COMMERCIAL.

Feilding Star, Volume IV, Issue 1135, 16 March 1910, Page 4

COMMERCIAL.

NEW ZEALAND PRODUCE

(From Our Special Correspondent.) London, February 3. My correspondent at Bradford writes that business there is good, and prices steady. Wool is pouring into the market in considerable quantities, and it is thought in some quarters that prices may ease a little. There is no doubt that many buyers are holding back as long as possible iv the hope that they will force values down, but it remains to be seen whether, in view of the immense quantities going into consumption, .and the general briskness of trade, they will have any success. Wool is going extremely well in London, and this shows tlie actual position of the topmaker, and of the manufacturer, and tho free absorption of supplies is telling its own tale. The strong market for butter and cheese which prevailed last week has suddenly developed into an exciting situation, and prices have risen from 8s to 10s per cwt. for New Zealand a_nd Australian of all grades and qualities. It is difficult to believe that this is due to the law of supply and demand, though since last Jul"- the shortage compared with tho previous year is very great. A much more simple explanation is that speculation is at the bottom of the movement. Large purchases have been made for storing, but the large arrivals for the next month, averaging about 72,000 boxes weekly, do not look favourable for a repetition of the butter panic of February 1908. Prices arc already at a dangerous height, and margarine will soon become a severe competitor. and. if prices rise much higher, will spoil the butter trade for the remainder of the season. Prices to-da" are 116s to 120s for Australian, and 120s to 1225, with a probable 1245. for New Zealand in tho Turakina, docking this week, but no holders will sell just now, except at open price. Cheese continues very firm at last week's prices, both for New Zealand and Canadian.