LONDON BUTTER MARKET

Otago Daily Times, Issue 22126, 2 December 1933, Page 11

LONDON BUTTER MARKET

A FLOOD OF SALES PANIC AMONG WEAK TRADERS (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, November 30. Panic among weak traders is responsible for the flood of butter sales. Tooley street emphasises that nobody has the slightest confidence in the future, and points out that butter fell to the low levels of last winter, when shipments were lighter. At present the slightlyincreased demand fails to balance the heavy arrivals. The multiple stores, cooperative stores, and mass catchers, who are among the largest purchasers, are holding off in expectation of even lower prices. Importers, on the contrary, are anxious to clear stocks immediately to make room for further heavy consignments.

Grillanders say they are unable to raise the price, and it is up to Australia to regulate shipments. Tooley Street would be delighted if the Australian Export Board’s meeting of December is successful, but the market view is that the chances of Australian and New Zealand co-operation are most slender, in view of New Zealand’s declaration that she is unable to restrict shipments. Danish continues to command a heavy premium owing to persistent North of England preference for it.