BUTTER MARKET STAGNANT.

Horowhenua Chronicle, 17 March 1927, Page 8

BUTTER MARKET STAGNANT.

MR GROUNDS UNEASY AUCKLAND, Last Night. Butter is being quoted on the London market at 146/- to 148/- and cheese at 76/- to 78/- according to advice by cablegram received at one o'clock to-day by the chairman of the New Zealand Dairy Produce Board (Mr. Grounds) who is at present in Auckland.

The advice added that the produce was moving slowly and it was evident that buyers were holding off the market.

Mr Grounds said the Board anticipated there would be a considerable fall in prices before a sales basis was reached. The decline was serious, however, and in the case of butter particularly. The last prices named for butter by the Board before the change in policy were 158/- and 160/- against 146/- and 148/- at'the latest advice —a decline of 12/- within about two days. The decline in the case of cheese was 6/- to 8/-. "My personal view, as all the country knows, is that it was disastrous to abandon price-fixing," said Mr. Grounds.

Asked as to how he proposed to reconcile the clearance of large weekly quotas with fixed prices, Mr Grounds said: "I will not discuss that point now. The Board has taken the view that sales must be made and has removed price restrictions and T must support the policy of the Board. I intend to use my best endeavours to secure the maximum of success under the new policy.

"As to what are prospects, well, no man could venture a confident opinion at the moment. All that I can say is that the market appears stagnant at the moment. We shall have to await events for a workable basis."

AUSTRALIA WANTS BUTTER DUTY. (Received Thursday, 1.5 a.m.) SYDNEY. Maroh lfi. At a meeting of the Primary Producers' Union, resolutions were adopted stressing the urgency of securing Increased duty on Imported butter and failing the Federal Government not aecedinjr to the demands the executive .should interview the executives of the three Federal parties with a view to having the butts:- duty made a prominent plank in their platforms; also to invite the co-operation of .all dnhymen's associations in other States with a view to securing: the objective.