LOWEST FOR 20 YEARS

Waikato Times, Volume 112, Issue 18809, 3 December 1932, Page 11

LOWEST FOR 20 YEARS

THE LONDON MARKET. BUYERS HAVE NO CONFIDENCE. AMALGAMATED DAIRIES REVIEW. Since our last report London quotations have moved consistently downward, and to-day are at the lowest level for probably 20 years, slates a review of the London market, under date November 25, of Amalgamated Dairies, appearing in this month’s issue of The Exporter. Heavy shipments en route from Australia and New Zealand with sellers anxious to quit at the best price obtainable create an atmosphere conductive to 'panic. Buyers have no confidence and are only operating to fill Immediate needs. Butter shipped from Australia and New Zealand in October is nearly 50 per cent, greater than last year. Argentine shipments shrunk to under 1000 tons for October, and therefore do not figure very largely in ’'the total of 23,000 tons. Australia is to introduce, from December 1, a system of restricting shipments in the Hush months, similar to the one which has been in force in this country for some years, and which it is hoped will ease the position somewhat. The market is in such a position and is subject to so many outside influences that it is impossible to Indicate the forward tendency. Foreign butters are being dumped on 'the the British market before the Ottawa preference becomes operative, and it is possible that prices will harden when these stocks are absorbed and protection is given by the increased duties.

London and provincial stocks are somewhat above last year’s figures, but generally speaking there is no accumulation of Australian and New Zealand butter. A minor factor which has to be kept in mind in considering the forward position is the stock of butter In the Irish Free State. If the heavy duty on Irish butter imported into England is lifted the movement of Irish butter would be accelerated for a few weeks to the detriment of prices. Weekly Prices and Stocks. . London weekly prices, deliveries, and stocks are as follows (last year’s figures in parentheses): — Week ending Oelober 21. —N.Z. finest, 109 s I.los (ills 120 s); Danish F.0.’8. 100 s (,138s); deliveries, N.Z., 1100 (1400) tons; stocks, N.Z., 4375 (4300). Week ending October 28. —N.Z. finest 104 s (114 s 120 s) ; Danish F. 0.13. 105 s (128 s); deliveries, N.Z., 970 (1350) Ions; stocks, N.Z., 3400 (4028). Week ending November 4.—N.Z. finest, 102 s (112 s 118 s); Danish F. 0.8., 108 s (128 s); deliveries, N.Z,, 1176 (1100) tons; stocks, N.Z., 2491 (3200). Week ending November 11.—N.Z. finest, 96s 98s (107 s 114 s); Danish F. 0.8., 104 s (1265); deliveries, N.Z., 1268 (1126) tons; stocks, N.Z., 1789 (4100). Week ending November 18.—N.Z. finest, 92s (105 s 112 s); Danish F. 0.8. 100 s (1225); deliveries, N.Z., 1432 (1618) tons; stocks, N.Z., 1285 (4038) tons.

Week ending November 25.—N.Z. finest, 86s (108 s); Danish F. 0.8., 96s 98s (121 s).

Average weekly delivery, 1189 tons. •Average weekly delivery previous month, 1139 lons. F. 0.8. Market—The latest offers which are restricted in quantity are round about 9d to 9sd for DecomberJanuary shipment. Australia.—Production is still on the increase, although Victoria is about at peak. Queensland requires good, general rain. Wholesale domestic prices range from 12is 4d per cwt. in Victoria to 144 s 8d in Brisbane. Canada.—Stocks are considerably lower than last year, but owing to the decline In consumption and the effeot of the general depression, Montreal prices have remained about 20J cents for many weeks. The agreement finalised at Honolulu last year between Canada and New Zealand apparently makes it obligatory on the part of New Zealand exporters to obtain the permission of the Canadian Minister of Customs before they can ship butter to Canada. Cheese. — Notwithstanding that stocks are relatively Light and shipments afloat only of normal size, cheese prices have eased during the last week. Coloured is not at such a heavy discount as a month ago. With heavier quantities coming on to the market it. is likely that London prices will decline over the next few weeks. Week ending October 21. —'Market weaker; white 655, coloured 595; last year’s white, 65s 675. Week ending October 28.—-Market firm; white 665, coloured 60s; last year’s while, 68s 695. Week ending November 4.—Market quiet; white 665, coloured 60s; last year’s white, 68s 695.

Week ending November 11.—Market quiet; white 645, coloured 59s 60s: last year’s white, 68s 695. Week ending November 18.—Market quiet; white 60s 61s, coloured 57s 58s; last year’s white, 66s 675. Week ending November 25. —(Market firm; white 62s coloured 595; last year’s white, 635. Milkpowder and Casein. —Markets continue unchanged. -Casein is well sold up, and there is quite an optimistic feeling in this department. ,to n h ighlig.B m;b“ lod llseO mm