NEW ZEALAND BUTTER.

Taranaki Daily News, Volume LI, Issue 42, 8 February 1908, Page 2

NEW ZEALAND BUTTER.

TREMENDOUS PRICES. London, February C. There is great demand for colonial butter. Sellers are making their own prices. Quotations are:—Choicest Australian 13Cs, New Zealand 138s. EXCEPTIONAL PRICE FOR TONGARIRO'S SHIPMENT. Per Press Association.

Wellington, Last Night. A local firm 'has received a cablegram stating that 135s per cwt. was realised for a portion of its shipment of butter by the Tongariro, and Messrs J. B. MacEwan and Co. report their advices recorded snips at 132s per cwt. on account (heir shipments. Mr. MacEwan attributes in some measure the extraordinary prices to the shortage of the butter output by both Australia and New Zealand during recent months. The Australian output for last, year fell short of the preceding year by 8000 tons, which is neirly -25. per cent, of the average yearly total. From New Zealand the shipment fell short by nearly 1300 tons, but this was due to 'a large

extent to tlie increased output of cheese. 1 This product is now supposed to have found its level, and an early revival in prices is anticipated. There is no room to doubt that the present position in London is one previously unheard of, and it is the biggest demonstration ever given of the fact that forward buying in produce absolutely amounts to gambling on the weather. As to the future prospects, there seems, the Post auth-' ority states, a probability that prices will be maintained for a little while, though a forecast of prices made by a reliable firm (and received yesterday), quoted about 112s per cwt. as the pro-' bable price for February end. There will be no New Zealand additions to the market until after the 14th inst., ori which date the lonic will arrive. Her cargo cannot, be put on the market before the 17th inst at the earliest. The result of the sudden rise has been a 1 large diminution in local buying operations on account of the great disparity 1 between buyers and sellers.