BUTTER PRICES UP

Hokitika Guardian, 7 January 1931, Page 4

BUTTER PRICES UP

SUIIST ANT 1A L INCR EASE

The best news received in 1931 is contained in cables from London announcing a substantial rise in the price of butter. Quotations on December 26 were 112 s to 114 s per cwt., but the latest is “up to 1205.” , Messrs Leonard and Son Ltd., Auckland, are advised that the current price is 116 s to 120 s, with a good demand. Advances on butter shipments are now l()d, which is an increase of id on the quotations recently obtaining.

forward offerings are quoted if.o.b. at Is. and the market is expected to remain at that figure tor at least two months. Thus there is not only a considerable advance, but an indication of confidence in the position. Speculative buyers are reported to lie active, further, if the retail price stabilises now in the neighbourhood of Is the position is likely to be maintained throughout the autumn.

The price of 120 s a cwt. represents a rise of 6s a cwt over a peiiod of 24 hours. Each cable received has spoken of a hardening market. Much of tho butter arriving in London is reported to have been taken up promptly by buyers operating for immediate requirements. The statistical position in London at the moment is sound. Early in December the market touched tho lowest figure recorded 'for some vonrH—9Bs. Since that time the market has been helped by several incidents, such as the loss of the ship Qberon, which was carrying 3000 cases of Finnish butter. Such low prices' of 'themselves stimulated a demand, and the result has been a gradual firming up.