BUTTER MARKET STEADY

Sun (Auckland), Volume III, Issue 796, 17 October 1929, Page 10

BUTTER MARKET STEADY

AN INTERESTING REVIEW An interesting review of the overseas dairy produce market is given by A. H. Turnbull and Company, New Zealand agents for W. Weddel and Company, London, in a report issued under date October 11. “New Zealand butter has shown a slow but steady rise over the past five weeks”, states the report. Stocks of butter in London have been reduced to 5,700 tons, being a reduction of about 2,000 tons for the month; with comparatively small arrivals of New Zealand blitter reaching the market during October and November, the butter position seems to be fairly sound in tho meantime, with a firm tone in the spot market. Danish quotations have risen more rapidly than New Zealand, and the margin of difference between quotations for New Zealand salted and Danish is widening, as is usual at this time of the year. There has been considerable forward activity by buyers for shipment both to Canada and the United Kingdom. The chief interest has been shown in prompt shipment and as high as Is has been paid for steamers sailing from New Zealand during the first half of October. Buyers generally, however, are showing less interest in butter to be shipped during November, December and onwards.

Messrs. W. Weddel and Co., Ltd., cable that the recent steady rise has been brought about by the small arrivals from New Zealand, Australia and the Argentine, which has necessitated heavy withdrawals from spot stocks and further by the late season and limited production in both Australia and New Zealand. They expect some further improvement, owing to the reduced shipments afloat, as compared with last year, while there is a good retail demand and the Continental position remains firm. The market for cheese has remained steady, and quotations from 93s to 96s must be considered satisfactory, considering the heavy stocks of New Zealand and Canadian cheese still available in the United Kingdom. The grading figures for the month show that there has been a considerable decrease in cheese production lor September this year, compared with last season, equal to 20.76 per cent., but the quantities of cheese manufactured in September are comparatively small at any time, and will probably not have very much influence on the London market. There has been some forward activity and sales to the end of December have been made at S 5-Sd and up to S|d net, f.0.b., but buyers are by no means active, and in most cases the sales that have been made have been on behalf of smaller cheese factories. It is interesting to note that buyers are still showing a distinct preference for full cream cheese, and in many cases have stipulated this. Sales of standardised cheese have been made, but mostly at a slight reduction on the price that bunyers have been prepared to pay for full cream. The Canadian make has been considerably reduced on account of the unfavourable weather conditions, and accounts for recent increase in values of spot stocks, but sales are not very restricted, and although a steady market is now looked for, there is the possibility of slightly lower prices.

AUCTION NOTES William A. Horne, Limited, -will offer by public auction at its rooms, Horne's Buildings, corner High Street and Vulcan Lane, Friday, at 1 p.m.. a property comprising a 10-roomed semi-bungalow with sleeping porches, situated at Carlton Gore Road, off Grafton Road, with section having approximately a frontage of 52 feet and a depth of IC'l feet. C. F. Bennett, Ltd., will offer the following properties for sale by auction at its rooms, New Zealand Insurance Buildings. at 12 noon tomorrow:—A 5-roomed dwelling on freehold section 31ft 9in by 66ft, situated at 30 Collingwood Street, Ponsonby. No. 13 Esplanade Road. Mr. Eden, comprising dwelling of 9 rooms and offices on freehold section; house of 5 rooms and conveniences on freehold section with 52ft frontage to Fairfax Avenue, Penrose; properties at Raikohe and Rawene, Lot 1 comprising three blocks of land on the Maungakawhia Road, Kaikohe, and Lot 2, building sections in Rawene Township, all unimproved.