BUTTER PRICES RISE

Taranaki Daily News, 26 October 1935, Page 6

BUTTER PRICES RISE

RECOVERY OF 2s AT LONDON. CHEESE AT 58s ON SLOW MARKET. A recovery of 2s in the price of choicest New Zealand salted butter on the London market was reported yesterday in a United Press Association cable. The price was steady at 114 s, compared with 113 s for Australian. Unsalted butter was scarce, the quotations being only nominal. Cheese, on a slow market was being quoted at 58s and 59s for New Zealand white and coloured, said the cable. No Australian cheese was being offered. A hopeful view of the situation was taken yesterday by a New Plymouth man in close touch with the industry. “The market is going to recover,” he said. “Though it has been affected by the arrival of large quantities of Canadian butter, the stocks ppsition has not been altered materially. There may be a downward move towards the end of the -year, but prices generally should be good for the next six months.” A cable from London received yesterday by Messrs. Henry A. Lane and Co., Hawera, reports cheese, white and coloured, at 58s on a steady market and butter at 112 s to 114 s, the demand being steadier than recently. Similar advice was received by Mr. E. Griffiths, New Plymouth, from Messrs. A. J. Mills, additional information being that New Zealand first grade butter was selling at 110 s to 112 s, Danish at 130 s and Australian at 112 s to 114 s. This cable quoted New Zealand coloured cheese at 58s 6d, sixpence more than New Zealand and Canadian white, but Canadian coloured was bringing 625. “Steadier with a slight recovery’ was the description of the butter market used in a message from Messrs. R. and W. Davidson Ltd., London, received by Newton King Ltd. While quoting salted butter at Ills and 114 s compared with 121 s and 125 s last weeff, this cable added the encouraging reminder that the price was only 69s at this time last year. Cheese, according to this mesage, was quoted at 58s, a reduction of Is to Is 6d on last week’s rate but an improvement of 7s for white and 8s for coloured compared with the figures for the corresponding period of 1924. , , , xu One private message, that sent to the New Zealand Loan and Mercantile Agency Company Ltd., quoted cheese at 59s and 60s on a slow market. REASONS FOR INCREASED PRICE. ONLY FAIR ECONOMIC RETURN. Rec. 9 p.m. London, Oct. 25. Questioned in the House of Commons regarding the increased wholesale price of Empire and Danish butter and New Zealand and Dutch cheese, Mr. Walter Runciman, President of the Board of Trade, said it was mainly attributable to reduced production abroad, accompanied by some increase of Continental purchases. It was no doubt true that the price of New Zealand butter gave only a fair economic return to the New Zealand farmer. Prices were considerably less than they were five years ago. Asked whether he would take steps to bring about a reduction in price, Mr. Runciman replied: ‘We do not think that necessary. The market will look after itself.” ■'