DAIRY PRODUCE VALUE

Hokitika Guardian, 7 October 1930, Page 2

DAIRY PRODUCE VALUE

MR GOODFELLOW’S REVIEW

In his monthly circular to suppliers to the New,Zealand Co-op. Dairy Co., Mr Wm. GoodfeJloAv, managing director of Amalgamated Dairies, Ltd., reports as follows:

“During the last four weeks the London market has been under a steady ‘Bear’ pressure, from which it is now emerging. Mr IVright in a recent cable mentioned that buyers are operating on very short stocks and purchasing from hand to mouth. This is confirmed

by the, consistent weekly clearings which have reached the satisfactory average of 1296 tons, compared with a weekly turnover of 1172 tons for the previous month and 839 tons for the corresponding period last year.

“Your attention is drawn to the month’s statistics, and particularly to the Danish quotations. "It shuold be noted that, whereas quotations , for ‘Anchor’ show a steady decline unti! September-: 13, the Danish prices during tlie; same period just • as .steadily advanced, notwithstanding that at this time New Zealand , butter should oe at a premium, Incidentally the Danish figumrnTe f.o.b. Copenhagen, and 7s should bb added to place them on the same basis as ‘Anchor.’, On the one hand there is organised marketing, and on the other a multiplicity of sellers, many of whom are pot ip a position to withstand sustained presspre by the buyers,

“So far this season production in New Zealand is running about 10 per cent ahead of last year, and the Australian spring output gives every promise of being considerably heavier than last year. With the Canadian outlet greatly restricted it seems practically certain that Great Britain will be called on to absorb substantially larger quantities of New Zealand butter, and there is .every prospect that it will hq'; subject to greater r competition. thgu ever. ... V ■ ; '* . .

“Prior to the.departure of the Port, Gisborne on September 12 there, iwasiW posssibility that this vessel would load; 15,000 boxes for Halifax, but the Cartac dians Would pot. buy ' such a large? quantity in vidw.-of -the uncertainty of the tariff: Unless' .; the new fate /of 8 cents is snbstahtially reduced/Caliada will gradually develop her Own in-' : dustvy and ultimately cease to he! all importer of New- Zealand butter. 1 The Niagara/ sailing for Vancouver on Sepr tember 23;/was the last opportunity to ship to Canada before the imposition of the new duty, Prices for this shipment range, from 12$d to I2sd for first grade and •up to la Hd for finest, all net f.0.b,: Auckland. The excessive (but-; ter stocka/in the; United State^hftve: ; been substantially reduced aq ft result of the severe drought, and, on September 1, were less by 12,000 tons than bn'' the same day -last year, / ’ ;»!'(;