LONDON BUTTER PRICE

Press, Volume LXXV, Issue 22656, 10 March 1939, Page 13

LONDON BUTTER PRICE

LATEST QUOTATIONS SHOW

RECOVERY

LEVEL REMAINS BELOW GUARANTEE

After falling for the last six weeks, the price of butter in London has now recovered. The present quotation represents a rise of about Is 6d per cwt on the value ruling at the close of last week.

A peak of 127s per cwt. was reached in the middle of January, but since then values have steadily declined. Only for a fortnight toward the end of January have prices been in excess of the London equivalent of the present guaranteed price. 124s 3d per cwt., and for the remainder of the present season, which commenced on August 1. values have been well below the guarantee. The present price of 118s per cwt'is equal to approximately 14.03 d per lb, f.0.b., New Zealand ports, compared with the guaranteed price of 14.89 d per lb. f.o.b. At this time last year also, New Zealand butter was quoted at 118s. From then on values steadily rose until a secondary peak for the season of 134s per cwt was reached in May. This was mainly due to the normal seasonal decline in New Zealand shipments. Owing to the lower guaranteed price which operated last season the price of 118s which ruled a year ago was 6s above the London landed equivalent.