BUTTER AND CHEESE

Wairarapa Times-Age, 17 May 1938, Page 3

BUTTER AND CHEESE

LONDON MARKETS FIRMER A SURPRISE FEATURE LONDON, May 15. The price of New Zealand butter continues its steady advance. Dominion butters are now a showing a preihium over Danish owing to the inferior quality of the present Danish arrivals. This.position, however, cannot last when the “full-grass” Danish comes on to the market in a few weeks’ time. It is then bound to re-establish its premium over Empire butter.

A surprising feature of the market has been the wider margin, between Australian and New Zealand descriptions.

The market outlook, thanks to dry weather in Great Britain, is for high prices to rule for some time to come, but the rise is the result of the consumption of 300 to 400 tons a week less than at this time last year. , The cheese market also is firmer. The drought makes a further appreciation'most likely. The Primary Products Marketing Department reports that the London butter market was firm, prices advancing throughout the week. Friday’s closing prices, with those of the previous week in parentheses, were as follows: — New Zealand, salted 133 s to 134 s (128 s to 1295; a year ago, 106 s to 107 s); unsalted, 134 s to 135 s (130 s a year ago, 108 s). Australian, salted, 131 s (127 s to 128 s); unsalted, 132 s (128 s to 1295). Danish, Ils f.0.b.; 132 s spot (108 s 130 s). The retail price of New Zealand butter is unchanged at Is 4d a lb. The retail price of Danish was increased to Is 4d last Tuesday, the rise being general throughout England. The Imperial Economic Committee’s estimate of stocks of all butters in store is 819,464 boxes, as again 654,408 boxes a year ago. The basic rates fixed under the New

Zealand guaranteed price scheme, subject to quality differentials, are 123 s 8d for butter, and 70s 41 d for cheese peicw't., f.0.b., New Zealand currency. The equivalent landed price for butter in London is 112 s and for cheese 675. The guaranteed • price for- butter is equal to 13.25 d per lb, f.0.b., and the current London quotations is equal to 16.09 d, New Zealand ports. The equivalent price for cheese is around 7.94 d per lb, f.0.b., compared with the guaranteed price of 7.54 d. The cheese market was firmer last week. Friday’s closing prices, with those of the previous week in parentheses, were as follows: — New Zealand white, 70s (68s 6d; a year ago, 71s 6d to 725); coloured, 70s to 70s 6d (695; a year ago, 71s 6d to 725). Australian, white, 66s to 68s 6d (66s to 675); coloured 67s 6d to 68s 6d (67s to 68s). Canadian, white, 77s to 78s (77s to 78s); coloured, 77s to 79s (77s to 78s). English finest farmers’, 105 s.