THE BITTER MARKET.

Otago Witness, Issue 2779, 19 June 1907, Page 9

THE BITTER MARKET.

SPECULATORS' HEAVY LOSSES. AUCKLAND, June 13. Referring to a statement published that buyers of butter in this colony have lost heavily this season, and that prices are likely to be lower yet, Mr Spragg, the managing director of the New Zealand Dairy Association, said it was unquestionable that butter speculators who had bought butter in the colony last year had suffered badly. It was news to him that single firms had dropped £16,000 and more in the season. The total loss of the speculators had been variously estimated : t from £150,000 to £250,000. There was, of course, a chance that the statement had been exaggerated, as it would suit prospective buyers to have it understood that they had suffered badly last season, because that plea would probably help them to buy more cheaply in the coming season. Whatever the actual amount of the losses was, they had certainly been enormous. Pressed for hie opinion respecting next year's London market, Mr Spragg said he was not anticipating a worse one than last. Indeed, if New Zealand butter could be sold in a judicious manner, and not under pressure, as last year, the market might even be a better one.