COMMERCE AND FINANCE

Taranaki Daily News, 15 October 1929, Page 7

COMMERCE AND FINANCE

PRODUCE POSITION SOUND LONDON BUTTER STOCKS REDUCED LOWER CHEESE PRICES POSSIBLE. New Zealand salted butter has shown a slow but steady rise on the London market during the month ending Oct >- ber 4, quotations starting at 180 s and rising to 184 s per cwt. The stocks of butter in London have, been reduced to 5700 tons, this being a reduction of .about 2000 tons for tne month and, with comparatively small rrrivals of New Zealand butter reaching the market during Ictober and November, the butter position seems to be fairly sound in the meantime, with a firm tone in the spot market. Danish quotations have risen more rapidly than New Zealand and the margin of difference between quotations for New Zealand salted and Danish is widening, as is usual at this time of the year. There has been considerable forward activity by buyers for shipment both to Canada and the United King- __ dom. The chief interest has been shown in prompt shipment and as high as Is s|d has been paid for steamers sailing from New Zealand during the first half of October. Buyers generally, however, are showing less interest in butter to be shipped during November and December and later. Messrs. W. Weddel and Co., Ltd., cable that the recent steady rise has been brought about by the small arrivals from New Zealand, Australia and the Argentine, which have necessitated heavy withdrawals from spot stocks, and further by the late season and limited production in both Australia and New Zealand. They expect some further improvements owing to reduced shipments afloat as compared with last year, while there is a good retail demand and the Continental position remains firm. Following are the top London quotations for the past four weeks: —

The market for cheese has remained steady and quotations from 93s to 96s must be considered satisfactory, considering the heavy stocks of New Zealand and Canadian cheese still available in the United Kingdom. The grading figures for the month show that there has been a considerable decrease in cheese production for September this year, compared with last season, equal to 20.76 per cent., but the quantities of cheese manufactured in September are comparatively small at any time, and will probably not have very much influence on the London market. There has been some forward activity and sales to the end of. December have been made at 8 5-8 d and up to B£d nett f.0.b., but buyers are by no means active and in most cases the sales made have teen on behalf of smaller cheese factories. It is interesting to note that buyers are still showing a distinct preference for standardised cheese and in many cases have stipulated for this make, but mostly at a slight reduction on the price that buyers have been prepared to pay for full cream. The Canadian make has been considerably reduced on account of unfavourable weather and this accounts for the recent increase in the values of spot stocks. Sales arc not very restricted, however, and although a steady market is now looked for, there is the possibility of slightly lower prices. The following figures (in tons) show the statistical position with regard to gradings and butter and cheese m store. .

The Farmers’ Co-operative Organisation Society advises receiving the following cable from London: “The buttei market is very slow with New Zealand quoted at 180 s to 184 s, Australian at 176 s to IGSs and Argentine at 172 s to 1765. The cheese market is almost lifeless with New Zealand quoted at 945. CANTERBURY POTATO PRICES. Christchurch, Oct. 13. The value of prompt potatoes was stated in Saturday’s telegraphed report to be £9 a ton. This was the price on trucks. The correct f-o.b. sacks in price was £lO 5a to £lO 7s 6d, October delivery being quoted at £ll a ton. OPOSSUM SKIN SALE. We held our third sale on October 10 at the Dominion Farmers’ Institute, when we offered a good catalogue of all orades to a fair attendance of buyers, Messrs. Dalgety and Company, Limited, report. It was unfortunate that before the sale commenced cable advices had been received from London on the depressed state of the fur market, brokers anticipating a drop of 15 per cent, to 20 per cent, on the sales which opened yesterday, and prices here suffered accordingly. There was a good demand for the dark types, browns, blacks, etc., but blues and greys showed a decline of 2s Gd to 3s per skin; thirds, damaged, broken, smalls, kittens and sweated lines were difficult of eale, and eold at very low prices; super blacks sold up to 18s 6d, super browns to 14s Id, and super greys to 16s 9d. . The following is the range of prices: Blacks, 5s 10d to 18s Gd each; browns, 6s lOd to 14s Id; blues, 9s 3d to 15s sd; greys, 5s to 16s 9d; red necks, 6s Id to 12s each; slates, 9s 7d to Ils 2d; rustys, 7s 9d to 14s lid. Kittens, smalls, lumpers and damaged eold at correspondingly lower prices. THE SHAREMARKETS. Auckland, October 14.—Sharemarket sales: New Zealand Breweries, debentures, 29s (two); Union Bank (Melbourne register), £l4 14s 6d; New Zealand insurance, 46s 3d; Auckland Gas, 24s 8d (two); Auckland Gas contributing, 18s 3d; New Zealand Breweries, 89s 3d; British Tobacco, 48a; Colonial

