RISE IN BUTTER

New Zealand Herald, Volume LXXIII, Issue 22538, 1 October 1936, Page 7

RISE IN BUTTER

NEW ZEALAND AT 105/EQUIVALENT 12.39 D F. 0.8. CHEESE ALSO HIGHER The London butter market has firmed sharply since the last quotation, choicest salted New Zealand now selling at 105s per cut., a gain of os. Cheese, as usual, has followed butter, and prices show a corresponding advance. White is quoted 2s (3d higher at 70s per ewt., while coloured is about unchanged at 665. Both markets are strong, owing to small offerings, according to a cablegrain, dated September 29, received by A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited. Australian butter is also 5s higher at 105s per cwt., while Danish is quoted only about Is in advance at 1225. The current price for New Zealand butter of 105s per cwt. is equivalent to 12.39 d, f.0.b., which is lower than the Government's basic guaranteed price of 12,5650 d per lb. The first shipment of butter from Auckland to reach London under the State scheme is on the Port Hunter, which is due on October 12.

Tho recent sharp decline in values was scarcely warranted on the general situation, and the present rise has made the market ve,ry unsettled. Tho opinion was expressed by an Auckland merchant yesterday that tho market was climbing, but in its present position it might move sharply in either direction.

Although the advance is no doubt partly a reaction to the previous fall the stock position has also had a marked effect. Supplies of New Zealand and Australian butter in London last week decreased by 1742 tons to 5234 tons. Stocks in the previous two weeks totalled 6680 and 6*07 tons. The current quotations for cheese range from G(3s to 70s per cwt. This is equivalent to "almost 7:? d per lb., which is above tlio guaranteed level of 0 13-18 d. AUSTRALIAN OUTPUT DROP IN PAST SEASON In tho 1935-36 season 406,452,0001b. of butter was produced by Australian factories, * 212.646.0001b. was exported and 193,806,0001b. was used in the Commonwealth. In 1934-35 448,390,0001b. was made, 262,519,0001b. was exported, and 185,871,0001b. was retained. The export surplus brought 10.2 d in. Australian currency in the latest year, against B.Bd in 1934-35. Factory butter production in the Commonwealth for the six months to June 30 was 190,315,0001b., compared with 213,230,0001b. in the same period of 1935. A dry winter on the New South Wales North Coast was principally* to blame. In spite of better prices overseas, export values for the year 1935-36 were £9,027,000, in Australian currency, against £9,586,000 in 1934-35.

PATRIOTIC EMBLEMS FOREIGN-MADE SOUVENIRS USE DURING CORONATION The importation of Japanese articles for commemorating the Coronation was recently complained of in Christchureh. Similar trouble has been experienced in Britain, where special regulations have been adopted covering the importation of souvenirs bearing portraits of the Royal Family, Royai emblems, or flags of Empire countries. The regulations discourage the importation into the United Kingdom of foreign-made patriotic souvenirs and decorations. Some govern the rate of import duty, and one requires that (lags of any country in the British Empire or flags resembling them shall carry a distinct indication of the country of manufacture. "The example is one deserving to be copied," states an English trado journal, in drawing the attention of the Dominions to the. regulations. "It may be that 'patriotism is not enough.' Evidently such patriotism as exhibits itself through the use of shoddy symbols, manufactured by underpaid labour, working under conditions incompatible with decent standards of life, deserves no encouragement. The lead should be promptly followed.'' SHEEP FOR ARGENTINA SHIPMENT LEAVES TO-DAY Following the successes of New Zealand stud "sheep at the International Palermo Show held at Buenos Aires in August, the New Zealand Loan and | Mercantile Agency Company, Limited, received from its agents in Montevideo and Buenos Aires urgent requests for further consignments of highclass Corriedales, Lincolns and Romneys. To comply with these instructions, 21 stud sheep from flocks in the Wairarapa and North Canterbury districts were selected and will be se ; iit by the Port Fairy, which will sail for Montevideo from Auckland to-dav. Included in the shipment is a stud Corriedale ram hogget bred by the New Zealand and Australian Land and Finance Company at Hampden, Otngo. With a view to pioneering the market in the Argentine for Southdowns, an outstanding stud ram has been forwarded by Mr. William Rayner, of Masterton, who has also forwarded a high-class rising two-sliear stud Lincoln ram, considered bv experts to be superior in many ways to tho sheep which were forwarded last June, one of which was awarded the supreme championship at the Palermo International Show. Two rising four-tooth stud Romney rams were also included in the consignment. Mr. R. W. Matthews, Feathers ton, shipped four top quality Romney rams, carrying bulky fleeces of 12 months' growth. From the Myella Stud, Masterton, Mr. H. _ J. Rayner sent, two one-year-old stud Lincoln rams of splendid quality and one Romney ram hogget. •" The Canterbury portion of the Argentine consignment was selected from Mr. F. L. McGregor's Corriedale stud at Dunsandeh four high-class ram hoggets showing great promise of developing into top sheep being consigned. The Corriedale is also in keen demand in Uruguay, and six ram hoggets are being shipped to Montevideo. These were selected by the company's South Island stud stock officer,, three well-grown, stylish rams being taken from Mr. David Sidcy's Glenovis stud, and three very good woolled sheep from Mr. 0. T. Evans' Tarnna establishment.

GOLD AND SILVER QUOTATIONS IN LONDON (Received September 30, 7.35 p.m.) LONDON, Sept. 20 Fino gold is quoted to-day at £7 0s 7d an oz., compared with £7 0s 9d yesterday. Silver is quoted at 19 15-16 d an oz. spot, and forward, compared with 21 l-16d, both positions yesterday.