OUTLOOK FOR BUTTER.

New Zealand Herald, Volume LXI, Issue 18711, 17 May 1924, Page 11

OUTLOOK FOR BUTTER.

LONDON MARKET CONDITIONS GOOD PRICES MAINTAINED. QUESTION OP LOCAL VALUES. The position of the London butter market at present is of great interest to Dominion dairy farmers. Large shipments of our autumn manufacture are now reaching Britain and the prices obtained within the next few weeks will have a very material effect on the returns of the dairy companies for the season. Discussing the prospects yesterday Mr. Hugh C. Aickin, agent for the Opotiki Dairy Association, said that conflicting reports from London with regard to the outlook for butter values in the near future had been received this week. Some cabled opinions were quite pessimistic, others confidently anticipated that present values would be maintained and that an advance might be looked for. "Reference is made in most instances to the buying of butter by Germany," said Mr. Aickin, "and there can be little doubt that heavy purchases by that country is the chief reason for the favourable turn the butter market has taken. From reports received it would appear that to the extent Germany continues the purchase of butter, and apart from unfavourable weather conditions, bo will the price be influenced favourably or otherwise during the next few weeks. That there is confidence in the later future is evidenced by the f.o.b. sales effected locally this week at Is 4j|d per lb for ordinary first grade butter of 88 points or over, May and June make. This price represents a greater value by about jd per lb than the present London quotation of 170s. per cwt. "No advance on the local market has so far taken place, but this cannot b«» iong delayed on account of the f.o.b selling value of butter and apart altogether from other factors that have -•» bearing upon the position at this season of the year."