OUTLOOK FOR BUTTER
LONDON PRICE RISES. PROSPECTS MUCH BRIGHTER. Recent developments in the dairying world have enhanced, prospects for a recovery in the price of New Zealand butter on the British market during the current season. A new optimism has arisen in the trade, following the distinct improvement in the outlook. The London market is firm and prices continue to advance. New Zealand finest is now quoted at 95s per ewt., the highest point reached since October, 1932. It compares with 110 s per cwt. at the same time last year, but the industry was then entering upon the most disastrous period cf values in its history. It is claimed that prospects are brighter now than in September, 1932. Although the present improvement la the market is p&ttly_ a
trend, a great factor has been the curtailment of Australian supplies. During the past season New Zealand suffered intense competition from the Commonwealth, whoso export was largely increased. However, an unfavourable autumu and winter have proved a setback to the Australian industry. The quantity of Australian butter in store in London on September 2 was actually lower than nt the same time last year, in spite of the fact that New Zealand quantities remain 100 per cent, higher. Advice has been riiceived from Australia that the export of butter to tho end of September will be lower by 10,000 tons than in the corresponding period last year. It is not expected that the Commonwealth will ship in any quantity until November. Australian dairymen have been severely hit by low prices and a swing from that industry to other occupations is reported. A reduction in shipments from the Argentine, the other large exporting country in the Southern Hemisphere, is also advised. It is stated that several creameries have been closed. The Continental output will be lower in the coming season, according to advices received. Domestic consumption has increased, while there has been a drastic curtailment in herds. Production in New Zealand continues at a high level, and, if a normal season is experienced, there should bo a .further increase in output during the 193334 ‘ season.
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Hawke's Bay Tribune, Volume XXIII, Issue 227, 7 September 1933, Page 11
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353OUTLOOK FOR BUTTER Hawke's Bay Tribune, Volume XXIII, Issue 227, 7 September 1933, Page 11
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