DAIRY PRODUCE

Taranaki Daily News, 15 April 1935, Page 14

DAIRY PRODUCE

LAST WEEK’S PRICES MAINTAINED.

FEBRUARY SHIPMENTS REVIEWED.

Prides remain unchanged on the London butter market, according to advices received by Taranaki agents, but the produce is meeting a steady demand at 78s per cwt, equivalent to 8.7 d per pound. Cheese is in oniet demand and quotations are 6d easier at 44s 6d and 46s 6d for both white and coloured varieties.

■ Quotations received by Messrs. Newton King Ltd., E. Griffiths, the New Zealand Loan and Mercantile Agency Ltd. and Henry Lane and Co. vary only slightly. Danish butter stands at 98s—a drop of 2s on last week. Australian has dropped Is to 74s and Canadian cheese is steady at 625, last week’s figure.

The maintained rise is considered by agents to be due to the falling off in production and the seasonal variation.

The total receipts of butter into Great Britain from all sources are again below those of the corresponding month of last year, states the February report of Messrs. Weddel and Co, Ltd., London, received by the firm's stratford representative, Mr. N. Douglas. During January, 1935, 38,899 tons were received, against 44,996 tons the previous year—a decline of 6097 tons. On the other hand, a comparison with the previous month, December, 1934, shows an increase of 3548 tons. For the first time since August 4, 1934, stocks held in the various cold stores throughout the United Kingdom show an increase over the previous fortnight—the total quantity declared on February 16 being 1969 tons in excess of the quantity on hand on February 2, but still 7099 tons less than the quantity on hand at the same time last year. Incidentally, this increase in spot stocks is due entirely tj the arrivals of butter from New Zealand, no fewer than 436,000 boxes having arrived in the fortnight ending February 16, whereas only 56,000 boxes are due to arrive from that date until the end of the present month. Shipments at present afloat from New Zealand, Australia and the Argentine are 3735 less than those afloat a year ago. Through the greater part of the period now under review considerable activity prevailed in the market for' both New Zealand and Australian butter. With a steady imurovement in the demand from the trade in general and a continuance of inquiries and orders from the United States of America values advanced until at the end of the third week prices were 8s to 10s per cwt above those last recorded. Eventually, however, the market quietened down and during the past fortnight trading has been very slow indeed. As soon as the trade in Britain had filled in its requirements it became evident that without a continuance of the exceptional stimulus of orders from America values could not be maintained at the comparatively high level to which they had advanced. During the fortnight ended February 16 arrivals from New Zea-* land and Australia were heavy (630,000 boxes) and in excess of the immediate trade requirements, and this, together with a falling off in orders from America, was largely responsible for the recent reaction in values.

Meantime the statistical position appears to be in sellers’ favour—supplies from New Zealand and Australia during the next week or two will not be sufficient for the normal requirements of the trade, so" that with a continuance of the present healthy consumption demand the outlook for the immediate future appears promising, more especially as the reserve stocks in the cold stores are reported to be the lowest on record since November, 1933.

The market for cheese had generally been fairly steady. In the case of New Zealand cheese the demand was at times somewhat erratic, but nevertheless sufficient business was done to justify an advance in values of fully 3s per cwt. During the past week, however, trading has been slow and prices have declined Is per cjvc. So far as Australian cheese is concerned more or less similar conditions to those of New Zealand have prevailed. The inquiry for Canadian cheese has been steady, and quotations are 4s up on the bottom prices last recorded.