BUTTER PRICES RISING.

Shannon News, 6 March 1928, Page 4

BUTTER PRICES RISING.

GOOD PROSPECTS FOR CHEESE. AUCKLAND, Feb. 29. - For the first time for many weeks butter has been quoted as high as 170 s » * per ; ewt. on the London market. Commenting on the cablegrams received by city exporting firms announcing the new level of values, which is' two shillings better than those ruling 1 - of late, an exporter attributed the appreciation mainly to the restricted production in New Zealand on account of the, dry spell. “Our London, principals have been anxiously inquiring about the position in the Dominion," he stated, “and we have been advising . them weekly of the trend of events." Other experts in the trade supported that view with slight modifications, while all appear to agree that the out- '' look, for cheese is justifiably optimistic. Some are not so confident concerning the future for butter, -but there is satisfaction in the circumstances that in recent weeks the market has been ton- V ing up steadily. Mr W. Grounds, chairman of the Dairy Produce Board, in his recent review of the markets commented upon the fact that, the lower level at jvhich butter prices stood a short while ago led .., to some brands being withdrawn from the market with a tonic effect overseas. Recently, too, the New Zealand Co-op-erative Dairy Company withdrew large stocks of its butter from the overseas export market, February shipments be- 1 ' ing reduced by 50 per cent. That is another factor which in all probability has substantially influenced the London market.