COMMERCIAL.

Press, Volume LVIII, Issue 17411, 23 March 1922, Page 8

COMMERCIAL.

NEW ZEALAND PRODUCE IMPROVING MARKETS. THE BUTTER POSITION. (teoh our omc cobrespottdent.) LONDON, February 1. During the past week prices for butter have steadily risen and are now lingering in the region of 145s per cwt. for best New Zealand. More than this is being asked but buyers are hesitating at anv higher price. OScial figures show that since January Ist the consumption of butter has gone up 20 per cent, or more. The immediate effect is that best Maypole margarine is being sold at 6id per lb. It is considered that so long as the public can get good butter at Is 6d retail, margarine is not greatly sought, but immediately "■ passes that figure a general return to the cheaper substitute sets in. At the present time the Government stock is getting into consumption and it is anticipated that for a week or two the new season's article will feel the effect and remain at present prices or fall slightly. It is generally acknowledged that the market is perfectly sound and there is no room for a sensational rise. A large business has recently been done in Colonial butter for shipment to the Continent, principally France, Belgium, Switzerland, and Italy, besides smaller quantities to the United States and Canada. Probably never in the history of the trade has so much Australian butter been shipped from this country to Continental ports, and this refers equally to Government and "free" butter. But supplies are ample, and consumptive demand is excellent. From the point of view of merchants and "retail firms this is the most desirable state of affairs, and though they might not acknowledge it to the producers in the Dominion, they are probably hoping that no higher prices win prevail, as it must mean curtailed consumption. Danish butter is very scarce and as much as 17os to 185s is being paid for it. . Irish will not be available in quantities until April or May, English will not be available until May or June, nor Danish until April or May. Except for a moderate supply from the Argentine and from South Africa, the Australasian article holds the market. Under the circumstance, therefore, it is anticipated that there will be little or no drop until well on towards May or June. ' . _. Advanace in Cheese. Probably owing to a short supply for the moment cheese prices hajve advanced most unexpectedly. Whereas they ruled-in the region of 84s & fortnight ago, 90s to 96s can now be obtained, and as much as 93s per cwt. for exceptional quality. This ia out of all proportion to the position of butter, and the reason for the advance is not quite clear. However, the future position is uncertain 1 , and there is no apparent reason why the prices should remain for any length of time at the present high level.

Strong Demand for Mutton and Lamb. Owing to the quiet time prevailing \ after the tallow auctions held m the I middle of January, a fixture for the following week was cancelled. During the last few days, Messrs W. Weddel and Company report the demand has improved and a fair amount of business 'ha* been done- The forward position, is decidedly better, and there are now more buyers than sellers. Shippers have advanced their price about 2s per cwt., and it remains to be seen whetfcer.oriyers will respond. The shipments of Australasian tallow from the colonies during; December are cabled as 2300 tons against 3900 tons for- the same month last year. Japan has recently become an important factor in the market in Australia, particularly in Sydney. The shipments from Australia to the United Kingdom and Continent combined from January to end of October amounted to 15,549 tons, whereas the total to other destinations, chiefly japan, amounted to 14,372 tons. The butter position appears to be the key tb "the situation as regards oleo products, and the recent recovery in butter prices (in most grades about £3O a ton from the worst) has resulted in » most optimistic feeling in the (market for oleo and beef premier jus. A smart advance in premier at Rotterdam stiffened shippers' ideas, and prices for all products are a shade dearer. Quotations for Australasian varieties are: White mutton tallow, 42s per cwt.; good mutton tallow, 40s; fine beef tallow, 425: good-colour jnixed tallow, 395; dull to fair mixed tallow, 325,t0 365; gut mixed tallow, 31s; beef premier jus, 44s • mutton premier jus, 41s; stearine, 455. ■ ■ ■ _

