NEW ZEALAND BUTTER.

Waikato Times, Volume 121, Issue 20248, 17 July 1937, Page 4

NEW ZEALAND BUTTER.

SHARP ADVANCE IN PRICES. HIGHEST REACHED THIS YEAR. LATEST LONDON QUOTATIONS. WELLINGTON, Saturday. Advices from London state that prices for New Zealand butter have advanced sharply on a firm and active market, and the latest quotations of from Jlss to 116 s per cwt. is the highest reached this year. The previous peak level of Ills per cwt. was registered a month ago. The present value represents a rise of 5s 6d over the past week. The rapid decline in cheese prices has been stayed and there has been a general recovery. White is quoted at 72s 6d per cwt., a gain of 2s on the week, while coloured is selling Is higher at 70s per cwt. The basic rales fixed under the guaranteed price scheme, being subject to quality differentials, are 117 s 3d for butter and 63s 7d for cheese per cwt. f.0.b., New Zealand currency. The equivalent landed prices in London are approximately 105 s to 106 s for butter and 60s 6d for cheese. The guaranteed price for butter is equal to 12.565 d per lb., f.0.b., and the current London quotation is equivalent to approximately 13.73 d per lb., f.o.b. New Zealand ports. A Comparison. The following table compares the mean closing prices on the London market for the past two weeks, and a year ago:—

July 1G July 9 July 17 Butter— 1937 1937 1936 New Zealand . 115/6 110/- 107/6 Australian .. lli/( 109/- 107/CUoose'N z'- " 9/ ‘ 1,6/ ' ti7, ~ \ymte‘ ... 72/6 70/6 60/coloured ... 70/- 69/- 60/Canadian: ' Willie 78/- 79/- 66/coloured .... 78/- 79/- 66/-