BUTTER IN LONDON

New Zealand Herald, Volume LXXII, Issue 22108, 14 May 1935, Page 5

BUTTER IN LONDON

QUIET BUT STEADY SMALLER DOMINION ARRIVALS CHEESE STOCKS MOUNTING The London butter market is quiet but steady, with choicest salted New Zealand quoted at from 77s to 7Ss per cwt., according to a cablegram received by Joseph Nathan and Company, Limited, from Trengrouse and Nathan, Limited, under date Slay 11. White cheese is worth 44s 6d per cwt. and coloured 45s 6d. The market is quiet. Arrivals of New Zealand butter in Britain during May, June and July are estimated to be 5000 tons less than in the same months last year, according to a report issued by A. H. Turnbull and Company, Limited. The estimated arrivals of New Zealand butter and cheese during these months, compared with actual arrivals in previous years, are as follows: — BUTTER (Tons). 1933 1334 1935 May .. 8.661 14.366 11,700 June .. 12.841 8.503 8,163 July .. 6,362 9,792 7,050 Total tona .. 27.864 32,661 26,913 CHEESE (Tons) May .. 7.062 11.079 8,500 June •• 12,671 9,485 7,358 July .. 7,522 8.492 5.810 Total toils .. 27,255 29,056 21,668 The review states that according to the Imperial Economic Committee, stocks of butter in the United Kingdom are slowly mounting, but at May 6 were only 13,650 tons, as against 27,425 tons at the same date last year. Arrivals from Australia during April and early May were particularly heavy and the firm is of the opinion that these arrivals are keeping the market quiet. Much still depends on the Northern Hemisphere production, but present indications are that this will probably be lower than last year. American ac* tivity has declined very considerably, although small shipments are still being made from European ports. "Cheese has been decidedly disappointing and the stocks of New Zealand cheese in the United Kingdom during the month have mounted from 150,683 crates to 177,041 crates, but, on the othor hand, Canadian stocks have shown a distinct decline," the review continues. "The weather has not been favourable to increased consumption of cheese and the deliveries of New Zealand from store are disappointing. Forward buyers have been showing practically no interest in cheese whatever and this is not a very satisfactory sign."

TYRE MANUFACTURE

PROSPECTS IN. DOMINION OUTLOOK NOT FAVOURABLE The possibility of the erection in New Zealand of a factory for the manufacture of tyres was mentioned yesterday by Mr. P. W. Litchfield, president of the Goodyear Tyre and Rubber Company, and a leading American industrialist, who is passing through Auckland by the Aorangi on his way to Australia and the East.

Mr. Litchfield said the proposal for a tyre factory in the Dominion was already under consideration, but it appeared that tyres could be imported cheaper than they could be manufactured. It was doubtful, too, whether economic conditions would the establishment of a special plant. He understood New Zealand's trade was carried out through the export of primary products in exchange for the import of manufactured goods. In certain circumstances, it might be unwise to commence local manufacture, still expecting the countries from which manufactured goods, were imported to purchase the exports of primary produce from the Dominion. It could lead to a position analagous to that in which America found itself to-day. In a primary producing country too much attention to local manufactures could be definitely against the national economic benefit. ,

" My company has always had a very satisfactory business with New Zealand,'' Mr. Litchfield said. " It is tfue that the Dominion is the only large motor-using country in the world which has not got its own tyre factory. If economic conditions warrant the establishment of such a factory, in spite of the fact that all raw materials would have to be imported, my company would see to it that your motor tyres were the product of your own labour."