AMERICAN NEWS

Hokitika Guardian, 30 November 1927, Page 2

AMERICAN NEWS

Australian it N.Z. Cable Association.) FORD’S new; car. NEW YORK, Nov. 28. Ford’s plans for the manufacture and sale of a new car, tile probable effect thereof on sales of other motor companies products, is tile biggest factor of moment on the stock market. It’s a main topic to-day, in banking and brokerage offices, and the direct cause of much selling of motor issues by holders of such ; many of which show .substantial paper profits, 'there is a feeling that a big fight is impending. W all Street is anxiously watching the situation.

BUTTER IN AMERICA. NEW YORK, Nov. 29. United States Department of Agriculture states the statistic position of butter throughout th" country is such that the American market holds out no opportunities for Australian and New Zealand produce at the present time. Although United States is now entering a low production season, storage holdings of butter are unusually heavy totalling 103,037.003 pounds on iirst September and 147,412.000 pounds on first October. The department pointed out that prices of host native grades have not been higher by ihe 12 per cent tariff than prices prevailing in foreign markets. New York butter prices on 27th September were between 49 cents for 93 point and 41 cents for 87 point. Local wholesale and importing houses, however, are inclined to disagree with the department. The former states foreign importatioiys to local markets have recently been virtually non-ex-istent and Chicago houses state little foreign butter has reached the city in the last three years. New York dealers express the belief that prices will remain steady or may possibly rise somewhat, indicating that a market could lie made for fresh, high [joint Australian and New Zealand butters packed in tubs.. Chicago dealers point out that some British Dominion butters which reached Chicago brought lower prices because they were packed in boxes. New York merchants predict their belief that the local market will absorb Australian and New Zealand butters, chiefly on a taste which ba< been developed for such here, pointing out British Dominion butters reaching New York via London in 1926 bad a total value of 771 thousand dollars, exceeding even Danish importations which totalled 624 thousand.