BUTTER UP SIX SHILLINGS

Taranaki Daily News, 30 November 1932, Page 6

BUTTER UP SIX SHILLINGS

ADVANCE IN LONDON PRICES RESUMPTION OF XEAVIER BUYING. CHEESE MARKET IMPROVEMENT. SHORTAGE OF SUPPLIES ON SPOT. A sharp rise of up to six shillings in the price of butter was recorded in cables received at New Plymouth from London yesterday. Finest grade was quoted at 925, a substantial improvement on the 86s quoted at the end of last week. It was generally believed in the trade that prices had touched the lowest level, and this belief seems to be borne out by the improvement now shown. The present rise is attributed to a resumption of buying on a larger scale.

Reports from London during the last few days have made anything but encouraging reading for Taranaki farmers, but butter has now more thari regained the ground lost in the past ten days. The position of cheese also appears to have strengthened, as an increase of one shilling is reported in the prices for both white and coloured. An additional fillip to the cheese market has been given by the fact that supplies are short. Christmas buying, generally a little heavier than at other times of the year, has also had its effect on both butter and cheese.

A cable received by Messrs Joseph Nathan and Co. Ltd. from TrengrouSe and Nathan Ltd. stated, yesterday that finest butter was selling at 92s and first grade at 90s, while the market was firm. White cheese had risen to 63s and coloured to from 60s to 61s. Supplies oh the spot were short and the Reniuera’s shipment was quoted to land af a. discount of from Is to 2s.

Though no fresh offers are believed to have been made in North Taranaki this week there was increased buying activity in Auckland yesterday and the previous day, following the better conditions on the London, market.. Offers of 9id a lb f.cub. for December-January shipment were made, equivalent to slightly over 9is per cwt on the London market at the present rate of exchange. The best offers so far believed to have been made in Taranaki were 9 l-8d last week.