HIGH BUTTER PRICES

New Zealand Herald, Volume LXXIV, Issue 22847, 30 September 1937, Page 7

HIGH BUTTER PRICES

NEW ZEALAND AT 124/-

BEST FOR TWO YEARS

LONDON MARKET FIRMER

The highest price for the past two years is now ruling for New Zealand butter in London. Cho'icest salted is quoted at 124s per cwt. on a firmer market. The peak price last year was 122s per cwt., which was reached in August. With the exception of a particularly high level of 127s per cwt. in October, 1035, tho current value exceeds all prices since 1033. This time last year tho London rate was 100s per cwt.

The latest London quotation represents a rise of 4s since the end of last week. The price of Danish, 140s per cwt., also is a record for at least two years. New Zealand unsalted is selling at 125s per cwt. Australian salted and unsalted arc quoted at 124s per cwt.

Tho basic rates fixed under the. guaranteed price scheme, subject to quality differentials, are 123s 8d for butter and 70s 4sd for cheese per cwt., f.0.b., Now Zealand currency. The equivalent landed prices in London are 112s for butter and 67s for cheese. The guaranteed price for butter is equal to 13.25 d per lb., f.0.b., and. the current London quotation is equivalent to approximately 14.81 d per lb., f.0.b., New Zealand ports. The high ruling price is attributable largely to speculative inquiry and to the maintenance of improved consumption. The statistical position is sound, as New Zealand stored stocks in London have again been reduced by 876 tons to 4SUI tons over the past week. The total at this time last year was 3003 tons. Australian stocks also have been considerably reduced. The statistical has been further strengthened by the recent adjustment of quotas to allow increased imports into Germany. Interest in the market was aroused earlier this month by reports of a shortage of butter in South Africa aftd suggestions were made that imports from New Zealand and Australia would be necessary. It now appears that drought in the producing areas has reduced production considerably, and favourite brands of butter are unobtainable. '4' his applies particularly to Johannesburg and Durban, where consumers resent being saddled with butter from South-West Africa which has been in cold storage for a long time.

CHEESE MARKET QUIET

BOARD'S DETAILED REPORT

Bv arrangement with the Primary Products Marketing Department the following information is supplied for the week ended September 25, figures for the previous week being given in parentheses:— Butter. —New Zealand, salted, 120s to 121s (116s 6tl to 117s); unsalted, ]2os (117s tr> 118s). Deliveries: New Zealand, 3022 tons (last year, 1983 tons) ; in store, 4801 ton's (last year, 5093 tons). Australian, salted, 11.0s to 120s (115s to 116s 6d); unsalted, 119s (116s). Deliveries: Australian, 098 tons (last year, 892 tons); in store, 2284 tons (last year, 1141 tons). Tho firm. New Zealand retail price, unchanged at Is 3d. Irish cream, salted, 120s (118s); Danish. 117s, f.0.b., 138s spot (116s, 135s to 1365); Dutch, unsalted, 120s to 123s (115s); Lithuanian," salted and unsalted. 120s (116s). The market is firm. Danish retail price, unchanged at Is 4d.

Cheese. —New Zealand, white. 67s 6d (67s 6d); coloured. 6Ss to 63s 6d (6Ss Gd). Deliveries: New Zealand, 17.813 crates (17.230 crates): in store, New Zealand, 46,002 crates (49,637 crates). The market is quiet. New Zealand retail price, unchanged at 9d to 10d._. Australian, white. 65s 6d to. 66s 6d (60s 6d to 66s 6d); coloured. 66s 67s (66s 6d to 67s 6d 1; Canadian, ivJiito,' 69s' to 70s (70s): coloured. (70s); e.i.f., 67s (64s 6d); old season's. white. SOs (80s). Deliveries: S Canadian, 10,797 boxc (last year, 5603 boxes); in store,. 138.220 .boxes" (last year. 70.201 boxes). The market is ouiet. English, finest farmers'. 00s to 92s (90s to S2s). There is a fair demand. , .