POOR QUALITY CHEESE

New Zealand Herald, Volume LXXII, Issue 22140, 20 June 1935, Page 7

POOR QUALITY CHEESE

ENGLISH FACTORY OUTPUT AN ENORMOUS INCREASE DOMINION MARKET SUFFERS In spite of the decline in the output of cheese from New Zealand this year, recent prices on the London market have been comparatively low and the market has not enjoyed the more buoyant tone shown in the butter trade.

In a circular issued to cheese factories by Mr. H. S. Withers, agent for A. C. Rowson, the following extracts are given from a London letter, dated May 7: —

"We have to go a little further than the statistical position to find the reason for the low prices. English and Scottish factories have increased their output of cheese enormously and in many instances the quality turned out is very inferior. Sales are being forced before the cheese is matured and at any price it will fetch. This Home factory cheese is in direct competition with the New Zealand article and generally is offering at the same price or less. This means the forcing of a lot of cheese on to the public, which buys because the price is low not because they really like it. People are put off cheese eating, with the result that a kind of vicious circle is begun and we have to continually lower the price in order to get the cheese into consumption at all. "Some cheese factories in New Zealand are still withholding their cheese from sale in England, but directly the market shows improvement some of these factories will begin lifting their embargo. According to precedent, all should follow, and this is going to make it very difficult to sustain the market at a materially higher level for some little time."

The question of cheese prices was raised recently in the House of Commons, when Sir Percy Harris asked the Minister of Agriculture, Mr. W. Elliot, why the wholesale price of English factory cheese was from 4s to 6s per cwt. less than the best New Zealand. Mr. Elliot replied that the margin in price appeared to be influenced by the reduced imports from New Zealand in the first quarter of 1935, coupled with an accumulation of stocks of home-pro-duced cheese.

In a letter to various newspapers. Sir Percy states: —"If anyone is underselling the home market it is not the Dominion producer. Any policy of quotas or levies on Empire cheese cannot remedy the present unsatisfactory position of the home factory cheesemaker. His recourse in the first instance is to improve and popularise his produce. No artificial bolstering up will permanently secure to a third-rate product a first-class price, much less increase the public demand for it."

AUSTRALIAN EXCHANGES

YESTERDAY'S BUSINESS POSITION OF INTERNAL LOAN (Received June 19, 7.35 p.m.) SYDNEY, June 19 The Sydney Stock Exchange rallied to-day in consequence of an official announcement that ihe new internal loan of £12.500,000 has been more than half subscribed. This morning's sales included: —Commonwealth bonds —3} per cent, 19-W, £102; 4 per cent. 1938, £IOJ. 15s; 1941, £lO3 7s 6d; 1944. £lO4 12s 6d; 1947, £lO5 17s 6d; 1950. £lO6 15s. Associated News, 23s 4Jd; ditto (preference), 24s 4sd; Broken Hill Proprietary, 575; Fairvmead Sugar, 40s; GoldsbroughMort, 29s 6d; Morris Hedstrom, 21s pd. Later sales included: —Bank of New South Wales, £3l 12s 6d: National Bank (£lO paid), £l2 18s; Colonial Sugar, £43; Australian Gas. A shares. £8 Is; British Tobacco, 395; s Tooth's Brewery, 53s 6d; G. .T. Coles, 69s 6d; General Industries, 18s; Drug Houses of Australia. 275; Nestle's (preference), 37s 6d; Dunlop-Perdriau, 16s Goldsbrough-Mort, 29s 6d; Morris Hedstrom. 21s 9d; Millaquin Sugar. 33s 9d; Fairymead Sugar, 40s; Electrolytic Zinc (preference), 35s 10$ d; Amalgamated Textiles, 10s; David Jones, 40s 6d; Anthony Hordern, 18s 9d; ditto (preference), 23s 3d; Mount Morgan. 36s 7id; Mount Lyell. 19s; South Broken Hill, 86s 6d; Rawang. 7s 4d; Malim Nawar, 17s 6d. Melbourne sales included:—National Bank (£5 paid), £6 5s 6d; ditto (£lO paid). £l2 16s; Metropolitan Gas, 14s 4d; Herald and Weekly Times, 565; G. J. Coles, 69s 6d; Mount LyelL 19s 3d. HILL AND PLUMMER, LTD. • DIVIDEND RATE INCREASED A net profit of £2851 was earned by Hill and Plummer. Limited, oil and colour merchants, for the year ended April 30. This compares with £2470 last year and £22 in 1932-33. A recommendation that a dividend of 5 per cent be paid was passed at the annual meeting of shareholders yesterday. Payment will be made to-morrow. The dividend will absorb £2839. The annual report stated that sales had increased by £9228. and indications were that improved trading would continue. A shareholder proposed that the directors should consider the restoration of part of the wages cut, but the chairman, Mr. G. H. Plummer. said a partial restoration had already been made. The retiring director, Mr. T. U. Wells, was re-elected. Last year the company paid a dividend of 4 per cent, the firs't since 1930-31, when 5 per cent was distributed from reserves. LONDON STOCK EXCHANGE BANK SHARES AND DEBENTURES LONDON, June IP On fj e London Stock Exchange quotations of bank shares and other corporation debentures and stock compare with previous quotations as follows : June -1 June IS £?d £ s d Australasia . . P 1G P in 7j New South Waifb . . 23 VI fi 23 10 0 Union of Australia . . C 15 0 6 10 0 National of N.Z. . . 2 11 6 213 0* N.Z. Shares . . 2 3 9 2 3 0 N.Z. Loan and Merc.. 4 p c., deb. . . 91 0 0 91 0 0 Ditto, ord 21 0 0 2G 10 0 E„ S. and A. ..410 3 10 1} "Ex dividend. CALL AND DIVIDEND LIST Dirirlend*- J*"* Mossy Creek—ld a share .. To-day Devonport Ferry—final, 2! p.c. . . To-day Gear Meat—-int., 3d b share To-morrow Australian Glass—final, old. p.u.; pref.. 4J p.c. .. June 26 Farmer#' Trading—ord.. 6 p.o. June 26 Talisman Dubbo—int. 6d a share June 27 North Broken Hill—int.. Is 6d a share and bonus. Is a share June 29 Goldsbrough Mort— final. 4 P.O. June 28 Waihi Junction—4d a share .. June 23 British Tobacco—quarterly, 1| p.o. June 29 Morns Hedstrom —final, 8 p.o. .. June 30 Zinc Corporation—final, participating ord. and pref., Is a* share and int. pref., 2s » a bar- .. .. Jul* l Queensland Insurance—int.. ? 0.0. pa Julj Bulolo- int.. 1 dollar 20 cents (ahoui Ss !odl a share July i Placer—int. i dollars 40 cent* (about lis Sd) a share .. July J N.Z Breweries—final. 34 p.c. .. July Nat. Bank N.Z.—final, i p.c. p.*. July Dominion Rubber—int., 8 p.c. ..