THE BUTTER OUTLOOK.

Hokitika Guardian, 5 April 1924, Page 2

THE BUTTER OUTLOOK.

A WELLINGTON VIEW. AVELLINPTON, April 3. According to a local financial writer the very strong efforts that have been made to hold up the market for butter have succeeded to a certain extent for the price rose from 150 s to 1525, and subsequently, to 150 s. According to latest advices, weak holders having been eliminated, others were able to restrict sales and so force the price up. It will depend entirely upon the volume of demand whether stocks pass into consumption at a. reasonable rate, or whether there will he an accumulation of stocks. A good deal of butter sent forward on consignment is being witb-hehl from the market under instructions from consignors, sc there must be a certain amount of ac-

cumulation. Some advices indicate that improved prices will hold for sonic weeks, while others state that there will he a icaotiou. and that next advices of movement will carry prices Inflow the >ecent low level. All this, of course,-is mere guessing for so much will depend upon tlie European output, which should soon be seen on the market in some quantity, and the Siberian output may or may npt be a depressing factor this year. Last year there was a substantial expansion in imports into Britain ol European makes of butter. Imports ol butter in January totalled 425.116 cwt. as against 501.209 in January 1923, a decrease of 76,093 cwt. due entirely to the contraction in imports from Australia. and New Zealand. The figures for January this year and last year are as follows: — Jan. 1924 Jan. 1923 cwt. cwt. Northern. » Hemisphere 154,40-3 136,233 Argentine 74,277 65,811 Australia 54,i24 147,030 New Zealand 129,901 143,583 Other countries ... 11,803 8,54 V 425,116 501,209 Australia sent 93,211 cwt. loss am: New Zealand 13,082 cwt. less. A usIndian shipments have since expanded and t 1 output during the last month or two has been fairly large. It is stated that Australia will not need to draw upon -New Zealand for supplies this month.