BUTTER AGAIN RISES

New Zealand Herald, Volume LXXII, Issue 22005, 11 January 1935, Page 8

BUTTER AGAIN RISES

NEW ZEALAND UP TO 84$ FIRM MARKET REPORTED FORWARD SELLING BRISK A further sharp advance has oceurred in prices for butter on the London market. New Zealand is now quoted 3s to 4s higher at 82s to 84s per cwt., which is 6s to 7s above prices ruling at the end of last week. The market is very firm. Cheese is selling at 47s 6d to 48s per cut., a gain of 6d to Is.

The rise is the most encouraging for a considerable time and it is an unusual happening at this time of the year, when Southern Hemisphere shipments are practically at the peak. A. month ago New Zealand butter was selling at about 71s per cwt. and a year ago at 655. Although New York is buying small parcels of butter in London, the improvement in the market is attributed mainly to higher Continental purchases. There has been considerable forward trading at prices ranging from 9d to 9-} d per lb. f.0.b., January-February shipment. The lastnamed price is equal to 80s per cwt., London. It is reported that factories are now asking higher prices.

Merchants have received the following cablegrams, dated January 9, from their London principals:— Joseph Nathan and Company, L,imited, from Trengrouse and Nathan, Limited. —Butter, 83s to 84s. Cheese, 48s. Both markets are very firm. New Zealand Loan and Mercantile Agency Company, Limited.—Butter: Choicest salted, 82s to 83s. Cheese: 47s 6d to 48s. The market is firm. LOCAL PRICES HIGHER INCREASE OF A PENNY In sympathy with the rise in butter values oil the London market, local wholesale pViaes of all grades will be increased by Id per lb. to-day. The new wholesale net prices will bo lid per lb. for finest and first grades, lOd for second grade, and 9d for whey butter. Retail rates are generally 2d per lb. higher than the wholesale prices.