COMMERCIAL.

Press, Volume LVIII, Issue 17343, 3 January 1922, Page 8

COMMERCIAL.

THE MEAT POOL.

LONDON OPINIONS. The following further resolution, parsed at a second meeting held in London of Uhe representatives of proprietary companies established both in the United Kingdom and in New Zealand, and owning no less than seventeen freezing works in New Zealand, was handed to the High Commissioner for transmission to the Prime Minister: "That this further meeting (representing proprietary freezing companies established both in the United Kingdom and New Zealand, and representing also certain other proprietary companies with established buying connexions in New Zealand), in the light of the further facts received by cable, still considers abandonment of all Dominion buying for cxnort will of necessity result from any scheme which does not preserve full proprietary rights lor meat purdhased in the Dominion, and freedom to market and distribute without any outside interference whatever at either end. This meeting further strongly urges that any scheme should be strictly limited to those desiring to take advantage of its financial provisions, and that all buying companies and licensed exporters should be free to continue their buying operations as in tlhe past. ' Views of "Financial Times." Cable advioes received in Chrfctchurch yesterday state that "The limes," the "Morning Post," the ""Westminster Gazette," the "Evening Standard, the "Evening News" (journals representing all shades of political opinion) nil give prominence to protests against the proposed moat pool sdlieme. The three chief financial papers devote editorial articles to the scheme. The leading editorial in the "Financial Times" is headed, "New Zealand's rplly," and is, verbatim, as follows: "According to cabled Mr Massey (.the Prime Minister ot New Zealand) is proposing the formation of a Government meat pool in the colony wfhich will control the exportation of all New Zealand meat- Presumably it ■would also have to take over the many important freezing stores and other establishments incidental to the exportation of best Canterbury lamb, which have been built in the colony by British enterprise, and logically should also secure the vessels specially fitted for tlhe carriage of frozen meat to the Home market. To the Socialist (and New Zealand is notorious for its mild antagonism to capital) the idea may seem*a very attractive one. The business which has been built up by fifty years of hard work, entailing many losses in the earlier stages, is now a profitable one for all concerned._ Therefore, argues the amiable theorist, why Should not the State annex it? the ethical question of whether it is right to commandeer the results of other people's endeavours being comfortably Ignored. Of course, if the colonial Government decided to enter into competition with' the existing organisation there would be nothing to say except a word of commiseration for the local taxpayer, but a Government monopoly is a very different matter, and, in the case of any foreign country, would be Bharply jeserited. The scheme, in fact, is strongly resented by the colonial overseas interests on this eide,_ as was stated in the resolution published in our issue of yesterday." ' Other Press Opinions. The "Financier" devoted a threeiruarter column, article to criticism of Hie scheme, from which the following is in, extract"Few people ,in this country realise that behind 'tlto meagre tables that have reached London with regard to Mr Massey's ideas for a meat pool lies what is probably iJhe most revolutionary proposal that has over been placed'before the business world, of the British Empire." The London morning lepers, including all financial organs, give prominence to the statement issued by the Now Zealand and Australasian Agents' Association dealing with, the effect of the scheme on New Zealand meat values in the United Kingdom. The statement points out that the present condition of the meat trade is due to worldwide influences affecting all produce, plua undue prolongation of Government control under peace conditions, and that tho Bcheme will make conditions worse for the New ZeJaland producer, whilst, if tW trade were left alone, it would rapidly find its own . remedies. etatement adds that, if the scheme goes through, few if any buyers in tho "United Kingdom will dare risk purchasing forward, consequently all New Zealand meat would have to be consigned. , Thiß would play right into the hands of the already developing mutton and lamb trade from the Argentine and Patagonia The' "Financial News" publishes the opinions -of the leading bank authorities in London, very strongly opposing the schemeThe London Chamber of Commerce is. officially opposing tlhe scheme.

COMMENT ON MB D. JONES'S SPEECH.

