BUTTER AT 90/-

New Zealand Herald, Volume LXXII, Issue 22142, 22 June 1935, Page 9

BUTTER AT 90/-

FIRM LONDON MARKET GOOD SALES REPORTED FORWARD RATES INCREASED DECLINE IN SUPPLIES New Zealand butter is selling at 89s to 90s per cwt. on the London market. This is the highest price realised since last February, when American buyers operated heavily, and prior to that 90s had not been reached since November, 1933. The market is-firm and butter is reported to be selling well. Over the week the prico has advanced by 3s Gd per cwt. Forward business was done in Auckland yesterday at tip to 10gd per lb. f.0.b., equal to 93s per cwt. in London. However, buyers did not operate very freely at this figure and business was patchy. The shipping position is having a decided influence on the market. Shipments from New Zealand have been lower practically throughout the season, but this decline has been offset by a rise in Australian exports. However, Australian production is now falling away rapidly, even to the extent in New South Wales of causing anxiety regarding supplies for tlje local market. Exports of batter from Australia are not now being withheld, and all weekly gradings are going forward. Gradings in recent weeks in Australia averaged 729 tons, compared with 1282 tons in the same weeks last season. Influence ol Australia The rapid collapse in Australian butter manufacture has changed the outlook considerably, especially in view of smaller supplies from New Zealand and Argentina. Another favourable factor is the adverse weather in Europe, and the decline in supplies of Continental butter undoubtedly will assist an advance in New Zealand prices during the next few months. The chcesa market is steady at slightly improved rates. The Press Association message sent from London on Thursday states that butter is firm and is selling well. Danish is quoted at 102s per cwt.; choicest salted and unsalted New Zealand, 89s to 90s; Australian, 86s. Cheese is steady.' New .Zealand, white, 44s 6d; coloured, 44s to 44s 6d; Australian, white, 42s to 435; coloured, 42s to 42s Gd. Better Than Last Year x The following comparative table shows the mean closing quotations on the London market for the past two weeks:— Juno 14 Juno 21 Rise Fall Butler— s d sd s d b d New Zealand.. 86 0 89 6 3 6 Australian .. 84 0 86 0 2 0 Danish 1. 100 0- 102 0 2 0 Cheese—New Zealand: White .. .. 44 0 44 6 0 6 ~ Coloured .; 44 0' 44 8 0 3 Canadian: White . . .. 61 0 61 0 Coloured . . 50 0 59 0 A month ago there was a good demand for butter. Danish was quoted at 96s per cwt.; choicest salted New Zealand, 80s; Australian, 795; unsalted, Now Zealand, 80s to 81s; Australian, 78s. Cheese was slow. New Zealand, white, 435; coloured, 445; Australian, 41s to 425.

Tho butter market was quiet a year ago. Danish was quoted at 86s per cwt.; choicest salted New Zealand, 78s; Australian, 745; unsalted, New Zealand, Sis to 83s; Australian, 75s to 765. The cheese market was dull. New Zealand, white, 495; coloured, 475; Australian, 48s and 45s 6d.

REPORTS OF MERCHANTS HEAVY CHEESE STOCKS t Merchants have received the. following cablegrams, dated Juno 20; from their London principals:— A. S. Paterson and Company, Limited, from J. and J. Lonsdale and Company (London), Limited. —Butter: The market is firm owing to lower production of Colonial butter and adverse weather in Europe. Danish, 102s to 103s; New Zealand, 89s to 90s; Australian, 86s to 87s. Cheese: The market is slow on account of heavy stocks and large production in England. White, 44s 6d; coloured, 445. Mr. W. W. Bowker, fnom A. J. Mills and Company, Limited.—Butter: The market is firm. New Zealand, finest, 89s; firsts, 88s; Danish, ]o2s; f.0.b., 82s; Australian, 86s. 'Cheese: The market Ja steady. New Zealand, white and coloured, 44s to 44s 6d; Canadian, white, 60s to 625; coloured, 58s to 60s.

Mr. L. McCartney, from Henry A. Lane and Company, Limited.—New Zealand butter, 89s. The market is firm. 'New Zealand cheese: White, 44s to 44s 6d; coloured, 445. The market is steady without animation.

, Joseph Nathan and Company, Limited, from Trengrouse and Nathan, Limited.—Butter, 89s. The market is firm. CANTERBURY PRODUCE POTATO MARKET UNCHANCED [BY XEIjKGRAPH—PRESS ASSOCIATION"] CHRISTCHURCH, Friday The potato market is unchanged although the tendency at tho moment is slightly weaker. A few inquiries are coming to hand, but they are such as are not likely to lead to business. Irouipt Dakotas are being quoted at £0 5s a ton, f.0.b., sacks included, and whites, £6 5s to £6 7s Gd. July-Septem-bcr quotations are unchanged' at £7 os a ton. Information from Auckland is to the effect that the high price in the city is restricting consumption. The Waimarino lifted nearly 3000 sacks at Lyttelton in addition to her southern complement. The Waipiata is now in tho South and will bo lifting potatoes at Bluff. Sho is due here next Wednesday or Thursday. With tho disappearance of snow from the lou? country a recommencement of digging will be possible to fill deliveries due this month. Values on trucks at average station® are £5 a ton. The. oats market is very firm, although there is little local business passing and practically no shipment from tho South to tho North Island. A Cartons are quoted sit 3s 0d to 3s 6£d a bushel f.0.b., sacks included, business having been done at these prices. B's are worth .'ls 3d a bushel f.0.b., sacks included. Values on trucks are to 2s lid a bushel for A's and to 2s 7d for B's. The scarcity of' oats in Otago and Southland is having a. strengthening effect on the local market. Singularly enough chaff is meeting with very little inquiry in spite of tho recent rough weather. Values on trucks are £3 5s a ton. 'I he partridge pea market is firm and unaltered, at recent quotations of 5s 9d a bushel on Trucks. There is no oversens' inquiry so far. Prices in other branches of produce are unchanged and there is very little business passing.