BUTTER MARKET FIRM

New Zealand Herald, Volume LXXII, Issue 22197, 26 August 1935, Page 7

BUTTER MARKET FIRM

NO CHANGE IN PRICES SOME FORWARD DEALING CHEESE VALUES MAINTAINED s There is no material change in the London butter market and Xew Zealand Raited is still selling at tip to 95s per ewt. Cheese is quoted unchanged at 48s to 50s per cwt. Both markets are firm. The forward market lately has been fairly quiet, as most factories are more inclined to consign their produce. However, offers for first grade are available at slightly above IOJd per lb. f.o.b. and some business was done on Saturday at lOgd. This price is on the basis of IOJd finest, which is equal to about 93s per cut. London. Merchants have received the following cablegrams, dated August 23, from their London principals:— Mr. ji. S. Withers from Rowson and Company, Limited.—Butter: 955. Cheese: White, 50s; coloured, 495. Both markets are firm. Allen and lundlay, Limited, from Armour and Company, Limited.—Butter: Xew Zealand, salted, 93s to 955; unsalted, 104s to 105s; Australian. 945; Danish, 108s. Cheese: Xew Zealand, white, 49s to 50s; coloured, 4Ss to 495. Both markets are firm. A. H. Turnbull and Company, Limited. from W. Weddel and Company, Limited: —Butter: Danish, 108s; Xew Zealand, salted, 94s 6d; Australian, 945. Cheese: White, 49s 6d; coloured, 48s 6d. Both markets arg steady. Xew Zealand Producers' Co-operative Marketing Association, Limited. —Butter: Xew Zealand, 94s to 955; Danish, 110s. The market is steady. Cheese: White, 49s to 50s; coloured, 48s to 49s The market is firm. MINIMUM F. 0.8. RATES BOARD'S EXPORT SCHEDULE The minimum f.o.b. rates fixed by the Dairy Produce Board for the period from August 24 are unchanged at 10Jd per lb. for butter and 5d for cheese. These rates are equal to 87s 3d and 44s per cwt., c.i.f.e. AN OPTIMISTIC VIEW BETTER PRICES EXPECTED An optimistic view of the butter market was taken by Mr. W. S. Foley, of Folev Brothers, Limited, London, in an address last week at the annual meeting of the Kairanga Dairy Company, Limited, Manawatu. " There is every indication that prices will continue to improve," said Mr, Foley. " We seem to have passed the peak of production. Subsidised systems appear to have run themselves out. as it has been recognised that subsidies cannot be continued for commodities for which the production is rising. Both Holland and Denmark havp restricted their increases, and I think that we can look forward to lower supplies going on to the British market in the next four or five years. That rpust lead, to better prices and I feel more optimistic now than I hare done for the last four years." PRIMAGE DUTIES

RELIEF FOR BRITAIN | AUSTRALIAN PROPOSALS [from our own correspondent] SYDNEY. Auk. 15 Proposals for the reduction of primage duties on British goods to the amount of about £200,000 will be considered bv the Commonwealth Cabinet at its next meeting. Under the Ottawa Agreement Australia undertook to reduce primage on British goods "as soon as Australia's financial position permits." Reduction of primage duties has been a feature of Federal budgets for the last three years, and British exporters have benefited considerably by the reductions, totalling about £1,03-5,000. which have already been granted. It has been learned that the question of the remaining duties emerged during the discussions of the Prime Minister, Mr. Lyons, and his colleagues with 'the British authorities as a useful bargaining point and that in cable communications with the Cabinet in Australia Mr. Lyons requested the preparation by the customs authorities of a further list of reductions totalling about £200,000 with a view to their inclusion in the coming Budget. This action, it is believed, will tend to remove many detailed grievances felt against Australia by British manufacturers and exporters. In the Budget last year, primage remissions totalled £400,000 and of this sum £250,000 was on British cotton piece goods. Practically all classes of goods used by primary producers in Australia are now free of primage and on almost non-protective items from Britain the duty has been reduced from 10 to 5 per cent. It is believed that the proposals to be placed before Cabinet include the abolition of primage duty on many items of this class, such as tin plate, and the reduction of duty to 5 per cent on items such as motorcar chassis and motor-cycle parts, on which 10 per cent primage is still payable.

For the year ended June 30 last the total collections from primage duties were £4,279,000, of which about £1.507,000 was levied on goods imported from tho United Kingdom, and £2.752.000 on foreign goods. The total represents a rise of nearly £250,000 compared with the previous year, and it is believed that the £200,000 remissions to Britain could be granted without seriously affecting the revenue. Although no proposals have yet been framed for consideration, the Government has not lost sight of the possibility of primage concessions on certain foreign goods, as an aid to completing satisfactory trade treaties. At present practically ail foreign goods are subject to iO per cent primage, though some are admitted under by-law at 4 per cent. CANTERBURY PRODUCE LITTLE BUSINESS PASSING [BY TELEGRAPH —PRESS ASSOCIATION] CHTUSTCHURCH. Saturday

The quietness of the grain and produce markets noted at the beginning of the week has continued, and there is little more life now than there was last week.

Potatoes remain in the same state, ■the market receiving very few orders on the one hand, and few offerings from tho country on the other. The price remains unaltered and there is little business of any description passing. The steamer which sailed for the North on Tuesday took only a small consignment. There will be two steamers next week, it is anticipated. The chaff market -is even quieter than it has been lately, and to try to cope with shipments from Blenheim the local price has been reduced to £3 to £3 2s 6dj but even at the reduced price there is little movement. The small seeds market remains quiet, with little evidence so far of resumption of the spring trade.