BUTTER ADVANCES

New Zealand Herald, Volume LXXI, Issue 21937, 22 October 1934, Page 5

BUTTER ADVANCES

IMPROVEMENT CONTINUES SELLERS NOW ASKING 68/HEAVY REDUCTION IN STOCKS The improved tone in the London butter market has been maintained and the latest report states that tho market is firm. On Friday the ruling prices for New Zealand were unchanged at 64s to 60s per cwt. for finest, and 63s to 64s for first, but according to a cablegram sent on Saturday sellers are now asking 68s for finest and 66s for first. Stocks of New Zealand butter in sto.ro were reduced during last week by 1316 tons to 7525 tons. This is the heaviest reduction mado in recent weeks and is no doubt accounted for by tho strong demand during tho latter half of Lhe week. Tho cheese market is firm on short supplies. Coloured cheese is soiling unchanged at 49s per cut., and white Is higher at 50s. . Merchants havo received the following cablegrams, dated October 19, from their London principals:— ilr. G. R. Spragg, from Bannatync and Company, Limited (dated October 20). —Butter: Tlio market made a sharp recovery during the week. Both butter and cheese markets are now firm. We-are trying for 68s for finest and 66s for first. Cheese: Supplies are short. White, 50s; coloured, 495. Allen and Findlav, Limited, from Armour and Company, Limited. —Butter: The market tendency is higher. New Zealand salted, 63s to 665; unsalted, 74s to 765; Australian, salted, 64s to 665; unsalted, 68s to 70s; Danish, 110s. Cheese: The market is firm. New Zealand, white, 48s to 495; coloured, 48s to 495; Canadian, 51s. A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited.—-Butter: Danish, 112s; New Zealand salted, 63s to 665; Australian, 62s to 655. There is a better demand. Cheese: White, 48s to 495; coloured, 4bs to 48s 6d. Tho market is firm. Now Zealand Producers' Co-operative Marketing Association, Limited. —Butter: Now Zealand finest, 64s to 665; first, 63s to 645; Danish, 110s. The market is a little better. Cheese: White and coloured, 48s to 495. The market is firm. Dairy Board's Report The New Zealand Dairy Produce Board has received tho following market report front its London office, under date October 18 (tho figures for the previous week being given in parentheses) : Butter. —New Zealand salted, 64s to 665, ox. 70s, equals approximately 7.3d f.o.b. (64s to 665); unsalted, 74s to 76s (76s to 80s). Deliveries: New Zealand, 2582 tons (last year, 1967 tons); in store, 7525 tons (last year, 3380 tons). Australian salted, 61s, 65s to 66s (64s to 675); unsalted, 64s to 68s (68s to 70s). Deliveries: Australian, 902 tons (last year, 432 tons); in store, 3478 tons (last year, 675 tons). Thero is an improved demand at tho lower price. Danish, 90s f.0.b., 112s spot (firm), (87s, 107s); Dutch unsalted, 66s to 76s (quiet), (66s to 765); Estonian salted and unsalted, 60s to 62s (58s to 60s); Latvian, salted and unsalted, 60s to 62s (58s to 60s); Lithuanian, salted and unsalted, 60s to 62s (58s to 60s); Siberian salted, 61s to 62s (60s to 635); TJkranian salted, 60s (61s). The butter market is steadier. Retail prices unchanged: Danish, Is Id; New Zealand, 9d. Tho Imperial Economic Committee's estimated stocks of all butters, 1,218,414 boxes (last year, 795,842 boxes). Cheese. —New Zealand white and coloured, 48s 6d to 49s <5.2d f.0.b.) (48s to 48s 6d, 48s 6d to 495). Deliveries: New Zealand, 20,095 crates (last year, 22,000 crates); in store, 101,762 crates (last year, 83,771 crates); Australian coloured, 47h (48s). Tho market is firm. New Zealand retail priee unchanged, 7d; Canadian white,. 51s to 525; coloured, 49s to 51s (50s to 525), old season's, white, 66s to 68s; coloured, 60s to 62s (51 rto 525); October make, white, 47s 6d; coloured, 495. Deliveries: Canadian, 7582 boxes (last year, 4400 boxes); in storo, 109,388 boxes (last year, 164.724 hoxes); English finest farmers', 82s to 88s (steady), (S2s to 88s). . . Tho board has also received tho following advice from its agents in Canada. —Butter: Now York, 27 cents; Montreal, 19J cents. U.S.A. stocks, 55,721 tons; last year, 77,997 tons. Cheese gradings for the week ended October 13: 19,814 crates white, and 9071 coloured. MINIMUM F. 0.8. PRICES Minimum f.o.b. prices for dairy produce from last Saturday until further notice have been fixed by the Dauy Board as follows: —Butter, por lb.; cheese, 4Jd per lb. The prices are unchanged and are subject to agents sellr ing commission of li per cent. TAX ON GOLD PROFITS WESTERN AUSTRALIAN STEP EXTENSION NOT FAVOURED An extension of tho step taken by tho Western Australian Government in taxing goldmining profits is not> geneially favoured by investors in Australia. Tho Melbourne Argus comments:—■ Mt is unfortunate that tho tenn 'tax has been used in Western Australia, as this implies a general application of tho proceeds for revenue purposes. Actually tho money that is to bo raised from the 'tax' in Westorn Australia, which is estimated at £BO,OOO a year, is to be devoted to tho relief and compensation of miners suffering from miners phthisis. It would bo less perturbing to tho mining industry if the were termed a 'lovy' instead of a - • as this would more clearly earmaik tho proceeds for the specific purpose intended. , "For manv years much more mono} has been sunk 'in mining than has come out of it. 11l the whole of Victoria onl,v ono mining company is Pj'.ynig dividends, and the mining call list f°i Aus tralia represents more than £IOO,OOO a month, Tho mining investor » c™ontially an optimist, and ho goes on pacing calls in the hope that some day tho magic of gold will transmute them into dividends. Only a few are lucky, tho only satisfactiou tlut tho great majority may demo from their investments being that they have provided employment, not only to minors, but for employees in tho in dustrics which «.p|.ly tr other materials usecl m tl o It would bo regrettable if anjithn fc were dono to discourage legitimate muling enterprises." WHEAT IN AMERICA (Received October 21. 5.5 p.m.) CHICAGO, Oct. 20 Wheat.—-December, 97 j} cents a bushel; May, 97fc cents; July, 92& cents The New York price for cash is 1 dollar 41 cents.