Commenting to a "Press'' representative on Mr i>. Jones's speechiat Ashburton on Friday, a. man intimately connected with tno "meat industry _ remarked that, in replying to Mr Grigg, JVfr Jones had said that the amount to be advanced when stock was on the books had been suggested at 80 per cent., but Khat was probably too high. Unless thev Government were prepared to take the risk of heavy reclamations, • tho amount ior . advances-would have to be set at a very much lower figure, as, otherwise, in the: event, of an adverse market, such as was experienced last year, the Government would be faced with the task of collecting large deficits from farmers wlhich, under present conditions, may in many instances have to be written off; the loss, of course, falling upon the shoulders of the general taxpayer. t '"ln this connexion," he continued, «'one would like to know what Mr Jones would hare been the policy of a. board"of control, as regards advances, )iw/l the proposed scheme been in existence at the commencement of last year. The Prime Minister and the advocates of the scheme repeatedly stated that the best brains in the trade would be selected 'to administer the 6clieme. PresumaWythe best brains in t)he trade considered that the prices paid for fat stock a year ago were justified by the market prospects, as business men do not as a rule purchase to make a loss. "What was the history of last year's transactions? Briefly, the market price for fat lambs on the farm were established in January at 9Jd per lb., equivalent to Is lid per lb in Lcndon; and oiving to unfavourable reports these prices were reduced from time to time during tihe season to as low as s£d per lb, equivalent to 9&d per lb in London. During the same period tha value of lamb in the London market fell from ' Is 2d per lb to as low Operating under these, conditions, the purchasers have had to face extremely heavy losses. Is there any reason to suppose that ft Board of Control could have seen any further ahead than the existing trade interests, and have avoided the losses v" hich are now Being borne private" traders P ' "Air Jones his supporters would no.-,doubt reply to this' contention: 'We would have regulated shipments;' but just how any regulation of shipments could have affected the position is indeed difficult to know, and the question again the • Government v Board of Control have" come to any different decision than was come to by those now responsible ior marketing

their own purchases? Is it not reasonable to assume that, if a body of private traders individually possessing ail the knowledge which could come to a Government' Committee and individually possessing a vastly greater experience of the requirements of the trade, established certain values for livestock and foil jwed a certain policy regarding shipments, that, in the main, a committee of experts either selected from within the trade or from outside it, would have been guided by exactly the same considerations, and would have acted in more or less a precisely similar manner? "Referring again to the conditions under which last season's operations were conducted, it is probably not assuming too much to say that had a Hoard of Control been established as is now proposed, advances would have been made based on the high ideas of value current at the crmmencement of the season, and would have been continued long after the point at which private concerns actuated by business prudence were forced to reduce their ideas of value, with the result that the Government would have to recover from individual farmers anything between 5s and 10s per head, on a very large proportion of the lamb and mutton shipped. "Mr Jones, in referring to the effect on the store stock market, appears to have missed the point at issue. He says: 'The man who had feed wou'd buy stock to cat it. The store stock market would not be adversely affected by the proposals?' J>oes Mr Jones realise that in a very large majority of cases the farmer who has feed, and wishes to buy store stock to feed it, has to obtain the r.eeesFarv finance, as a rule, from one of the various stock firms, who, in the main, finance this particular class of business? Is it safe tor Mr Jones to assume that stock firms will be prepared to lend their money to finance purchases of store stock if the lambs, when fattened and ready for freezing, are not to be allowed a free market ? Mr Jones would be well advised to consider this aspect of the matter, because stock and station firms will have something to say to it."

N.Z. AND AUSTRALIAN AGENTS

ANOTHER PROTEST FROM LONDON. (By 'Cable—Press Association —Copyright.) (Australian and N.Z. C*.ble Astocxation.) LONDON, December 30. The Council of the New Zealand and .Australian Agents' Association has passed a motion recording the opinion that Mr Masaey' l - proposals for a meat pool do not provide any remedy for the prenent abnormal condition of the New Zealand meas trade, but, on the con-* trary, are likely to do irreparablo harm to the trade, nnd all the interests connected with it, by checking forward business, and thereby playing direct into tih© hands of South American traders. Therefore the Association urges the withdrawal of the proposals, in order that trade may be carried on as in the past, to the advantage of the producers without any interference on the part of any Government.

SUPPORT OF POVERTY BAY PRODUCERS.

