GOOD BUTTER MARKET.

New Zealand Herald, Volume LXIX, Issue 21113, 22 February 1932, Page 5

GOOD BUTTER MARKET.

CONTINENTAL DEMAND. HEAVY BUYING IN LONDON. (Received February 21, 5.5 p.m.) LONDON, Feb. 20. The London butter market has shown a marked improvement in the past fortnight. Prices for Australian and New Zealand have hardened by 8s to 10s. The main cause of the advance was the heavy Continent.il demand. Production on the Continent now is at its lowest, and as consumption there increased recently European countries had been compelled to buy heavily, not only Danish but New Zealand, Australia and Argentine butter. Since the import restrictions were imposed in France the prices there have risen so high that permission has been given to increase the. amount which may be imported this quarter from 12,000 tons to 24.000 tons. As the favourable rate of exchange counter-balances import duties the Continental demand may lie expected to continue. 1 MERCHANTS' REPORTS. Merchants have received the following cablegrams from their London houses, dated February 19: — Joseph Nathan,' Limited (Trengrouse and Nathan, Limited): —Butter, .Ills'. Cheese: White, 625; coloured, 645. Both markets are quiet. The New Zealand Producers* Co-opera-tive Marketing Association, Limited:— Butter: New Zealand, 109s and Ills; unsalted, 116s to 118.= ; Danish, 1545. The market is quiet. Cheese: White, 62s to 635; coloured, 645. The market is quiet. A. H. Turnbuil and Company, Ltd.: — Danish butter, 154s to 1565; New Zealand finest salted, 110s to 112s; Australian salted, 105s to 108?. Cheese: New Zealand white, 63s to 645; coloured, 63s to 655. Both markets quieter. 4 ~~ .COLD AND SILVER. QUOTATIONS IN LONDON. (Received February 21, 5.5 p.m.) LONDON. Feb. 20. f Gold is quoted to-day at £6 19s 9d an ■ ounce, compared with £6 yesterday and £6 Or Id on Thursday. Silver was quoted yesterday at 19 5-8 d an ounce, spot, and 1913-16 d forward, compared with 19 9-16 d and 19 11-16 d on I hursdav.x WOOL TRADE REVIEW. BRITAIN AND CONTINENT. (Received February 21, 5.5 p.m.) LONDON. Feb. 20. The London representative of the Australian Woolgrowers' Council, Mr. W. P. Devereux, reports:—Most manufacturers in Yorkshire, whether of tops, yarns or finished goods, are well employed. The strike of operatives in the Batley district is over, but while the machinery is active and the tone cheerful and confident, few new transactions are taking place either in tops or yarns. The prices of' tops generally are maintained. French topmakers are reasonably active, but spinners are reported to be working shtjrt time. The consumption of tops in Germany continues» to be well maintained in volume, though there is a slight reduction in prices. Belgian spinners are working only half time.

MONEY FOR BUTTER-FAT. NORTH AUCKLAND COMPANIES. [FROM orii OWN CORRESPONDENT. ] WHANGAREI. Saturday. The Whangarei Co-operative. Dairy Co., Ltd., (o-day made advance payments to suppliers at the rate of 9jd per lb. superfine, 9d per lb. standard, and Bjd per lb. second grade. This will absorb £20,522 as compared with £19,028 for January, 1931, when the. advance payments were nfc the rate of IOAd, lOd and 9Ad per lb. The amount, paid for the season to the end of January is £115,595, compared with £99,498 for a similar period last year. The number of tons of butter manufactured krst, month was 288 and for January, 1931, the amount was 234 tons. The manufacture for the season to date is 1423 tons, compared with 1256 tons for a similar period last year. The Hyuirangi Dairy Co., Ltd., has made advance payments to suppliers at the rate of 9id per lb. superfine, 9d per lb. first grade, and 8d per lb. for second grade. These advances will absorb £14,808, as compared with £1i,604 for the corresponding month last year, when the advances were at. the rate, of lid per lb. superfine, the increase this January being attributable to tho increased production. The butter manufactured in January was 214 tons, an increase of 25 per cent, over that for the corresponding month last year, and the output for the season to date is 1024 tons an increase of 15 per cent., as compaitd with that for the corresponding period last season.

WHEAT QUOTATIONS. CHICAGO AND NEW YORK. (Received February 21, 5.5 p.m.) CHICAGO,'Feb. 20. Wheat.'—March, 58 3 8 cents a bushel; May, 61g cents; July, 62 7-8 cents; September, 64J cents. The New York quotation for cash in 72£ cents.