COMMERCIAL

Hokitika Guardian, 15 June 1933, Page 2

COMMERCIAL

PRODUCE PRICES. London quotations on 9th June were for butter—N.Z. 80s, Danish 925, market firm. N.Zwhite cheese 48s 6d, coloured 51 s , market firm BUTTER. The butter market has been steady and rising right through the month and it j e pleasing to be -able to report a firm market, showing an increase in quotations of -practically 10s per cwt. as against the. beginning of 'May. The first general firming of the market was influenced by a statement by Major (Elliott, the British (Minister of Agriculture. that Great .Britain definitely intended to defend their policy of quotas at the World Economic Conference. This statement immediately gave considerable confidence to the market and a sudden rise resulted. The market however, has remained steady and showed a. continued firmness, chiefly owing to the fact, that Australian shipments have declined very rapidly, whilst the Argentine shipments have also shown a. very heavy falling off. Another factor that has helped to keep the market firm is the fact that there h.a« been no' Siberian or South African butter arriving, and although the quantities from these ' two countries 'are small at any time, the total absence of these butters has certainly helped to give confidence to buyers. Hot weather .alid a somewhat dry and late Spring is;curtailing the Northern Hemisphere production . and this 1b at 9o helping the situation. Our latest cabieg

advise that the market is firm with an upward tendency.

CHEESE. Cheese made a spectacular rise at the same time as butter did early in May and owing to the seasonable increase in consumption, ,also the fact that the United States of America 'are buying very considerable quantities of Canadian, the market has continued to firm. 'Messrs W. Weddel and 'C°Ltd. cable that they expect a further improvement in the cheese market. FORWARD BUSINESS. There has been a. good demand forward for both butter and cheese and sales have been made during the month at up to 10Jd f.o.b. for butter and 5-J-d for cheese, but in view of the steadily improving position of the markets, a (large number of factories are more inclined to ship and continue their policy of consigning.