, 75s to 765; Danish, 83s-to 84s. Cheese: White, 44s 6d to 45s;' coloured, 445. Butter firm after week of good business. Cheese is firm. Allen and Findlay, Limited, from Armour and Company, Limited. — Butter: New Zealand, salted, 74s to 755; unsalted, 76s 77s; Danish, 85s; Australian, 72s to /3s. Cheese: White, 4 Is to 455; coloured, 445. Both markets are firm. A. H. Turnbull and Company, Limited, from Yv\ Weddel and Company, Limited.—Butter: Danish, 83s to 84s; New Zealand, salted, 75s to 765; Australian, 72s to 71s. Cheese: White, 44s to 455; coloured, 43s Cd to 41s. Both markets are firm.

PRODUCTION OF SILVER

DECLINE IN RECENT YEARS

The most notable thing about the production of silver is its decrease in recent times, writes Sir Robert Home in an article in the London Times. The output. which was as high as 261,000,0000z. in 1029, fell in 1930 to 248,000,0000z., in 1931 to 196,000,000 o/.., and in 1932 to 160,000,0000z. The explanation of the fall is the reduction in the output of the metals with which it is associated, namely, lead, zinc and copper. The writer gives the following table, showing the principal producers:— Per cent Mexico . . . . . . • ■ 42.5 United States 21.0 South America ifCanada ' 9-G Europe . • t-8 Australia and New Zealand .. 4.1 British Inrlia, Other countries 4.9 Sir Robert states that the silver which is recovered from purely silver ores represents no more than 27 per cent of the world production, while the remaining 73 per cent conies as a byproduct. Of this 73 per cent, 58 per cent is only mined in order to obtain these necessary commodities of industry—lead, zinc, (,'opper and tin. "From these statistics." he continues, "it is plain that no glut of silver is likely to be created through any increase in the value of silver alone. It is obvious tlmt the chief temptation to produce it consists in tho value at which its companion ores are appraised " A.M.P. DIRECTORS Advice has been received by the Auckland branch of the A.M.P. Society that the ballot for the election of two directors.at tho head office in Sydney resulted as follows:—Sir Samuel Hordern, 109,939 votes; Mr. W. A. Mackav, 96,462; Mr. H. Gordon Bennett, 17,811; Mr. J. E. Garvau, 6865. Sir Samuel Hordern and Mr. W. A. Mackay were elected.