LOW BUTTER PRICES

Wanganui Chronicle, Volume 76, Issue 299, 19 December 1933, Page 9

LOW BUTTER PRICES

DECLINES TO 68s LAST WEEK CHEESE MARKET FIRM There was no improvement in the London butter market last’ week—rather the reverse, the prices of New Zealand finest and first grade butter received to GBs to 70s. This price represents a decline of approximately 40s a cwt. since the peak level of 1933 was touched at 105 s to 110 s on September 22; and it is only about 5s a cwt. above the lowest point of the year reached , in April, when Now Zealand prices fell to the unprecedented low level of 64s a cwt. Tho low prices of New Zealand butter are stimulating consumption, deliveries from London cold stores last wook being 3681 tons, compared with 2821 tons for the previous week and 2664 tons a year ago. The quantity of New Zealand butter in store in London at the jend of last week was only 3100 tons, approximately a week’s supply at tho current average rate of delivery and considerably less than one-half of the 6568 tons held a year ago. The Empire Marketing Board’s estimate of the stocks of all butters is 439,972 boxes, compared with 476,654 boxes a year ago. Increased Consumption Evidence of the greatly increased consumption of butter and cheese is supplied by the Dairy Board’s figures of deliveries of New Zealand dairy produce from London cold stores. During November deliveries of butter were 8076 tons, compared with 5858 tons in November, 1932, an increase of 2218 tons. Deliveries of cheese last month were 4929 tons, an increase of 1000 tons on those of November, 1932. For tho four months ended November 30 the deliveries of butter and cheese compare as follow: — 1932. 1933 Increase tons. tons. tons. Butter .. .. 21,977 33,509 11,532 Cheese .... 19,138 24,620 5,482 The cheese market was reported firm at the end of last week, white at 48s to 49s and coloured at 44s to 455. The Dairy Board’s London office reports Friday’s official closing quotations as follow, those for the previous week being shown in parentheses:— Butter New Zealand, salted, 68 lo 7Ulb; ex, 71s (70s to 725; December 15, 1932, (81s to 83s); 68s to 70s equals approximately 7.85 d f.o.b. Unsalted, 74s to 76s (86s to 90s; December 15, 1932* 90s to 945). Deliveries, Now Zealand, 3681 tons. In store, 3100 tons, includes 352 tons ex Tamaroa. Australian, salted, 68s to 70s (70s to 725); unsalted, 72s to 76s (78s to 80s). Deliveries, Australian, 1762 tons. In store, 1332 tons. Argentine, unsalted, 72s to 745. Little doing. . (78s to 80s). Danish, 95s f.0.b.; 115 s to 116 s spot. Firm. (90s; Ills to 112 s). Siberian, 65s to 665. Slow. (66s to 70s). The board has also received the following advico from its agents in Canada:—Butter: New York, 21 cents; Montreal, 23J cents a lb. Cheese New Zealand, white, 48s to 49s (5.23 d f.0.b.) (47s to 48s; December 15, 1932, 51s to 535); coloured, 44s to 45s (4.72 d f.0.b.) (45s to 465; December 15, 1932, 54s to 555). Deliveries, New Zealand, 26,000 crates. In store, 29,500 crates, includes 13,000 crates ex Tamaroa. Australian, coloured, 44s (44s to 44s 6d). Canadian, white, 46s to 53s (46s to 525); coloured, 46s to 50s (46s to 525). Deliveries, Canadian, 9600 boxes. In store, 241,000 boxes. English finest farmers, 90s to 94s (90s to 945). Agents’ Reports The New Zealand Producers’ Cooperative Marketing Association’s weekly cabled, market report from London dated December 15 is as fulluws: —Butter: Owing to poor demand, prices have further declined. New Zealand, 67s to 695; Danish, 113 s to 114 s. Cheese: Market steady. New Zealand, white, 48s to 48s 6d; coloured, 455. Mr. A. C. liowsou had cabled as follows to Mr. Thomas Gray: —Cheese: New Zealand, white, 48s per cwt.; coloured, 455. {Steady. Butter; First grade. 68s per cwt.; finest, 68s to 695. Weak. A. 11. Turnbull and Co. have received th 0 following cable from their principals, \V. Weddel and Co., Ltd., London, dated December 15:—Butter: Danish, 115 s to 116 s; New Zealand finest, 68s to 70s; Kangaroo, finest, 68s to 70s. Market slow. Kangaroo super and New Zealand finest pressed for sale at 68s. Cheese: New Zealand, white, 48s; coloured, 41s to 455; Canadian, 465. Market quiet.