There has been enquiry for New Zealand corned beef-at 20a to 80s per,dozen 12-6 tine, and a fair demand for New Zealand sLeep-tongues (48-12,0z) is reported. A better feeling ,on the market is mentioned. Supplies of New Zealand mutton have lately been very short, so that available stocks in store have met with -a very strong demand for all weights. Small , Canterburys are exceptionally short, and for anything available 8d per lb is now obtainable. For the 48-58 ib grade 7jd per lb represents the current price; 56-641b carcases have been selling more or lesa freely at 7jd to 7Jd, and the other 641b grade at 6Jd to 6jd per lb. All descriptions of North Island sheep are very short, and ' there is very little difference now between the value of North-Jslands and Canterburys. Ewes have shortened up very considerably, and have met with a very good demand. Prices have again sharply advanced, and we now quote 6id for the under 641b, and 6d to 6Jd .for tho over 641b grade. Australian mutton prices have advanced in (sympathy. Arrivals from the River Plate have also been very light, and with the small stocks in store being firmly held. values have advanced sharply. Small sheep cannot be produced at under 6Jd to 73 per lb, and the medium weights 6jd per lb. Heavy sheep meet with a good demand at 6Jd per lb. Patagonian carcases are none practically cleared. The very few remaining are selling at 61 d for wethers, and 63 to 6}d per lb for ewes. There has been a considerable decrease in stocks of New Zealand lamb, and as the demand has been exceptionally good, values have risen well over Id per lb, so that prime Canterburys are easily saleable at IOJd per lb for under 421b grade, and at lQd for over that limit. Secondary Canterburys, aa well 06 lambs from tho North Island, are firm at about id per lb under thoso quotations. River Plate lamb, supplies of which are nearly exhausted, sell at . BJd to 9d per lb. Messrs Weddel say there is very little improvement in the demand for Australasian beef, only a fair trade having been experienced. There ax© still large stocks of old season's meat on offer, ■and very low prices are being taken to clear. These supplies are a drag on tho market, and curtail aH demand for tlha new season's article. The Beef Situation. Rumours are abroad that the market for frozen beef may improve in tho near future. The hope in baaed on the fact that American firms have curtailed their shipments of beef, and it is ofeo •rumoured that Argentine firms are not killing so extensively. In addition to this, 2000 tons of old Australian meat ipontlnaad at foot of next column.)

SOFT GOODS TRADE STEADY DEMAND PEOM THE DOMINIONS. FUTURE OF BRITISH MANUFACTURING. (froh ote ows coebestondest.) LONDON, February 1. The export of soft goods to the Dominion, which was resumed a few months ago, after a year's cassation, has gone on steadily, but buyers in London are not dealing in large quantities, preferring t Q operate in safety. As regards the raw materials, there is no doubt that prices are at bedrock now, and if there is to be any further reduction ia the price of manufactured articles it must come as the result of a substantial cut in wages lb© woollen hosiery trade is exceedingly bnsk at present, as there is no other European country like England for this particular line, and the demand is keen Leicester firms are booked up for three months ahead. Germany, however, has been a keen competitor m cotton' hosiery, and many German farms operating in Great Britain have booked up their output for two years in advance. This is not having a very serious effect upon the British manufa©tures, however, for, what with the 'tariff and other charges, goods which are sold apparently at 4s per dozen pair in Germany have cost as much as .us per dozen pair before they have reached the merchant here. Those 'firnis who are selling these German goods are not allowing the public to get any beneht from the reduced prices, and incidentally not under-cutting the English article very much, but are merely pocketing the profit. . Germany has' practically regained the whole of the fabric glove manufacturing trade, which was worked up m England during the war. The only firms now able to produce these at present are those who are supplying the countrie/Vhich prohibit German manufactures. Cotton Trade Depression.

