THE BUTTER MARKET.
LONDON, February 11
The butter market is hardening, and selleis are now asking from 148s to 150s for the lonic's shipment, which, is due on Saturriav
LONDON, February 12.
High prices are somewhat checking the activity in the butter market, but holders are firm.
WELLINGTON, February 12.
The National Dairy Association received advice from London by cable to-day stating that New Zealand bufter <»-d sold at 150s per cwt. The market for cheeee is firm, with an upward tendency.
SOME LOCAL OPINIONS.
According to those who are in a position to express an opinion, the unprecedentedly high price which butter has reached on the London market is not likely to reflect itself on the New Zealand market so far as this end of the Dominion is concerned. In the opinion of Mr Jamos R. Scott. secretary of the South Island Branch of the National Dairy Association, the rise recorded in London is to a ■^ cry large extent artificial, and certainly temporary. There has been a decided shortage of butter, and that, combined \\ ith a certain jealousy among the Home retailers, has led to such a high price being _paid for the commodity referred to. The advance in prices he look 6 upon as merely temporary, and he would not ach ise anyone to buy butter at present in the hope of benefiting by a continued high London market. There was no chance of the market there maintaining its present high standard, an argument in favour of which was the fact that the market almost always assumes a downward tendency about thi6 time of year, although this year it has kept up longer owing to the shortage of supplies. principally from Australia. Butter that has just been sold on the London maiket at such a phenomenally high figure was purchased from New Zealand in September last, and Mr Scott expressed the opinion that it will be the first time that the Home buyers will have made money. Conditions have ahvajs been against them. But as to the local market, there is no reason whateier why it 6hould be influenced by the London market. There is any amount of butter available, and will continue to be, for the 6eason was a good one and the make was large. Then the cheese factories will probably turn their attention to butter-making for winter supplies. There should be no talk in the north of shortage of supplies, and no talk of raising the price, as there is a great deal more butter made in the Dominion tha.n can possibly be consumed in it. The position in Wellington he ascribes to the fact that a few buyers there have purchased the outputs for the season, and can dole it out at will. Being in possession of supplies, they are in a position to dictate as to what the Drice ehall be.
Referring to the state^x>f the Home market, Mr Bolt, manager of the Taieri and Peninsula Company, describes the prices reached ac unprecedented. He had never seen such prices recorded before. To a large extent it may be ascribed to the marked decrease in exportations to London from all countries. For instance, there was a. shortage of over 8000 tons in Australian supplies, and of about 1300 tons in New Zealand shipments, while Canada and the United States had ceased to export butter. Further, a partial drought is said to have been experienced in Siberia, and that, likewise, would materially affect shipments to the Home Country. Mr Bolt is of the opinion that London prices are likely to maintain a hiprh standard until about the end of March, as there is no apparent means of augmenting supplies to the Home Country to any appreciable extent. He did not entertain the idea of the Lor4oo unarket affecting
the market locally. A* far as his company was concerned. New Zealand would be run on Now Zealand lines. E\ery factoiy would look after its own interest". The local trade was to recoiie primaiy consideration, antl the pic-enl intentions were not to increase, ihc price of butter locally.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/OW19080219.2.72
Bibliographic details
Ngā taipitopito pukapuka
Otago Witness, Issue 2814, 19 February 1908, Page 21
Word count
Tapeke kupu
681THE BUTTER MARKET. Otago Witness, Issue 2814, 19 February 1908, Page 21
Using this item
Te whakamahi i tēnei tūemi
Allied Press Ltd is the copyright owner for the Otago Witness. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.