BANK OF AUSTRALASIA.

Auckland Star, Volume LV, Issue 116, 17 May 1924, Page 14

BANK OF AUSTRALASIA.

NEW ZEALAND'S PART IN ITS PROPERTY. A REMARKABLE RECOVERY. (From Our Own Correspondent.) LONDON, AprU 3. ■ The nineteenth annual general meeting of the Bank of Australasia brought out nothing of importance to add to our advance notice. The chairman's references to New Zealand's share in the factors which make for the bank's prosperity indicate that our Dominion had an important influence. v "There has," he said, "been a gratifying drop in taxation. The chief saving has been in New 'Zealand, where a welcome reduction has taken place, not only in income tax, but in other items, and the result, cannot but be advantageous to all concerned. New Zealand, which in 1922 was not in too happy a position, has had a remarkable recovery. The main portion of their wool is crossbred, which does not command such high values as Merino. The price of the crossbred wool was slower to improve, but has now reached a point which shows a handsome profit to the farmer and is reflected in an increase in the size of the flocks in the Dominion. The world's shortage of Merino wool is estimated at 1,000,000 bales. The decreasing number of sheep docs not indicate that future production will be able to satisfy demand at to-day's rate of consumption. The value of wool exports has risen from £26,354,000 to f57,141,611 in 1923, when they represented 48 per cent of total exports The wheat harvest has resulted in a satisfactory increase over last season in the amount available for export. "As for beef," he said, "both for New Zealand and Australia beef is the product for which the outlook is least promising. Beef exported from Australasia has to be frozen, while the Argentine is able to ship chilled beef, which commands a better market. The longer sea voyage from Australasia is not favourable to the shipping of chilled beef to Europe. However, experimental shipments of beef chilled by a new process are being undertaken and it is hoped the result may prove satisfactory."