REVISION MADE.

Auckland Star, Volume LXIV, Issue 17, 21 January 1933, Page 11

REVISION MADE.

BUYERS' SCHEDULES. INCREASED MEAT RETURNS. UNCERTAIN "DAIRY MAUKET. (By Telegraph.—Special to "Star.") WELLINGTON, this day. One prompt result from the high exchange is that the schedules on which stock buyers operate in the Wellington district were revised yesterday in an upward direction, so as to give owners of stock in the Dominion an opportunity to participate in the premium realisable on the sale of produce in Britain and the transmission of this credit to New Zealand.

It has been decided to pay threefarf.hings a lb mere for lamb, one halfpenny a lb more lor wether mutton, and one farthing a lb more for ewes. These increases take effect immediately.

Inquiries were made as to whether f.o.b. buyers of dairy produce had similarly improved their offers, but the market is so uncertain and inactive that there appears to have been no business on which to base any indication of buyers' intentions.

MEAT FOR EXPORT.

PRICES EXPECTED TO RISE. LAMB PROBABLY 5D PER LB. Meat exporters were waiting to-day for advice from their principals as to the prices to be paid for stock for export, "but it is not expected that definite information will be forthcoming until Monday next. There must be a rise, and the only question is as to how much it will be. Although the producers will benefit to the extent of the 15 per cent that has been added to the rate of exchange, there must be deducted tho increased freight, and it is thought in Auckland that the price for lainb, for instance, instead of being 4Jd a pound, will be ud, or very close to it. •

As matters are the producer will not stand to gain a great deal this season, as tho peak of the lainb killings is passed. Pig killing is also practicallyover, and though the mutton season is now In full swing, the number of sheep slaughtered this year will not be nearly so/ great as last season.

EFFECT ON MOTORS.

RESTRICTED IMPORTATIONS? INDUCED DUTIES URGED. No definite decision on policy following tho raising of the exchange rate has been made by the large English motor car importers throughout the Dominion. From inquiries made this morning, it was learned that 110 immediate move will be made to raise the price of English cars. Eventually cars will have to go up in price, and the public will have to carry the burden of the increased exchange.

The effect of the new rate on the importation of cars was emphasised in a telegram which the Auckland Motor Trade Association sent to the Motor Trade Association of Wellington yesterday for transmission to the Government. It was stated that the increase would inevitably have the effect of restricting the importation of motor vehicles and products to euch a serious extent that the Government would be faccd with a very considerable loss of revenue from import duty. It was therefore urged that the Government immediately consider reducing Customs duties 011 motor vehicles in order to enable at least the present volume of imports to be maintained.

GOLD VALUES. APPRECIATION FOLLOWS. STOCKS AND SHARES. (By Telegraph.—Own Correspondent.) DUNEDIN, this day. Mr. Harman Reeves, chairman of the Stock Exchange, maintains that the Government made a grave mistake from a national point of view in raising the exchange. The Government's action would mean appreciation in the value of gold, he continued. Naturally that would help the gold mining companies very considerably, and cause appreciation in the best gold mining shares. It would also increase the business between New Zealand and Australia in stocks and shares. In the past business had been more or less hampered by the high rate of exchange against Australia. Now that the rate between the two countries had been considerably reduced, prospects were much improved, as a large number of Australian bank shares and other shares were held in New Zealand. In addition, a considerable amount of dividends from bank shares had been allowed to remain in Australia by New Zealand holders, owing to the high rate of exchange. Most of that money would now be-brought, into New Zealand.

AUSTRALIAN FUNDS.

transfer applications,

Since yesterday there has been a marked increase in the number of applications for the transference of funds in Australia to New Zealand. Whereas the cost previously was £14 7/6 per cent, with the rate of exchange between Australia and New Zealand now established on practically" »■ par basis,, the cost is only 10/ per cent. On the, other hand, £100 in New Zealand will, establish £99 15/ in Australia as against £113 12/6 previously. The original ( rate was an adjustment of the differ-, ence between the Australian and the New Zealand rates on London, approxi-: mately 13* per cent, but latterly various rates were being charged by banks fori customers only; . '