LOWER BUTTER PRICES.

New Zealand Herald, Volume LIX, Issue 18172, 18 August 1922, Page 6

LOWER BUTTER PRICES.

AUCKLAND RETAIL RATES.

ONE PENNY REDUCTION-

LONDON MARKET FIRMER. A further reduction in the price of butter in Auckland is'announced. The wholesale price of first-grade from to-day will be Is 7-Jd per lb., a reduction of gd por lb. on the previous ruling rate. A circular relating to butter prices issued by the New Zealand Co-operative Dairy Company states that the reduction is being made as market indications at the moment provide no reliable basis on which to forecast export values for even a limited period. The retail price of first-grade butter from to-day will bo Is lOd per lb., a reduction of Id per lb. The price for second-grade brands has been fixed at Is 8d per lb. retail. The Opotiki Dairy Company has also fixed the price of its first-grade butter at Is 7|d per 3b. wholesale. Thero has been considerable fluctuation in the London butter market of late owing, to large supplies having been received from Continental countries. This created a weak- market with little demand for New Zealand butter. The latest ad vice from the High Commissioner in London states that the market is now steady, with more inquiry. The official quotations for butter on August 12 -w«re 192s to 196s per cwt. and 198s for exceptional quality. These prices would approximately average Is 6i}d per lb. f.o.b. With tho addition of the usual charges for preparing the butter for the local market the London price would be equal to about is 8d per lb. The suggestion that the London market is improving is supported by the fact that within the last few days offers have been received from British buyers for the August make of butter up to Is per lb. This price is equal to Is B§d per lb. wholesale on the local market.