BUTTER AT 104/-

New Zealand Herald, Volume LXXIV, Issue 22700, 12 April 1937, Page 5

BUTTER AT 104/-

HIGHEST THIS YEAR DUE TO HEAVY BUYING BELOW GUARANTEED PRICE New Zealand butter on the London market has reached 104s per cwt., the highest price this year. The market was inclined to quietness after the sharp appreciation, which was due to bear covering, according to a Press Association message sent from London on Saturday. Danish weakened in comparison with Dominion butter.

Information supplied by the Dairy Board and sent from Wellington by the Press Association on Saturday states that the market closed firm at the end of last week, after the previous heavy buying. The quotation of up to 104s per cwt. was nominal, owing to available short stocks.

Even at this high level the London quotation is still below the guaranteed price. The rate of 104s per cwt. is equal to approximately 12.26 d per lb., f.0.b., New Zealand ports, compared with the guaranteed price of 12.565 d per lb., f.o.b. Cheese values continue to rule at high levels and both white and coloured show an advance on the previous week's quotations. Prices are considerably higher than those at the same time last year, when the rate was about 53s per cwt.

The following cabled information regarding London markets is supplied through the Dairy Board, by the Primary Products Marketing Department: —Butter: New Zealand, salted, 100s to 102s, up to 104s; unsalted, 102s to 104s. Deliveries, 2763 tons. In store: 5944 tons. The New Zealand retail price remains at Is. Cheese: New Zealand, white, 60s to 675; coloured, 66s to 675. Deliveries: 18,603 crates. In store: 90,035 crates (includes 9267 crates on Napier Star)'.