THE BUTTER MARKET.

Otago Daily Times, Issue 19066, 11 January 1924, Page 4

THE BUTTER MARKET.

TEE OUTLOOK PEOMISIJSTG. KEEN DEMAND AND HIGH PRICES ANTICIPATED. IFrom Our Own Correspondent. ) AUCKLAND, January 10. Although recent cablegrams disclose that London butter prices have a lower trend it is not likely that the downward tendency will assume a serious aspect. On the contrary, exporters of New Zealand butter consider that the position is very satisfactory, and that the prospects favour a continuance of the keen demand and high prices. Exports are at present very heavy, and it is anticipated that shipments will arrive upon a brisk morket. Several large cargoes are now being loaded at Auckland wharves. The Port Victor and the Mamari will complete the loading to-day of a total of 51,461 boxes for the London market. The Hurumii is also taking 20,000 cases to Now York. Within the next fortnight the Kaikourg. and ti.e Athenic will load respectively 46,500 and 44,500 cases for London. Piscussing the position, an expert stated that the outlook was distinctly promising. The latest private information received from London by local export agents was to the effect that recent shipments of New Zea land butter were sold on the water five weeks in advance of the arrival at Is 8d per lb, f.o.b. This is equivalent to the London market value of 208 s to 210 s per cwt. It is stated that although the arrival of heavy shipments now nearing the United Kingdom may depress the prices somewhat, the fact that forward buyers are operating at the figure quoted indicates that a keen demand is expected during the next two or three months.