DAIRY PRODUCE.

Taranaki Daily News, 1 December 1923, Page 6

DAIRY PRODUCE.

BUTTER MARKET FIRM. INQUIRIES FROM AMERICA, CHEESE MARKET OBSCURE. There has been little or no change in the London dairy produce market during the past week though it is anticipated that the cables received during the week-end will show that butter has again hardened. It is considered that there is a possibility that quotations will go up to 220 s in the near future. The factor in hardening the butter market is said to be due largely to the inquiries being received from America. During the paist few days inquiries for butter have been received in New Plymouth from New York, but it is doubtful whether the inquiries will materialise in business being done. The New York merchants are asking for quotations c.i.f. New York, January and February shipment, payment to be made in American currency. Exporters ere not prepared to do business on those terms, and have asked to be established in New Zealand, as they are not prepared to accept the risks of a variation in the exchange. Why New York should want supplies in February and March when it may be expected supplies will be available from various States, and probably from Canada, cannot be understood, unless the New Zealand butter is intended for Ze-export to Britain as a speculation in view of the Empire Exhibition. Australian butter should be reaching the market in some volume now. In November last year the imports of Australian butter into the United Kingdom amounted to 4912 cwt., against New Zealand’s -1487 cwt., but this year Australian shipments have been smaller owing to the severe drought ekperieuced in many of the dairying districts. It is difficult to see where supplies are coming from to compensate for this shortage unless Argentina and New Zealand manage to make up the deficit. What South .'■merica is likely ito accomplish this season is as yet an unknown factor, but in any case the market is likely to remain firm until Christmas time. Regarding the cheese market, the ; situation is still obscure although the i market appears to be firm. This con- ; dition of however, is not expcct;ed to continue for very long in view of ; anticipated heavy arrivals, and a fall in i the market would not be received with i any degree of surprise.