BUTTER FIRM

New Zealand Herald, Volume LXXV, Issue 23020, 23 April 1938, Page 9

BUTTER FIRM

NEW ZEALAND AT 125/-

HIGHEST LEVELS OF YEAR

SLIGHT DECLINE IN CHEESE

The price of Now Zealand butter on the London market has been maintained at 125s per cwt., the highest value this year. Australian also is unaltered at the same level, while unsalted butters are selling at 127s per cwt. The market is reported to be firm, according to a Press Association cablegram sent from London on Thursday. The only alteration in prices during the past week has been an advance of 3s per cwt. in Danish. This brings the value of Danish above both New Zealand and Australian butters, whereas a week ago it was selling at a cheaper rate.

Cheese has failed to maintain the rise shown last week, and the market is described as quiet. White shows a decline of 6d per cwt. over the week, while coloured has fallen more sharply and is la lower. Becent quotations and those of a year ago are as follows: Apl. 21 Apl. 14 Mar. 25 Apl. 23 Butter— 1038 1038 1038 1037 New Zealand 125/- 125/- 114/6 108/Australian . 125/- 125/- 114/- 107/Danish .. 127/- 124/- 120/- 111/6 Cheese—N.Z.: White .. 70/- 70/6 CO/3 68/9 Coloured .. 70/6 71/6 CO/3 68/0 Canadian: White . .. 77/- 77/- 77/- 75/0 Coloured .. 77/- 77/- 77/6 75/6 The basic rates fixed under the New Zealand guaranteed price scheme, subject to quality differentials, are 123s 8d for butter, and 70s 4}d for cheese per cwt., f.0.b., New Zealand currency. The equivalent landed price for butter in London is 112s and for cheese 675. The guaranted price for butter is equal to 13.2od'per lb., f.0.b., and the current London quotation is equal to 14.94 d, New Zealand ports. The equivalent price for cheese is around. 7.95 d per lb., f.0.b., compared with the guaranteed price of 7.54 d. A. S. Paterson and Company, Limited, quote:—Butter: The market is firm. New Zealand, 125s 6d; Australian, 1255; Danish, 128s. Cheese: The market is steady. White, 70s; coloured, 70s 6d; Australian, 68s. EXPORTS OF CHEESE

DECREASE OVER SEASON As a result of increased shipments of cheese from New Zealand in March the decline in exports shown by the seasons's figures to date has been reduced. March exports were 10,028 tons, an increase over those of March, 1937, of 805 tons. For the eight months ended March total exports of cheese are 58,327J tons, 1 , a decrease of ■ 1474 tons ojf last season's corresponding figure. The percentage of white to coloured was normal a't 67 per cent and 33 per cent respectively. In March, 1937, the figures were 68 per cent and 32 per cent, respectively. In February this year, however, the percentage of white rose as high as 73 per cent, against 65 per cent in February, 1937. British imports of cheese, in tons, during the first quarter of the last tjiree years compare as follows: — 1938 ' 1037 1936 New Zealand .. - 24,428 27,802 24,907 Australia .. 3,817 2,093 2,009 Canada . .. 405 305 431 Other British .. 206 373 425 Empire .. 28,856 30,573 27,772 Netherlands .. 2,680 2,717 2,306 Italy .. • • 855 751 Switzerland. .. 227 141 184 Other foreign .. 472 439 i'-8 Foreign .. 4,234 4,048 3,218 Total . • 33,09034,621 30,990 The estimate of stocks of. all cheese in Great Britain at April 1, together ■frith export stocks in New, Zealand and afloat, was 47,289 tons, against 47,154 tons a year ago. DAIRY PRODUCTION NORTHERN WAIROA DECREASE [by telegraph—OWN correspondent] DARGAVILLE, Friday A decrease in output for the season to March 31 of more than 192 tons and a decrease of £5481 in the distribution of pavments, as against the same period for the previous season, -has been recorded by the Northern Wairoa Cooperative Dairy Company, Limited. The total output for the 1936-37 season to March 31 was 3175 tons 13cwt., while for the present season to the same date the quantity was 2982 tons 16cwt. In March of 1937, the output was 361 tons 4cwt., as against 340 tons 17cwt. f>r Marclr of this year. Payment for March, 1937, totalled £32,522, as compared with £32 a l4O for March of this season. For the 1936-37 season to March 31, payments totalled £290,430, compared with £284,948 for the 1937-38 season to March 31.