NEW SEASON’S BUTTER

Poverty Bay Herald, Volume LX, Issue 18190, 11 September 1933, Page 4

NEW SEASON’S BUTTER

FIRST RIG SHIPMENT LOADING AT GISBORNE AN OPTIMISTIC OUTLOOK The first substantial shipment of new season’s butter from Gisborne is being made at a time when the London market bears the brightest appearance for a long time. Stocks have been decreased and prices have moved up, leaving a very healthy tone. The loading of the Port Campbell, which is to take about 3000 boxes of new season’s butter from Gisborne, was commenced on Saturdy. Actually, this is the second shipment of the new season’s make, for the Kia Ora Co-opera-tive Dairy Company advises that a small quantity of 500 boxes was dispatched among the Matakana’s loading of 3000 boxes on August 12; this lot is due in London in about a fortnight.

The Port Campbell is to sail finally from Auckland in about another week, being due in London towards the end of October. New season’s butter this year has gone away a little earlier than last year, when the first of the loadings was made on .September 2'l. Further information received' to-'dny in regard to the butter market- shows that Thursday’s quotation ■of 98s' for New Zealand butter has been maintained, and that the market remains firm. Cheese has improved a further Is to 2s per cwt. in price since Thursday's advice.

One favorable factor is that last month stocks of all butters in cold store were reduced by 200.000 boxes. The. Empire Marketing Board's estimate of the stocks on August 1 was 1.280,313 boxes, cornpared with 870.000 boxes a year before. A reduction of 200,000 boxes during the month would bring the total at September 1 to just a little over the 1.000.000 mark.

There is speculation in Gisborne in regard to the probable advance payments for last month’s butterfat. The payments for this district have yet to be announced, but it is understood that the companies prefer to adopt a more cautious policy than in some periods in the past, when payments made were above subsequent realisations. Tenpence per lb. was paid out last month. Inquiries in Auckland show that offer? have been made for September shipment at lid for finest grade, but there is little prospect of securing any at this price, as factories have already sold all ‘•finest” available at a lower price than that now offered. Definite offers were made on Friday for several thousands of boxes in Auckland at lid f.o.b. September shipment, hut the indications are that there is very little finest grade available at this price. It is understood that the buyers are prepared to accept first grade at one farthing per lb. less. Aland a week ago buyers were operating at lOijd. and the limits were extended to 10 13-16 d and 10|d, and sales went through at these prices. Elevenpence f.o.b. at the present rate of exchange is equivalent to 94s per cwt Messrs. Joseph Nathan and Company report to-day as follows: ‘‘Butter. 98r Cheese, white 51s to 525, colored 52s to 535. Both markets are firm.”