While the woollen trade is slightly on the mend, the cotton manufacturers are having a very "bad time. It is estimated that 40 per cent, of the output of the Lancashire cotton mills went to India before the war. Now, however the demand from that country has fallen to a very low level. This is probably largely owing t 0 the internal troubles of India, but it must be realised 33 well that India, like other parts of the Empire, is extending her own manufacturing trade. News comes only thi3 week that a powerful organisation is setting up factories which are to contain a million machines. K ' Manufacturers in this country will have to realise that the various parts ot the Empire are gradually making themselves independent of the Home country in the matter of manufactures. Australia is • now developing her owfl cotton fields in Queensland and maufac-, turing her own cotton, and, with the new woollen mills in New Zealand and the extensions and ramifications to the old-standing mills, the import of woollen manufactured goods and piece is gradually falling, never to he renewed. -' Fifteen years ago hundreds of thousands of pounds' worth of woollen costumes, blouses, coats, and dresses went from this country to New Zealand, but to-day a few hundred pounds a year"would cover the export trade in these articles. . This is one of the subjects which will probably bo thoroughly investigated by the British Empire Exhibition, for it. 19 felt that the transfer of capital and the establishment of factories in the Dominions', where the raw materials are to be found, by the great British firms will lay the foundations for a real immigr«ti° n policy, which is greatly needed if the unemployment problem of Great Britain is to be adequately dealt with. , , NATIONAL BANK OF NX NEW PEBMISES IN LONDON. (from ottb OWN CORRESPONDENT.) LONDON, February 1." Anyone walking up Moorgate street, leading from the north side of the Bank of England, cannot help being struck by the appearance of a handsome block of buildings which has just emerged from the scaffolding that had covered it for the past year. It is the new home of'the head office of the National Bank of New Zealand, and lies not eighty yards from the Old Lady of Threadneedle street. Only eighteen monthsago the oemolition of, the old building previously on the site was begun. A year ago the new structure was started, and it*is now bo near completion that the staff of uhe bank hope to move from their present congested offices on the other side of the street to the new premises before the end of February. The building has a frontage of about 120 ft, and takes up the whole block between two narrow streets. The plinth up to the level of the ground floor windows is of Norwegian granite, and the rest of Uhe frontage is of Portland stone, giving a very handsome and dignified appearance. The bank will occupy the ground floor,] the basement (where the strong room 4 are located), the first floor, ana the fourth floor. The j second and third Aoots arc to be let las offices to outside firms. Decorations and woodwork are particularly striking, and the main office of the bank will probably compare favourably with tho finest commercial office in London. The walls from floor to ceiling are covered with white Italian marble, and all the woodwork is of Ancona walnut, a particularly striking effect being given to the panels by quartered veneers. Itesks and office furnishings are also of walnut. Similar decorative ,effects are to be found in the smaller offices, and the board room, on the first floor, is exceedingly well furnished. Here the w<Slnut skirting is ten feet in height,* tho mantel timbers of heavy walnut, and tho fireplace of white marble. Electric lifts, steel window fittings, and all ouher up-to-date devices have been incorporated in the building, and the members of the staff will doubtless feel proud of their new business house. Certainly it is a decided addition to| the architectural beauty of that particular part of the City. j

GERMAN TRADING STATIONS HI SAMOA. TO BE SOLD BY N.Z. OOVEBNMENT." (PBES3 AXWCUTIOn TELEGKAK.) WELLINGTON, March 22. "When the Germans occupied Samoa, a big German company, known as the D.H. and P.G., Had trading stationain various parts of the island, and when the New Zealand Government took over the German property, it did not keep these stations in operation, but retained possession of them. The Administration i;a.s now decided definitely ttfrat'it will not reopen the stations under State auspices, and is accordingly offering a great number for sale or lease. The I>.n. and P.G. showed excellent judgment in the selection of sites, and many of its trading stations occupied the best positions, so tba-fc iiiey may be expected to lie disposed of without difficulty. Only British or Samoan-born subjects or British firms or companies wili be permitted to acquire stations. The disposal of the sites is in accordance with the Administration's policy of reducing as much as possible tihe ex■penses of supervision of State administration. STORAGE OF, CRUDE OIL TANKS ERECTED AT ■WELLINGTON. (STECTAI, TO "THE PRESS.") S WELLINGTON, March 22. Out at Miramar, on the shores of one of the bays of Wellington Harbour, the Vacuum Oil Company have established, after over a year's work, a station for crude oil, the tanka having a capacity of over 4,000,000 gallons. The main inlet and discharge pipes are 12in in diameter, and in the engine-room are pumps capable of handling 1500 gallons of oil per minute. The tanks, which are huge affairs, were imported in sections from America. The tanks, when completed, were tested with seawater, and no leaks were found, a compliment to the manufacturers and the work of the rivettere. A method of prevention of destruction by fire has been installed, an arrangement by means of which chemical bubbles form masses of foam and put out the fire. Two chemicals are used to make the foam, and once this is thick upon the surface of the oil, no air can get at it. and so the fire cannot exist. The whole of the arrangements in connexion with this gil-store are most complete, and before long "tankers'' will be able to load up at it. A similar store is being erected by the company at Sydney.

