THE BUTTER MARKET.

Gisborne Times, Volume XXVI, Issue 2262, 6 August 1908, Page 2

THE BUTTER MARKET.

A WELLINGTON ADVANCE. THE SHORTAGE IN AUSTRALIA. [Press Association.] WELLINGTON, August 5.. The extreme shortage of butter in Sydney is having a disturbing influence upon the Wellington market, and prices are likely to go up, as New South Wales butter is "200 s per cwt. to-day, and it is confidently expected that it will reach 2s. The retail price, it should ]> e understood, is for butter taken from the hulk and patted up in the shop, and not as in New Zealand put up in pounds ready for sale. Australian merchants have made, and are likely to make, raids on the already short stocks in New Zealand. Sales have been effected for cash at Wellington at Is 13Jd per lb. for Australia, and 700 boxes will leave for Sydney on Friday. Holders are asking Is 4d per lb., and are likely to get it. This is for butter f.o.b. at Wellingon, and it is considered that a further rise in the price of butter at Wellington is inevitable. There has to-day been a rise of (d per lb. on tbe wholesale quotation. The head of a firm doing business stated to-day that there was still in store butter bought by local firms as far back, as last March at ll)d per lb., and taking the storage, interest, railage, and handling‘into account, the wholesale price of ll)d to 13{d for best brands did not leave an abnormal profit to merchants. The phenomenal prices in the London market list season induced heavy shipments from New Zealand, which could not be spared, considering the stringency caused by the drought. Then came a demand for our butter in South. Africa, and the last straw is the Australian shortage.