MARKET FOR BUTTER

New Zealand Herald, Volume LXII, Issue 18947, 19 February 1925, Page 8

MARKET FOR BUTTER

• STEADYING INFLUENCES. PRESENT QUOTATION ! 765. RECORD AUSTRALIAN SEASON. [BY TELEGRAPH. —OWN CORRESPONDENT. ] HAMILTON. Wednesday. The New Zealand Co-operativo Dairy Company, Limited, received a cablegram from Mr. J. B. Wright, the company's London manager, dated London, February 14, quoting Anchor butter, 1765, unsalted, 190s ; Danish, 2285. The communication further states that owing to appreciable quantities of New Zealand butter being held up by factories, and also owing to further e£tra continental buying, the market advanced to 180s, but lias since receded. Germany is expected to be buying increased quantities of Danish, causing increased sales of New Zealand and Australian butter in the Midlands and the North of England. Considerable quantities of New Zealand butter are reported to have been sold short for delivery during February and March at 154s and lower, and a determined effort to " bear " the market to cover these sales is anticipated. The cheese market is reported to be quiet but steady at 90s_. The casein position is unchanged, but the demand for milk is showing some increase. Referring to the cablegram Mr. W. Goodfellow, managing director of the company, stated that it would appear that the forward butter position for the next month or six weeks was likely to be fairly satisfactory, but thereafter the market would depend very largely on the quantity of held butter released and whether or not an early spring was experienced in tho Northern Hemisphere. Recent advices from Sydney indicated that Australia was likely to have a record season and to export at least 65,000 tons of butter. " Australia is always a more or less unknown quantity," said Mr. Goodfellow, " her exports being influenced very largely by weather conditions." The following quantities represent the exports of butter from the Commonwealth during the present and the past four years, July 1 to June 30:— Season. Tons. 1921-22 56,954 1922-23 35,368 1923-24 29,253 1924-25 (Estimated) 65,000 Information has also come to hand relative to the Commonwealth stabilisation scheme. A conference representative of all the Commonwealth dairy interests met in Melbourne and unanimously agreed to a scheme for stabilising the Australian markets for butter and cheese on lines known as the " Paterson scheme " by means of a voluntary levy on producers. Payment from this fund of a premium of 3d per lb upon all butter and per lb on all cheese exports will be made and an inter-State committee has been appointed to draw up an agreement for signature by manufacturers. If factories generally endorsed the scheme it is likely to come into operation next season. The object of the scheme is to induce manufacturers to export butter with the result that the local market will be held at a higher figure than otherwise would be the case. AUCKLAND FISH'S ADVICE. FIRMER TENDENCY NOTED. Tho following cablegram was received yesterday by Joseph Nathan and Company, Limited, from their London office:— Butter, 1725. There is a firmer tendency.