“BEARING” PRODUCE MARKET

Evening Star, Issue 18532, 15 January 1924, Page 3

“BEARING” PRODUCE MARKET

BUTTER AND CHEESE AFFECTED. An attempt to “bear” the butter market is being made in London at the present time, according to Mr Goodfellow (managing director of the New Zealand Co-operative Dairy Company). Referring to the latest London cable from the company’s manager (writes the Hamilton correspondent of the Auckland ‘ Star ’), Mr Goodfellow stated that Anchor butter was quoted at 216 s and Danish at 218 s f.o.b. The market w r as reported to be very quiet, hut renewed activity was anticipated for next week. Meantime buyers of New Zealand butter purchased f.o.b. and being delivered ex Remuera weve engineering a “bear” movement, and were offering firstgrade butter down as low as 208 s, _ with the object of forcing sales. “This is the most pernicious element in our market,” states the cable. Mr Goodfellow said that so long as dairy companies were prepared to sell f.o.b. it would be possible for dealers in Tooley street to utilise such sales to meet their own ends. Only by strictly consistent consignments could the producer receive the full market price for his produce. Other countries recognised this fact. Referring to cheese prices, Mr Goodfellow stated that Anchor cheese, white and colored, was quoted at 104 s. The market was quiet, and it was noteworthy that the same pernicious element was reported to exist in connection with New Zealand cheese sales. Owing to the firmness of the London market the board of directors met- in Hamilton, and decided to increase the advance price of butter by Id per lb and to reduce the advance price for cheese by 2d. If the market remains satisfactory further advances in butter will be made at a later date. The cheesp position is somewhat obscure, and the directors deemed it advisable to make a reduction.