BUTTER MARKET

New Zealand Herald, Volume LXXI, Issue 21859, 23 July 1934, Page 5

BUTTER MARKET

BETTER TONE PREVAILS IMPROVEMENT IN DEMAND LARGE SUPPLY The improved tone which developed in tho London butter market toward the close of the week is further emphasised in merchants' latest cablegrams from London.. A fairly wide range exists in current quotations, but in one instance it is reported that up to 76s per cwt. is being asked for New Zealand finest. This represents a rise of 2s per cwt. upon the last quoted price. The stock position shows rather unusual movements. While New Zealand deliveries are declining, those of Australian have made sudden increase, and this is reflected in the position of stored stocks. New Zealand deliveries at 1561 tons for tho week were 213 tons lower than those of tho previous week, and 486 below those of the corresponding week a year ago. On tho other hand, while Australian deliveries at 1622 tons were 392 tons lower than tho previous week's high figure of 2018 tons, they were approximately 600 tons greater than thoso of tho same week in tho previous season. Position of Stored Stocks Stocks of New Zealand butter amounting to 12,858 tons were 302 tons lower than those of last week, and 3158 tons greater than at tho same time last year. Australian stocks were 200 tons greater in comparison with last week and 5457 tons more than those of a year ago. Merchants have received tho following cablegrams from their London houses, dated July 20: — New Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand, 72s to 755. Cheese: White, 48s to 495; coloured, 45s to 465. Both are steady; the market improved during the latter part of tho week. Allen and Findlay, Limited, from Armour and Company.—Butter: New Zealand, salted, 72s to 745; unsalted,. 80s to 82s; Australian, 67s to 68s; Danish, 83s to 86s. Cheese: New Zealand, white, 48s to 495; coloured, 45s to 465; Canadian, 54s to 565. Both markets arc steady. A. H. Turnbull and Company, from W. Weddel and Company, Limited. — Butter: Danish, 86s; New Zealand, salted, 73s to 745; Australian, 67s to 68s. Cheese: White, 48s to 48s 6d; coloured, 45s to 45s 6d. There is a better feeling in tho market. New Zealand salted butter is now quoted at 765. Dairy Board's Report Tho New Zealand Dairy Produce Board has received the following market report from its London office, dated July 20, tho previous week's figures being given in parentheses:— Butter. —New Zealand, salted. 73s to 745, equals approximately 8.42 d f.o.b. (73s to 745); unsalted, 80s to 82s, exceptionally 84s (80s to 84s). Deliveries: New Zealand, 1564 tons (last year 2050 tons); in store, 12,858 tons (last .year 9700 tons). Improved . demand at tho end of tho week. Australian, saltpd, 67s to 68s, exceptional 69s (68s to 695); Unsalted, 74s to 755, exceptional 76s (74s to 765). Deliveries: Australian, 1622 tons (last year 1050 tons); in store, 9433 tons (last year 3970 tons). South African, salted, 63s (61s to 655); Irish creamery, salted, 61s to 6Ss (- —); Danish. 66s f.0.b., 86s spot (62s to 635, 84s); Dutch, unsalted, 64s to 70s (66,; to 725); Estonian, salted and unsalted. 59s to 61s (61s to 625); Latvian, salted and unsalted, 59s to 6Js (61s to 625); Siberian, salted, 60s to 61s (61s to 625); Polish, salted, 54a to 58s (58s to 60s); Ukranian, salted, 59s to 60s (59s to 61s). The market is slow. Retail prices are unchanged. Cheese.—New Zealand, white, 48s to 48s 6d, 5Jd f.o.b. (48s 6d); coloured, 45s to 45s Cd, 4.8 d f.o.b; (45s to 45s 6d). Deliveries: Now Zealand. 21,061. crates (last year• 20,000 crates); in store, 159,514 crates (last year 136,620 crates). Canadian, white. 58s to 60s (56s .to 58s); coloured, 53s to 56s (52s to 565); c.i.f., 49s Od (50s Gd). Deliveries: Canadian, 5658 boxes (last year 2700 boxes); in store, 63,859 boxes (last year 74,821 boxes). Tho market is steady. New Zealand retail price unchanged, 7d. English finest farnjjprs, 89s to 965, firm (89s to 965).

The board has also received tho following advice from its agents in Canada:—Butter, New York, 24 cents; Montreal, 18$ cents. Cheese gradings for the week ended July 14 were' 1979 crates. GREAT QUANTITIES STORED HEAVY BALTIC ARRIVALS (Received July 22, 5.5 p.m.) LONDON, July 21 Tho London butter market is still suffering from tho enormous weight of supplies. Stocks in cold store have risen to i,732,750 boxes. Consequently there is a shortage of cold storage spaco and this has led to forced sales. Largo quantities are arriving from tho Baltic provinces, with a depressing effect on all prices. Fortunately, tho consumptive demand is very strong and as tho retail price of the Dominions' butter is now Sd to lOd per lb., traders expect consumption to expand still further.

MANCHESTER'S CLAIM SHIPMENTS FROM DOMINION Efforts arc being mado by the Manchester Chamber of Commerce to prevail upon the New Zealand Dairy Board to include Manchester in the programme of West Coast ports for tho direct consignment of butter and cheese, states tho Manchester Guardian. Representations on the matter have boon made to the Now Zealand High Commissioner in London. The chamber has drawn attention to tho great inconvenience at present caused to Manchester buyers and distributors. The produce is wanted for n growing and important consuming area, yet it is unloaded at Liverpool. Jt is strongly contended that the value of tho trade! placed from Manchester warrants the institution of permanent arrangement for direct shipment to tho port itself. EAST TAMAKI DAIRYING PAYOUT FOR SEASON Tho output s of tho East Tamaki Cooperative Dairy Company, Limited,, for tho year ended May 31, was 2233 tons of butter, an increase of 232 tons, equal to 11.(35 per cent. Tho amount available for further payment is £10,741, and it is proposed to'allocate, by way of bonus, 4-5 d per lb. butter-fat ovei the whole season's supply, which will make the average pay-out over all grades 9.910 d per lb. This compares with 9.597 d per lb. in the previous season. BRITISH WAR LOAN British Wireless RUGBY, July 20 • War loan, 3i- per cent, is quoted today at £lO4 3s 9d, compared with £lO-1 2s*6d yesterday.