PRODUCE PRICES

Hokitika Guardian, 17 March 1932, Page 8

PRODUCE PRICES

The following are the London quotations for March 4th:—N.Z. Salted 109 s ■ Kangaroo 104 s 6d ; Danish 138 s; Market, Steady; Cheese, white, 60 6s; Cheese, coloured, 61s 6d ; -Market, Quiet;

Butter: At the beginning of the month, buyers became nervous as to the •tariff policy that the British Go verm ment would adopt and there was •. a ■general feeling that there would be a ! ,Oustoms.;.Duty on all butters, whether Colonial or foreign. In conseqiiefleee of -'this, buyers showed considerable’activity ’■ a'.ud bought protective . stocks. This ; activity brought the market up from round' ; about 95s to 102 s per cwt. As soon as the tariff proposals were mounced, the market, made a further ■jump chiefly, owing to the- shortage of •Continental supplies. It appears, howjever, that the tariff against foreign butiters also assisted the markets by making ■ Great Britain a less attractive market for Danish and other Continental but- : ters. The chief reason for the further jump caused by Continental activity was the fact that France, who had stipulated f|or ;a miximum (quota of. 12,000 -tons of imported butter for the quarter was forced, owing to the high place and the shortage-.of home production,. to increase their quota from 12,000 to 24,000 tons.

As soon as it became known that (France ;h«-d increased her. quota by 12,000 tons for the quarter, considerable Continental activity ~ became evident. France, was-not the only country suffering from a shortage of production, and considerable Continental buying set in and this |has maintained the market at a steady level. It is reported that owing -to the low price for dairy produce during the past year Continental producers have not had sufficient funds to enable them to provide for their usual .winter feed and there is likely to be a considerable falling off in, the Continental winter production this season.

The N.Z. market a>t the present time is steady at the higher level of 109 s to Ills. The Continental demand bad quietened off to some extent at the i end of February and the market' for (N.Z. weakened in consequence but a much firmer-. (tone 'is fcow-., manifest, chiefly on account of the reduced grading -from Australia and New Z.ealano. Messrs Weddel and Co. cable us that they expect a firm market and they have a good opinion of the future. The general stock position is certainly good and the exceptional heavy consumption both in U.-K.:. and on. the Continent. With -the possible shortage of Continental supplies and the low (stocks in America, one can certainly feel that we should have a steady market, provided no unfonseen circumstances upset the position. ..i _ Forward Market: There has been a' ■steady demand by forward buyers thoughout -the month, -starting at 10 Jd and running up to as high as 113-d. However, when the Continental demand slackened, forward . buyers, withdrew, temporarily but-are now. again .active and have increased itheir bids-to f.o.b.

Qh'eese: The cheese market has remained quietly steady varying from 60s to 63s per cwt. throughout the month. The stock position of N.Z. cheese is very strong indeed, the quantities in fetore on the 6th .March in the U.lv. being less than half of the quantity that was in store on the 'same date last year. , The arrivals of New Zealand cheese during March, (April and May will be approximately 6,000 tons- less than, the arrivals for the same period last year. Gradings of cheese are not excessive and the Stocks in store in New Zealand are only on about a par with last season.

Messrs W. Weddel and Co., Ltd., cable that on account of the stocks in London being so low a s compared with last year, they expect the market to be steady with more prospect of a vise in prices than a decline. Forward Business: There has been a fair demand in forward cheese by one or" two buyers and February-Mavch make ilias been sold at from 6d to 6 ; ' { d per lb./but factories generally are more inclined to favour a consignment policy at the moment and with the stock position a s it is, it appears to be sound policy.