COLONIAL BUTTER.

Evening Post, Volume LXXV, Issue 32, 7 February 1908, Page 7

COLONIAL BUTTER.

IN GREAT DEMAND. SELLERS' OWN PRICES. NEW ZEALAND UP TO 138s. By Telegraph.— Press Aesociatlon.-- Copyright. (Received February 7, 8.55 a.m.) LONDON, 6th February. There is great demand for colonial butter. Sellers are making their own prices. Choicest Australian is at 1365 ; New Zealand, 138s. PROSPECTS FOR THE FUTURE. To-day's cablegram, reporting a further substantial rice (to 138h) in. the price of New Zealand butter, comes by Press Association, and is in absence- of any advices received up to 1 p.m. by several local merchants, of whom enquiries wero made by a Post reporter. One firm, howfevev, has r&ceived a cablegram stating that 135s _ per cwt. was realised fov a portion of its ship ment by the Tongariro, and Messrs. J. B. M'Ewen. and Co. report that thoir advices of yesterday recorded sales at 132 a per twt. on" account of their shipments by tlio Tongariro. Mr. M'Ewen at tributes, in some measure, the extraordinary prices to the shortage of butter output by both Australia and New Zealand during recent months. The j Australian output for last year fell short j of the preceding year by eight thousand j ton 3, which is nearly 25 perc ent, of the average yearly total. From New Zeal.md the shipments fell short by nearly J 1300 tons, but this was to a largo extent due lo the increased output of cheese. This product is now supposed to have found its level, and an early revival in 1 prices is anticipated. There 13 no room to doubt that the present position in London is one previously unheard of, and it i 3 the biggest demonstration ever given of the fact that forward buying in produce absolutely amounts to gambling on the weather. Ao to future prospects, there seoms, our auihority states, a probability that prices will be maintained for a little while, though a forecast of prices ma dp by a reliable firVn (and received yesterday) quoted about 112s per cwt. as a probable jirice for February end. There will uo no /New Zealand additions to the market until after the 14th instant, on which date j the lonic will arrive. Her cargo can* not ba put on the market .befo.ro the 17th instant at the earlie&t. A' rr&ulfc of the sudden rise has been, a largo diminution in local-buying operations, pn account of great disparity between buyers and sellers.