TO BE REDUCED.

Ashburton Guardian, Volume 53, Issue 273, 30 August 1933, Page 7

TO BE REDUCED.

MEAT AND DAIRY CARGOES. (Per Press Association). WELLINGTON, August 29. Cabled advice of the main terms of the new refrigerated cargo freight rate contracts with shipping companies was received to-day by the Dairy and Meat Boards. No official statement regarding the terms was available to-day, as the cablegrams had to be sent to London for confirmation of some of the figure's. It is authoritatively stated, however, that the new freight rates, which will operate from Friday, represent a reduction of approximately 7 per cent, on present rates. In the case of butter, the rate, which now is 4s per box, less 15 per cent., will he 4s less 21 per cent. ,: |t is estimated that the annual saving on dairy produce represented by 'the new rates will be approximately £124,000. The new contract carries other provisions relating to the rate of exchange New Zealand on London. The produce boards will carry, as at present, the full cost over 10 pea- cent, of., remitting funds to London, the shipping companies carrying 10 per cent. In the new contracts, however, it is understood there is provision that if the exchange rate falls below 10 per cent, the cost will be borne by the boards and shipping companies in certain definite proportion. The new-contracts provide that the Blue Star line will have a share, stated to be 10 per cent. It is understood that the Blue Star line shortly will open offices in Wellington and other ports in New Zealand. The first homeward loading from the Dominion by the line will he made by the big motorship, Tuscan Star, in November.