H.—3o.

BUTTER CONSUMPTION IN RELATION TO MARGARINE CONSUMPTION. The following table shows the United Kingdom estimated butter-production and net imports yearly from 1930 to 1937. The table also shows the average weekly consumption of imported butter and the per capita consumption of all butters. The corresponding per capita figures in respect of margarine are also shown.

United Kingdom Annual Production and Consumption of Butter.

INFLUENCES AFFECTING CHEESE-PRICES IN THE 1937-38 SEASON. The balance of the 1936-37 season's output cleared well during October-November last at from 70s. to 745. per hundredweight. The new season's make arriving for the mid-winter trade, when cheeseconsumption is at its lowest, caused the usual price recession, which, however, was not so marked as in recent years. The lowest price of the season for New Zealand cheese was reached at the end of December, when the week's sales averaged 645. per hundredweight. A moderate recovery followed and prices remained steady during January and February at an average of 68s. per hundredweight' From March onwards a gradual upward movement carried prices to 735. per hundredweight at the end of August. At the beginning of the Canadian production season conditions in the dairying areas were reported to be very good, and United Kingdom buyers expected increased supplies from this source. Although milk-production in Canada has been considerably heavier than in recent years, the output of cheese has been substantially below that of 1937, but the quantity of butter, condensed milk, and milk-powder manufactured is well above last year. Gradings of cheese in Ontario and Quebec to the end of August are 18 per cent, (about 6,000 tons) below the same period in 1937. The following table of average monthly prices of cheese at London shows, in respect of New Zealand and Canadian cheese, the movement in price during the season just closed compared with the previous season.

Average Monthly Prices of Cheese at London.

22

Consumption. (Jan Y -Deo.). (estimated). Net Imports. Total, all Butter. Imported P er a P m ~ Butter. aU Butter " Tons. Tons. Tons. Tons. Lb. Lb 1930 ■■ ■■ 48,185 332,421 380,606* 6,435 18-7 11-8 1931 •• 48,185 385,451 428,236 7,335 20-9 10-3 1932 •• •• 48,185 402,946 446,131 7,650 21-7 9-2 1933 •• •• 48,185 437,300 491,655 8,475 23-5 8-4 1934 ■■ •• 48,185 480,180 528,365 9,170 25-2 7-9 1935 •• 47,500 474,060 526,390 9,225 25-2 8-4 1936 •• •• 52,850 484,031 525,089 9,030 25-0 8-6 1937 •• 45,000f 465,108 524,150 9,190 24-8 8-9 Source : Imperial Economic Committee. * Apparent total annual consumption. After 1930, changes in cold-storage stocks in the beginning and end of the year have been taken into account. Provisional.

New Zealand (Finest White). Canadian (Finest White).* Month. — 1935-36. 1936-37. 1937-38. 1935-36. 1936-37. 1937-38. Per Cwt. Per Cwt. Per Cwt. Per Cwt. Per Cwt. Per Cwt s - d - s- d. s- d. s. d. s. d. s. d. August .. .. .. 48 6 68 9 70 3 52 9 68 9 71 3 September .. .. 54 9 68 9 68 6 55 9 71 3 70 3 October .. .. .. 60 3 70 0 71 0 61 6 70 3 71 6 November .. .. 52 6 72 3 71 9 58 6 73 3 73 6 December .. .. 54 0 62 9 66 0 59 6 71 9 73 6 January .. .. .. 54 9 55 6 67 9 62 0 72 0 73 9 February .. .. 52 6 53 0 67 6 62 6 72 0 74 9 March .. .. .. 50 3 60 6 69 3 63 0 73 0 77 3 A pri J 53 6 68 3 69 6 62 0 75 6 78 0 May .. .. .. 57 0 72 6 70 0 63 6 78 3 78 3 June •• •• •• 59 9 74 3 68 9 67 6 80 0 80 0 Jul 7 61 6 73 0 69 0 64 3 76 0 80 0 Average, twelve months .. 54 11 66 8 69 1 61 8 73 6 75 2 (See also graphical tabulation of weekly prices, which is published in this report.) * Old.