FINANCE & COMMERCE

Waimate Daily Advertiser, Volume XXIII, 19 May 1922, Page 2

FINANCE & COMMERCE

BUTTER AT HOME. CRITICISM RESENTED. [Per Press Association—Copyright). London, May 17. Butter importers greatly resent the criticisms which appeared in Australia and New Zealand regarding their purchase of Government surplus stocks, especially the suggestion that they depressed thie market, and raised it after the purchase had been completed in order to get exorbitant profits. Interviewed by the, Australian Press Association, one leading importer said: “The real facts are that this butter was retailed throughout the country from 10d to 16d per lb. As'a result consumption rose from 2500 tons weekly to between 5000 and 6000 tons, the demand being so great that huge supplies of new butter were also readily cleared. The prices for such havfe never looked back, but if the prices of butter generally have been maintained, consumption would have been so snlall that Australian and Nek Zealand producers would have suffered seriously in regard to this season’s output, as the collapse which was created by the British Treasury forcing the sale, would have come much later when accumulations would have been considerably heavier, and th e loss accordingly so much greater. Importers transferred the bulk of the Government butter to big lietail combinations for merely a nominal commission. The accusations levelled at the importers are altogether erroneous, and false. The Board of Trade did not sell at the request of any individual or combination of importers, but only at the extreme pressure of Treasury officials. . FOR AUSTRALIA. Recent exporting of New Zealand butter to Australia would seem to be due to extreme prices demanded by Queensland holders. Advices to hand from Melbourne show that Queensland advanced the price of first-grade butter an additional 9s 4d a cwt. (Id a lb) to 205 s 4d a cwt. (or Is lOd a lb). Victoria was asked to pay 196 s a cwt. for its supplies from that stjite. Buyers have refused to purchase further supplies from Brisbane, and the trade is coming to New Zealand. The news of the placing of fairly extensive orders in this direction is confirmed and b§st Dominion butter will be landed in Melbourne at about Is 9d, duty paid. Queensland is unlikely to obtain any more of Victoria’s butter business this year. AUSTRALIAN MEAT. RECIPROCITY SUGGESTED. Mr Jowett is conducting a Press campaign in northern industrial centres in favour of Australian meat, urging that Britain ought to reciprocate by heavier purchases of Australian products. WANGANUI WOOL SALE. Wanganui, May 18. The third Wanganui wool sale was held this evening, when 7500 bales were offered. There was a good attendance of buyers, representing Bradford, America, the Continent, and Japan, . and bidding was keen. Distinctly improved prices ruled, with medium crossbred averages Id to 2d higher, inferior Id to 1-Jd, coarse i crossbred fd to Id, inferior id to I id, low crossbred Id to IJd; lambs, | Southdown Id increase. i The range was —Southdown 15Jd [ to 16d, medium crossbred, 44 to 46, average 7d to Bfd; inferior 5d to 6ld ! coarse crossbred, 40 to 44, average 6d to 7Jd, inferior 4d to s|d; low crossbred 36 to 40, average 5d to 6|d inferior 3d to 4|d, lambs, Southdown lid to 12d, fine 8d to 9Jd, medium 8d tc B*d, seedy 2d to sd; bellies and pieces good to super, 3d to sd, low to medium IJd to 3 Id; erutchings, medium to good, 3d to 443, inferior lid to 2Jd, locks lid to 2Jd