NX AND AUSTRALIAN AGENTS' ASSOCIATION. (FROM OTO& OWN CORRESPONDENT.) LONDON, February 1. In November, 1920, final arrangements were made by the New Zealand Agents' Association to include agents with Australian interests in their organisation, and in January, 1921, the Council was elected, the new name, "The New Zealand and Australian Agent 3' Association," being adopted. I'esterday the first annual meeting was held, and the report presented outlined the particular activities of the Association during the year. ■ Meetings of the Council have been held each month, and amongst various matters dealt with have been the supervision of the interests of the members in regard to selling "free"' wools in competition with 8.A.W.R.A., representation on the Special Committee being obtained. The Council have also had under consideration the desirability of some alterations in the c-i.f. tallow contract form. In spite of protracted negotiations with the buyers, an agreed form has not been obtained, but members have been.asked to work together and to -adopt certain recommendations which the Council consider vital. The handling of meat in the London dociis during the recent period of acute congestion has received careful consideration, and partly as the result of representations that have been made, it is expected that the position of importers will not again be so serious. The question of the multiplicity of marks of New Zealand meat was taken up, and a recommendation in this matter was telegraphed to the Dominion. In the autumn, owing to the low prices ruling for Australasian beef some propaganda work was done by the Association to "overcome the prejudice that had arisen owing to war conditions. The result at the time was satisfactory. The strongest possible recommendations have been made for the reduction of storage and handling charges in London, and the Association has reason to hope that eventually some satisfactory reductions will be achieved. The question of the inefficiency in handling meat from ship and in stores is also receiving special attentionThe Association was represented at a meeting called by the Cold Storage and Ice Association to deal with the inland transport of meat, and is represented on a Special Committee appointed to go further into this matter. In regard to New Zealand taxation, a deputation was received by Mr Massey while in London, and since his return to New Zealand a communication naa been received saying he will give consideration to the demands put forward by the Association. The Meat PooL The New Zealand Government's proposals for a compulsory meat pool were considered carefully by the Council, who forwarded a statement to Mr Massey through the High Commissioner, very definitely pointing out that in their opinion tho proposals as outlined would have the gravest result on the New Zealand meat trade. Practically every New Zealand member of the Association joined a deputation to the High Commissioner and explained this point of view, and eventually, at a meeting of the New Zealand members, the following resolution was adopted in repiy to Mr Massey's question whether the London agents would assist in selling "pooled" meat:— "The agents, in general meeting, are unanimously o* the opinion that if the New Zealand Government scheme is made compulsory, it will have the very grave effects on the New Zealand meat trade that h»vo already been pointed out. but nevertheless they are agreed that if, in spite of their advice, the scheme is put into operation, they will do their best, to carry out the selling of the meat."

The election of officers for the ensuing year was the business of the annual meeting. Mr A. St. G. Ryder (National Mortgage and Agency Co.), who is now on his way home from New Zealand, was elected president; Mr Robs6n (Messrs Bergl, Australia), and Mr H. S. E. Turner (New Zealand Refrigerating Company), were elected vicepresidents, representing respectively Australia and New Zealand; and Mr E- EL Robinson (Gordon, Woodroffe), Mr H- Nelson (Colonial Consignment and Distributing Company), Mr D B. Reid (YuiUs, Limited), Mr Titford (F. J. "Walker and Company), and Mr L. A. Nichol (L. A. Niehol and Company) were elected members of the Council. Mr J. King (National Mortgage and Agency Company) was re-elected honorary secretary, and Messrs A. J. Mills and Company were elected as new members «f the Association,

COMMERCIAL NOTES FROM* HOME. SIGNS OP IMPEOVEMBKT. EXPORTS TO NEW ZEALAND. rjEOH OT7E fiWIT COSE*STOSDJHT.I LONDON, February 1. A month or two ago there was a decided increase in the amount of cargo going out to New Zealand. Buyers had held off the markets for a long period owing to high prices. Much needed farming materials such as plain fencing wire and barbed wire came down to reasonable prices and large quantities were shipped for a month or two. Sheet iron and galvanised iron were other materials much in demand- The mild boom now seems to be at an end, and either shortage of money in the Dominion or a feeling that prices hav@ not vet Reached rock bottom is holding up the export trade in these commodities. Comparing present demand with the regular pre-war demand the inference is that farm buildings and fencing in New Zealand must be seriously in- need of repairs. Trade Prospects.

