BUTTER AT 100/.

New Zealand Herald, Volume LXXII, Issue 22205, 4 September 1935, Page 10

BUTTER AT 100/.

bise or 2i- per evvT-j;; PEAK PHICE FOR TWO YEAR! ' A SHORTAGE OF SUPPLIES i MODERATE LONDON STOCKS The London market for New Zealand butter has touched 100s per cwt., f Cr the first time since the middle of OjjJ| tober. 11)33. A cablegram received b r Joseph Nsithsnn and Company, Limite*!, from principals. Trengrouse and Nathan. Limited, under date Sepiemtxir 2. states:—"Butter firm on. of supplies. Clos<?d at 100s. ' This coiii; pares with 98s quoted by London on Saturday. The price at this time last year was 78s. Forward business is being done :it 11 J<!i per lb. f.0.b., equal to 95s pPr cwt., London. That is -5s per cwt. ! (BI than the spot price, but some of t!he butter will not arrive in England until early in November. Usually at this take of the year forward business is not particularly brisk, owing to the inspected rapid fall in London prices the Southern Hemisphere seaison is well under way. The willingness of merchants to th<! equivalent of sls, per cwt. for two months ahead is "fc. garded as a favourable sign.. At the end of last week New Zealand butter in store in London totaliled 5240 ton-!, an exceptionally low figure for ri!cent years. A total of 11,277 teas was held at tJiis time last year and 5"6'9 tocjt in early September, 1933. Australian stocks totalled 4269 tom, compared with 787S tons last year imd lfiKM) tons in !sepifcember, 11933, when supplies srere very scarce. A. few weeks ago it was estimated thai, stocks of all butters were 29,482 tons, against 43,452 tons last year. l : tepori« indicate that Continental supplies have not been as heavy tthis ; yeii.r. In Australm, dry conditions in ! Queensland and northern New South | Wal<» during the past few months have : had a disastrous effect oil the prodoo. I tion of butter and the export surplus has dropped to loir figures. The reduo* I tion in reoent shipments from Argeni tina suggests that that country has I practically lost its footing in the British | market. LOCAL PRICES ADVANCED INCREASE OF A PENNY Prices for butter on the !local market will be advanced from to-day by Id j jver lb., except for first grade, which will be id dearer. The net wholesale rates will be:—Finest, Is; first giade, Hid; second jrrade. lid. Retail price* are generally 2d per lb. above tb« wholesale rates. It is stated that less second grade butter is now being made for the local I market, due largely to an improvement of: cream quality as the result of : better cowshed and carting conditions.