WELLINGTON NEWS

Hokitika Guardian, 9 December 1927, Page 4

WELLINGTON NEWS

THK RUTTER MARKET. (Special to 11 Guardian WELLINGTON, Dec. 7. After rising' to .1 fills in the week ended November IS. the price of butter in London fell to l(>3s, a decline of Ids in a fortnight. It is probable that the market will linn a little during the next few days, but the outlook is not very promising' lor the New Year, when heavy supplies from New Zealand and Australia will reach the market. It is exported that .‘I-11.000 boxes ol New Zealand butter will I»*■ reaching the London market next month, this being' efpiivalent to 8425 tons, which contrasts with 0971 tons in .January ID-7. According to an exporting' firm, the damage to the " Poll Caroline” cargo had at first a stimulating effect on prices, but later on the marketing' of the damaged butter under direction of the underwriters at a necessarily low figure. bad the opposite effect, and was largely responsible for the rapid fall since reported. Added to this it was reported that the demand in Britain had been disappointing', with Australian ” Kangaroo” lira ml offering at lolls e.i.l. and e. Decern her shipment. Canadian buyers who have been a stronp; factor in stimulating the market, suddenly withdrew, but with a return to lower levels, and no doubt assisted by the possibility of increased duties, once more entered the market, and sales have recently been reported for Docemher-Jnmiary shijrnicnt to Canada at equal to Is -I pi pel Hi f.o.b. Sales have also been made for the I'nited Kingdom at Is LUI, whilst New York buyers are also showing interest at this price, indicating the possibility ol a steady market during the flush months.

The cheese market lias not shown very much movement and lias been steady from Kills to 102 s. The quantities of new season’s which have arrived so far have been very .small, but with the heavier arrivals in December (71-M tons) and in .January (7871 tons) the market is likely to weaken slightly (luring those months. ’I be statistics recently issued she ' that lor the ten months ended 31st October, a total ol 2.182. Did boxes of butter were exported from the Dominion, and 809,70! orates id cheese. Ol the butter exported Auckland district contributed 1.408,1:17 boxes. Taranaki 227,000 boxes, and "Wellington District -29.>. 1)1 I boxes. Of the cheese shipments Taranaki (ontrihmed 318,589 crates, and Southland 417.172 crates.

THE WOOL MARKET. The sale.at Wellington showed (dearly enough that the lower range of values established at the Christchurch sale have come to stay. It is obvious that the sales in the North Island lasi month were exceptional. Certain sections of the trade were short ol the staple and bought to satisfy immediate urgent requirements, and the econonm level of values was abandoned oil that account. Ergent wants having been lilled, there is no longer any reason Tor offering fancy prices. The sale at Wellington saw prices lower by a hallpenny lo a penny per Hi, and the market may now lie regarded as being at its proper level.

At the November sales Bradford was not able to operate to any extent as the pri(es were too high, hut with the recession in values Bradford is now operating freely, and American buyers are also taking quantities. Bradford was a keen buyer of average crossbreds and Lne Continent was also in the market for this (lass of wool which declined about Id per lb on November rates. At the November sales Eranei was a keen buyer of bellies and pieces and forced up prices to a high level.

But at the sale last week Ereneh competition was absent with the result that bellies and pieces dropped ljd, which really means that this class of wool now stands in a more reasonable relation as regards price to fleece wool. Super crossbred wools of which there were some exceedingly fine lots of well <Cro\vn. lij-clit conditioned wool, attracted keen American competition, also competition i'mm the representatives of Australian mills, while Bradford made tlie running lor suitable lots, and tic result of this was that this class did not recede more than a half-penny, while many lines were on a parity wiENovember rates. The Dominion mills were alter merino and hall-breds, and the latter declined .Ul to Id per lb -Merino wools showed practically no change.