COMMERCIAL.

Press, Volume LVIII, Issue 17408, 20 March 1922, Page 8

COMMERCIAL.

MEAT PRODUCERS' BOARD. The Now Zealand Meat Producers' Board has been sitting continuously during tho week under tho chairmanship of Mr David Jones, M.P., all the members being present (says Saturday's Wellington "Post"). A very largo amount of correspondence, both from within and without New Zealand, wa3 dealt with, and the future activities of the Board exhaustively discussed, and the foundations of a. sound, progressive policy laid. The had a, meeting with the representatives of the shipping companies on Friday, and discussed the possibility of an early reduction in certain rates of freight, also tho methods by which the Board can co-operate with shipping companies in securing improved methods and lower costs in loading produce in New Zealand. Mr W. IX Hunt was present at the meeting of tho Board on Friday. Tho Board has secured permanent offices in tho Dominion Farmers' Institute Building, Featherston street.

BIG CUSTOMS FRAUD.

WOOL FALSELY DESCRIBED. |Bt Cabin—Prew Association—Copyright.) (Australian and N.Z. Cabl-o Association.) NEW YORK, March 17. The Federal authorities are investigating an alleged plot to cheat tho Government. of millions of dollars due as duty on wool imported from South America. It has been learned that wool imported as low grade material for the manufacture of carpets, which is undutiable, was examined and proved to be wool of the highest quality, dutiable at 30 cents a pound. One Bhipment escaped duty amounting to 450,000 dollars.

INTERIOR FLOUR. MELBOURNE, March 18. Mr W. M. Hughes announced in the House of Representatives that the Wheat Board, the millers, the shippers, and the South African Government have reached a satisfactory settlement respecting the claim arising out of flour which the South African merchants said waa of inferior quality.

THE GROCERY TRADE. "With declining prices the trade is subjected to heavy losses, and these conditions will continue for perhaps another year," says the annual report of the Wellington Grocers' Industrial Union of Employers. "The retail trade throughout the country will expedite tho bringing about of the new conditions by adopting a drastic method and cutting its losses. The greatest struggle in the world's economic history is now being undertaken, almost unconsciously, in the great effort to break tho 'vicious circle.' Prewar standard is at hand in almost all articles of common use, but a complete return cannot be achieved till Labour ill its turn participates. The rearrangement of the cost of the workers' output must be brought abont before the hew conditions cafl be established."

HtK® OP BTJTTEB, ' (SntOlikL TO "the PRESS.") DTJNEDIN, March 18. On Monday."the -wholesale price of Iratter in Dun«din wifl be raised from Is 2d per lb to Is 3d. Business in butter is being done with London on the baste of,-l*u to 14id per lb, f.0.b., whereas not long aco it was on a 13d basis.

OIL WORKS DAMAGED. Beoeivod March 20th, 12.25 a.m.) MELBOURNE, March 19. , A fire at the British Imperial Oil . Company's works at Spottiswood caused heavy damage. LAND VALUES. EXTREME PRICES IGNORED. ■ Interesting reference to the incidence of land valuations was contained in a letter from the Valuer-General read at the laat meeting of the Pohangina County Council, in reply to the letter's query as to whether a re-valuation of the county could be arranged (states an exchange). According to the ValuerGeneral, a revaluation of the county was not oontemplated at present. Until prioea of groduoe had become more or less stable, any attempt \to apportion land values to prjoes would only create a feeling of insecurity throughout, and outside, the Dominion, which would have a very undesirable effect, not only upon the farming interests, but also upon all other interests. "Jfou can," he continued, "hardly allege in all seriousness that the existing roll values of lands in thd county are based upon the extraordinary prices for land during the years 1919, 1920, and part of 1921. As a matter of fact, the Valuation Department consistently ignored the inflated prices paid for lands during the period referred to, and assigned moderate values to land in the belief thatj pre-war conditions would lead to T6ry material reduction of the prices paid for wool, meat, and butter during the operation of the Imperial commandeer. I may 1 state that the principle ihvariably observed by the Valuation Department in assigning values to properties in a district is to take the prices realised for all properties during a period of four or five years, to check these prices with the prices ruling for produce during the samo period, to discount the former where necessary, and strike average values. The average ' values thus determined are necessarily conservative, inasmuch as the Government values are used, not only for taxing and rating purposes, but also for mortgage purposes by the State lending departments, safety being the first consideration. There does not appear to bo any valid reason why the Department should now depart from the principle observed in normal times and base values upon the prices of produce ruling in 1521. Prices are elowly but rarely recovering, and nothing should be done to discoifrage that confidence which is essential to the welfare of the agricultural and pastoral industries." The Valuer-General added that if any owner was of the opinion that his property was over-valued he had the right to apply for a re-valuation, and 0 n depositing the fee the re-valuation would be made.

SUHLO? BUBBEB COMPANY' 3 DIVIDEND.

directors of the Dunlop Rubber Com»*ny of Australaaia" Ltd., have authorised payment of a dividend of 5 per cent, ou ih» cumulative preference shares, for the eslf-yew ended December 81st last, and of 3 per cent, cn the ordinary share* for the samo period.