LONDON DEMAND FOR BUTTER

Southland Times, Issue 23674, 24 November 1938, Page 3

LONDON DEMAND FOR BUTTER

Quiet Tone Of Market RISE IN STORED STOCKS CHECKED There was an improved demand for New Zealand butter in London at the end of last week. The tone of the market was quiet. Salted butter was quoted at 106/- per cwt., compared with 109/- the week before, and from 120/- to 122/- at the same time last year. After steady increases in stored stocks of New Zealand butter in recent weeks, the total dropped by 547 tons to 4971 tons last week. The amount held last year, however, was only 4338 tons. Australian stocks at 3561 tons compare with the small total of 915 tons a year ago. The market for New Zealand cheese is steady. Stored stocks at 45.825 crates are 596 crates higher than the previous week, and 1278 crates more than last year. The London market for New Zealand butter has not been up to the guaranteed price of 124/3 per cwt. since the export year opened on August 1. The range of prices sb far this season, with prices at corresponding periods last year, has been as follows:—

By arrangement with the Primary Products Marketing Department, the New Zealand Dairy Board supplies the following information for the week ended November 19, figures for the previous week being given in parentheses: Butter. —New Zealand: Salted, 106/(109/-); unsalted, 108/- to 110/- (110/— to 112/-). Deliveries: New Zealand, 1205 tons (last year 983 tons); in store, 4971 tons (last year 4338 tons). Australian: Salted, 100/- (104/- to 105/-); unsalted, 102/-, 103/- to 104/- (106/-). Deliveries: Australian, 1241 tons (last year 792 tons); in store, 3561 tons (last year 915 tons). New Zealand retail price is unchanged at 1/2 per lb. Argentina: Unsalted, 96/- ( —). Danish: 115/- f.0.b., 136/- to 137/- spot (115/-, 136/- to 137/-), The market is quiet. Retail price unchanged at 1/4 per lb. Dutch: Unsalted, 105/- to 106/-, ex. 111/- (108/-). The market is steady. Cheese.—New Zealand: White, 68/(69/-); coloured, 68/- to 68/6 (69/-). Deliveries: New Zealand, 11,310 crates (last year 8684 crates); in stote, 45,825 crates (last year 44,547 crates). New Zealand retail price is unchanged at 9d per lb. Australian: White and coloured, 63/-, 65/- to 66/- (65/- to 67/-). The market is quiet. Canadian: White and coloured, 71/- to 72/- to 73/-); old season’s, white and coloured, 80/- (80/-). Deliveries: Canadian, 5329 boxes (last year 17,672 boxes); in store, 133,272 boxes (last year 153,347 boxes). The market is steady. English: Finest farmers,’ 86/- to 92/- (86/- to 92/-); factory, 66/- (66/-). THE WOOL MARKET CROSSBREDS DEARER IN LONDON LONDON, November 22. The wool sales have opened, Merinos being slightly easier. Fine crossbreds are unchanged and medium and coarse crossbreds are 5 per cent, dearer. At the sales 9441 bales were offered, including 3096 from New Zealand, and 7940 were sold. There was a fairly good selection and keen competition. Scoured Merinos and crossbreds were in best demand. Greasy Merinos were largely withdrawn because of the absence of Continental support. STRONG COMPETITION AT SYDNEY (Received November 23, 10.15 p.m.) SYDNEY, November 23. At the wool sales 12,918 bales were offered and 12,067 were sold, also 939 privately. There was animated and strong competition from all sections, particularly the Continent. Greasy Merino made up to 21Jd. Dalgety and Company Limited re-

ports having received the following cable message from its head office, London: “Wool sales opened; attendance large; competition fairly animated; selection good; two thirds Merinos; Home trade principal operators. Continental demand fair. As compared with closing rates of last series, we quote greasy Merino par to 5 per cent, lower; scoured Merino about the same; fine crossbred at par; medium. and coarse crossbred 5 per cent, higher; fine slipes unchanged; medium aijd coarse slipes .5 per cent, higher; crossbred unchanged.” The New Zealand Loan and Mercantile Agency Company Ltd., reports having received the following cabled advice from its London office: “Sixth series opened today; keen general competition; average to good selection; Merino wool and crossbred slipe generally in *sellers’ favour, crossbred slipe, combing 7j per cent, up; crossbred scoured 10 per cent, higher. Merino inferior and greasy par to 5 per cent, lower; poor selection of crossbred greasy.” The National Mortgage and Agency Company of New Zealand Limited, reports having received the following cable z from its London office:—“The auctions opened today with a large attendance of Home and Continental buyers; good competition, particularly for greasy crossbreds. Compared with closing rates of last sales we quote:— Greasy Merino best no change; greasy merino average, no change; half-breds 50/56, no change; crossbreds 48/50, J to id dearer; crossbreds 46/48, id to id dearer; crossbreds 44/46, id to id dearer; crossbreds 40/44, id to |d dearer; crossbreds 36/40, id to id dearer; slipes, half-bred, lambs no change; slipes medium and coarse £d dearer. As at present arranged the sales will close on December 7.”

1938 ‘ 1937 Per cwt. Per cwt. August 120/- to 122/- 114/- to 119/September 115/- to 124/- 116/- to 121/October 114/- to 116/- 127/- to 152/Nov. (3 wks.) 106/- to 114/- 120/- to 151/-