WELLINGTON NEWS

Hokitika Guardian, 10 February 1926, Page 4

WELLINGTON NEWS

DAIRY PRODUCE. (Special to “ Guardian.”) WELLINGTON, Feb. 8,

The effects of the .severe winter and uncongenial spring are now being felt in the Dairy Industry, for the production .shows a ( marked shrinkage. According to the grading figures the ■ lunntily of blitter graded during the six months from August Ist. 1925 to January 31st. 1920, amounted to 41,390 tons, as compared with -17,995 tons in the corresponding six months of the previous season, showing a contraction of 0)599 tons, and equal to 13.7 ewt. This is a very substantial .shrinkage. hut there was some compensation in the fact that there was n slight increase in the production of cheese. The gradings for the six months show 43,878 tons of cheese against <11,857 tons in the corresponding trarin, an increase of 2021 tons, equal to 4.8 per cent. The actual reduction in tho j production of dairy produce for the fi . months was thus 4578 ton s or slightly j more than 5 per cent. Converting the ! figures into the equivalent of butter j fat there is a reduction of 5.4 per cent. Cenerallv viewed, tho market ; is being well sustained, hut that ap- ' pears to be the ncsull'of bolding back ! supplies from (lie market, and it remain.-, to be seen whether the pursuit of Ibis policy will not react on values. In the Dairy Produce Circular, dated London Dec. tilth.. Messrs Dalgety and Cov., have some interesting remarks on the state of the market as it then existed. They say : “There is not the slightest doubt that the long period of high prices lias seriously curtailed demand, and it must he borne in mind that it is always more difficult to get the public off margarine in the winter than in the summer, the defects being much less noticeable in cold weather than in hot. The important e of margarine as a factor in the situation can he gathered from the figures of the quantities imported. The imports of margarine during November totalled 129,180 cut., as against only 118.811 cut. of butter from New /.calami and Australia together. A good’ deal of old season’s blitter lias still to be disposed of. for which there is no enquiry. With the financial depression on the Continent, blitter now selling at much lower prices than at this time last year may l»u attracted to that quarter. If the present low prices stimulate a. demand from the Continent, and this cold-stored butter iclcared out of the way. it may help matters in the New Year. Due in view of the large quantities afloat, unless .something unexpected happens, we cannot see any prospect of a material improvement in prioes for a considerable lime to come. The economic law of supply and demand, will, we think, still continue to operate, although attempts may be made to alter it by Control Boards or other means. Tn the meantime, we understand. that the Australian Control Board will witli-hold from shipment 25 per cent, of the available export quantities, and the N.Z. Control Board 35 per event, from now until the end of February. POST OF KICK SAVINGS BANK

The Post Office Savings Hank returns for 1925 show flint the deposits amounted to £'32.401,919 and the withdrawals to £32.328.072. so that the withdrawals exceeded the deposits by £287,123. During the first half of 1925. the deposits were in excess of the withdrawals fiy £939.497. and there appeared to he every indication that this favourable movement would continue, but in both quarters of the second half of the year the withdrawals exceeded the deposits, (he excess for the six mouths totalling £1.220,020 of which £912,639 being registered in tbs final quarter. This was easily a record for an single quarter, and one

ennuol 1 1 <_■ 1 1 > Imt lhe movement with 1 111 ! i>l: i _\- expenditure. .-mil probably the greater portion was .spent l iv Hi esc? visiting tile Dunedin Exhibition. The excess of withdrawals last year was the fifth consecutive year in which sni'lj tin adverse movement was noted. In 1921 the excess of withdrawals ov(r deposits was £32“.- • >2f>: in 1922. the excess elimhed up to J3T.373.0f)-.!. fallino- in 1923 to £319.110 rising again in 1921 to £933.020. falling last year to £287.123. This does not indicate that the people are cxcreising thrift or making savings. Tn the 5 years the (iovornment lost hy Withdrawals £3.210.785. hesid.es finding about £1,000,000 per annum in interest. 'I lie I’.O. Savings Tiank does a womlerl ally big business. the deposits in the five years totalling £117.383.139 and Lho withdrawals to £150.-023,02-1. Hut the people do not appear to lie adding to their savings and that is very disappoint iim.