FINANCE AND COMMERCE

Taranaki Daily News, 2 April 1934, Page 16

FINANCE AND COMMERCE

LONDON BUTTER MARKET MORE CONFIDENCE IN FUTURE. REPORT ON CHEESE POSITION. Writing from London on February 20 Messrs. Samuel Page and Son Ltd. said that the retail prices of 8d and lOd per lb. for Empire butter in its original states from the bulk and for Empire blended varieties were proving very attractive to the public who were reported to be buying everincreasing quantities. There was undoubtedly an enormous consumptive demand for all descriptions, which was very necessary in view of the total importation — approximately 10.000 tons weekly since the beginning of the year and with such large quantities to be disposed of it was hardly to be wondered at that for the greater part of the previour four weeks it was impossible to lift the price of finest New Zealand beyond the narrow range of 66s to 68s and Australian 64s to 665. Rather was it a matter for congratulation that the market had regained comparatively steady in the face of such heavy supplies. There had been slight fluctuations, of course, and at February 20 prices were actually 5s higher than a month before; values had risen at the same time as supplies had increased. At the beginning of the month the situation was helped by a fairly substantial order from Canada, followed by some speculative business, while offerings were further lightening through some factories withdrawing their consignments from the market. It was difficult to say what the future would be, for there were large quantities still to come, and, although most importers appeared well sold up, there might be hidden stocks. In any case it seemed certain that through prices falling thus early in the season to the recent level, a most desirable expansion in consumption had been created and the future could be awaited with far more confidence than could have existed had stocks been held in the hope of more money.

Compared with butter, cheese continued to be comparatively dear, but prices of New Zealand had shown much uncertainty. : At the beginning of the year there were forward sellers in the neighbourhood of 40s to 42s for JanuaryFebruary delivery. The tendency of “short” sellers at prices lower than the current ruling price was naturally to influence prices to fall to the level, or under, at which their sales could be profitably. fulfilled. But when the time arrived for them to cover their obligations prices were just as naturally inclined to go against them, and this to a large extent explained the fluctuations of the previous four weeks. After white had dropped from 45s 6d to 40s towards the end of January it rose to 435-445. There had been slight falls and rises since, but at February 20 the market was firm at 43s 6d for white, with coloured making 2s 6d more. Appreciably larger quantities than in the corresponding period of 1933 had had to be dealt with, yet white was only slightly cheaper than it was a year before. Coloured, however, although once again showing a premium, was considerably less than it was in February, 1933. Current quotations were:— Butter: Danish, 925; New Zealand, finest 71s, first 70s; Australian, choicest 67s to 68s, first 65s to 665, good average quality 62s to 645; Argentine, 58s to 68s; Latvian, 70s to 725; Lithuanian, 70s. to 725; Siberian, 62s to 645. Cheese: Canadian, white and coloured, 50s to 545; New Zealand, white 43s 6d, coloured 46s to 46s 6d.

LAMB REMAINS FIRM REPORT FROM LONDON MARKET. MUTTON REPORTED TO BE EASIER. “The lamb market remains very firm, especially for lightweights; consumption satisfactory,” states a cable to the New Zealand Meat Producers’ Board from its London office, dated March 28. “Mutton market: Lightweight wethers steady; heavyweight wethers weaker. Ewes easier, but lower prices improving demand. Beef market: Quiet, demand slow owing to low prices of Argentine chilled beef. New Zealand porker pigs: Lightweights easier owing to heavier supplies, but trade good. New Zealand baconer pigs: Market steady, and unchanged.

The cable went on to report approximate average prices realised for the week ended March 28, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and for representative parcels of the goods offering during the week. They represented business done on the basis of delivered to Smithfield market and/or ex London stores. The ayerage prices were as follow, prices for' the two previous weeks being shown as well:— New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 481 b to 561 b, 5 3-8 d (5 3-8 d and s*d); 571 b to 641 b, 5d (5d and 5Jd); 651 b to 721 b, 4 5-8 d (4Jd and sd); North Island crossbred wethers and maiden ewes, 481 b to 561 b, 5 3-8 d (5 3-8 d and 54d); 571 b to 641 b, 5d (5d and sfd); 651 b to 721 b, 4ld (4jd and sd); ewes, 481 b and under, 4 l-8d (4Jd and 4 3-8 d); 481 b to 641 b, 3 5-8 d (3fd and 4d); 651 b to 721 b, 3id (3 3-8 d and 31d)New Zealand lambs: Canterbury, 361 b and under, 74d and 7 3-8 d); 371 b to 421 b, 7 l-8d and 7d); 431 b to 501 b. 6|d (same); second quality, average 321 b, 7 l-8d (7 l-8d and 7d); other South Island brands, 361 b and under, 7Ad (7Jd and 7Jd); 371 b to 421 b, 7 l-8d (7 l-8d and 7d); 431 b to 501 b, 6|d (same); selected North Island brands, 361 b and under 7 5-8 d (74d and 7 3-8 d); 371 b to 421 b, 7-}d (7 l-8d and 7d); 431 b to 501 b, 6?d (same); second 'quality, average 321 b, 7 l-8d (7 l-8d and 7d); other North Island brands, first quality, 361 b and under, 7 3-8 d and 7 l-8d); 371 b to 421 b, 7d (7d and 6 7-8 d); second quality, average 321 b, 7 l-8d (7 l-8d and 7d).

Australian lambs: Victorian, first quality, 361 b and under, 6 3-8 d (6 3-8 d and 6Jd); 371 b to 421 b, 6 3-8 d (6 3-8 d and 6 l-8d). Argentine lambs: First quality, 361 b and under, 64d 6ld and 6jd); 371 b to 421 b, 6Jd (6id and 6d). New Zealand beef: Ox fores, (2 l-8d and 2 l-8d); ox hinds, 3 l-8d (same); cow fores and hinds, not quoted. /Argentine chilled beef: Ox fores, 3 l-8d (3.1 d and 3 l-8d); ox hinds, 4 5-8 d (4 5-8 d and 4£d). Australian frozen beef: Ox crops, over 1001 b, 2Jd (same); ox hinds, over 1601 b, 3|d (same). New Zealand prime porker pigs: 60.1 b to 801 b, 5 3-8 d (5Jd and 5Jd); 811 b to 1001 b, s|d (same); 1011 b to 1201 b, (same). New Zealand baconer pigs, 1201 b io 1601 b, fid (same).

FOLDING STOCK SALE. DALGETY AND COMPANY’S REPORT Dalgety and Company, Limited, report a small yarding of both sheep and cattle at the Feilding sale on Wednesday. The attendance was small, but the demand was good, and fat sheep and lambs sold

at late rates. Store sheep were in good demand, and if anything lambs were inclined to firm a little. A total clearance was made. In the cattle section only a few dairy beef cattle were permed, and were sold at late rates. Quotations were: Fat lambs 19s, fat wethers 20s 3d, fat ewes 17s 4d, ewe lambs 9s, 14s 6d, 16s, 16s 2d, 16s 7d, wether lambs 13s, 15s 9d, shorn b.f. lambs 15s 3d, 17s 3d, 2-tooth wethers 21s Id, 4 and 6-tooth ewes 17s 6d, 4-year ewes 17s 4d, 18s.