FLUCTUATING MARKET

Sun (Auckland), Volume IV, Issue 958, 29 April 1930, Page 11

FLUCTUATING MARKET

POSITION OF BUTTER FORWARD BUYING AT 145/Although the London dairy produce market registers a decidedly healthier tone, those in the best position to know are still reticent about making any definite forecasts as to how far the present upward movement will go. There is also a considerable variation in quotations received by various merchants.

Reviewing the position under date April 25, Mr. A. C. Rowson, the Tooley Street principal of Messrs. Leonard and Son. Ltd., dairy produce exporters of Auckland, stated that, although the demand was active and the market advancing, considerable fluctuation in price could be expected in the near future.

Commenting on the position to a Sun man this morning, Mr. W. A. E. Leonard, of Messrs. Leonard and Son, Ltd., said that it seemed futile to talk about the intrinsic value of butter in view of present day conditions as if it was a level below which the market could not go; the intrinsic value today was just what the consuming public was willing to pay; industrial and financial conditions on the Home market had lessened buying power to a considerable extent. Although the demand had been stimulated over the past week or so by lower prices, sales had been disappointing and showed a considerable shrinkage on those of the corresponding period of last year. Indications were that the market was still weighed down by heavy stocks both in London and *in New Zealand. POSITION OF BLENDERS One fact had emerged from the present situation, continued Mr. Leonard, and that was the question as to whether the agitation in respect to the methods of the blenders was in the best interests of the producer. Since the agitation, which originated mainly from New Zealand sources, the blenders had definitely withdrawn their patronage from Dominion dairy produce wherever possible. It was generally recognised as essentially bad business to annoy buyers. Summing up the position in regard to the butter market, Mr. Lec%iard stated that his firm’s advices were* to the effect that the market was showing signs of definite improvement and there was now an inquiry for butter for May-June shipment on a basis of from 3s to Is 2d a lb; this price was the equivalent to approximately 145 s a cwt on the London market.

COMPANY REGISTRATIONS One public and four private companies have been registered at Auckland since the Easter vacation. Details are: Public Speedwell Oil Company (N.Z.), Limited, importers of oil and benzine. Capital, £30,000, in £1 shares. Subscribers: Hercules Sandford Burleigh, Harry Clenton McElwain, George Frederick Parkes, Edward Hallifield Boyd, Murdoch McKenzie Millikin, Charles Adams and JPcter Gilchrist, 1 share each. Private Oasis Orange Drinks, Limited, fruit drink merchants. Capital, £6,000, in £1 shares. Subscribers: Hesketli De B. Stewart, 3,000 shares; Joseph Macartney "Wilson, 2,000 scares; Charles Adams and James William Hayden, 500 shares each. E. Duffin and Company, Limited, stock dealers and general merchants. Capital, £1,500. in £1 shares. Subscribers: Eric Duffin, of Waitakaruru, Warwick St. George Ruxton Wilson and Thomas Shepherd Bassett, both of Auckland, 500 shares each. J. W. Moore and Son, Limited, boot and shoe manufacturers. Capital, £1,250, in £1 shares. Subscribers: John William Moore, 1,000 shares; Florence Emily Moore and William Edward Moore, 100 shares each; Emily Ann Moore, 50 shares.