BUTTER DROPS AGAIN

Poverty Bay Herald, Volume LX, Issue 18256, 27 November 1933, Page 2

BUTTER DROPS AGAIN

MARKET WEAK AT 76/CONSUMPTION STILL GOOD OUTLOOK NOT PROMISING Quotations for New Zealand butter have fallen to 76s per evvt., and the outlook is not promising, despite the continuance of consumption at a very high level. These points in to-day s news trace a further stage in the very rapid decline in the market over the. past 10 days, 'today’s quotation is Is to 2s below Saturday's and 12s below the figure of 10 days ago. The market remains weak. The decline continued right up to the closing of the week’s business at 765. Two day’s previously, the. United Press Association cable message quoted New Zealand butter at 80s and Australian at 78s. To-day’s Press Association cable message states: —“Consumption of buttei continues remarkably good, thanks to the low retail prices. Some stores are sell ing Australian “Kangaroo at 9Ad pei lb, others at lOd and lid. Several firms are packing Australian and New Zealand butter in lib and £lb cartons, which are proving very attractive, but the market js overshadowed by heavy prospective supplies, no fewer than 1,170.840 boxes being afloat from Australia, New Zealand, and the Argentine, and consequently prices for Australian and New Zealand dropped 8s this week. Buyers are showing more disposition to operate, at these lower prices, but the outlook is not regarded as promising.’’ Dairy Board figures snow that shipments of butter to leave New Zealand finally between November 30 and January 19, arriving in London between January 8 and February 27, total 1,217,000 boxes. In these shipments, Gisborne has a representation of 25,130 boxes, valued at nearly £50,000 at to-day’s values. The largest single shipment is 67C0 boxes, due to load on the Pakcha, this week. Two- other shipments of 5000 boxes apiece are to he made on the Cano lies a and Port Denison on December: 15 and December 30 respectively. To-dav’s butter quotation was received in the following message from Messrs Joseph Nathan and Company: “Butter. 76s- the market is weak.”