11.—30 a

A. Butter.

1. " In broadest general terms we see no reason why imports should be less than present season." Note.—lmports, in tons, into United Kingdom for twelve months ended 30th June : —

2. " Will start season with higher stocks." Note. —Stocks in United Kingdom at Ist August (tons) : —

New Zealand : Afloat and in store in New Zealand at Ist August (tons) : 1938, 16,686 ; 1937, 23,795 ; 1936, 21,607. Australian gradings and shipments (tons) : —

3. " Average prices have been as high as consumers will pay for this quantity. See increased margarine sales." Note : —

Margarine Sales —Annual weekly average (tons) : 1938, 3,813 (to date) ; 1937, 3,527 ; 1936, 3,458. 4. " Present indications spending power unlikely improve further. Meantime tendency rather reverse." 5. " In our opinion should anticipate lower rather than higher prices next year." Note. —Average of weekly top prices New Zealand to 30th June (per hundredweight) : 1938, 120s. 7d. ; 1937, 104s. Id. ; 1936, 975. 9d. ; 1935, 78s. ; 1934, 80s.

2—H 30A..

9

Total. New Zealand. Danish. Australian. Others. Production 1938 .. .. 475,054 139,670 112,860 83,845 138,679 43,000* 1937 .. .. 486,444 143,843 113,827 72,149 156,625 50,000* 1936 .. .. 473,534 136,016 107,001 87,565 142,952 50,000* * Estimated.

Total. New Zealand. 1938 .. .. .. .. 37,825 6,440 1937 .. .. .. .. 25,765 5,503 1936 .. .. .. .. 29,932 4,974

Gradings. Shipment. Season ended 30th June — Tons. Tons. 1938 .. .. .. .. 94,813 81,930 1937 .. .. .. .. 80,863 71,929 1st July to 1st August —- 1938 .. .. .. .. 3,278 4,467 1937 .. .. .. .. 1,637 1,674

Retail Price, United Kingdom. Consumption of Imported Butters. Season 1938 (average) Is. 3d. per lb. (from Year 1938 (to date) 8,800 (approx.) tons per week. Is. 2d. to Is. 6d.) Season 1937 (average) Is. Id. per lb. (from Year 1937 .. 9,200 tons per week. lid. to Is. 3d.)