DAIRY PRODUCE.

Waikato Times, Volume 109, Issue 18347, 5 June 1931, Page 3

DAIRY PRODUCE.

RENEWAL OF OFFERSFAVOURABLE INDICATIONS. The renewal of f.o.b. offers at a higher figure following a long period of comparative Inactivity is accepted by the dairy industry in the Manawatu as pointing to much more hopeful prospects for butter, says the Manawatu Standard. The butter market Is reported to be firm Rp to 118 s, and at 115 s it gives an approximate net return of 11 7-8 d f.o.b. at New Zealand ports. The opinion is generally held that the market will advance very shortly owing to short arrivals. Consequently dairy company directors in the Manawatu are for the most part following a policy of declining to sell in anticipation of a better return. Numerous offers within recent weeks are stated to have failed to tempt them. It is reported that, while there is twice as much cheese in store at present as there was during the corresponding period of last season, there Is onlyhalf the quantity of butter held in stock. Offers for butter on an f.o.b. basis in the Manawatu are stated to have reached Is for “anything afloat or in cool -store.”

This was the figure -at which the Eltham -Dairy Company sold in Taranaki, but it is considered Insufficient In this province- Those stated to be well Informed are holding on. The last sales made f.o.b. some months ago were at Is for limited quantities. Offers commenced early in the season at 11 l-Bd, then went .to Is and were ultimately advanced to Is later receded a little In sympathy with the market quotations. Now they are being renewed at a higher figure and one which Is instilling some degree of confidence in the future. “Wo consider that the offers made have provided insufficient inducement to us to sell,” stated one dairy company director to-day. “We would not look at anything round Is. The prospects are that there is going to be a I'ise in prices.”