PRICES FOR BUTTER.

New Zealand Herald, Volume LIX, Issue 18279, 21 December 1922, Page 11

PRICES FOR BUTTER.

STABILITY IN LONDON.

NO CHANGE IN VALUES.

PRICE MAINTAINED LOCALLY

With butter production in the province proceeding at a record rate, the London market position, as the apex of the season approaches, is of vital importance to the producers. Hitherto the market has been satisfactory, a declining movement early this month having been arrested at 170s per cwt., and a recovery made to 184s. The latest London quotations for New Zealand butter range from 180s to 184s per cwt.

; Discussing the market position yesterI day, an expert expressed the opinion that the present prices probably would continue throughout the Christmas holidays. Heavy arrivals late m December and early in ! January would no doubt have some effect on the market, but much would depend on the manner in which the sales were regulated. The Dorset, due to arrive this week, bad a shipment of 93.670 boxes, and the Waimana should reach London early next week with 98.296 boxes. During the first ten days of January tho j Ruahine. Mania, and Durham should ati rive with a total of 194.550 boxes. This made a grand totid of 386,516 boxes, or nearly 30.000 tons of New Zealand butter J that would arrive between now and Jainii nry 10. It was obvious, added the speaker, ! that the disposal of such a large quantity | of butter within a period of about three • weeks would have some effect on the marj net. Moreover, if any delay occurred in J the arrival or * marketing of j the first two shipments it was 'possible j that tho whole of the consignments would j reach the market almost simultaneously. i In the circumstances it was practically certain that unless good judgment was exercised in regulating the supplies to tho market, the satisfactory price's' now being obtained must suffer a" serious decline. Referring to the local market position, the speaker said the wholesale price in Auckland of the best grade at Is 6jd per lb. was equal to a London value of 182s per cwt.. or ulmost an exact paritv with the most recent quotations. The "wholesale price in Wellington was Is 6d per lb., and in Christchurch Is sd. These prices were equal to London values of 176s and 166s per cwt. rcsoectivelv. Apparently, he added, the Auckland companies had a better appreciation of present values or more confidence in the stability of the market than those in the South. Judging from nre.sent appearances it. appeared unlikely that there womd be am- change in local prices till after the holidays.