THE BUTTER MARKET.

Auckland Star, Volume LII, Issue 304, 22 December 1921, Page 9

THE BUTTER MARKET.

HEAVY LONDON STOCKS. REALISATION ORDERED. REQUEST FOR DELAY. (By Telegraph.—'Press association.) WELLINGTON, Wednesday. The following incittorahllum sent by him to the Governor-General for transmission to the Imperial authorities was read by the Prime Minister in the House of Representatives this afternoon: — "The Prime Minister begs to advise his Excellency that ho is in' receipt of a cablegram from the High Commissioner whicli discloses a, position which has arisen in connection with the stocks of New Zealand and Australian butter held by His Majesty's Government, which will have a most serious effect upon the producers in New Zealand, and upon the Dominion as a whole, if the understood intention of His Majesty's Government is given effect to at once. The High Commissioner advises that the Treasury has notified the Board of Trade that it must immediately realise the remaining stocks of 'butter, which amount to approximately 8000 tons of New Zealand butter and 14,000 tons of Australian. "The Board wf Trade is stated to be willing to sell all these stocks at an exceedingly low price, and if this sale is made and low-priced butter placed upon the market it must have the effect'of so depreciating market values for all butter that the New Zealand producers will suffer most heavily. "The Prime Minister is in communication with the High Commissioner in the matter, and respectfully requests that his •Excellency will cable the Right Hdn. Secretary of State {bt the Colonies and request that action be delayed by the Board of Trade until the New Zealand Government can be enabled to go thoroughly into the matter. His Excellency's Ministers fully realise the position of His Majesty's Government in holding these largo stocks, and the desire to liquidate them, but the seriousness of the consequences which must follow if the proposals of His Majesty's Government are at once given effect to is such that they feel it urgently necessary to request that sufficient time be given to enable proposals for meeting the position to be considered."