BUTTER PRICE FALLS

Taranaki Daily News, 25 October 1935, Page 7

BUTTER PRICE FALLS

LONDON MARKET AT STANDSTILL. . RESELLING BY SPECULATORS. Cable advice received by Taranaki agents yesterday indicated a sharp fall in the price of butter and that trading was now almost at a standstill on the London market. The market has declined 15s since last week-end' and finest grade is now quoted at 112 s. Cheese has declined from 2s to 3s in sympathy. A United Press cable message from London ascribes the sudden slump to speculators reselling, and it is learned that 60,000 boxes of Canadian butter arriving unexpectedly On the market has had a depressing effect. Some slight decline .in prices was expected when the bulk of the new season’s supplies arrived on the market but so sharp a fall was unexpected and operators are at a loss to know the precise causes. The stock position is, however, favourable and it is expected that extra supplies will be quickly absorbed When the market Will again show an upward tendency. Dairy factories have shown a distinct wariness Of selling forward and much produce has been sold on consignment. Actually only a small portion of the Port Chalmers’ cargo at present being loaded at New Plymouth has been sold. Factories a few days ago freely received offers at 14jd but little business was done. The offer is not being renewed.