BUTTER AT 106/

New Zealand Herald, Volume LXXII, Issue 22209, 9 September 1935, Page 8

BUTTER AT 106/

MARKET STILL BISINC ACTIVE DEMAND REPORTED •HEAVY FALL IN STOCKS

FORWARD OFFERS ADVANCED

Prices for New Zealand butter on tlie London market have again risen by 2d per cwt., the latest quotations being up to 106s per cwt. Cheese is selling up to 52s per cwt., a risie of 6d. The outlcok remains favourable, both markets being active and advancing. It is reported that offers for forward * baying of butter, shipment this month, / were made oil Saturday at ll;[d per lb, f.0.b., equal to 100s per cwt., London. However, factories' :ideas are higher and it is doubtful whether any business • passed at this level, Oflers at lljd per lb. are the highest made f or several yearn. They represent a pay. oit to suppliers under average factory conditions of about Is; per lb. of butterfat. The present spot price represents a pay-out o<f 12jd. Although the Danish retail price was increased last week by Id to Is 2d per lb., the New Zealand price was maintuined at Is. This probably accounts in no small measure for keeping consumption at a high level. Deliveries of New Zealand butter from cool store ls.st week totalled 2379 tons, the highest figure for weeks, and 833 tons higher than deliveries for the corresponding weeilc last yoar. At the end of last week, stocks of New Zealand butter in London were only 4368 tons, a decrease of 872 tons for the week. At this time last year 11,148 tons were in s tore and 5671 toni were held iiin early September, 1933. Similarly, Australian stocks fell last week by 981 tons tci 3288 tons, which compares with 7878 tons held last year. Stocks of alii buttei'B in London are estimated at 26,623 tons, a decline of 18,068 tons, or 40 per cent., on last year.