DAIRY PRODUCE

Rotorua Morning Post, 31 August 1931, Page 5

DAIRY PRODUCE

■ german slump factor » IN JUNE MARKET. Briie demand for Australian and New ■ land butter has on tlie whole eon■jed good since tlie issue of our ■ort on June 22 (state Messrs ■huel Page and Son, of LOndon, ller date of July 20). There have Bn dull intervals, and Ihe trade at k moment is slow, but up to tlie j Isent the inquiry lias been suffloient ( iabsorb lieavy supplies without; ■umulation of stocks. A further iisfactory feature is that notwith- | Inding imports last montli frorn Lln immonwealth and the D.oniinion, ire mueh larger than in May prices ive advaneed ahout 5s during the it three weeks. But as far as New ■aland is concerned the improve- |> nt in •price was aided hy unexpectI delay in the 'arrival of the Hertford |d Taranaki, particularly the forraer. j lith the landing of hutter from^these j Issels, salisfying huyers' needs,* there |a slightly easier tendency. I Quieter Tone. iTlie quieter tone in 'the market is ko a sympathetic reflection of the jry serious flnancial trouhle in Ger- 1 liny. Tliis unrest tends to divert | gods from fiqrniany to other coun- i les, and it is possihle that a large ' loportion of the hutter usually exIrted frorn Scandinavia, Russia and le Baltic Btates to Gerraany may iine to England, in which case the lice of these descriptions will fall ; ready values of soine kinds of gask" hutter are 4s easier, and this Indency is depressing the market for fupire supplies. As an indication of In ndative export of Danish to Ger[any it may be notedytliat for the feek ending July 3 the quantity aipped to tliat eountry was more than pe-flfth of* the export to Great [[•ilam, and hitherto it has been the i fiilet for the great bulk of Baltic ] [itter. If, liowever, its finaneial 1 [ouliles are rnaterially relieved • and lisiness returns to a more norma 1 isis, then the importation hy Gwuny would soon revert to its usual i'oportions and the position here [ould right itself quiekly as far as iat partieular factor is concerned. ieantimn it is impossible to forecast in near future, as some of the impormt conditions are so uncertain. The recent publicity campaign gainst Russian hutter decreased the E'lling value, and a considerable numer of huyers ostracised this descripon, but the net effect on the market not very great, as the quantity is omparatively small. It only repreents ahout one-seventh of the tonage, as compared witli Danish, the lief compelitor of New Zealand and ustralian. It is possihle to give further rcinarkble flgures regardhig the treinendqus apacity tlie United _ Ivingdom p6s•sses for ahsorhing "supplies. Tlius ir the period July, 1930, to June, 931, ihe total importation was ,20(),000ewt, representing £44,487,85 — an increase of 7()0,000ewt (but decrease of £5,1100,000) over the receding twelve montlis. Figures idating io New Zealand, Australia and anish are very interesting —

I Lower values are a natural corollary of increased supplies, but it is eertain that, liad it not been for such a long pnriod of world-wide trade depression, tlie 1930-31 value would liave been rnuch higlier. Ghecce. The decrease in the quantity of cheese imported, either comparing last montli wiih June, 1930, or the flrst six months of the year, with the similar period of last year, or June, [1931, with ihe preceding montli, is [striking, and to the decreased supplies ;of New Zealand, together with the [advent. of that season of the year ;when consumption is expected to inlcrease, may partly be ascribed the advance of 7s that has taken place since our last report. At the same time an extra fillip to prices was given by delay in arrival of steamers and the operations of speculators both here and in New Zealand. With the arrival of four steamers practically together huyers no longer display any anxiety ahout supplies, consequenLly the market lias' a quieter tone and there 'is some sliglit easing in prices asked. The position, however, looks sound,

for as so many factories have fmislied making cheese for the season the fnlling off in supplies of New Zealand cannot he overtaken. It is true that the stock here is comparalively large, but the greater bulk is in the hands of two or three flrms whose interest is hound up in higlier, not lower, prices. Old seuson's Ganadian has a quict but steady sale, and . altliough top ( quotations are unclianged the range downwards has widened. Small arrivals of new season's are on the market, but barely conimand New Zealand prices.

1930-1931. 1929-19.30. Gwt. Gwt. sew Zealand 1.149.810 1,309, 920 £10,410,5 44 £10,070,153 \ustralia •• 1,247,147 823,109 £0,837,572 £5,927,723 Danish . . 2,302,984 2,238,494 £10.147.010 £18.009.412