BUTTER MARKET IMPROVED

Taranaki Daily News, 21 October 1933, Page 9

BUTTER MARKET IMPROVED

BETTER TONE REPORTED SYMPATHY WITH DANISH ADVANCE. DUMPING OF RUSSIAN BUTTER. Following and in sympathy with a Danish advance, New Zealand butter prices on the London market show an improved tone. The decline since the comparatively rapid rise recently has been at any rate temporarily checked, and markets, which last week were very slow, are now much firmer. The butter quotations remain about the 100 s. mark, and cheese shows a decline of Is. on last week’s figures. The restrictions imposed by European countries on the entry of foreign butters was largely responsible for the glut of supplies on the British market last year. Apart from Great Britain, the principal importing country in Europe is Germany. Great Britain’s imports in 1932 rose to 422,454 tons from 403,556 tons in 1931, but Germany’s imports dropped from 98,638 tons in 1931 to 68,421 tons in 1932. There was a similar decline in the imports of other Continental countries. The quota restrictions on the Continent also have been responsible for diverting large supplies of Russian butter to Great Britain. In 1931 Russia exported 20,218 tons of butter to Great Britain, compared with 8273 ton? in 1930. In 1932 the total dropped to 16,145 tons, but the figures for the current year show that to the end of September 21,161 tons of Russian butter entered Great Britain. On the figures Russia is now the fourth largest exporter to Great Britain, being exceeded only by Denmark, New Zealand and Australia,

It is apparent that Russia' is dumping butter into Great Britain at a very tow price, in spite of the duty of 15s. per cwt. It is questionable how long the Soviet will continue this policy, but in the meantime representatives of the industry in New Zealand are. Hot greatly concerned. There is a general belief that the hot, dry weather which has caused a decline in production on the Continent will lead to a relaxation in the quota restrictions

In the following reports received by agents last week’s prices are shown in parentheses:— Press Association: The butter market is steady. Quotations: Danish 118 s.; choicest salted, New Zealand 995. to 100 s., Australian 98s. to 995.; unsalted, New Zealand 104 s. to 108 s., Australian 102 s. to 106 s.

The cheese market is dull. Quotations: New Zealand, coloured 485., white 495.; Australian, 465. to 48s. New Zealand Loan and Mercantile Agency Co., Ltd. (dated October 19): Butter: New Zealand choicest salted, finest 995. to 100 s. (101 s. firsts 955. to ,965. (985.). Market firmer in sympathy with Danish advance. Cheese:' White 495. to 50s. (515.); coloured, 475. id 48s. (495.). Market steady. Newton King, Ltd. (R. and W. Davidson, Ltd.): The butter market is unaltered since last Friday, but closes quiet. Quotations: Salted 965. to 100 s. (965. to 100 s.), unsalted 105 s. to 110 s. (104 s. to 108 s.). The cheese market has receded Is. per cwt. during the week and closes quiet also. Quotations: White 495. (505.), coloured 475. to 48s. (48s. to 495,). Mr. E. Griffiths (A. J. Mills and Co., Ltd.): The butter market is steady. Quotations: New Zealand, finest 100 s. to 102 s. (100 s. firsts 955. to 965. (965.); Danish, 114 s. to 116 s. (108 s. f.0.b., 98s. (895.); Australian, 965. to 98s. (965. to 100 s.). The cheese market is slow. Quotations: New Zealand: White 495. (50s. to 515.), coloured 475. (495. to 505.); Canadian W. and C., 525. to 545. (545.. to 565.). Henry A. Lane and Co., Ltd.: New Zealand cheese, white 495., coloured 475. Market declined owing to advice of Canadian quotations. New Zealand butter, finest 100 s., firsts 965. Market steadier.