BUTTER PRIDES HIGHER

Shannon News, 6 July 1928, Page 4

BUTTER PRIDES HIGHER

RATES FOR CHEESE IMPROVE

LONDON MARKETS FIRM

The London dairy produce market lias taken another upward turn and prices for New Zealand butter are once again firmly established above the 170smark. Advices received oii Wednesday state the market is firm. London gives quotations for Anchor butter at 174 s and 172 s for Ist grade. For cheese the quotations given are 101 s to 102 s on a firm market.

Joseph Nathan, Limited, was advised by its London principals, Trengrouse and Nathan, Limited, that butter was being quoted at 172 s and cheese at 101 s to 102 s on a firm market, Dalgetv and Company’s report-gives the butter quotations at' 170 s to 1725, and those for cheese as 100 s to 1925. Mr. W. G. Paviour Smith received from'his London Principals, the AngloContwiental Produce Company, Limited, advice that the market was firm, with butter quoted at 170 sto 1725, and cheese at 100 s to 101 s.

The peak price for New Zealand butter this season was realised last September; when the market was at : 186 s for a few days. 'At the beginning October values showed a sharp decline to 170 s. and remained. steady at that figure throughout that month. Following a further drop to 1725. at the beginning of November, the market recovered to 170 s early in December. Then followed a series of retrograde movements, until the bottom was touched at 100 s in the middle of January. A period of firming/ prices ensued until 178 s. was reached in the first week of March, and then the market pendulum commenced to move slowly in the other direction, until it reached the limit of its movements, at 164 s early last month. Within a week there was a sharp rise to 170 s and for the past few weeks prices have hovered around this figure, until the further firming tendency began to manifest itself a few days ago.

Iq the absence of other information concerning factors which might influence the market, exporters are, inclined to the opinion that the comparative lightness of stocks of New Zealand butter in London is the chief, cause of the latest appreciation in values. Last week the stocks were estimated at 4500 tons, a figure which is much below that for the corresponding period of last year. Cheese prices have bec/n uniformly good throughout the season, the range since March 0 23 when the rates were 98s to 100 s, being from 90s up to 995. Last season the highest prices realised for New Zealand cheese were 975., which was paid for a brief period in December, 1926.