(PBESS ASSOCIATION TELEGRAM.) GISBORNE, December 31. A largely-attended meeting of producers discussed theft Government's proposed meat pool. Mr Bridge, president of the Union, was in the chair, Mr W. D l . Lyunar, M.P., was the principal speaker, and moved «. motion approving the Government scheme > "as an earnest endeavour® to combat _ the disadvantages of existing conditions, and relieve the present unwarranted meat slump." An amendment favouring a local pool was defeated, and Mr Lysnar's motion was carried; MEETINGS IN CHBISTOHURCH. A meeting will be held in the land sale room of the New Zealand Farmers' Cooperative Association, Ltd., tb-morrow morning at 11 o'clock, to discuss the meat pool question ana appoint a delegate to the producers' conference. Mr D. Jones, H.P.. will g : ve an address of interest to all farmers. A special meeting of members of the Canterbury Chamber of Commerce will be held in the Chamber hall on Monday next at 3.30 p.m., to discuss the proposed Government meat pool. . MEETING AX KAIKOUEA. At ft specially /convened meeting of,the Kaikoura A. and P. Association and farmers, held at the Public Library on Saturday, Mr J, Peoples presiding, Mr R. T. Pope read a telegram, from the Hon. W. Noswortuy asking that a meeting be called to discußs the meat pool question and appoint a delegate to the conference to be held in Wellington on January 10 th. Mr S. Andrew said that until further details were available it would be unwise to pass judgment on the Government's scheme, no was prepared to give general support to the scheme provided details wero arranged satisfactorily»to all concerned. ,The financial aspect of the queetion was one which the Government couid better handle than private concerns. At the piesent time he could not see why the Government scheme should not prove successful. Mr'A. J Murray said the matter was one of the most important brought before' the farming community for many years. Unc fortunately the tieczing concerns were run •by people who were more interested in profits than tire welfare of the produoera. He favoured the pooling Bystem provided that it waa not under Government control. Ihe principle was right, but control should ba in the hands of the producers. Eventually M r Andrew moved:— Tha# this meeting favours the principle of a compulsory meat pool, backed by the Government, brut under the control of the producers. The moticri was seconded by Mr L. Burney, and carried unanimously. Mr Murray favoured the acquisition by tne Gcfternmfent of the whole of the freezing works of the Dominion, with a view to more economical working, and to be -run on the co-operative principle as dauy factories wefe conducted, and moved:—'That those present favours the producers having control of the meat works, run on the co-operative system, backed by the Government.' The motion was carried. . x . . Mr S. Andrew was appointed delegate to represent Kaikoura at the conference. FALL IN PRICE OF BUTTER. Following upon the decline m the price of butter on tlie London market, local retailers , have received notice from the dairy companies of a reduction in the local retail prices, which, it is expected, will come into force this week. Factory butter, it is stated, will he retailed at Is 6d per lb, instead of la 7d, and farmers' butter at Is Sd.

WOOL TRADE.

NEW YBAB PBOSPECTS.

iffly Cibl® —Pr<»» Aseociatioa —Copyright.) ft*.™ And N.Z. Cibls iasoci»tion,> LONDON, December 80. Messrs Charles Balme and Company, in their annual review of the wool trade, remark that "it is probable that during 1922 the consumption of wool in this coutnry will expand. Already there are some evidence of improving trade, which should lead to a distinct revival of the exports of woollen goods. The outlook is by no means unfavourable, jS-ovided the political situate* on the Continent improves and foreign exchanges become more stable. The present fashion favours the finer classes of wool, but it would appear improbable that the present wide disparity between the prices for fine and coarse wools can continue for any lengthened

period, and a distinct increase in Jthe demand for the latter seems likely in the near future.

BRITISH AND AMERICAN TOBACCO COMPANY.

THE YEAR'S PROFITS. Received January 2nd, 7.5 p.m.) LONDOX, December 31. The year's profits of the BritishAmerican Tobacco Company amount to £4,323,431. SOUTH AUSTRALIAN LOAN. LONDOX, December 30. Saut-h Australia is underwriting a 6 ;>r?r cent loan of £3.f!0!).0C0, issued at £96, repayable in 1930-40. NEW YOKE STOCK-BROKERS TAIL (Received January 2nd, 7.5 p.m.) NEW YORK, December 31. The B. W. "Wagner Company, one of the largest telegraphic stock brokerage firms in the country, has failed, with liabilties amounting to 7,500,000 dollars. AUCKLAND'S BUTTER OUTPUT. (SPECIAL TO "THE TRESS.") AUCKLAXD, January 2.

Expectations formed early in the spring that there would be a record output of butter in the Auckland district this summer are being fully borne out. The butter output to date is much in excess of last year's producthough there is a shrinkage in cheese. There is every likelihood that in view of the decline in the butter market at Home, the number of factories that hitherto have been making >utter will turn to cheese producthe output of the latter commodity will no doubt increase as the season advances The total amount of ; butter received at the Farmers' Freez- ' ing Company's grading stores to date" is 545.010 boxe3, compared with 413,860 boxes for tiie same period last year. The figures for cheese are 58.897 crates and 91,360 crates respectively.

CUSTOMS RETURNS-

FIGURES FOR 1921. The net Customs collected at Christchurch for the year 1921 totalled £828,509 7s 7d, as compared with £1,194.627 8s 3d for tho year 1920 —a decrease in 1921 of £366,118 0s Bd. Tho net beer duty collected in 1921 totalled £59,401 Is lOd, as compared with .£54,537 10s 3d in 1920—an increase of £4863 lis 7d.

Following are the details for each month in each year:— .