Sugar (late sale), £54 ss; Kempthorne Prosser 745; Moanatairi (2a 2d paid), Cid. Wellington, October 14. —Reported sales: Australian Bank of Commerce, 33s 9d; Bank of New South Wales, £49 as; Bank of New Zealand, GOs 3d; Union Bank of Australia, £l4 15s; Wilson’s Cement, 42s Gd. Reported sales; Union Bank of Australia, £l4 15s; Staples and Co., 545. Sale on ’Change: New Zealand Bre,weries (shares), 89s 9d. j Christchurch, October 14. —Sales on Exchange: British Tobacco Co., 47<s, 47s 3d, 47s (two lots); Grey Valley, 295. | Reported sales: National Bank of Aus- 1 tralasia (£5 paid), £9 ss, £9 4s Bank of New South Wales, £49 4s (two lots); Goldsbrough Mort, Co., 45s sd. Dunedin, October 14. —Sales reported: Kildare, 3s; National Insurance, IGs 8d; Bank of New Zealand, GOs Gd. LONDON MEAT MARKET. MEAT BOARD’S ADVICES. The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated October 11, advising Smithfield delivered prices averaged for the week ended at that date as follows: — New Zealand Wethers and Maidens. — Canterbury quality, selected brands, 501 b. and under, 7d per lb.; 571 b. to 641 b., G£d; 651 b. to 721 b., 6 l-Bd. Other brands, 561 b. and under, 6Jd; 571 b. to 641 b., 6 3-8 d; 651 b. to 721 b., 6d. New Zealand Ewes. —G4lb. and under, 4Jd. New Zealand Lambs. —Canterbury quality, 361'b. and under, 8 7-8 d; 371 b. to 421 b., 8 l-8d; 431 b. to 501 b., 7id; seconds, 7£d- Selected brands, 361 b. and under, B£d; 371 b. to 421 b., Bd. Other brands, first quality, 3G]b. and under; B.}d; 371 b. to 421 b., 7 5-8 d; second quality, 301'b. to 321 b., average, 7 5-Bd. Australian Lambs. —New season’s: Victorian, first quality, 361 b. and under, 8 3-Bd. Argentine Lambs. —First quality, 361 b. and under, 7£d; 371 b. to 421 b., 6|d. Argentine Chilled Beef.—Ox fores, 4 7-8 d; hinds, 7<d. Australian Frozen Beef.—Ox crops, over 1001 b., 4Jd; hinds, over 1601 b., 5 3-Bd. New Zealand Frozen Pork. —Porkers, 601 b. to 801 b., 9£d; 811 b. to 991'b., 1001 b. to 1201 b., 9td. Baconens, 1211 b. to 1801 b., BJd. Lamb.—Market rather dull. Consumption easing off owing to heavy supplies of meat of all descriptions and of game. Mutton. —Wethers: Market slightly easier and sales slow. Ewes are also easier. New Zealand Porker Pigs.—Market firm, with better' prices owing to short stocks. New Zealand Baconer Pigs. —Market quiet and steady.

Sept. Sept. Sept. Oct. 4 13 20 27 Danish butter 194s 2o0s 204s 205s N.Z. Unsalted 178s 180s 180s 180s N.Z. Salted ... 180s 182s 184s 184s Market ....... Firn. Finn Finn Quiet Cheese, white . 93s 93s 94s 90s Cheese, coloured 94s 93s 94s 95s Market Steady Finn Firm Quiet

1927 1928 1929 Butter graded Sept 5500 5968 6092 Butter graded Aug.-Sept. 7800 8820 9041 Butter in stoie Sept. 30 3100 2850 3051 Cheese graded Sept. ... 3450 4407 3566 Cheese graded Aug.-Sept. 3800 5102 4090 Cheese in store Sept. 30 •2400 3450 2295