REVIEW OF MARKET

Taranaki Daily News, 13 July 1935, Page 5

REVIEW OF MARKET

butter steadily improves. j LITTLE CHANGE IN CHEESE. A firm butter market with steadily improving prices was experienced in London during the past month, according-to the statement of A. H. Turnbull and Co. Ltd. for the period June 7 to July 5. Spot values closed, on July 9 at 89s, but the market was quieter. Forward buyers were again. active and a good proportion of the June-July make of butter was disposed of on f.o.b. terms, stated the report. Recent sales for finest were 10fd to 10 7-8 d for July-August shipment. ... ‘ Cabling on July 6 W. Weddel and Co. Ltd. reported that the; firmness of the butter market might be . attributed jto the sound statistical position, especially for colonial butter, and further, that the peak of Continental producfiop having been reached, an even better market might be looked for. It was interesting in view of this cable to consider the Export figures from New Zealand and Australia. '• Shipments from New Zealand to the United Kingdom for the ten months ending May 31 amounted to H 0,799 tons, joeing a decrease of 12,899 tons compared with the same period last year. Shipments from Australia for the twelve months ending June 22 were 110,048 tons, an increase of 8769 tans. Stocks in New Zealand amounted to 12,444 tons, against 8726 tons at the end of June, 1934, and this was possibly the result of dual factories switching over from cheese to butter, The total gradings of New Zealand to the end of June showed a decline of 4388 tons, or 3.17 per cent. While prices might hold and even improve, it must be remembered that any further increase in spot prices would necessitate the raising of the retail price above Is, which invariably curtailed consumption. Spot values for cheese had shown very little improvement, closing at 44s 6d to 455. Reports from London stated that the i ket for cheese had suffered, first >m i cold and backward summer, which restricted the consumption, but more seriously from the greatly increased production in the United Kingdom, a large proportion of which was of inferior quality and was offered for sale at low prices. This increase in home-made cheese was the result of the Imperial Government milk scheme. The result was that cheese had not kept pace with the butter market, but had remained steady with little alteration in spot prices and little or no demand for forward sale. Gradings showed a decrease for eleven months of 10.55 per cent., stocks unshipp-- eing practically the same as last year, 13,095 tons.