WEAK BUTTER MARKET

Evening Post, Volume CV, Issue 90, 16 April 1923, Page 7

WEAK BUTTER MARKET

WHY THE PEICES FELL.

ttmiTED «ESS ASSOCIATION.—COPTItIGHI. 1) ' ÜBSTBAUAN-NEW ZBALAND CABLE ASSOCIATON.)

(Received 16th April, 10 a.m.)

LONDON, 14th April. The butter market is« still . terribly slow, and importers find the greatest difficulty'in making sales, as buyers all seem to have sufficient stocks for present needs, and are determined to use these before they buy again..- But there are some slight eigns of improvement, for Germany has resumed purchasing Danish after some months' abstention, and America is also taking some Danish; also, the lower retail price of Is 8d per pound now ruling in England is likely to increase consumption. Against this must be put the fact that spring is here, and England, Ireland, and the Continental countries of supply are all increasing their outputs. London importers attribute the slump in butter largely to the fact that considerable quantities of ' New Zealand butter have been shipped direct to provincial- centres, where it came into comr petition with Danish, and sales could be effected only by lowering prices. This, of course, is an expert's point of view, but Londoners' contention''is that London is the best, centre of distribution for butter, while shipments to outports; where the demand is comparatively small, only have the effect of withdrawing buyers and competition from London.

The High Commissioner, cabling to the Department of Agriculture, London, 14th April, reports: — "Butter.—Market weak with declining tendency. Present quotations are: New Zealand (salted), finest, 170s, 1745, up to 176s per cwt (Is 6id, Is 6^d to Is 6Jd per 1b); (unsalted),, 180s to 182s per cwt (Is 7|d to Is 74dper lb); exceptional, 184s per cwt (Is 7Jd per 1b); other qualities, 166s to 168s per cwt (Is s|d to la 6d per lb).

"Australian (aalted), .finest, 1648, 166s up to 168s per cwt (Is s£d, Is 5Jd to Is 6d per lb); (unsalted), 166* ko 170s per owfc (Is s|d to lg 6id per lb) • other 1 qualitiee, (salted), 150s to 162s per cwt (Is 4d to Is sid per lb); (ungalted), 164s to 170s per cwt. (Is 4£d to Is 6|d per lb). » , "Argentine, 150s to 164s per cwt (la 4d to Is sid per lb). "Danish, 188s per cwt (Is B£d per CHEESE MARKET. "The cheese market is weaker. N«w Zealand, coloured, 128s to 132s per cwt j (Is ljd to Is 2d per lb); white, 124s to 128s por cwt (Is lid to Is ljd per lb). "Australian, coloured, 120s to 124s per owt (Is OJd to Is lid per lb); white, 120s to 122s per cwt (Is Md to Is Id per lb). [ "A shipment of New Zealand produce I arrived this week per s.s. Port Elliott. ! Shipments of Australian produce from 27th March to 30th March comprise 4083 boxes butter' and 769 crates cheese."

The Bank' of New Zealand (produce department) has to-day received the following advice from its London office, under date 13th April:—

"Butter : Weak, 170s per cwt. Cheese : Weak; white 124s to 1265, coloured 128 a to 1305."

Messrs. Dalgety and Co., Ltd., are in receipt of the following information by cable from their London office, under date 13th April: — "Dairy Produce.—Butter and cheese market weak. Since our report of the 12tb instant butter prices are lower by 23 (Now Zealand salted now 17Os). Cheese 4s lower (New Zealand white now 1245, coloured 1235)."