COMMERCIAL.

Otago Daily Times, Issue 17686, 25 July 1919, Page 4

COMMERCIAL.

RABBITSKIK SALES. Preaa Association—By Telegraph— Copyright. LONDON, July 23. (Received July 24, at 8.15 p.m.) Tius Mibbitekin sa\os havo oixaied. Tliore. is a strong demand, n-nd a> big advance in prices, A. and N.Z. Cahlo. <a- • TAkLOW -MAKKET. Press Aesociatioa—By Telegraph—Copyright. LONDON, July 23. (Received July 21, at 5.15 p.m.) A.t the tallow Bales 2111 casks woro offered, and 1120 woro sold. Fino mutton, 112s Gri per owt; medium, IOO3; fine beef, 115s 6d; medium, 110 a, Inferior declined Is. —A. and N.Z. .Cable. The KVw Zealand Loan and Mcrcamtilo Agency Conipany has received tlho following oablegrajn from its London house, under, date July 10:—"Tallow: Fino mutton, £5 6s Gd par owt; good boef, £5 is; mixed, £d lie Gd." BUTCER AND CHEESK EEVTEW OF THE- MARKETS. Messrs J. Natlian and Co. (Wellington* roix>rt as follows, und«r dnte July 22:— BUTTER. It ie reported that there 13 a chance of an early spring end reasonable earlf production. This, we hope, will tend to rebevo the presont shortage of best creamery butter ia. the south here. Wo know that tho Department of Agricultttro is doing its beet to anrango distribution for the next few weeks, so that tho pinch will not be too severely felt. London reports that on May 1 tho butter ration wos increased to 2oz per head per week. The reuiil price is still 2a 0d per lb. Danish butter was again racking its appearance, and it is reporuxi that the Ministry of Food had arranged to purchase about 2001) tons at 2130s per cwt, landed terms. There has been an interesting American position in the market in Tegard to supplies and demand for export, and the following is a report from Montreal, under date May 16, which, wo think we can with interest quote in full:—"The steep advance of 4Jd per lb on Friday last was a surprise to some m the trade at this season of the year, when production increases and the trend of values is usually downward, but there was a good reason for the rise. For some time past the trade has been labouring under a scarcity of butter, especially finest, and as tho new* make was scarcely sufficient to supply tho local requirements of 5000 to GOOO packages per week, tho additional demand from the United States for .Canadian butter created tho excitement and almost unprecedented advance of Friday last. Under the circumstances, therefore, the advance of 1§ cents to lg cents on Monday last was no surprise, as local traders and exporters were keen competitors. The New York daily market report of May 10 says: The receipts for tho week have shown a liberal increase over those of the corresponding period last year, but there is an unsatisfied demand both for export and) homo use. The supply was supplemented by several cars from the Pacific coast, while considerable Oanadian creamery is included. The decline at the first of the week attracted a wider outlet, and values' gradually hardened from day to day until the market is firm at tho close at 60J cents on extra creamery, with the higher-scoring lots still higher.' "The Scandinavian countries have also been taking butter from New York. The export demand from the United States has, therefore, been to supply European countries that used to export butter to England. The situation has consequently been most exceptional, brought about by the war and its after-effects. A few packages of partly grass butter have been.received from Ontario, but it will be well into the last week of May before any quantity of grass butter from the eastern townships will be available. As a result of the war, the October butter and the November make- up to November 9, which about finished the fall production, wae commandeered and shipped out of the country after which time prices gradually advanced to t>l cente and 65 cents wholesale- A few cars were then received from Maaitotxv, Saskatchewan, and Alberta, with reports that more cars were to come forward Consequently the price of finest creamery butter slumped m a few weeks to 495 cents-a drop of H cents or 15 cents per lb. This sudden and unprecedented decline on a bare market evidently upset tho equilibrium of supply and ctenrona, and the- recent sharp upturn, due to light stocks and an unexpected' demand from the United States and the usual home requirements, sent prices bounding upwards 61 cents to Gg cents per lb. This fe not the only case of the unsettled condition of_ prices- through the war and its after-effects. £r>S IS t£° & ° Uh - 1, h 0 that at this perjod of the year it will be difficult to :iy<",tain the extreme limit to which prices were advanced on Monday; but, as we have before remarked that although we may see lowS values, they will rule at a high level for some tone. CHEESE. In rogard to cheese, the Canadian report under the same date reads as follows:—"There has been a decided improvement in the tone of the cheese situation owing to tie etren<Hh of_ Jμ. market in England, ami, althou-h prices are admitted to be abnormally high it 13 acknowledged that they are justified from the English standpoint, as will be seen by an article published by the London Grocer the purport of which seems to be corroborated t>y the number of orders which our exporters are receiving from England, and which accounts for the higher prices at the country markets and on spot. The only fear is tha-t producers on this side- may demand too high prices, as, of course, there is a m , LJ? IGh ™ importcre on the other side will submit. There have been sales here in round lots of both white and coloured goods f\TK T ■ T d °r!L e lot of coloured goods fetched 29 cents These prices are 3i cents to 4 cents per lb above tho fixed prices of the Dairy Produce Commission on the bulk of last years production, which is equal to an advance of 2 dollars 97J cents to 3 dollar* 40 cents per box of 851 b." FREIGHT BOOKINGS. The following is a list of additional cheese Iroignt bookings just fixed:—Port Pirie--13,000 ■ cases from Wellington. This vessel will also take 5275 boxes of whey butter from New Plymouth, Pa-tea, and' Wellington Port Napier: 15,000 cases from Patea Ruahme: 1700 casce from Wellington. 4000 cases from Dunedin. DRIED MILK. Writing under date May 23, London reports that everyone was waiting for the- declaration of peace, and that in the meantime the market was more or less demoralised; consequently all st>rte o f priccs were being . quoted for skim milk powder—from £60 to |10 a per ton, or, say, an average of about ±S0 per ton, according to quality. ENGLISH PURCHASES.

Since forwarding tie above, we presume that you noticed the following cablegram in < l m ?? U ?? Pa ?° rs ' London, July 10" The Ministry of Food has purchased 100 000 casks of JJamsh butter for delivery before tho end of Octobor. Regular weekly ehipmonte have commenced. Tho T>rico In a t,«* been disclosed, but it ie S cwt f.o-b. The Mimstry of Food is also purchos- ■ ing a considerable, quantity of Canadian butter, and ie offering to purchaso 25,000 t>ans of Canadian cheese at 25 cents per lb fob but tho present prioo in Ca . Mda j - 30 canta. Pcnlnig the result of the Ministry e otter, other buyers are holding off."