THE BUTTER MARKET.

Auckland Star, Volume LVI, Issue 285, 2 December 1925, Page 4

THE BUTTER MARKET.

INSTABILITY IN LONDON. DECLINE IN PRICES. A cablegram received by Messrs. Joseph Nathan and Co. from their London office yesterday, and which was published in these columns of the same date, indicates thnt the gradual decline in the price of New Zealand butter on the Home market has been followed by a sharp drop.

This information appears to be confirmed by a Press Association jncssnt'C received from Wellington this day, which reads:—"The following cable, dated November 27 has been received by Mr. Davidson, secretary of the New Zealand Producers' Co-operative Marketing Association: Butter, market slow. New Zealand, 200/ to 204/; Australian, 102/ to 190/. Argentine, 100/ to 172/; Danish. 218/; Dutch, 20S/ to 210/; Ksthonian, 19(1/ to 200/; Latvian, I*2/ to 188/; Siberian, 160/ to 170/. Cheese, market quiet. Canadian, 112/ to 110/."

There is some discrepancy in recent quotations, due probably to the difficulties of the market. The High Commissioner's cable dated London, November 28, quotes New Zealand butter 204/ to 206/, and up to 208/ for special brands, whilst Messrs. Allen and Findlay received a London cablegram dated November 27, quoting the price as 202/ to 204/. The New Zealand Co-operative Company's weekly cable, received on Monday, quoted Anchor brand 20S/. Messrs. Joseph Nathan and Co.'s quotation of 200/ to 202/ was dated London, November 30.

The London quotation on November 28 last year for New Zealand butter was 210/. Messrs. Weddel and Co.'s latest report to hand, dated October 10, says: — "Although the shipping strike cannot yet be said to have ended, the position is reported to be decidedly better, and during the past fortnight a few steamers have been able to sail both from New Zealand and Australia. The effect of this on the market here lias been very marked, and although no doubt to a certain extent due to sentiment, has resulted in practically the whole of the trade withdrawing from the market for the time being. During the sharp advance which took place a month or so ago, the majority of buyers bought freely, and certainly in excess of their immediate requirements, so that with stocks still in hand, they can afford to sit tight and await further developments before operating further. Meantime, quotations have been drastically reduced, but notwithstanding, trading has been practically at a standstill throughout the present week." It may be added that buyers appear tc have been sitting tight ever since, for at no time since has there been liveliness in the market, and with heavy arrivals now landing it will be difficult to resist tho downward trend of prices.

Dominion Prices. A Press Association telegram from Christchureh, received to-day, states: — Although butter has been reduced in price in Auckland, and is to fall tomorrow in Dunedin," representatives of dairy factories say that no reduction at present is proposed in Christchureh. The Canterbury wholesale net price of 1/7 a pound is below that ruling in Auckland and Dunedin.

THE LONDON MARKETS

THE METAL MARKET. . (Quotations on Nov. 20 In parontheses ) Copper.—Spot, £00 8/0 (£OO 8/0)----three months, £Gi 8/f) (£Ol 8/0) Lead. —Spot, £30 (£35 17/0); three months, £357/0 (£3510/). Spelter.—-Spot, £30 1/3 (£35 10/)----three months, £37 17/0 (£3S 3/ni Tin.—Spot, £288 17/0 (£2BO '2/0)■ three months, £28-2 13/9 (£2Bl 7/0) Silver.—Standard, 32Jd (:124 a) per ounce; fine, 3-s il-ioa(3i 11-iod). WHEAT. Cargoes are Inactive at Od to 1/ decline, owing to weakness in America and tlie Argentine. Parcels are In quiet request at 1/ to 2/ cheaper. Liverpool futures: December, buyers 12/2 A per cental; March, 11/7; May, 11/3J.—(A. and N.Z.)

LONDON WOOL SALES.

PRICES' REMAIN FIRM. LONDON, November 30. •■At the London wool sales to-day there was a good selection of greasy Merinos and crossbreds. There was general competition, and prices were firm. The New Zealand clip Opou realised ifUd to 16Ad. On the Bradrord tops market there was rair inquiry at lower prices. Actual business was small. — (A. and N.Z. Cable.)

CANTERBURY MARKETS.

(By Telegraph.—Press Association.) CHRrSTCHURCH, Tuesday. In the produce market prices generally show a firming tendency. There is a fair amount of opinion that the crops of most seeds and cereals will be on the light side next season. Although the forward business in next season's oats is of a comparatively small nature, the tone is firming. Buyers are offering _/6, r.0.b., 5.1., for A Gartons and 4/3, r.0.r., B's, tor April-September delivery, but sellers are asking a penny more than these prices. The healthy tone is due to some extent to information rrom Australia to the effect mat a had season over there will make I.P. mtlotl necessary. in addition She parry oat crops in Canterbury are promlsand P R °r? .. ' and v certain that the 70 last v^- b "^, e L J' lPltl3 were rrcquent year. WUI be few and r <"' between this ro?!° S Both SS „L or ? ePds arG bPIn 8- inquired we. nrm° er U antJ Ita,ia " ryegfass aemana. fbk _ P .ZfT ass is also '" brisker wea closed _nthu a , op'" 10 " is that the a «ount or the __ces_?t.L W . I}o * mM °" ___V~ LCSo 'ties of stock.

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LONDON, November 30. FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day, as compared with the. cabled quotations on November 2G and par:— Nov. 30. Nov. 2G. Par. New York (dol.) .. 4.S41 4.K4J 4.S0G Montreal (dol.) 4.84J 4.8'IJ 4.806 Paris (fr.) 121.35 120.05 25.225 Brussels (fr.) 300.95 100.05 25.225 Rome (lirel 110.S1 119.87 25.225 Berlin (r.m.'i 20.35 20.35 20 43 Stockholm (br.) ... 18.11 18.12 18.159 Oslo (kr.) 23.70 23.7!) IK 150 Copenhagen (kr.) .. 19.5(1 19.47 IK 159 Calcutta (d.) 1k:'.-1G ik■■•.-16 "4 Hongkong (d.) 28J 2S3 Yokohama (d.) ... 215-10 21j "41 Amsterdam 12 0.1 12 05 1" 10 Batavia 11.OS 11.08 —