BUTTER ACTIVE

New Zealand Herald, Volume LXXVI, Issue 23384, 28 June 1939, Page 9

BUTTER ACTIVE

FIRM LONDON MARKET

SLIGHTLY LOWER STOCKS

SHORT CHEESE SUPPLIES

A firm mid active market ruled foi Now Zealand butter in London at the close of last week, when choicest, salted was selling about 'ls 6d higher at 118* to 119s per cwt. 'l'lie retail price was unchanged at Is 2d per lb., with Danish still at Is .'if 1. The accumulation of storod stocks has been relieved slightly, and the Nen Zealand total shows a reduction of -110 tons over the week, although the present figure of 60 (8 tons is well in excess of the amount of only tons a year ago. I'he Imperial kconomic Committee has estimated that stocks of all butters held in store stand at boxes, as against 1 ,(KW.OO I boxes at the same time last year. The market for cheese is firm and active on short supplies. Ihe New Zealand retail price generally remains at 7d per lb., although Sd is being asked in some shops. By arrangement with the Primary Products Marketing Department the following information is supplied by the New Zealand Dairy Hoard lor the week ended June 2.'{, figures lor the previous week being given in parentheses Butter. —New Zealand, salted, llSs to Ulls (Ills); unsalted, 118s to 120s (llos to litis). Deliveries: New Zealand, 1572 tons (.last year, 1198 tons); in store. (>(jI8 tons (last, year, 'b?o2 tons). Australian, salted, 11 -is to Ills (Ills to 112s). Deliveries: Australian, 17.*i1 tons (last year, 1186 tons); in store, till tons (.last year, 5182 tons). Danish, 10:5s, f.0.b.. 121s to 125s spot. (102s, 12: is to 12 Is I; Dutch, unsalted and salted, 109s to 110s (10/s to 109s); Irish cream, salted, ll<s (Ills); Lithuanian, unsalted, 110s to 112 s (110s to Ills); Polish, salted and unsalted, 105s to 108s (106s to 110s); South Africa. 1.12s (105s to lOSs). The market is firm. Cheese. —New Zealand, white, 6-is to 65s (59s 6d to 60s); coloured. 66s to 67s (61s). Deliveries: New Zealand, ]5,589 crates (last year. 20.588 crates); in store, 114,668 crates (last year, 61,005 crates). Australian, white, 59s to 61s (56s to 575); coloured. 60s to 62s (57s to 58s). Canadian, white and coloured, 71s to 72s (71s to /2s); c.i.f., 68s to 70s (625). Deliveries: Canadian, .'1707 boxes (last year, 2552 boxes);_in store, 7.1,.191 boxes (last year, 68,715 boxes). The market is steady. POWER BOARD LOAN ISSUE OF DEBENTURES INTEREST RATE OF 4* PER CENT [from our own eortnK.sroNDKNT] HAMILTON, Tuesday An Order-in-Council has been received by the Central Waikato ElectricPower Board authorising the board to raise a loan of 1*12..500 at 4) per cent for a term of 20 years, with provision for repayment of the loan at the end of that term by means of a sinking fund of 3J per cent. The object of the loan is to provide for further reticulation of the power district and to meet tiie increased demands for electricity. The loan is to be raised by the issue of debentures, which are legal trustee investments and are regarded as giltedged securities. Referring to the debenture issue, the treasurer of tlie board. Mr. H.> .T. Boeche. said there were probably many people who would be interested. The interest and sinking fund would provide an excellent income. THE DAIRYING SEASON RODNEY OUTPUT FALLS ESTIMATED PAY-OUT 15.847 D The output of butter manufactured by the Rodney Co-operative Dairy Company, Limited, during the year ended May 31. was 6SBJ tons, against 8021 tons in the previous year, a decrease of IL'U tons. The average all-grade payout for the year ended May 31, 1938, was 14.632 d per lb. butter-fat, compared -with the estimate of 14.14(1 per lb. The average advance over the past season was 1.3.73 d per lb. butter-fat and when stocks are disposed of it is expected the average payment over all grades will be 15.847(1 per lb. butterfat. This amount does not include cream cartage or dividend. The directors recommend a dividend of 4 per cent on paid capital. The average grade of butter during the year was 95.096, against 94.687 in the previous year. Total charges, including repairs and depreciation, up to f.o.b. at per lb. butter-fat were 2.243 d, against 2.034 d in the 1937-38 season. GOLD SENT TO CANADA BRITISH RESERVE GROWS r l he establishment of a British gold reserve in Canada is making rapid progress. British customs returns reveal that the total shipped to Canada since the present series of shipments began in April amounts to £'33.000.000. The total export from Britain to New York for the vcar to Mav was over i' 246,000.000.