PRIMARY PRODUCE MARKETS.

Shannon News, 3 April 1925, Page 4

PRIMARY PRODUCE MARKETS.

BUTTER. A 3 was fully anticipated, the posL turn of New Zealand butter weakened considerably on the London market choicest salted having d° cUne + d *° 172/-.' Considering tflie exceptional heavy arrivals, however, even this pr'ce must be regarded aa satisfactory. At the same time it is almost a certainty that further reductions will take place before the end of me month, and factory directors may do well to watch Jhe London market from day to day. The time when factories were prepared to mcet;the market at any old price are long past and there are very few dairy companies to-day that do not place a reas./ onable reserve on their butter oi The total arrivals of New Zealand l butter in Great Britain for 'March amount to over 9000 tons, and are I made up as follows: — March boxes I

I It will be seen that from 'March 11 to March 30, the huge total of 852,285. boxes of New Zealand are due to arrive, a quantity in itself almost suflV ciently large to supply the need -oj the whole of Great Britain for that period. , ~,, Fortunately there exists a splendid consumptive demand, not only in England, but all oyer the Continent of Europe. Quantities of Colonial ter are being reexported to Ireland, Belgium, Holland, Germany, France. Switzerland- and Austria, thereby considerably relieving the position in Great Britain. Denmark is of course making the fullest use of Continental markets and in consequence her butter is in short supply on the London market and is being quoted at anything from 40/to 50/- above New Zealand prices. The butter prospects for the next few months are not too bright With the European spring approaching the demand from that quarter will diminish considerably. The arrivals of New Zealand butter for April and May are still heavy, being estimated at 700« tons per month. In addition to this, 8,641 tons of butter were in New Zealand stores on March 1. .

Cheese. The' New Zealand cheese position on the London market is particularly strong, prices ruling from 102/- to 104/-, with a steady demand. Such prices, with the heavy arrivals dur. ing the current month indicate a very sound position. Cheese prices have not been' so steady for years and have shown a firming tendency for the last three months. The arrivals of New Zealand cheese during February-May are showing a decided decrease when compared with the previous year and taking the monthly consumption at 11,000 tons, disclose a very satisfactoiy statistical position. It must, of course, be remembered that New Zealand cheese has no competitor worth mentioning on the English market just now.,

There is a difference of 9,000 ton! In favour 0f,1924, and the effect oo the London market of this difference can easily be seen when comparing London prices for this period:,

The relationship of prices and supply can, more or less, be traced on •imilar lines throughout the year with both butter and cheese. There are still large stocks of cheese held in New Zealand, the total being 8,242 tons on March 1, while it was estimated that 6,500 tons were held in London at the same date. The prospects for the next few month are particularly bright and although no sensational advances need be expected trie indications are tor a slight improvement on present pi ices. It is hardly likely, therefore, that factories will be very much tempted by f.o.b. offers at 9d, which now and again came on the market. The market for "futures," however, is not very active and merchants don't appear to be particularly keen on forward purchases just now. Wool.

The downward tendencies at New Zealand wool sales still persist and make themselves particularly felt in the finer grades. Fine super-crossbred has declined to the former level of medium cross-bred, while half-breds and Southdowns show even a greater drop. At the London wool sales competi. lion for Merinos appears to be well maintained, while cross-breds are meeting with the same irregularities that have made ■ themselves felt in New Zealand at a number of sales and which in London have resulted in heavy withdrawals. Even at to-day's prices, wool is a very tempting proposition, our average cross-bred wool being worth £3O per bale. It was only on November 10 that we wrote in these columns that "there was every prospect of good New Zealand cross-bred wool making 17d to 20d during the season, a record in the history of New Zealand sheep.farming." These prices have been considerably exceeded, and although they have dropped back to this level tk«T still constitute a record when compared with past years. The unduly inflated values at the first New Zea.

mnd twool sales did the industry more harm than good, for it had the immediate effect of greatly checking the consumptive demand throughout the world. At the same time there can be no doubt that finance had an important bearing on demand and prices. It is estimated that the Australian and New Zealand wool clips . of the present season will amount to over £100,000,000, and considering the exchange and other financial difficulties the transfer of such a large amount of capital in no short a period is no easy matter. The statistical posi. tion of the world's wool is looked upon as particularly sound. America, which is said to have been playing a waiting game for several months past is short of wool and must very soon become a purchaser of foreign wools. The manufacturers of that country ap« pear to be quite confident; in the maintenance of firm prices as they are still contracting three months ahead for wool at the present ruling prices. It is hardly likely therefore that values will seriously decline; in fact, there is every indication that prices may slightly recover by the time the next New Zealand season opens. / Fat Stock Prices. With the exception of fat cattle, prices for fat stock are well maintained and must be considered very satisfactory from the growers' point of view. Although the values for lamb and mutton slightly eased on the London market a few, weeks ago, there existed evidently sufficient margin to take up the drop for prices in New Zealand remained fairly firm.

Taking the late sale at the Addington yards both fat lambs and fat.ewes and wethers showed a decided firming tendency as prices fully recovered the slight drop experienced the previous week. Wethers were selling up to 48/7 and ewes 43/7, the sale showing a good demand and keen competition throughout. Prices for fat lambs fully increased by id, compared with the previous week. the average improvement amounting to 1/6 a head. Prime 36's made 12*d a lb., to 42's ll|d and second quality 12d. One pen of fourteen made 44/-. Taking everything aU round, the sheep-farmer is still in for a good thing and his prospects for the coming season are very bright indeed. There has never been a season when fat stock prices have been so uniformly high, and the firm tone ruling towards the closing of the present season certainly augurs well for the next one. •»

Riniutaka .. 11 ,40,000 Waiwera IS 19,000 Walmate 14 7,000 Zealandic 12 50,000 12 15 11,000 56,692 Corinthic 18 30,000 Baradine 18 7,948 Port Hacking .. 14 20,000 Port Melbourne . 28 40,000 28 10,000 26 30 20,642 40,000

Arrivals. Feb.-May. Tons. Tons. 1924. 1926. Febraary .. . 14,000 7,000 March 12,000 10,000 9,000 May 12,000 10,000 45,000 36,000

1924 1925. February 1 .. . . 94/February 14 . . 94/96/- . 98/March 14 .. . 86/102/-