BUTTER IN LONDON

New Zealand Herald, Volume LXXII, Issue 22107, 13 May 1935, Page 5

BUTTER IN LONDON

MARKET REMAINS STEADY STOCKS SLIGHTLY HIGHER AMERICAN VALUES REDUCED The market for Xew Zealand butter in London is steady at 76s to 78s per cwt. Quotations for cheese are unchanged at around 43s to 44s per cwt. for white and 44s to 45s for coloured. Stocks of New Zealand butter have risen bv about 300 tons orer the week. The New Zealand Dairy Board reports that a shipment of ]6O tons of butter was made from London to New York last week. Values in New York and Montreal have eased to 28J cents and 21J cents per lb. respectively. Merchants have received the following cablegrams, dated May 10. from their London principals:— Mr. H. S. Withers, from A. C. Rowson.— Butter: Finest, 78s. The market is rather slow. Cheese: White, 445; coloured, 455. The market is steady. A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited. —Butter: Danish, 89s; New Zealand, salted, 78s; Australian, 755. The market is quiet. Cheese: New Zealand, white, 445; coloured, 455. The market is steady. New Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand, 77s to 78s; Danish, 89s. Cheese: White, 43s 6d; coloured, 44s 6d to 455. Both markets are steady. Allen and Findlay, Limited, from Armour and Company, Limited.—Butter: The market is steady. New Zealand, salted, 76s to 78s; unsalted, 79s to 80s; Australian, 75s 6d; Danish, 88s. Cheese: The market is steadier. New Zealand, white, 4-' is to 445; coloured, 44s to 455; Canadian, 60s.

DAIRY BOARD'S REPORT The New Zealand Dairy Board has received the following market report from its London office, dated May 10 (the previous week's figures being given in parentheses):— Butter. —New Zealand, salted, 77s to 78s, equals approximately 8.89 d f.o.b. (7Ss to 795); unsalted, 79s to 80s (79s to 80s). Deliveries: New Zealand, 1920 tons (last year, 2489 tons); in store. 6540 tons (last week, 6257 tons; last year, 10,481 tons). Australian: Salted, 75s to 76s (75s to 765); unsalted, 76s (75s to 765). Deliveries: Australian, 3122 tons (last year, 1614 tons); in store, 7353 tons (last week, 6243 tons; last year, 7699 tons). The market is steady. New Zealand retail price unchanged. lOd. South African, salted, 69s to 71s (71s); Argentine, unsalted, 72s to 74s (72s to 745); Danish. 67s f.0.b., 89s spot (69s to 70s, 90s); Siberian, salted. 69s to 71s (70s to 725); Lithuanian, unsalted, 72s to 745, ex. 75s (73s to 745); Ukranian, salted, 68s to 70s ( —);. The market is quiet. Danish retail unchanged, Is.

Cheese. —New Zealand, white, 43s 6d to 445, 4.6 d f.o.b. (43s to 445); coloured, 44s 6d to 455, 4.73 d f.o.b. (44s 6d to 455). Deliveries: New Zealand, 19,264 crates (last year. 21,215 crates); in store, 170.956 crates (last week. 177,041 crates; last year. 138,477 crates). Australian, white and coloured. 42s to 43s ( —i; Canadian, white and coloured, 61s to 62s (60s to 625). The market is steadier. New Zealand retail price unchanged, fid. Deliveries: Canadian. 3809 boxes (last year, 6975 boxes); in store, 66.653 boxes (last year, 95.451 boxes). English finest farmers', S2s; to 90s (82s to 90s); English factory cheese, 38s to 42s (38s to 425); South African, coloured, 43s ( —) Cheese gradings for week ended May 4, 1 16.930 crates white, and 7532 coloured. The board has also received the following advice from its agents in Canada. —Butter: New York. 28J cents; Montreal, 21J cents. Canadian stocks, 1950 tons (last year, 1100 tons). MINIMUM F. 0.8. RATES BOARD'S SCHEDULE UNCHANGED " [BY TELEGRAPH —PRESS* ASSOCIATION"] WELLINGTON. Saturday The minimum f.o.b. rates for export have been fixed by the Dairy Produce Board at butter, 9fd per lb., and cheese 5d per lb. These prices, whjch are unchanged, are equivalent to 76s lOd and 44s per cwt., c.i.f.e.

LOW ENGLISH PRICES EFFECT UPON TRADE The effect of low butter prices on the British distributing trade was explained by Sir James Martin, chairman of the Maypole Dairy Company, Limited, at the annual the company in London recently. "It has to be borne in mind that a low range of values has a very direct and generally adverse bearing upon profits," he said. "Fixed charges such as rent and rates have to be borne, overhead expenses, including wages, must bo met, and there are the same handling charges in connection with the distribution, including the sale, of a ton of butter at £B4 as there are when the same quantity of that commodity is fetching £l4O or more. A very ordinary mathematician can therefore readily realise the _ disadvantages from a purely retailing point of view of a long-continuing spell of prices which are entirely uneconomic. "Some may say that these cheap prices should have brought about increased sales. 1 am happy to say that they did, but under present conditions, when there is no elasticity in the spending power of the community, the consumption of butter and alternatives thereto have, in the opinion of those best able to judge, reached a stage nearly akin to saturation point. Consequently, those very welcome additions to our output of butter reflected adversely upon our of better qualities of margarine, with a consequent further fall in the profits accruing from the sale of this commodity."

RABBITSKIN VALUES

GOOD AMERICAN DEMAND

LONDON FRUIT MARKET

There was a keen demand, particularly on American account, at the fortnightly rabbitskin sale held at Dunedin last Prices were fully on a par with rates at the last sale, with the exception of racks, which were a shade easier. The following is the range of prices:— Small. 7d; runners, Hid; milky, 11 id; summer bucks. 19d; summer does, 12d; light racks. 15} d; prime racks. laid; dnwny autumns, 19d; second early autumns, 21sd; early autumns, 28Jd: second late autumns, 31 Id; late autumns, 393 d; autumn bucks, 40' d; autumn does, 18d; second incoming. 36Jd: heavy racks, 12id: incoming bucks. 57d: first early winter bucks, 74d; first early winter does. 37"d : second early winter bucks, 54} d; second early winter 'lots, 275 d; summer blacks. 85d: autumn blacks. LSd; late autumn blacks, 20d: rack blacks, lOd; summer fawns, 9d; autumn fawns, lSd; nare skins, Sd.

(Received May 12, 5.5 p.m.)

LONDON, May 11 Apples are in good demand. New Zealand Coxs are quoted at lis to 16s, Jonathans, 8s 6d to 12s; Delicious, 9s 6d to lis 9d; Granny Smith. 9s 6d to 13s; Cleopatras, 9s to 9s 6d. Pears (boxes), are quoted ns follows: —Winter Coles, 8s to 10s; Packhams, 8s (three-quarter cases), Boscs, 7s 6d to 9s. Josephines, 10s 3d to 10s 9d.