BUTTER AND CHEESE.

Taranaki Daily News, 13 August 1921, Page 4

BUTTER AND CHEESE.

LATEST LONDON PRICES. RAISING PRICE OF BUTTER. By Telegraph.-—Press Association. London, August 11. The latest report on the butter and cheese markets is:— Butter.—Firm with good demand for Australian and New Zealand. It is expected the Government will raise the price to-morrow by about ss. Free Australian ex Ormonde and Kent is selling at about a parity with Government prices. The quality and condition is good. Cheese. —Slightly easier. New Zealand white 132 s to 138 s, colored 132 s to 1345; Australian white 124 s to 128 s, colored 120 s to 1265.

DROP IN CHEESE PRICES. DUE TO BREAK IN DROUGHT. Ab a result of the break in the prolonged drought at Home, New Zealand butter and cheese producers w r ere speculating with something of anxiety on Thursday with regard to the withdrawals of offers to buy cheese by the representatives of British importing and distributing firms (says the Wellington Times). The cables instructing the withdrawals stated that New Zealand cheese on the London market standing at 136 s to 140 s a week ago had dropped to 130 s. Meanwhile offers of outputs of butter and cheese are not being taken, although a couple of days ago they were being eagerly competed for at meetings of factory directors. Cable advices state that- Canadian cheese prices have dropped 10s to 15s per cent, during the past few days. Buyers are advised that not only has the drought all over the Northern Hemisphere broken; but large shipments of cheese have arrived one on top of the otner from both New Zealand and Canada. Buyers at the other end are showing no eagerness to buy “spot” or forward.

Recently buying had been active up to ll|d a pound; but some North Island factories refused to sell at less than 112 d to Is. The highest price actually reached, however, was ll%d. Such prices wert> for the whole of the season’s output for particular factories; but even before the break one local representative had been cabled from London: ‘We think prices have gone far enough, in fact, too high. We are afraid to buy at these prices for the whole season,” The fact that many North and South Island factories arc at present keen sellers gives rise to the hope amongst cheese-producers that the present phase qf the market will soon pass and buyers begin operating again. Butter buyers have also temporarily retired. They were not eager to buy for shipment beyond September, in any case, but they had bought at Is ll|d up to 2s Id. A rough average up to now for early shipment would be 2s.