FINANCE AND MARKETS

Sun (Auckland), Volume III, Issue 856, 27 December 1929, Page 10

FINANCE AND MARKETS

MILD CHEESE SOUGHT FAVOURED IN ENGLISH MARKETS N.Z. UNIFORMITY PRAISED An opinion that miid cheese is preferred by consumers in Great Britain, is given by Mr. W. M. Singleton, director of the dairying division of the Department of Agriculture, in a report on his recent observation of the Home market for New Zealand cheese. The uniformity *of New Zealand j cheese, Mr. Singleton also finds, contributes to its popularity in the buying field. The milder flavour characterising New Zealand pasteurised cheese is more popular with the average con- j sumer than is the flavour of a fully- j matured cheese. The bulk of the | opinion among traders is that the trend of public taste is in the direction of the milder flavoured article. It is also suggested that the influence of tho extended consumption of process or package cheese is tending to educate public opinion in the same direction. While this is the case, it is also recognised that there is a limited trade for good Quality, well-matured Cheddar, and at a higher price than that which will be successful in bringing the total quantity of Cheddar handled by British traders into consumption. New Zealand’s finest cheeses, adds Mr. Singleton, are generally admitted to bo better made and closer in body j than are first grade. The openness i in body apparent in too many New Zealand cheeses is undoubtedly costing the Dominion a great amount of money. The defect is so general that an improvement in a few individual brands would probably not bring about an improvement in price. Mr. Singleton believes that a concerted effort to produce a cheese of closer body would be of value. STANDARDISATION VIEW It would not be Incorrect to say that too large a number of dairy companies have not made their best endeavours to produce what they know to be the best quality of cheese. Regulations brought into force in December, 1928, permitted dairy factories to register as standardised cheese factories and to make cheese from other than whole milk showing a minimum of 52 per cent, or 50 per cent, fat, according io the months of manufacture. British ©pinion was that New Zealand cheese Should be in accord with its brand, *nd this made necessary the trying of the new class of cheese of 50 per cent, fat or over. The main objection to the handling of standardised cheese appeared to be the need of explaining to a. buyer the reason for the difference of the brand on crates of “standardised'* from that which New Zealand had been and was still using for “full cream.” Further, in view of tho demand for both waxed and unwaxed cheeses, Mr. Singleton believes that the question of waxing should be left to the judgment of individual companies and the trade. “I believe I am correct in my view that New Zealand is making a m%re uniform cheese than any other country,” the report continues. “This uniformity is such that importers find they can sell the majority of New Zealand cheese over the telephone without Inspection of quality.” Examinations of cheeses from various countries in the presence of traders convinced Mr. Singleton, from the comment of traders, that a clean flavour was expected in New Zealand cheese. TARANAKI OIL WELLS Press Association GISBORNE, Today. The Taranaki oil report is as follows:—The Gisborne No. 2 well has been cleaned out to 3,040 feet. There is a certain amount of caving, which is being overcome, and a good show of heavy black oil residue. LAND COMPANY’S YEAR In its financial year, the New Zealand and Australian Land Company made a net profit of £250,196, compared with £ 168,267 for tho previous year. A sum of £ 17,698 was brought in to make the total amount £ 267,894. After meeting the preference dividend, the directors recommended a dividend lor the year on the ordinary stock of 5* per cent., less tax, of which half was paid as an interim. The balance to he carried forward is £92,060. The wool clip was 23.175 bales, a reduction of 766 bales, and the average price was £27 6s 3d a'bale, against £3O Is $d for the previous year.

TEXTILE DEPRESSION DECLINES IN BRITISH I EXPORTS WORSTEDS REMAIN STEADY In a comparison of the exports of wool textile from Britain during the first nine months of this year with the exports for similar periods in 1927 and 1928, depression is revealed, according to a bulletin received by Mr. L. A. Paish, trade commissioner in Xew Zealand for Great Britain. Tops, yarns and woollen tissues all show substantial declines, but worsted tissues are a bright spot on the market. Probably the wages dispute, which has existed in the trade lor three or four months past, has affected buying. The continued drop in raw material values has certainly made some buyers hesitate before placing their orders. Some grades of wool are now scarcely above pre-war prices. The figures for the January-September periods (.000 omitted) are:

sq. yds 37.363 30,175 30,169 Germany’s reduced imports of tops from Britain was responsible for twothirds of the total decline and Sweden also took considerably less. Germany also showed a heavy decline in her imports of worsted yarns, and all European markets, with the exception of France, imported less from the United Kingdom. Japan took considerably less, but Australia and Canada took more. The chief decline was in the export of light fabrics. China and Japan showed a decline of nearly 10,000,000 square yards and all the Dominions took less. More woollens were exported to Chile, Belgium, France, Italy and Turkey. Raw wool is a comparatively small proportion of the final cost of the finished article, but the drop in the price of Merino has been about 30 per cent, in the past year and considerably more than the decline in crossbred wools- This, apart from the trend in fashion, would account for worsted being more popular.

Worsted yarns, 1929. 1928. 1927. lbs Tops, centals of 28,629 31,582 32,328 lOOlbs Alpaca mohair, 244,805 266,258 315,832 yarns, lbs . . Woollen tissues, 6,255 6,734 6,407 sq. yds Worsted tissues, 84,771 102,SSI 96,272