BUTTER PRICES UP AGAIN

Press, Volume XCVIII, Issue 28935, 1 July 1959, Page 18

BUTTER PRICES UP AGAIN

Rise Of 8s Per Cwt In London

(Special Correspondent N.Z.P.A.) LONDON, June 29

The price of butter continued its upward trend in London. Today New Zealand and Australian increased by 8s per cwt to 344 s and 343 s respectively, while the Danes gave notification that their price will rise next week from 325 s c.i.f. to 350 s c.i.f. or 370 s landed.

Wholesale traders say they expect further increases “in the not too distant future.” z As from next week New Zealand butter will retail at 3s 6d per lb. A few weeks ago when the price began to rise there was some concern in case the weekly consumption dropped. It has continued. however, around 8400 to 8500 tons and now traders report they hope consumption will begin to fall, “otherwise prices are likely to go higher still.”

Demand Steady, Supplies Down A Wellington Press Association message quotes the Dairy Products Marketing Commission as follows: Demand in the United Kingdom is keeping up well, and supplies from Continental sources are expected to be less than estimated previously. This is because consumption in a number of countries on the Continent is keeping up at a level well beyond that of 1958, while production has fallen. An unfavourable winter kept production down in the early months of 1959, while in more recent. weeks, a dry spell has bared pastures in most European countries.