NEARING BOTTOM?

Auckland Star, Volume LXV, Issue 9, 11 January 1934, Page 9

NEARING BOTTOM?

LONDON BUTTER MARKET. LARGE QUANTITIES AFLOAT. The opinion that butter prices are "nearing bottom," and that some stabilisation may soon be possible, is expressed by Messrs. W. Weddel and Company, Ltd., of London, in a cable to Messrs. A. H. Turnbull and- Company, Ltd, They say that the continued heavy gradings and large quantities of colonial butters afloat have had their effect on a weak market, with buyers nervoua in consequence. The price of finest New Zealand butter in London fell during the period December 1 to January 5 from 71/ to 66/, of Australian from 71/ to 63/6, and of Danish from 112/6 to 95/6. New Zealand white cheese was 48/6 on December 1 and' 48/ on January 5, but coloured cheese dropped from 47/ to 44/. Messrs. A. H. Turnbull and Company, Ltd., report that the estimated arrivals of New Zealand butter in the first three Inonths of this year are: January 15,450 tons, February 14,655; March, 14,360; total, 44,465 tons. The total arrivals in the corresponding periods of 1932 and 1933 were slightly in excess of 36,000 tons. The estimated cheese arrivals in January-March of this year are 33,393 tons, or slightly less than the actual arrivals in the first three months of 1933. The spot market for cheese has held fairly well, owing to the small supplies on hand. White cheese has been in special demand, the proportion of coloured being in excess of requirements and giving white a premium of 4/ per cwt. This will no doubt' be speedily rectified, an'd factories would be well advised not to overdo the proportion of white cheese, but to hold on to the customary standard of two-thirds white. To-day'si Quotations. The following reports have been received from London to-day:— Loan and Mercantile Agency Company, Ltd.: "Butter, 65/; market steady. Cheese, white, 47/; coloured, 44/; market slow." Messrs. A. H. Turnbull and Co. are in receipt of a cable from their principals, Messrs. W- Weddel and Co., Ltd., dated London, 10th instant, reading:—Danish butter, 88/ to 89/; New Zealand salted butter, 63/ to 65/; Australian, 60/ to 63/; New Zealand cheese, white 47/, coloured 44/. A better demand at lower prices.