BUTTER PRICES RISE.

New Zealand Herald, Volume LXVIII, Issue 20986, 24 September 1931, Page 10

BUTTER PRICES RISE.

THREE TO FOUR SHILLINGS. SIMILAR ADVANCE IN CHEESE. LONDON MARKET ACTIVITY. Prices for New Zealand butter and cheese have advanced on the London market apparently owing to the fall in sterling exchange, and a. rush by merchants to cover for immediate requirements following recent developments. Merchants are now quoting prices for both commodities 3s to 4s per cwt. firmer than the rates ruling at the end of last week. The future outlook, however, is uncertain. Merchants have received the following cablegrams from their London houses, i dated September 22: Dalgcty and Company, Limited.—Since our last report butter and cheese are 3s to 4s higher. Sellers are asking higher prices. The last advice was: New Zealand butter, finest, 110s to 113s; cheese, white, 59s to 61s; coloured, 60s to 625. Joseph Nathan and Company, Limited. —Butter: Finest, 118s"j first, 115s. Cheese: White, 655; coloured, 665. The advance has caused all buyers to cover for immediate requirements, in view of the uncertainty of the future, but the demand is gradually decreasing. Norden and Company, Limited (from Glasgow).—Butter, 112s to 114s; exceptional quality, libs, equivalent to 11.71 d and 12.04 d f.o.b. Auckland respectively. Chceso: Coloured, 63s to 665; white, 625, equivalent to 6.18 d and fe.Bld a lb. f.o.b. Auckland respectively. Both markets are •firm. New Zealand Producers' Co-operative Marketing Association, Limited.—The market is unsettled owing to the financial situation and prices are nominal at 115s to 118s for butter, and 64s to 65s for cheese. THE AUSTRALIAN PRODUCT. RISE NOT ANTICIPATED. LONDON,, Sept. 22. The Australian Dairy Produce Board states that in view of the available and expected supplies of butter, there is no reason to expect a rise in prices.