MARKET FOR BUTTER.

New Zealand Herald, Volume LXVII, Issue 20643, 15 August 1930, Page 12

MARKET FOR BUTTER.

NO DEMAND IN CANADA.

LARGE STOCKS ON HAND.

IMPROVEMENT EXPECTED LATER.

Little prospect of additional business being done in New Zealand butter on the Canadian market is held out in a cablegram received yesterday by Leonard and Son, Limited.

There was absolutely no inquiry for New Zealand butter on the Eastern Canadian market, the message said. Quotatations in Montreal for New Zealand butter were 28 cents, equal to Is per lb. f.0.b., New Zealand ports. Allowing for the payment of one cent per lb. duty, Canadian importers would have to buy at not more than Is per lb. f.o.b. in order to sell in competition with thoir own best quality makes. The messago added that the situation might improve in November or December, but present stocks were 60 per cent, greater than they were at this time last year.

Earlier in the week it was announced that the steamer Limerick would load 20,000 boxes of butter at Auckland under an optional bill of lading for Halifax or London, but this arrangoment was cancelled in view of the depressed state of the Canadian market, and the vessel is now to load for England only. Exporters held some hopes that the drought in the United States might create a demand for butter in Canada, but the situation has not developed sufficiently to allow them to plan definite courses of action.