BUTTER MARKET FIRM

Dominion, Volume 31, Issue 178, 26 April 1938, Page 14

BUTTER MARKET FIRM

Spot And Prospective Supplies By Telegraph—Press Assn.—Copyright. (Received April 24, 6.30 p.m.) London, April 23. The butter market ( has retained its pre-Easter firmness. Cold store stocks have increased by 80,000 boxes, but against this there is a big reduction in Australian gradings, • while the cold, dry spell is restricting production in Europe. Responsible Tooley Street merchants, regard the present price levels as high, though they admit that speculation may force them higher. Retail prices have not followed the spot market, but any increase thereof must affect consumption. The price of New Zealand butter on the London market has been maintained at 125/- a cwt., the highest value this year. Australian also is unaltered at the same level, while unsalted butters are selling at 127/- per cwt. The only alteration in prices during the past week was an advance of 3/- per cwt. in Danish. This brings the value of Danish above both New Zealand and Australian butters, whereas a week previously it was selling at a cheaper rate. Cheese has failed to maintain the rise shown in the previous week, and the market is described as quiet. White showed a decline of 6d. a cwt. over the week, while coloured fell more sharply and was 1/- lower. The basic rates fixed under the New Zealand guaranteed price scheme, subject to quality differentials, are 123/8 for butter and 70/4J for cheese a cwt. f.0.b., New Zealand currency. The equivalent landed price for butter in London is 112/- and for cheese 67/-. The guaranteed price for butter is equal to 13.25 d. a lb., f.0.b., and the current London quotion is equal to 14.94 d., New Zealand ports. The equivalent price for cheese is around 7.95 d. a lb., f.0.b., compared with the guaranteed price of 7.54 d.