THE BUTTER MARKET.

New Zealand Herald, Volume LXII, Issue 18927, 27 January 1925, Page 8

THE BUTTER MARKET.

LONDON PRICES IMPROVE, —i CONSIGNMENTS IN STORAGE. STEADYING EFFECT NOTED. The downward tendency of the butter market in London appears to have been arrested. Latest information states that the market has been steadied at about 153s per cwt. This is equal to about Is 3d pei' lb. f.0.b., and marks a recovery of about 4s per cwt. during the week. "Large quantities of butter continue arrive in Britain from the Dominioi. During the month ending February !?0 consignments totalling 387,776 boxes are due in London from New Zealand, an average of about 2400 tons a week, but the majority of the dairy companies are placing limits on their shipments. This will mean that large quantities will go into cold storage in Britain in the hope rf the market recovering within a reasonable time. The limits are said to range from about 170s per cwt. to ISOs per cwt;, equal to about Is 4d to Is 5d per lb. f.o.b. To what extent the market will be affected by this action of the producers in storing the butter is a question of vital importance. Similar action was taken by the companies last year, when butter dropped to about 150s per cwt. in March and April. The action was justified by results, as considerably better prices wera realised for the butter during May, June and July. This season there has been a substantial increase in production both in New Zealand and Australia, and exporters are doubtful if much will ba gained by holding butter in store for any length of time. Meanwhile the f.«ct tlmt the shipments are not going on to the market as they arrive appears to have hid a steadying effect. The following cablegram has been received from Messrs. W. Weddel and Company, dated London, January 23: Danish butter, 1965; New Zealand first grade unsalted butter, 1645; salted, 156s to 158s. There is a rather better demand. New Zealand first grade cheese, white and coloured, 93s to 945. There is a steady demand. WCEEASE IN CGSrSTIMPTIGIT. DEMAND FOR 6000 TONS A WEEK. [BI TELEGRAPH. —OWN CORRESPONDENT. ] HAMILTON. Monday. The New Zealand Co-operative Dairy Company has received cabled advice from its London manager that Anchor butter is selling at 160s, unsalted at 1645. The market is firming, fair quantities having been sold. Some agents "are accepting from 154s to 1565. Australian choicest butter is selling at 1645, and Danish at 200s. The report indicates a large Increase in the c onsumption of butter, estimated at 20 per cent., making the consumption 6000 tons a. week. Cheese.—White and coloured, 945. Th# market 13 firm. LAEGE QUANTITY A3RIVISG. THREE RIVAL COUNTRIES. [3Y TELEGRAPH. —PRESS ASSOCIATION. ]| 1 WELLINGTON. Monday. The New Zealand Producers' Co-opera-tive Marketing Association has received the following cabled market report, dated London, January 23: Butter.—The market showed afl improved demand during the past wesk. New Zealand, salted, 156s to 158s; ar.salted, 1545; Australian, 146s to 148s; Argentine, 144s to 1465; Danish, l£6s. The market will not improve at present owing to very large arrivals from New Zealand, Australia and Argentina during the next few months. Cheese.—The market is quiet, but steady. New Zealand, white and coloured, 83s to 945; Canadian, old stored, 98s to 102s; Australian, 88s to 925.