SOUND DAIRY OUTLOOK.

New Zealand Herald, Volume LXIV, Issue 19748, 22 September 1927, Page 10

SOUND DAIRY OUTLOOK.

WOELI) MARKETS STEADY, PRICES AT HIGH LEVEL. INCREASE IN NEW YORK. LONDON RATES MAINTAINED. Confidence in the future of the dairy produce market, with butter prices at the highest point for the past two years ami cheese paying handsomely, is increased bv cab's advice received in Auckland yesterday announcing a new high level in the Xew York butter market. Briefly reviewing the position over the past six or seven weeks, there is satisfaction in noting the steady advances made in t'no London market, denoting a welcome degree of stability. Minor fluctuations there have been, but a graph recording them would show none of th«i acute angles which denote a position of uncertainty and instability. Maximum prices on August 4 were 164s per cvvt. for butter and 92s for cheese. The- following day quotations wore higher by two shillings and one shilling respectively, and by August 9 butter had touched 168s. On August 10. for the first time since last February, butter was commanding up to 172s at Home, and a few days later cheese moved up to 9-ss. A slight decline to August--17 was succeeded by a sound recovery at the enci of the month, when butter rose to 178s, and a week later it touched 180s. It was on September 13 that a quotation of 18-ls set a record for two years, and after a slight depreciation it regained that mark on yesterday's advices. Cheese, which reached 102s on September 16, is holding at that for best grade. The most hopeful indication of late is evidence that the American market, with its wonderful potentialities, is moving in sympathy with that of London. Two days ago New York spot market for finest quality butter was quoted at 46 cents. Yesterday Messrs. Leonard and Son received cabled advice from Messrs. Thallon and Co., New York, that the spot market for extra finest had advanced to 47 cents, equal to Is 4jd f.0.b., the highest love! touched in Now York for the season. Further, forward buyers there were bidding 42| cents for December stored butter. When it is remembered the United States buys largely from the Argentine and Siberia, the world position appears all the more sound. • Among yesterday's reports from the market was one received by Mr. G. Paviour Smith from the Asglo-Con-tinentai Produce Company, Limited, that butter was quoted up to 184s, and cheese at 102s on a firm market with tendencies for higher values. Joseph Nathan and Company, Limited, were advised by their London house, Trengrouse and Nathan, Limited, that butter was quoted at 182s and eheer.e at 101s, with both markets firm.