BUTTER RECOVERY

Poverty Bay Herald, Volume LIX, Issue 17949, 29 November 1932, Page 4

BUTTER RECOVERY

A SHARP ADVANCE PRICES 6/- PER ,CWT. HIGHER LATE GISBORNE SHIPMENTS A slurp advance of 6s per cwt. was made in Hie price of New Zealand butter in London yesterday, according to advice received to-day. Friday s prices were 84s to 86s, while on Saturday they wore 85s to 86s, with the closing rates 2s per cwt. higher. v r v hen ibis was reported in the Herald yesterday, it was taken as a sign that the phenomenal decline had ended, and today’s news confirms that view. Joseph Nathan and Company report to-day as follows: “Butter, linest 925, first grade 90s; the market is firm after the sharp advance. Cheese, white 635, colored 60s to 61s; supplies are short on the spot, and prices quoted to land ex. the Kenniera are at a discount of Is to 25.” The cheese prices quoted above are Is per cwt. higher than those in yesterday’s advice. Butter prices last week, if they had continued, would have warranted advance payments to suppliers of only a little more than 8d per lb. butterfat. The advance ot os per cwt. in the market price means an additional jjd petlb. of butterfat to suppliers.

Little, new season’s butter from Gisborne. was available in London during the period of the very low prices. One small shipment has arrived, but the first big consignment, 10,000 boxes by the Taiuui, >s not due to reach London until Christinas week, by which time, it is hoped, the market will have recovered to a more payable level. Prices will have to rise a long way yet before even the average for the past season is reached, but the fact that there is a firm tendency after the sharp upward movement is an encouraging sign. LARGE BUTTER SALES N.Z. STOCKS KEPT LOW Last week saw large sales of New Zealand butter in Loudon, and it appears as though tile endeavor of those with butter on hand is to keep stocks down to the lowest possible level. The deliveries of New Zealand butter last week were over SCO tons greater than the, previous week, and amounted to 1982 tons, leaving only 1981 tons in store, this total including 1500 tons unloaded from the Port 11 non. For the corresponding week last yetr 1882 tons were delivered and 3179 tons remained in store. Stocks of Australian butter were also low at the end of last week, totalling 1075 tons, after 1700 tons had been delivered.

The above figures are, taken from the Dairy Board’s weekly circular, which stales that the retail price of New Zealand butter remained at Is per lb. and Danish at Is 3d.