ENGLISH BUTTER MARKET

Nelson Evening Mail, Volume LIV, 13 December 1921, Page 5

ENGLISH BUTTER MARKET

HEAVY LOSSES ON NEW ZEALAND SHIPMENTS

(By Electric Telegraph—Copyright.), (Australian and N:Z. Cable Association-)

LONDON. Dec. 10. The butter market is easier. Choicest Australian, 148 s to 156 s per cw ; un- ; salted 170 s to 180 s. New Zealand salted, i74s to 182 s/ , The general position of the_ butter market is weak, and in view of heavy prospective arrivals of 'Australian ana New Zealand further reductions m values appear unavoidable. It is iinderstood that Thursday’s reduction m the price of Government butter would, have been considerably greater but for the intervention of a representative of the Australian producers, who persuaded the authorities not to make such a drastic reduction as contemplated, which would have ruined the Christmas market. But the reduction is only postponed. The slump in values has already produced heavy losses, notably in New Zealand butter, of which boxes are held ■up by slow discharge. lt> is estimated that the, loss will average fully 10s per box on this butter. y> ith the prospect of a further decline, retailers are naturally reluctant to operate, only buying from hand to moilth. Prices are stiU far too high for a- good consumption demand, in view of the vast amount of- unemployment. Consumers are 1 taking margarine, the trade in which is very active. Butter importers do not desire to maintain the present inflated level, and will welcome a reduction in values which will permit the best Australian butter to be retailed at Is 4d per lb, at which price they think there would be a good consumptive demand. All other foods ■ are steadily cheapening, and butter must fall in line with them..