ACCUMULATION OF STOCK

Taranaki Daily News, 11 July 1933, Page 5

ACCUMULATION OF STOCK

BUTTER MARKET UNSETTLED GOOD SALE FOR DOMINION CHEESE QUALITY BEEN MOSTLY RESTORED. The British butter market has been in an unsettled state throughout the past month, state A. H. Turnbull and Co., the trade generally marking time awaiting developments on the vital questions of quotas and currency under discussion in London. Then came the lifting of the Russian embargo and the fear that accumulated supplies might be dumped upon the London market, which undoubtedly had its effect. At the same time other Continental shipments were largely increased, causing a renewal of the accumulation of stocks in the United Kingdom. At the end of June prices for New Zealand had receded to 775., with a quiet and slow market, but hot dry weather has since been experienced, giving a decided stimulus to dairy markets generally, and the latest cable received from W. Wddel and Co., Ltd., an advance of Is. in both New Zealand and Australian butters, and a firm market. They state that with a continuance of the present weather conditions they fully expect a gradual improvement in prices. Cheese eased in sympathy with the butter market, but toward the end of the month a decidedly better feeling prevailed, more especially in white cheese, which has now regained its normal relative value to coloured. On July 1 the market stood at 475. 6d. per cwt. for white and 495. 6d. per cwt. for coloured, since when an advance of 2s. 6d. has been recorded with a firm market, which it is expected will now continue, partly owing to the excellent consumption, but stimulated also by the fact that the Canadian production is considerably below normal. The fact that London cables feature the good sale for New Zealand cheese goes to show that our quality has been largely restored, and no complaints of black spot have so far reached us this season. The estimated arrivals of New Zealand butter and cheese during July-August-September, compared with actual arrivals during that period in previous are given by A. H. Turnbull and Co. as follow:—

PRICES ADVANCE DURING WEEK. CABLE TO DAIRY PRODUCE BOARD. There was a slightly firmer tone in the London dairy produce markets last week This was due to an active demand early in the week, both butter and cheese being quiet at the close. New Zealand butter closed at 78s. to 80s., an advance of 2s. a cwt on the week. The cheese market also improved, values for both colours advancing 2s. to 3s. 6d. a cwt during the week. The Dairy Board’s London office reports Friday’s closing quotations as follow, those for the preceding week being shown in parentheses:— BUTTER. New Zealand, salted, 70s. to 80s. (765. to 785.; July 7, 1932, 100 s. to 10&-); 78s. to 80s. equals approximately 9.06 d. f.0.b., unsalted, 80s. to 84s. (80s. to 84s; July 7, 1932, 102 s. to 104 s.); first whey, 735. (735.), second whey, 725. (715.). Deliveries, New Zealand, 1950 tons. In store, 10,126 tons, including 275 tons ex Mahia. Australian, salted, 775. to 795.; ex., 80s. (765. to 785.); unsalted, 80s. to 82s. ( 80s. to 825.). Deliveries, Australian, 938 tons. In store, 4450 tons. . „„ Argentine, unsalted, 765. to 78s. (765. t creamery, salted, 785.; unsalted, 72s. f.0.b.; 90s. to 925. spot (695.; 89s. to 915.). Dutch, unsalted, 88s. to 925. Esthonian, salted and unsalted, 735. to 745. (725.). " , ... Latvian, salted and unsalted, 735. salted and unsalted, 725. The board has also received the following advice from its agents in Canada: Butter: New York, 25J cents; Montreal, 20 1-8 cents a lb. CHEESE. . New Zealand, white, 495. 6d. to 50s. (5.33 d. f.0.b.), (475. to 485.; July 71932, 595. to 605.); coloured, 525.; ex., 53s.~ 6d. (5.66 d. f.0.b.), (495. to 505.; July 7, 1932, 58s. to 595.). Deliveries, New Zealand, 26 271 crates. In store, 131,328 crates, includes 19,000 crates ex Orari and Australian, white, 475. to 495. (465.); coloured, 50s. (465. to 485.). Canadian, white, 665. to 725.; c.i.f., 575. (665. to 685.; 575.); coloured, 68s. c.i.f., 555. 6d. (685.; 555.). Deliveries, Canadian, 3950 boxes. In store, 56,000 boxes. English, finest farmers’, 80s. to 1035.; quiet (80s. to 1035.).

BUTTER. 1931 1932 1933 July August September Tons ... 7,805 ... 5,761 . 4,910 Tons 7,164 5,086 7,729 Tons 7,550 - 9,750 8,200 18,476 19,979 25,500 CHEESE. July August .... September 1931 Tons ... 6,898 .. 3,628 . 3,997 1932 Tons 7,412 4,198 5,994 1933 Tons 7,168 6,364 5,764 13,521 17,604 19,296