BRIGHT PROSPECTS FOR BUTTER

Sun (Auckland), Volume I, Issue 123, 15 August 1927, Page 2

BRIGHT PROSPECTS FOR BUTTER

MERCHANTS MAKE OFFERS CHEESE STEADY Butter prospects are bright and indications are that the future will see even better prices. Cheese, unless the unexpected happens, has apparently temporarily seen its peak. Stocks of butter held in Britain at the end of July were fully up to last year’s holdings of 30,000 tons at similar date. Holdings of cheese were slightly less, as follows: Canadian, 5,700 tons, against 2.400 in July 1920; New Zealand, 2,320 tons, against 6,800 tons held at July 31, 1926. Stocks of cheese held in Canada at July 31 were estimated at 10.S00. compared with 13.500 on July 31, 1926. Tooley Street agents are busy in all parts of the province, but little actual business is reported, sellers for the most part preferring to risk the market for the disposal of their early season’s makes. Several agents indicate a price on a par with Is 5d a lb. for butter for early delivery, and ask for a firm offer in order to negotiate, but even at that figure, representing practically 177 s in London, little business has taken place. The mere fact that overseas buyers speak in such terms was given by a leading local exporter this morning as an indication that the butter market should see better money within the next six weeks or so. The market for cheese is steady, according to the latest cabled advices, but there are indications that peak prices for the meantime have been reached and a slight easing might even be looked for. MERCHANTS’ REPORTS The Amalgamated Dairies, Ltd., advise receipt of the following cable from its London office, dated London, August 13: "New Zealand butter, first, salted, 16Ss: finest, 1725; unsalted, 1765; market steady and firm. Danish butter has improved and is now quoted at 170 s f.o.b. Copenhagen. New Zealand cheese, white and coloured, 935; market firm.” Under date August 12, A. H. Turnbull and Coy., are advised by their London principals, W. Weddel and Coy., Ltd., as follows: “Butter, Danish. 1765: Xew Zealand, unsalted, 172 s to ISOs: salted. 16Ss to 1725; market quiet. Xew Zealand cheese, white and coloured, 93s to 945; market steady. Canadian cheese, white and coloured, 92s to 955.” LONDON MEAT PRICES OFFICIAL QUOTATIONS Under date August 12, the London office of the New Zealand Meat Producers’ Board, cabled the following list of Smith field delivered prices: New Zealand Wethers and Maidens.— Canterbury quality; selector brands, 561 b. and under, 6id per lb.; \s7lb. to 641 b.. sgd; 651 b. to 721 b.. sd. Other brands, 561 b. and under, 52d; 571 b. to 641 b., sd; 651 b. to 721 b., 4|d. New Zealand Ewes. —64lb. and under, 4id. New Zealand Lambs. —Canterbury quality, 361 b. and under, 9sd; 371 b. to 421 b., B£d; 431 b. to 501 b., 8d; seconds, BJd. Selected brands, 361 b. and under, 9d; 371 b. to 421 b., Bid. Other brands: first quality, 361 b. and under. Bgd; 371 b. to 421 b., SJd; second quality, 301 b. to 321 b., average, 83d. Argentine Lambs. —First quality, 361 b. and under, 8d; 371 b. to 421 b., 7-fcd. Argentine Chilled Beef. —Ox fores, Sid; hinds, 7£d. Argentine Frozen Besf. —Ox fores, Sid; hinds, 6d. Frozen Pork. —Bolb. to 1201 b., Sid; 1201 b. to 1801 b., 6*d. Lamb Market. —Very firm with good tone. Mutton Market. —Has advanced owing to better demand, and may go higher. KAITAIA DAIRY CO. SUCCESSFUL YEAR The annual meeting of the Kaitaia Co-operative Dairy Company, Ltd., held to-day, attracted a large attendance of Suppliers. Mr. C. S. Puckey presided. The balance sheet showed the average butter-fat pay-out for the year to have been 15.728 d per lb. A dividend of six per cent, on paidup capital was declared. It was decided to subsidise the Mangonui County Herd Testing Association up to £250. Messrs. A. W. Masters and D. 11. Lewis were elected to the direcorate.