"The worst of our troubles are over," said Sir W. H. N. Goschen, in an interesting speech'at the* meeting of the National Provincial t.nd Union Bank of England. The cost of living, he said, as disclosed by the Board of Trade figures had fallen from 165 per cent, at the end of 1920, to 92 per cent, at the close of last year above that ruling in July, 1914. But perhaps one of the most satisfactory features of all was the change that seemed to be taking place in the attitude and policy of labour throughout the country. Leaders of the principal trade unions and a large proportion of their members appeared now to be realising that industry must be conducted on an economic basis and were more inclined to work for a rise in wages which _ -'.ve the manufacturer some hope of being able to produce and sell hi 3 goods in competitive markets. Eastern markets also showed signs of improvement and stocks of unsold or undelivered goods were slowly being absorbed. "If I am right in thinking that we have begun, to reaise that economy, hard work, and combined efforts are, after all, the only remedies which will cure the ills fromwhich we have been suffering, then I believe we have really progress on the uphill "road which leads to success." Commenting on Sir Nerville Goschen s speech "The Times" remarks: "We are still faced with inability to compete with Continental countries whose currencies have a higher internal than external value, and that problem is not likely to he solved until the re-estab-lishment of sound currencies on the Continent has been taken in, hand. Sir Neville pointed out that last year the Treasury was able to pay off no less than 94 millions of our external indebtedness. That, as he said, is a very satisfactory feature and signifies an improvement in our national finance and credit. Sir Neville defended the policy of currency restriction on the ground that it would appreciably facilitate a return to the pre-war gold stnndard. It is true that currency restriction tends to facilitate that return, but he did not deal vnth the other collateral effects of the -policy of restricting the means of payment. Before the war a high Bank rate tended to bring in gold from j abroad, thus enlarging the basis of j credit and providing a buffer to a price fall. But "a rise in Bank rate under present conditions produces no such re-sult,-the-basis of credit being now not gold but tlie Treasury Bill." , Trade.

The "Daily Express" is carrying on. a "Buy Now"' campaign. "The spirit of optimism/' says that journal, "is spreading in- trade and commerce, m spite of the number of unemployed. The world is beginning to buy a little more freely. Reductions in prices are having their effect in hundreds of thousands of homes in this country. People who could not nfford some of the things they wanted two vears ago now find that money goes further. It is more profitable to buy now than it has been for a long while." According to Mr Stanley Machm, President of the London Chamber of Commerce, goods are being sold below the cost of production. "As a. general rule, prices have, come down as low as manufacturers can afford! On the other hand, so much depends on the cost of raw material, coal, and labour. The balance-sheets of great industries «how that a majority of manufactures are being carried on, not only without profit, but at an absolute loss. That cannot continue." To help further trade the same journal suggests that the rate of interest on the Treasury bonds—now 5 per cent, nlus a premium of 1 per cent, on redemption in five years' time—should immediately be reduced 1 . Government borrowling at 5 per cent, means colonial and foreign borrowing at 6 and 7 per cent., industrial borrowing at 7, 8, and 9 per cent., and borrowing for speculative enterprises at 10 per cent, and over These rates are artificial. They are not justified by. the monetary sitna. tion. Thev are only maintained because the Government are paying too much, and the Bank of England, following the lines of Government policy, keeps the bank rate too high. It is maintained that the Government could, if they would, force lenders to accept le=s interest. They did it in connexion with Treasury bills. Over £1,000,000,000 of these are in circulation. Cheaper Postage. Representations are to be made to the Prim© Minister by the Association of British Chambers of Commerce for a reduction in the postal rates, for it is maintained that the high rates are having a> hampering effect on trade and commerce. It is likely that, as a first step the committee appointed by the Association will ask for definite reductions in all postal charges to be brought into operation by two instalments, the first on June 30th, and the second on December 31st. : It will also be urged that there should be a speedy return to the low rates of postage and telegrams, to which the commercial supremacy of this country in the roast was e'o largely due. Complaints ofriinefficiency in the postal and telegraphic services are being published in London dailies, and the comic papers are making the alleged inefficiency the subject of" cartoons. The current number of 'Passing Show' depicts a traveller arriving at a provincial post office. To the officer in charge he says: »'l sent a telegram to this town last week; if you can lay "your hand on it I'll .deliver it myself." Anglo-Japanese Trade. A Japanese Business "Melt's Mission has been gleaning knowledge in England for the past few weeks. Last week the Federation of British Industries entertained the members of the Mission at luncheon. The president of the Federation (Colonel O. C- Armstrong) said h© was much impressed by the obvious desire on the part of the Mission to cultivate a closer and a more personal relationship between business men in Japan and in this countrv. This desire was regarded with the utmost sympathy, more especially as the desirability of closer co-opera-tion between the business men of all nations had never been so great as in these times of world-wide depression, in which the interdependence of all nations had been so forcibly brought home to them. Dr. Takuma Dan said the Mission had taken a considerable interest in

(Continued at foot of next colosm.).

