DAIRY PRODUCE STEADY

Taranaki Daily News, 12 May 1930, Page 16

DAIRY PRODUCE STEADY

ADVANCE NOT MAINTAINED

BUTTER QUIET AT 2s DECLINE.

CHEESE PRICES NOT CHANGED.

The advance in the London butter market has not been maintained but the market is quietly steady at the 2s drop. Danish is quoted at 124 s to 125 s f.o.b. Newton King, Limited, was advised on Friday that salted was 128 s to 132 s (130 s to 131 s the previous week), unsalted 138 s to 144 s (140 s to 148 s), wheys first 120 s (1225) and second 118 s (120 s The cheese market was quiet on Friday at the previous week’s advance. Coloured was 87s to 88s (87s to 88s) and white 82s to 83s (82s to 83s).

It will be seen from the quotations that the butter market, after touching 122 s per cwt., made a steady advance through the month, the mean price on May 3 being 132 s per cwt. Although the quotations show a rise of 10s only, butter actually reached 136 s per cwt. just at the end of the month, but this price was not maintained and latest advances are that finest is being freely offered again in London at 130 s per cwt. It is interesting to note that although New Zealand butter made an advance, of 16s, the Continental butters did not follow suit, the Danes keeping their quotations practically t the s<.me level throughout the month. ,

W. Weddel and Co., Ltd., cabled A. H. Turnbull and Company that, owing to heavy offerings from the Continent and particularly Denmark, the New Zealand prices Could not be ■ maintained. The Danes continued to quote their butter at 128 s to 130 s f.o.b. The future will depend very much on climatic conditions in Europe, which if favourable, will adversely affect the future markets for New Zealand butter. At the moment the. market,is steady, chiefly on account of an anticipated Canadian demand in view of the hew duty.

There wds considerable interest shown by forward buyers during April but no very great quantity was actually sold. Buyers were interested for both London and Canada at prices ranging from Is Id to Is J2d and it is understood one buyer had a small order at Is 2d net f.o.b. In view- of the rapid advance in London, factories generally were inclined to hold for higher prices, but the forward demand has not continued and neither London nor Canadian buyers are showing interest at the present time at over Is l£d per lb. It is a little early to predict what will s the effect' of the increased Canadian duty of three cents on New Zealand business with Canada. As Canadian production for some years at least will be insufficient to meet requirements, a continued demand for New Zealand butter is anticipated, unless the United States of America puts a prohibitive tariff on Canadian milk products, thereby forcing the Canadians to manufacture more butter. The general policy of increasing tariffs is one that must be detrimental to New Zealand’s interests. With Australia and the United States of America having high protective duties, now followed by an increase in the Canadian duty, the natural tendency will be for retail prices in these countries to be kept at a falsely high level, thus curtailing consumption.

Cheese has shown a remarkable recovery along with the butter but at the moment seems to have reached peak. Latest advices are that the market is quieter. The statistical position of cheese is sound and a steady market is expected.

LONDON FROZEN MEAT PRICES.

CLOSING PRICES ON FRIDAY.

Rec. 5.5 p.m. _ London, May 10. Frozen meat closing prices on Friday were: —

New Zealand sheep. —Canterbury and North Island selected crossbred wethere and maiden ewes 481 b to 561 b, 5 l-8d; 571 b to 641 b, 41d; 651 b to 721 b, 4d; North Island 481 b to 561 b, 4|d; 571 b to 641 b, 4id; 651 b to 7'2lb, 3 7-8 d; ewes, 481 b to 641 b, 3d.

Australian sheep.—First quality crossbreds and/or Merino wethers 401 b to 651 b, 3 3-8 d; second quality 301 b to 551 b, 3 3-8 d; ewes 301 b to 551 b, 3}d. . Argentine sheep.—First quality crossbred wethers 481 b to 641 b, 3|d; 651 b to 721 b, 3 l-8d; over 721 b, 2£d. New Zealand lambs. —Canterbury 431 b to 501 b, Ojd; second quality average 331 b, 7£d; selected North Island brands, 371 b to 421 b, 7£d; second quality average 311 b, 7*|d; other North Island brands first quality 361 b and under, 7 7-8 d; '37lb to 421 b, 7d. _ j ' Australian lambs.—Victorian first quality 361 b and under, 7d; 371 b to 421 b, ,62d; other States second quality 361 b and under, 7d.

Argentine lambs.—First quality 361 b and under, 7d; 371 b to 421 b, 6d; 431 b to 501 b, s£d. ■ '

Argentine chilled beef. —Oy fores, 1.60 lb to 2201 b, 3 7-8 d; ox hinds 1601 b to 2201 b, 6 7-Bd. New Zealand pigs.—First quality 601 b to 1001 b, 9|; 1011 b to 1201 b, 7|d; others unchanged.

THE SHARE MARKETS.

Auckland, May 11. —Stock Exchange sales: Huddart Parker, 375; Mount Lyell, 26s 6d. '