IMPROVEMENT IN BUTTER

Taranaki Daily News, 16 November 1927, Page 5

IMPROVEMENT IN BUTTER

TWO SHILLINGS ADVANCE GOOD FORWARD POSITION. AMERICAN MARKET ALSO FIRMER. Heartening cable messages regarding values for dairy produce have been received by Amalgamated Dairies, Ltd., from London, New York and Montreal. They show an approximate increase of 2s per cwt. in butter and describe the market as '‘firm with an upward tendency.” Dated November 12, the cablegram from London quotes finest butter at 178 s, and first grade at 174 s to 1765. Unsalted is commanding 184 s to 186s—a nominal quotation. In a cablegram dated November 10, and published iu the New Zealand Herald on .Saturday, Amalgamated Dairies quoted freshlylanded blitter at 172 s to 1745, and cold stores supplies at 168 s to 170 s. The market then was described as “quiet,” with cheese quoted at 98s to 100 s. On the same day a Press Association cablegram quoted choicest butter at 172 s to 1745, while exceptionally good was commanding up to 1765. A material recovery, it is evident, lias taken place, and the optimistic tone of the latest advice is significant. NEW YORK AND MONTREAL. Again, Amalgamated Dairies’ latest Home information quotes butter iu New York at 49 cents, which is equal to Is 5/40 f.o.b. Auckland, and at Montreal, 38 cents, which represents the same Auckland f.o.b. value. The Dairy Produce Board, dated. November 4, quoted butter in New York at 48 cents, and at Montreal at 37J cents. The message received by Amalgamated Dairies mentions that Montreal stocks aggregate '29,000,0001b., as compared with 28,000,0001’b. at this time last year. Stocks of cheese, selling at 19| cents, amount to 28,000,0001 b., compared with 34,000,0001 b. last year.

Of New Zealand butter in England, the cablegram says that deliveries from cold store last, week were 1154 tons, leaving on hand 3857 tons—the lowest stocks for over 12 months. New Zealand cheese is still quoted at 98s to 100 s. and Canadian at 100 s to 102 s spot, and '.:os to 85s c.i.f. CLEARING THE COOL STORES. At least one other cablegram received by an Auckland firm the other day confirmed the welcome intelligence that the market lias again begun to climb, and in the figures relative to Hie paucity of stocks in Loudon there would appear to lie the material for a more optimistic estimate of the forward position.

It is reassuring to know that, however substantial may be shipments “on the water,” and following, they will meet, for some time at least, a market cn which New Zealand butter is in short supply. In fact it would appear that in about a fortnight’s time, the cool stores’ supply will be cleared. Although Australia, after recovering from the throes of a severe drought, has commenced again to ship to London in fair quantities, most of its butter is of poorer quality than that of New Zealand. The largo domestic demand in Australia lias the effect, in times of drought, of retaining most of the highergraded product of the country.