BUTTER AT LOW LEVEL

New Zealand Herald, Volume LXXI, Issue 21853, 16 July 1934, Page 5

BUTTER AT LOW LEVEL

LONDON MARKET SLOW INCREASE IN STORED STOCKS CHEAP CONTINENTAL PRODUCE Prices for New Zealand butter on the London market are unchanged at 73s to 74s per cwt., the demand being slow. Tho cheese market is steady, values for white and coloured being unchanged at 48s 6d and 45s 6d respectively. Sir. C. R. Spragg has been advised by Bannatync and Company, Limited, Liverpool, that buyers of butter are nervous owing to the pressure of lowpriced Continental produce, which has been diverted from Germany. This is alarming buyers, who are withholding their orders. This phase of the market is reflected in a substantial increase in stored stocks of butter, as revealed in the weekly report of the New Zealand Dairy Produce Board. Stocks of New Zealand butter at the end of last week totalled 13,160 tons, compared with 11,834 tons in the previous week and 9925 tons at the same date last year. Australian stocks have risen over the past week by 316 tons to 9231 tons, which compares with 4350 tons held last year. Merchants have received the following cablegrams, dated July 13, from their London principals:—

Mr. H. S. Withers, from A. C. Rowson,j—Button First grade, 735; finest, 745. Cheese: White, 48s 6d; coloured, 45s 6d. Both markets are steady and firm. New Zealand Producers'.Co-operative Marketing Association, Limited. —Butter: New Zealand, 73s to 745; Danish, 84s. Cheese: White, 48s to 48s 6d; coloured, 455. Both markets are quiet. A. H. Turnbull and Company, Limited, from W. Wcddel and Company, Limited. —Butter: Danish, 84s; New Zealand, salted, 73s to 745; Australian, 68s. The market is slow. Cheese: White, 48s 6d; coloured, 45s to 45s 6(1. The market is steady. Allen and Findlay, Limited, from Armour and Company, Limited. —Butter: New Zealand, salted, 72s to 745; unsalted, 80s to 81s; Australian, 68s to 695; Danish, 83s. Tho market is slow. Cheese: New Zealand, White, 48s; coloured, 45s to 465; Canadian, 61s to 635. Tho market is steady.

DAIRY BOARD'S REPORT

The New Zealand Dairy Produce Board has received the following market report from its London offioe, dated July 13, the figures for the previous wfeek being given in parentheses:—Butter: New Zealand, salted, 735. to 74s (73s to 745), equals approximately 8.42 d. f.0.b.; unsalted, Deliveries: New Zealand, 1777 tons (last year, 1768 tons); in store, 13,160 tons (last year, 9925 tons). Australian, salted, 68s, ex., 69s (68s to G9s); unsalted, 74s to 76s (74s to 765). Deliveries: Australian, 2018 tons (last year, 1000 tons); in store, 9231 tons (last year, 4350 tons). South African, salted, 61s to 655. Danish, 62s to 63s f.0.b., 84s spot (635, 84s). Dutch, unsalted, 66s to 72s (68s to 725). Estonian, salted and unsalted, 61s to 62s (64s to 655). Latvian, 61s to 62s (—). Siberian, salted, 61s to 62s (63s to 645). Ukranian, salted, 59s to 61s (60s to 625). Polish, salted, 58s to 60s (60s). Lithuanian, salted, 61s to 625, ex., 635; unsalted, Gls, ex., 63s (64s to 655). The market is slow, lietail prices unchanged: New Zealand, lOd; Danish, lid. The Imperial Economic Committee's estimated stocks of all butters in storo, 1,732,751 boxes (last year, 1,292,379 boxes). Cheese. —New Zealand, white, 48s 6d (ojd f.0.b.) (46s 6d to 475); coloured, 45s to 45s 6d (4.8 d f.0.b.) (44s 6d to 455). Deliveries: New Zealand, 22,566 crates (last year, 18,687 crates); in store, 157,025 crates (last year, 141,689 crates). Australian, white, 47s 6d ( —); coloured, 44s'(—). Canadian, white, 56s to 58s, ex., 60s (56s to 58s); coloured, 52s to 56s (54s to 565); e.i.f., 50s 6d (52s to 535). Deliveries: Canadiah, 3180 boxes (last year, 3650 boxes); in store, 59,120 boxes (last year, 60,000 boxes). English finest farmers', 89s to 96s ( —). The market is steady. New Zealand retail price unchanged, 7d. The board has also received the following advice from its agents in Canada: —Butter: New York, 24 cents; Montreal, 19 cents. United States stocks, 31,316 tons (last year, 47,490); Canadian, 10,700 (9046). Cheese gradings for the week ended July 7: ISII crates white and 1035 crates coloured.

WHEAT IN AMERICA DECEMBER FUTURES QUOTATION OVER A DOLLAR (Received July 15, 5.5 p.m.) ■ ■ 1 CHICAGO, July li Dollar wheat came back to the Chicago grain market yesterday, when, near the close of tho clay's trading, a broker shouted "Dollar" for December delivery, thus bringing to a climax a wave of buying, apparently inspired by "bullish" foreign news. To-day's quotations are: —July 97ji cents a bushel; September, 982 cents; December, 1 dollar 25 cents. The New York price for cash is 1 dollar 21 cents.

RISE IN WINNIPEG WINNIPEG, July 13 Wheat values advanced 1£ to 1£ cents to-day. Quotations are:—July, 81.5 cents a bushel; October, 83g cents; December, 84£ cents. MANDARINE GROWERS AUSTRALIANS TO BE AIDED CANBERRA, July 14 The Prime Minister, Mr. J. A. Lyons, announced to-day that mandarine growers will bo assisted by a grant of £IO,OOO from the Commonwealth Government, and New South Wales is to make a similar amount available. The assistance to be given to the growers is in consideration of their serious position, which is largely duo t,Q tho loss of the New Zealand market. LONDON HIDES SALES (Received July ' 15, 6.5 p.m.) LONDON, July 14 At the London hides sales to-dav the following quotations ruled: —Meatworks; Dry salted —Queensland, 351b. to 451b., Sid; .'lolb. to 401b., sjd; 251b. to 351b., sd; 201 lj. to 301b., sd. New South Wales, sgd, sjid, s}d and s£d. Wet salted: Queensland, 501b. to 601b., 3jd; 401b. to 501b., 3Jd. New South "Wales, both 4d; Victorian abattoirs. 3Jd and 3Jjd. BRITISH WAR LOAN British Wireless RUGBY, July 13 War loan, .'H per cent, is quoted today at £lO4 2s Od, compared with £.104 5s yesterday.