LOWER BUTTER PRICES

Evening Post, Volume CXII, Issue 58, 6 September 1926, Page 10

LOWER BUTTER PRICES

MANY COUNTRIES QUOTE

VERY BIG HOLDINGS

m STORE AND AFLOAT OVER 14

MILLION BOXES.

In Saturday's issue was printed a cablegram received from London by Mr. S. T. Paviour-Smith (representing the Anglo-Continental Produce Company, Ltd.), to the effect that the butter market has collapsed, that speculators are liquidating, and that New Zealand butter is quoted at 156s to 160s; cheese 84s, coloured 82s. The London cablegrams available today up to the time of writing include three messages, received by the New Zealand Producers' Co-operative Marketing Association (New Zealand butter quotation: Salted 158s to 1625, seconds 150s to 1525, unsalted 160s to--1645); by the Bank of New Zealand, Produce Department ("weak and irregular, 160s to 164s"); and by Messrs. Joseph Nathan and Co. ("weak and irregular, New Zealand butter 158s"). All these cablegrams are dated London, 3rd September (Friday). The High Commissioner's London "notation for next day (Saturday, 4th September) gives New Zealand butter as 160s to 168s for finest salted, 160s to 168s for unsalted, and for other qualities 136s to 158s. It will be seen that there is a considerable range between the quotations given above. If, as the first-mention-ed cablegram suggests, holders of stored butter are liquidating, a wide range in prices might be expected, as 1 some of the butter has been stored for a considerable period. Some of the holding factories had a reserve of 180s to 185s; and the events of the last month • must have severely shaken their faith in the realisation of such prices. Butter in store does not improve, and storage cost 3 mount up. It will be seen that the New Zealand Producers' Co-operative Marketing Association is advised that over one million boxes of butter was held in public cold stores in London and Southampton; in addition, butter afloat and discharging from all sources is estimated at 260,000 boxes. The following London cablegrams, referred to above, are dated 3rd September:— Messrs. Joseph Nathan and Co., Ltd.—"Butter and cheese markets weak and irregular. New Zealand butter 158s, New Zealand white cheese 84s, coloured 825." New Zealand Producers' Co-operative Marketing Association, Ltd.—"Bjitter: Market very weak and irregular."" New Zealand salted 158s to 1625, seconds 150s to 1525; unsalted 160s to 1645. Australian 160s to 1625. Canadian 156s to 160s. Argentine 140s to 158s. Irish 154s to 1565. Dutch 150s to 158s. French 156s to 1625. Danish 170s. Esthonian 156s to 160s. Siberian 132s to 140s. Held stocks in public cold stores at London and Southampton are over one million boxes. Butter afloat and discharging from all sources 260,000 Foxes. Cheese: Market weak; New Zealand white 84s to 85s, coloured 82s to 83s; Canadian, 84s to 88s." Bank of New Zealand, Produce Department.—"Butter: Weak and irregular, 160s to 164s per cwt.' Cheese: Weak; white 84s per cwt, coloured 82s per cwt."