THE BUTTER MARKET.

Shannon News, 17 December 1926, Page 3

THE BUTTER MARKET.

FIVE WEEKS’ UPWARD MOVEMENT. Messrs A. H. Turnbull and Co., forward the folloAving report on the butter market: — Top quotations for the past five weeks are as follows: —

Butter. —During the past month, as shown above, the market has made a very strong recovery, prices for New Zealand finest having advanced 265. There are several factors which contributed to this rapid advance. The termination of the coal strike in U.K. and the consequent improvement in trade.. The continuation of the drought in Australia, which has made buyers; somewhat nervous as to future supplies. The reported damage to the “Kia Ora” and “Rimutaka” cargoes, creating an impression of an immediate shortage, owing to the consequent delay in discharge and perhaps the most important, strong buying by America and Canada. Higher prices naturally curtailed consumption and following an announcement ' that the butter cargoes of the “Kia Ora” and “Rimutaka” were undamaged, a re-action has taken place and Messrs W. Weddel and Co., Ltd., cabled us yesterday that new season’s controlled has dropped 4s, with a weaker market, while old season’s stored butter is being fieely offered at 166 s without sales resulting. It would ap•pear, therefore, that prices reached their peak about December 10th.

Cheese.—This market has also* advanced 9s to 10s, which be considered a very satisfactory vise in prices. There is no doubt that the resumption of work in the mining areas had an, immediate effect on the cheesemarket, owing to the increased purchasing power-of the workers, iclLnvod by a natural increase in consumption. Tinmaiket has become somewhat bure of Canadian stocks,' with a consequently boiler demand for new season's New Zealand.

Although the arrivals of New Zealand duiihg December January and February will be somewhat heavier than they were for the corresponding period last year, we think that (provided general trading conditions continue to improve in . U.K., the ch< ese market should remain at a fairly satisfactory level. Ycu will note from the statist!'s below that tne stocks'of cheese in New Zealand are considerably less than this time last season so that it appears that the Control Board do_not intend to hold back such heavy stocks as they did last year. There is no doubt that our end of season's make suffered adversely owing to coming into competition with the heavy Canadian make in July and August this year, and it., looks as though the reversal of policy should be a benefit to cheese factories. STATISTICS. • : f

' Nov. 12 19 26 Dec. 3 10 Danish butter — 172/- 192.;N.Z. finest— 150/- 166/176/ N.Z. Stored — 144/- 170/N.Z. .White cheese — 87/- 85/i 94/-' 96/N.Z. Coloured86/- 96/96/-

Butter. 1924 • 1925 192(5 . ''■ Tons Tons • Tons N.Z. shipments in Nov. 8,200 10,400 3,613 Gradings in Nov. — 10,350 9,250 10,250, In store Nov. 30— 4,750 4,400 6,900 Cheese. N.Z. 'shipments in No.5,000., 10,000 6,030 Gradings in Nov.— •■ t ■ 9,550 9,700 . 10,(550 In store Nov. 30— 4,500 7,000 6,050