SUBSTANTIAL DECREASE IN . WELLINGTON. The Customs revenue collected at the port of Wellington during the past twelve months shows a. decrease of no less than £850,825 6s 9d, as compared with the figures for 1920, while the b§er duty collected discloses an -increase Of £9BO 10s sd. The figures for the respective periods are as under: Customs Revenue. 1291. - 19^0. £1,642,tt/2 0s 9d 7s 4d Beer Duty. 1921. 1920. £38,100 ■4s 2d £37,174 13s 9d Tne figures for the month oi Lemuber, 1920 and 1921 respectively, are as foilows: — Dec., 1921. Dec., 1920. Customs £ s. d. £ s. d. rafenue 112,795 15 . 0 156,371> 13 7 Beer duty 4,999 14 .9 12,860 16 5 ENGLISH MARKETS; (By Cable—Press Association-Copyright.) (Australian and N.Z. Cab_e Association.) January ind, 7.0 p.m.) Cotton—Liverpool quotation, Amencan Middling Upiaud, February delivery, 11.;wd per lb. Jute —Native first marks, January-February shipment, £ib 103 per ton. iieuip—N:w Zealand la steady, OctoberDecember sEipmtPl £3' 10a per toil. Kubber—Fine hard Paia 13id pex-lb; Plantation, first latex crepe Hid, emoked ribbed eiicet lljd. Copra—The market is dull. South Sea, bagged, January-March shipment £25 per ton. Linseed Oil—£2B 10s per ton (equal to 2s 3id-per . gallon). Turpentine—6B3 3d per cwt (equal to 6a 2d per gallon). Mutton —Canterbury light 5Jd per lb, medium sid, heavy Ed; South American, light &id, heavy 4£d; Patagonian ewes 4d. Lamb—Canterbury light Bd, medium 7jU, heavy 7Jd, seconds 7d; South.and, 71d; North Island, selected 7Jd, ordinary 6id; Australian, best 7d, fair Cid Beef—New Zealand for;a (nominal); Australian crops old; Arjcntine fores 3Jd, hinds Sii, </hilled Argentine- force Bid, hinds 7td; others are unchanged.

Dalgety and Company, Limited, have (received the following cablegram from their London office dated December 29th:—"Fr:zen meat. Owing to the holidays small business is doing. Priocs are unchanged." DAIRY PRODUCE. (Received January 2nd, 5.5 p.m.) LONDON, January 31. Butter —Prices are irregular. There is a good demand for New Zealand finest at ICOo to 1309 per cwt. Australian is quoted 100s to 108S, exceptionally good lota bringing 110s; unsalted 114s to 118s. Danish butter meets with a elow trade at 154s to loSs. Some retailers are selling excellent Australian butter at 14d per lb. SAN FRANCISCO, January 80. A consignment of 403,086 pounds (approximately ISO tons) Australian and New Zealand butter, making thirteen carloads, has left for N«tt York and other eastern points. This is the largest rail shipment ever made.

A BLIND BARRISTER.

EX-SOLDIER CALLED TO BAB. |By Cable— Pitjsa Association— Copyright.) (Australian and N.Z. Cable Association.) LONDON, December JO. Mr R. Bowen, a blinded soldier, who has been called to the Bar, will practise as a barrister. The National Institute for the Blind prepared one hundred volumes of law booKs in Braille for Sir Bowen, which are now available for other blind students.

Net Customs. 1921. 1920. £ o. d.. £ e. d. January .. 90,822 1 11 64,548 15 6 February .. 106,701 18 1 70,287 9 3 March .. 68,147 17 0 64,093 -0 5 April .. 76.66S 7 2 97,791 6 8 May .. 65,860 10 4 101,018 17 10 Juno .. 62,MS 4 1 113,579 5 1 July ... 42,150 2 0 88,812 7 1 August .. 56,897 8 4 77,9'.7 14 8 September .. 118,052 8 7 148 870 4 2 Octobej" .. 58,987 13 8 139,349 1 3 November .. 48,369 4 0 112,577 10 10 December .. 47,678 12 7 115,781 17 7 Totals .. £828,509 7 7 £1,194,627 8 3 Net Beer Duty. 1921. 1920. £ s. d. £ e. d. Jamiary 4761 15 G 4756 19 6 February a 4339 12 1 477J 15 4 March 4909 10 2 5387 8 4 April ' .. ■ 3744 5 0 3968 12 9 May 4900 1 6 4078 18 4 June 8747 10 2 4775 1 8 July 3333 7 43803 S 10 August 4087 13 7 4917 0 9 September 8850 1 2 8653 10 7 October 4448 17 6 8929 5 6 November 8793 17 0 5520 4 8 Deo&mber - .. 8484 10 10 4967 9 5 Totals .. £59,401 1 10 £54,537 10 3