BUTTER AND CHEESE

Hokitika Guardian, 29 March 1924, Page 2

BUTTER AND CHEESE

DEPRESSED MARKET. Since the beginning of the month the price of New Zealand salted butter has dropped from ISOs to 190 s per cwt, which was the quotation given by the High Commissioner on March 1, to 166 s to 168 son March 21, a fall of 20s to . 22s in three weeks (says the “Dominion”). This would not be of such serious moment iv«3s it not for the fact.that consumption has not been stimu-r lated by the reduction in price, for the High Commissioner reports that the demand is not reviving. New Zealand butter is not alone in exhibtiing a downward tendency. Australian salted butter dropped from 178 s to 182 s. ■ on .March 1 to 156 sto 158 son -MaWlf 21, a fall of 22s to 265. ArgciitinWhuttcr during tlie same period hasTwjfcp back from 162 s to 166 s to 140 s to'aYls, also registering a decline of 225. Danish butter, which stood at 214 s to on March 1, is now 200 sto 204, tile" fall in this case being 12s to 14s. Tho cause of the drop is obviously excess supplies,., and it is supplies from Australia and Argentine that are'Sf* footing market values. It will be noted that New Zealand, Australian and Argentine butters show practically The same decline in value, and under present conditions it must be very difficult for distributors to maintain tlie values of New Zealand butter. Consumers naturally take to the cheaper butter provided tlie quality is passable. The quality of Australian and Argentine butters, though a long way below Xew Zealand quality, is said to liavo improved very considerably. It was explained in cable messages that ish butter was being maintained in value because of the demand from America and Germany. This demand has apparently slackened, and there is a responsive .decline in values. The difference between tho Danish quotations and. New Zealand quotations amounts to 345, which is abnormal, and requires some .explanation. It is well known that Danish butter has a special market in the Midlands, hut that_ is not sufficient to account for the great difference in values of the two butters. It was expected that butter would bo in good demand as the time approached for the opening of tlie Empire Exhibition, but, although visitors are swarming into England, prices are drooping. Cheese is also depressed, and the High Commissioner in his last cabled message reports that the market is quiet, with a weakening tendency. On March 1 New Zealand cheese, coloured and white, was quoted at 88s to 925, and last week the quotations were:— Coloured 82s to Sts, and white 82s To 83s. A drop of 6s to Ss is not a great deal, but in the absence of CanadtSlc' cheese the market should be firmer. Heavy shipments of butter and cheese are still going forward from New Zealand. Tho Remuera, which sailed on Saturday, took 38,000 boxes of butter and 19.000 crates of cheese, and tho Devon, which left on Monday, took 40,000 boxes of butter and 30,000 crates of cheese, the two vessels taking 78,000 boxes of butter, equal to 1950. tons, and 39,000 crates of cheese, equal to about 3000 tons.