THE BUTTER MARKET.

Taranaki Daily News, 5 January 1922, Page 4

THE BUTTER MARKET.

LATEST LONDON PRICES. AJSERIOUS POSITION. DISPOSAL OF THE SURPLUS. 2y Telegraph—Press Association. • Wellington, Last Night. A cablegram received by the Bank of New Zealand from London gives the price of butter in London at 110 s to 120 s per cwt. It is stated that this below’ the pre-war average prices and further still, is below the coat of production. As indicating the state of the London market the National Dairy Associatior has received the following cablegram from London:—“The condition of the butter market is stil] bad. Danish is quoted at 154/- per cwt, New Zealanc. 118/-, Australian 90/- to 104/-. Prices are irregular. Cheese quotations are Canadian 80/ to 100/-, New Zealand 86/- to 90/-; white and colored, market, quiet.

The dairying industry of the Domin-* ion is now in a critical position, for not only is the market where it is, but it is menaced by the holding by the Imperia) Government, of 870,000 boxes of butter, which it proposes to liberate on the market, which is already handling with difficulty supplies in ex;ess of consunlption. A meeting of dairy factory representatives' was held to-day in Austra'ia, as they are vitally interested in the matter of the present market weax* ness, and a similar meeting, has been convened for to-morrow in Wel’.ngton. when all New Zealand butter and cheese co-operative manufacturing interests will be represented. The business is understood to be consideration of the advisableness of taking such action as may be necessary to prevent the Imperial Government holdings of butter being used to unduly depress an already unpayable market. The Governments of both Australia and New Zealand are giving this matter of the Imperial stocks of butter, and their effects on the market, most serious consideration, fully realising th© gravity of the situation, insofar as it concerns the dairy industry in noth countries. The Wellington conference will to-morrow discuss ways and means of meeting the crisis which has arisen in the industry. Inquiries have been made into the condition of the 870,900 boxes of Imperial Government butter which it xs proposed to release on an already congested market. So far as the New Zeal”" I portion of this butter is concerned, it .1 reported, as to 95 per cent, of it, to be equal to the best quality new season’s “free 1 ” butter now arriving on the London market. Th® seriousness of its competiti<» i is thu> intensified, for were it inferior in quality it could be disposed of for pastry or other manufacturing purposes.