SECOND EDITION “BEST BIT OF NEWS”

Poverty Bay Herald, Volume LV, Issue 17453, 30 December 1930, Page 8

SECOND EDITION “BEST BIT OF NEWS”

BUTTER UP AGAIN ADVANCE OF 2/- PER OWT. IN FACE OF LARGE ARRIVALS “I regard this as (lie best bit of news we have had for a long time, even though the increase is only 25.” This was the comment with which Mr. J. H. Sunderland, secretary of the Ivia Ora Co-operative Dairy Co., Ltd., received an intimation to-day that there had been a further advance in the butter market. The advice referred to was received by Messrs. Dalgety and Co., Ltd., in a cable message under yesterday’s date. The message contained only five words, ‘‘butter firm, 2s higher,” but it will give rise to a much more hopeful feeling in the dairy industry, according to Air. Sunderland.

During the holiday period, Air. Sunderland said, one could not expect much movement in the markets, and it. was .encouraging, therefore, to find the market advancing in a period such as this. Even more encouraging still, he added, was the fact of large arrivals of New Zealand butter from Christmas week onwards. That the market was advancing in face of these arrivals meant that the position had a much healthier outlook than a short time ago. Predictions were current in many quarters, ho went on, that the recent rise in tlin market rates was entirely duo to ibn suspension of loadings as a result of the heavy fog. The prices did recede a little, hut tho more recent recovery appeared to confirm the theory he held that the upward movement was the beginning of a general liettermcnt in the position of the butler trade. _ From figures he had before him, vessels carrying approximately 200,000 boxes of butter were held up by fh c l°n> while from just prior to Christmas onwards until January 8, a period of only a little over a fortnight, over <IOO.OOO boxes were due to arrive. Toolcy Street had all this information, of course, and that they were offering slightly higher prices in face of these heavy arrivals was an indication of a much healthier tone and more encouraging prospects Judging from Dalgety s cable, Air. ■Sunderland assumed that the current price for New Zealand butter was now 114 s to 116 s. The market bad only regained what it bad lost during the past fortnight, but better results could be looked for, and the present trend would confound the pessimists, who believed that tho market would drop back past the .previous lowest level to 90s. Particulars of arrivals from about Christmas time up-to January-8 were (riven hv Air. Sunderland as follows: R ‘ N.Z. butter cargo Due London Vessel or nnn Dec. 11 Bangitnta .®§»J95 25 Tuiniu 29 Hertford 70.CC0 Jan. 4 Alahana 60VM 7 Port Nicholson 85,000 8 Rangitanc 90,000

Total . 4 12,°00 The Rungitnta is included in the above, as the butter on this vessel would not have been available until about December 18, although the vessel arrived on December 11 •