DAIRY PRODUCE.

Thames Star, Volume LVII, Issue 15886, 26 July 1923, Page 8

DAIRY PRODUCE.

BANK REPORT. The Bank of New Zealand’s London report, dated June S, says as follows: — BUTTER, Following' the slump reported in our last issue the market remained fairly steady at the lower level established, and there appeared to be not the slightest indication of any improvement in the- near future. As a matter of fact, the depression continued until the end of May, but within the next few days a sudden and wholly unexpected change took place without apparent reason, and New Zealand, which had been selling freely at 140/ at 142/, is now quoted at 150/ at 154/. It is supposed that this sudden rise is more or less due to the scarcity of supplies available for delivery owing to very heavy purchases made by some of the large buyers last week. A certain amount of forced selling was partly responsible for the weakness in the first instance, but it is now said that some merchants have recently made financial arrangements whereby they can hold heavy stocks of butter in cold store,’ and thus relieve the market for the time being, at any rate. The existence of these stocks, however, may conceivably result in weakness later on in the season. CHEESE.

New Zealand is in steady request at 88/ at 92/, while commanding a slight premium over coloured. Supplies available for delivery, especially of white, are short at the moment, but there will be considerable quantities of New Zealand to arrive before the end of the month. The small quantity now actually landed is responsible for the recent advance in prices, but the unseasonable weather is against the consumption of cheese and with increased arrivals prices may decline.