RISING BUTTER PRICES

New Zealand Herald, Volume LXXI, Issue 21805, 21 May 1934, Page 5

RISING BUTTER PRICES

ANOTHER 1/- PER CWT. MARKET REMAINS FIRM SALES AT 9fd A POUND F. 0.8. Prices for New Zealand butter on the London market show a further rise of Is at 77s to 79s per cwt. The market remains firm. The cheese market is steady and values are unchanged. Sales of butter on the local market have been reported at per lb. f.0.b., for June-July shipment. This is equal to 81s per cwt. London. The Dairy Produce Board's report records a decline in London stocks of 1190 tons to 9291 tons, which compares with 7580 tons held at the samo date last year. The retail price of New Zealand butter has been increased by Id to lOd per lb . Merchants have received the following cablegrams, dated May 18, from their London principals:— A. H. Turubull and Company, Limited. from W. Weddel and Company, Limited.—Butter: Danish, 86s to 88s; New Zealand, salted, 77s to 78s; Australian, 74s to 755. The market is firm. Cheese: White, 44s Gd to 455; coloured, 44s to 44s 6d. The market is steady. Mr. H. S. Withers, from A. C. Rowson.—Butter: 77s to 78s. Cheese: White, 455; coloured, 44s 6d. Both markets are firm. New Zealand Producers' Co-operative Marketing Association, Limited.—Butter: New Zealand, 77s to 78s; Danish, 87s to 88s. The market is firm. Cheeso: White, 44s 6d to 455; coloured, 44s to 44s Cd. The market is steady. Allen and Findlay, Limited, from Armour and Company, Limited.—Butter: New Zealand, salted, 77s to 78s; unsalted, 78s; Australian, 755; Danish, 84s to 80s. Cheese: New Zealand, white, 455; coloured, 44s to 455. Both markets are firm.

DAIRY BOARD'S REPORT The New Zealand Dairy Produce Board has received the following market report from its London office, under date May 18 (last week's figures being given in parentheses):— Butter. —New Zealand: Salted, 78s to 79s (75s to 765); unsalted, 78s (76s to 775); equals approximately 9d f.o.b. Deliveries: New Zealand, 1606 tons (last year, 1482 tons); in store, 9291 tons (last year, 7550 tons). Australian: Salted and unsalted, 75s (73s to 745). Deliveries: Australian, 1993 tons (last year 1900 tons); in store, 7175 tons (last year 5100 tons). Danish: 67s f.0.b., 86s to 88s spot (83s to 84s); Estonian, salted and unsalted. 73s to 74s (69s to 71s); Latvian, 73s to 75s (70s to 725); Lithuanian, 73s to 74s (69s to 71s) ; Dutch, unsalted, 70s to 77s (68s to 775). The market is firm. New Zealand retail price increased to lOd; Danish, to lid. The Imperial Economic Committee's estimated stocks of all butters, 1,140,507 boxes (last year, 987,673 boxes). Cheese.—-New Zealand: White, 45s (4.78 d f.0.b.) (44s 6d to 455); coloured, 44s to 44s 6d (4.68 d f.0.b.) (445). Deliveries: New Zealand, 20,552 crates (last year, 20,000 crates); in store, 129,574 crates (last year, 113,000 crates). Canadian: White and coloured, 52s to 56s (50s to 565). Deliveries: Canadian, 7419 boxes (last year, 5150 boxes); in store, 89,245 boxes (last year, 66,500 boxes). The jnarket is steady. New Zealand retail price unchanged, 6d. The board has also received the following advice from its agents in Canada:—Butter: Montreal, 20J cents; New York, 24 J cents. United States' stocks, 5286 tons (last year, 4196 tons).

STRIKE AT HAY'S WHARF

NO SERIOUS DELAY EXPECTED Shipments of dairy produce by the Middlesex, Sultan Star, Tamaroa and Karamea have been affected by a strike afc Hay's Wharf, Lonclorf, according to a cablegram received by the New, Zealand Dairy Produce Board under date May 18. The message states that the strike continues, but many men are returning to work. No serious hold-up is anticipated. NEW ZEALAND BREWERIES DIVIDEND OF 7 PER CENT The.directors of New Zealand Breweries, Limited, have decided to recommend to the annual meeting of shareholders in July the payment of a final dividend of 3} per cent, making 7 per cent for the year. The full year's distribution is the same as last year and compares with 8 per cent in 1931-32 and 12.} per cent in the previous year. NORTHERN INVESTMENT " SATISFACTORY RESULTS " The report of the directors of the Northern Co-operative Investment Trust, Limited, the accounts of which for the year ended March 31 were reviewed in the Herai.d on Saturday, states that results were regarded as eminently satisfactory, especially in view of the period of continued financial stringency. During the year, the directors considered it desirable to secure the services on the board of Mr. N. 13. Spencer, solicitor, of Auckland, the number of directors being increased to seven. The retiring directors were Mr. Spencer and Messrs. J. A. Warnock and A. G. Lunn, all of whom were eligible for re-election. WILLIAMS AND KETTLE, LTD. DIVIDEND OF 6 PER CENT The accounts of Williams and Kettle, Limited, stock and station agents and general merchants, Napier, for the year ended March 31, show a not profit of £19,263, compared with a loss of £1583 in 1932-33 and of £1027 in the previous year. With £1025 brought forward, £20,288 is available. The directors recommend payment of a dividend of 6 per cent, which vwill alworb £12.281, leaving £BOO7 to bo carried forward. Paid-up capital is £204,685. Assets include:—Bank, £'59,627; shares, £22,044; and Government stock, £22,302. The last accounts showed {i bank liability of £36,466. The company paid its last dividend in 1929-30, when 7 per cent and a bonus of 1 per cent was distributed. The profit in that year was £15,383, but it was followed by a loss of £10,797 in 1930-31.

COTTON, RUBBER, JUTE, ETC. (Received May 20. 5.5 p.m.) LONDON, May 19 (Quotations on May 12 in par on theses.) Cotton.—Spot. _6.23d J 6.15(1) a lb.; June delivery, 5.97 d (5.95 d). Rubber.— Para, "6d (6d) a lb.; plantation and smoked, (3 3-16 d (6 9-16 d). Jute. —June-July shipments. £ls 2s 6d (£ls 7s 6d, May-June), a ton. Copra.—June-July shipments. South Sea. £7 15s (£7 17s 6d, May-June) a ton; South Sea, smoked, £6 17s 6il (£7); plantation, Rabaul, £8 12s 6d .(£8 10s). Linseed Oil. —£23 10s (£23) a ton. Turpentine. 6d (47s 3d), a cwt.