SHARP DROP IN BUTTER.

North Otago Times, Volume CVII, Issue 17748, 17 March 1927, Page 4

SHARP DROP IN BUTTER.

Press AssccialioB.T

MR W. GROUNDS' VIEWS.

(Per

AUCKLAND, Last Night. Butter is being quoted ori Lon* don market at 146s to 148s, and cheese at 76s to 78s, according tc an advice by cablegram received at 1 o'cloick by the chairman ot thfl New Zealand Dairy Produd; Board (Mr W. Grounds), who is at prbsent in Auckland. The advice added th^t nroduce was moving slowly and. it was evident that the big buyers were holding off the market. Mr Grounds said that the Board anticipated there would be a con*siderable fall in prices before a saies basis was reached. The declme was serious, however, and m the case of butter1 partieularly so. The last prices named for butter by the Board before its change in policy were 158s and 160s against 146s and 148s. At latest advice there had been a declme of 12s within about two days. The decline m the case of cheese was 6s tq 7s. "My personal view is, as _ the country knows, that it was disastrous to abandon price fixing," said Mr Grounds. Asked how he proposed to reconcile the clearance of a large weekly quota with fixed prices Mr Grounds said: "I will not discuss that point. Now that the Board has taken Ihe view that saies must be made and has removed the price restrictions, T must suonort thc policy of the Board and I intend to use_ my endeavours to secure a maximuny of succoss under the new policy. What are the prosnects? Well no man could venture a ronfident opinion at the momen's All that I can say is that the mai* ket appears stagnant at the moment and we shall have io await events for a workable basis.