H.—3o.

The full range of f.o.b. purchase prices fixed for the 1936-37 season, the 1937-38 season, and the 1938-39 season is as follows :—

The conversion formulae used in the determination of the 1938-39 season prices shown above are— Butter. Cheese. Over-run .. .. 21-75 per cent. Yield .. .. 2-51 gross. Costs of manufacture and \ 2-25 d. per pound 2-45 net. delivery to f.o.b. . . J butterfat. Return from whey butter 0-75 d. per pound butterfat. Costs of manufacture and \3-sd. per pound delivery to f.o.b. f butterfat.

10

'I 1 1936-37 Season.* 1937-38 Season.f „ Butter and Cheese manufactured Butter and Cheese exported after ,, Z. '• cason. Grade. on and after 1st August, 1936, 31st July, 1937, and which is Ku f tter a " d t Ch , eese f an^° fi ! and exported on or before manufactured on or before o 1 , 0 ? T i S in«5f? US 'i \ i° 31st July, 1937. 31st July, 1938. 31st ' ,u]y ' 19!i9 > and ex P orted - I Creamery Butter. Per Pound. Per Pound. Per Pound. Finest grade— d. d. d. 94 points and over .. 12-6875 13-785 15-015 93 to 93| points .. 12-5Q25J (basic price) 13 • 66$ (basic price) 14-89$ (basic price) | Equivalent to 106s. 6d. sterling J Equivalent to 115s. sterling J Equivalent to 124s. sterling per hundredweight on London per hundredweight on London per hundredweight on London market market market First grade — 92 to 92| points .. 12-5 13-5975 14-8275 90 to 91£ points .. 12-3125 j 13-41 14-64 Second grade .. 11-8125 j 12-91 14-14 Whey Butter. First grade .. ..I 11-5625 I 12-66 I 13-89 Second grade .. I 11-0625 I 12-16 I 13-39 Cheese. Finest grade— 94 points and over .. 7-21875 7-90625 8-57625 93 to 93J points .. 7-1875 7-875 8-545 First grade— 92 to 92| points .. 7-0625$ (basic price) 7-75J (basic price) 8-42J (basic price) { Equivalent to 63s. 3d. sterling J Equivalent to 68s. 8d. sterling J Equivalent to 73s. 6d. sterling per hundredweight on London per hundredweight on London per hundredweight on London market market market 91 to 91£ points .. 7-00 7-6875 8-3575 Second grade .. 6-8125 7-50 I 8-17 Premiums. Unsalted butter .. 2s. 4d. per hundredweight 3s. 4d. per hundredweight 3s. 8d. per hundredweight. Coloured cheese .. 6d. per crate 6d. per crate 6d. per crate. Deep-coloured cheese Is. 5d. per crate Is. 5d. per crate Is. 5d. per crate. Waxed cheese .. 4|d. per crate 4|d. per crate 4Jd. per crate. Deductions. Butter, per Cheese, per Butter, per Cheese, per Butter, per Cheese, per Box. Crate. Box. Crate. Box. Crate, d. d. d. d. d. d. Insurance to f.o.b. .. 0-68 1-07 0-69 1-085 0-565 0-935 Dairy Board levy .. 1-12 1-63 0-56 0-815 0-56 0-815 Average Payments by Dairy Companies for Butterfai Supplies. Pay-out, per Pound Butterfat. Pay-out, per Pound Butterfat. Pay-out, per Pound Butterfat.. d. d. d. For buttermaking .. 13-558 14-81 15-88 (est.). For cheesemaking (in- 15-176 16-39 17-88 (est.). eluding whey butter) * It was estimated that the purchase prices originally fixed for cheese for the 1936-37 season (basic price, 6-8125d. per pound) would enable efficient cheese-manufacturing companies to pay, on average, to their suppliers for butterfat l£d. per pound in excess of the corresponding average payment made by butter-manufaeturing companies. The differential of l£d. per pound butterfat was not realized, and the Government made a further payment to cheese-manufacturing companies of Jd. per pound of cheese. The purchase prices for cheese for the 1936-37 season shown above include this further payment. f The purchase prices originally fixed for butter and cheese for the 1937-38 season (butter-basie price, 13-25d. per pound; cheese basic price, 7-54d. per pound) were increased by 0-41d. per pound for butter and 0-21d. per pound for cheese. The purchase prices for butter and cheese for the 1937-38 season shown above include these price increases.