DAIRY MARKETS

Evening Post, Volume CXIV, Issue 123, 21 November 1932, Page 12

DAIRY MARKETS

LOW-PRICED BUTTER

NEW IMPORT DUTIES

'"Evening Post," 21st November.

Prices for New Zealand salt butter at the close of business in London on Thursday evening were - 89s to per cwt, with 04s for extra quality. This is equivalent to 9 l-8d per pound f.o.b. value. The price last week was 90s to 965, and this time last year it was 105s to 112s.

Danish- butter is quoted 1225. per cwt spot price. Australian salted 87s to 88s, extra, quality 91s. Unsalted New Zealand is 100s per cwt", and Australian 80s to 82s. '

Retail prices for New Zealand butter are Is per pound and for Danish Is 3d. Private advices attribute the decline in New.- Zealand values to Australian selling pressure on the market.

The Empire Marketing Board's estimate of stocks of all butters last week was the equivalent of 472,754 boxes, as compared with ,578,467. boxes at the coresponding period" of last year: New Zealand stocks m London at the end of last week were 1285 tons; compared with 4038 tons at the same date last year. The new import duty under the Ottawa agreement commenced operating as from 16th November. The duty on Irish Free State butter was increased to 40 per cent, ad valorem. . .

The German import quota operated as from 15th November; the New Zealand quota to the end of 1932 is twelve tons, and to the end of 1933 ninety-seven tons, on"the basis.of average imports for the three years' 1929-31.

The cheese market is described by the Dairy. Board as "quiet." New Zealand White' is selling at 60s to 61s, and coloured ;at 57a to ,595, both showing declines in prices on the week. Canadian cheese hatralso "declined. Stocks of cheese irtrthe- United Kingdom are light as compared with those at this time last year, and compare as follows—

18th Nov., 18th Nov., Cheese stocks. . 1932. 1931 Jifew;; Zealand,, crates 11,266 • 23,000 Canadian, boxes 159,000 264,140 "| The wholesale price of New Zealand •white cheese at 60s to 61s is equivalent to: 5 7-8 d per pound f.0.b., and the wholesale price for coloured, 57s to 595, is equi;yjalent to 5 5-8 d per pound. jNew Zealand'cheese is selling retail at Sjl'per pound: _ . l^lessrs. Weddel and Co., London, in their annual review of the market to 30th June last, make no ventures into gtbphecy. Stress is laid on low prices, increased supplies, and slack demand. j» Yearly average prices for butter were dfe follows:— ■'•. - - 'h -■■-■ - .Per'cwt. ' * ■ ' s d I?ew Zealand 108 9 Danish -. 12 6 o I. s°_\. ••••-■ > 106 4 Australian ...................... i O6 0 pouth- African ................... 97 7 Argentine " 101 6 Russian 95 0 JCheese average prices were:— , it.' . Per cwt. 3Few Zealand 63 3 Canadian.: .......'.'.'." 71 3 Australian "; !!!!!!!" 60 3 South African '.'...'. 58 10 'These prices are "I2~per cent, for butter a{ia 5 per cent, for cheese lower than the average prices for 1930-31. The total British imports of butter from all sources for twelve months were 412,863 tons, an increase of ,52,609 tons, or 14.6 per cent. The firm remarks:—"ln the past ten years the imports tofbuttef:'into Great .Britain have "more than doubled.' No wonder prices have fallen-to the-lowest level for. nearly forty years f" It is also stated that the wonder is that this vast quantity of butter, in addition to the comparaively insignificant Home make can be absorbed into the trade and consumed m, the. present economic state of the country.' ' ' +1 'Thl S -i^ °?J Sr, P^iW by ■ reducing the retail price-of butter-to a point wherj maram? * '■' s^oJle com PeWtion .with

. Withr ifirst-rolass butter selling 6w the counter at. Is per :pouhd the sal^ of mar-' garme during,; the.;past year must- have declined ; senous]y." .■ ,- .■ . ,• , ■ ' . ■ Fifty per icent.^the, butter imported came from British .Empire .sources. . Australia mereasgd its contribution to 30 ncr cent. mtoe ;; than for-193^1;: New zV lands to|al,-was; also, a record. :■. •. . MessrsJ ? ;D^gety' and.'Co.- have to-day «ceivediaSftfollmvingicableS' S datTliv^^V^Spn, Xondo^ dated 19Jh;, November :-^-"Since our advices oftpprrth^instarit,.butter 2s"to 3s lower; c%ese;-:Js-to: 2s lower." ' ? .. Th?_ IVSwgZaaland; Producers? Co-opera-tive MarjEfiting-Association's^weekly cabled market ;^ort;=frb«i -London;.'dated : 18th Aovembfevis^as .follows:—"Butter:..Market qmet s: o^.Zealarid, finest-grade, 90sfirst grale^SSsi-.^panish,. 122s to -1255: • Siberian, :Bgs,;^o?S4s^ Cheesed Market- quiet; Zea]andi:..sK]iite::6Bs' t0..615, coloured 5/s to pso> Canadian/white and coloured 645." ";■;■■■' - V' Messrs^jg^p^SaihanHandrCo. -have to-day. : t«siglY&l>.:slJo/ following cablegram from th'e'p-r-sEr.incipals,'Messrs. ;■ Tren-gi-.ous argi^J^ath'an;:r I/imifed, London dated lSjUi'^^byember;—f'New. ': Zealand butter, f|gej|>9J?3 ; per^wt^firsts 89s; New Zealand.^hl^se^ijwhite,:.6os,- coloured: 58s. Both m'^lSftSiiqajetr ■.-.- '■?■■,-':■. :■'.-. ..'. ~