BUTTER PRICES STEADY

New Zealand Herald, Volume LXXV, Issue 23229, 24 December 1938, Page 7

BUTTER PRICES STEADY

I NEW ZEALAND AT 1117- ! • . MARKET FIRM AT CLOSE CHEESE RATES NOMINAL • The price of butter in London is fractionally easier over the week, with New Zealand finest selling at Ills per cwt., compared with Ills to 112s per cwt. last week. A Press Association message from London on Thursday states that the market is firm. No New Zealand unsalted butter is offering. Australian saltpd is quoted at 108s and unsalted from Ills to 112s. New Zealand cheese quotations aro nominal, with white from 69s 6d to 70s per cwt. and coloured at 69s 6d. Australian is steady, the market for white lying between 60s and 60s 6d and coloured between 60s 6d and 66s 6d. Recent quotations and those of a year ago compare as follows: — • Dec, 23 Dec. 16 Nov. 25 Dec. 22 7038 1038 1938 1037 Butter— New Zealand ill/ 111/6 103/6 113/Australian . 10 $/• 109/- 100/- 111/G Cheese—N.Z.: White . . 69/9 70/- 67/6 64/6 Coloured .. 66/6 70/- 68/- 64/6 Canadian: White .. 71/6 71/6 71/6 72/0 Coloured . . 71/6 71/6 71/6 73/' The present price of Ills is equal to approximately 13.22 d per lb. f.o.b. New Zealand ports, compared with the guaranteed price of 14.89 d per lb. f.o.b. The London equivalent of the guaranteed price is 12 is 3d per cwt.- The equivalent price of cheese is about 8A per lb. f.0.b., compared with the guaranteed price of 8.42 d, VALUES FOR WOOL DECIDED STABILITY LITTLE CHANGE EXPECTED PURCHASING BY FRANCE ' Little appreciable variation has been shown by the. wool market recently, and indications do'not point to any marked fluctuation in the demand, states Wiiichcombe, Carson; Limited, woolbrokers, Sydney, in its "latest fortnightly review. The outlook in France is more favourable, and activity at the mills lias "shown some recovery. AVool ha,s demonstrated that it is in a sound selling position duriug the past four Months, adds the review. Unsettled international conditions and difficulties in some countries have arisen, but the wool market has withstood those unfavourable influences. The level of prices has not been high, but values have shown decided stability. Yorkshire has been" the largest individual purchaser of .the Australiau clip," but the Continent has played a most important part in enabling ready sales to be made.

France, in spite of the internal troubles which have beset her, has operated with almost continuous freedom. Her wool needs have exhibited a marked improvement. During the first nine months of this year her retained imports of wool from all sources were the equivalent of 1.069.000 bales of Australian weight, being 203,000 bales more than during the similar period of 1937. . For , some years subsequent to the introduction of a duty of 20 per cent - on woollen textiles entering Great Britain, English imports from Franca ■ were, negligible. But during the first nine months of 1938, 1,100,000 square yards were imported. That is a good development for the mills in France, but is not favourable for the English establishments. " * :

BRADFORD MARKET HOLIDAY ATMOSPHERE " . - LONDON". Dec. 22 The Bradford maTket is relatively steady, considering the small business as the result of the holiday atmosphere. Following are to-day's quotations and those of recent weeks:— 7 ' Dec. 1 Dec. 8 Dec. 15 Dec. 22 per lb. per lb. per lb. per lb d d d d Seventies .. 27 - 2?\ , '27 - 26V-Sixty-lours 25% 'Jo 1 /, 25 25 Sixties .. 24Va 24% 24 24 Fifty-eights . 2iy a 2lVi 21% • 21 Fifty-sixes . 19 19y» 13 5 /j- 19 Fifties 17 17 17 17 .Forty-sixes . *l6 *l6 *l6 *lO Forties .. *l6 *l6 16 U6 ' 'Nominal..

BUTTER-FAT PRODUCTION REDUCTION IN YIELD HERD TESTING RETURNS [from OtfH owx correspondent] HAMILTON, Friday Although there was an improvement in tire production Of butter-fat as revealed by the returns of the Now Zealand Co-operative Herd-Testing Association for last month compared with those for October and September, the figures are considerably below those for November of the two previous years. The drop is accounted for by the dry spell experienced in October and the lateness of the spring. In November, 1938, the association tested 53,360 cows, which gave an average yield of "521b. of milk and 33.51b. of fat per cow. The average production of the 95,692 cows tested in November, 193", was 8221b. of milk and 37.41b. of fat per cow, which in November, 1936, 101,800 cows were tested, the average production being 8261b. of milk and ,36.91b. of fat per cow. The best group in the association was Matiere-Ohura, the 868 cows in the section yielding an average of 8621b. of milk and 40lb. of fat for the month. The same group produced the best herd, the 52 cows comprising it showing an average return ot 561b. of fat per cow. MINING NEWS YIELDS OF COMPANIES Moonlight Goldfields (West Coast),'— 990z. from 330 hours' sluicing. Central Shotover (Otngo).—23oz. Okarito (South Wes:iand). —13o*. 3dwt. for G3£ hours. Bulolo (New Guinea).—For November the total gross production amounted to 20,4910z. of bullion, -containing 14,1390/,. of fine cold from 1.210,000 cubic yards. Estimated working profit, 94410z. of fine gold. The production is equivalent to £123,716, and working profit to £52,609, on the basis of £8 las (Australian) per fine ounce of gold. Gillespie's Beach (South Westland). —450z. from 29,580 yards in 193 hours. - /v, * ~ " WHEAT IN CHICAGO V * ! OIirCACn. Pre Wheat.-December. 64J t ," bushel; May, 67 cents; July, 66« e< nts.