SALT WORKS. 2JBW BEIGHTOST PBOPOSAI* FORMATION OP COMPANY. A verv well-attended meeting held in Joyland Theatre, New Brighton, last night, had before it prospectuses concerning the Canterbury Marine Salt Company. The suggested provisional directors (others to be appointed at later meetings) are Messrs H. Holland, L. "W. A. Macarthur, and Dr. C. T. Hand Newton. The promoters want £SO GOO capital for the erection of the works purchase of machinery, and acquirement of 200 acres to construct "s-alt-pans." The lease of 200 acres is contingent upon work being commenced within 0 twelve months of issue of this The Mayor of New Brighton, Mr J. Gamble, presided over the meeting, which attracted about one hundred persons Apologies' for absence were received from the Hon. G. W. Russell and ilr D. G. Sullivan, M.P. Mr Gamble said the size of the audience was a hopeful augury. The project of solar salt works in ISew Zealand had been spoken-about for a considerable number of years. They had it on the authority of experts that there was no better site for a project of 'this sort thafl the site the promoters had selected—tue Estuary. So far as the character of the industry was concerned, they were assured that the operations would be very clean. Absence of smoke would be a feature, and ■ the industry was odourless. The Mayor mentioned that he- was no authority on the subject, and was only seeking information. After referring to the huge demand they might look forward to, he said that the operations of the proposed works would have a considerable eifect on the borough, and once under way the works would advance the borouga in important directions. That being so, it behoved the residents of New Brighton to stand behind the proposal once they were assured that it was workable. The promoters of the project had arranged with Mr Bishop, the schoolmaster, for essays to be written on the subject of salt. These had been judged, with the result that first prize had been gained by Miss Dorothy Stephens. Miss Lily Hooker j and Master Neal Herrick were equal for J second rjrize. I Mr L. "W. A. Macarthur, F.G.S., displayed apparatus used to precipitate i chloride of lime and chloride of magnesia from a sample of sea-water, lie ; set the electrodes in the fluid, and tlio spectators saw the whitish substance fall to the bottom of the jar. Mr Holland said he was not present as a representative of the Industrial Association, of which he was president. He attended as a'private citizen merely, because during his term in public life he had become deeply interested in the subject of solar salt works at New Brighton. He was a layman, but he had obtained many opinions from experts which were distinctly favourable to the adoption of the proposition. In the past they had'been sending much of their money out of New Zealand, j but the time had come now for every | effort to be made to encourage home industries so that the Dominion could be made self-supporting. Mr Holland referred to the value of the suggested works as one means of absorbing some of the unemployed in the city. Ha looked to the approaching winter with apprehension so far as trouble through unemployment was concerned. Experts considered the Estuary .unique for the establishment of ~ solar salt works. It", was /proposed first to . work an area of 50 acres, and then extend operations over 200 acres. Advantages of the site were its clay sub-jpil, drying winds and general situation of the field, which was not likely Ito suffer from" a &jyell. : He wished the 'movement : pH .''."■

Mr Leadley welcomed the proposition, as ho said its fulfilment wbtiW provide employment for partially disabled returned soldiers, for whom .it was hard to obtain, suitable, billets. Even. if-the scheme absorbed only one or two of such men he would welcome ft wholeheartedly. # , A number of questions were answered by the secretary pro tem., Mr J. E. Smith. ' ' ' , In reply to one questioner, Mr Macarthur said he thought that it would be a vast benefit if the _ river was straightened, as for one thing it would lessen the chance of erosion.

Mr Holland said, he could say that the Lytteltori Harbour Hjard would raise no objection to straightening the river.

Mr Macarthnr dealt with the probable market for salt, and gave detailed particulars to show that the scheme was a very favourable one. Mr Leadley moved that two committees be set up, one a New Brighton committee to canvass the borough for shareholders, and the other of business men who had their headquarters in fte city, this latter committee to endeavour to get city shareholders. Mr S. J. Durose seconded, and the motion was carried without dissent. The chairman stated that once the scheme was under way it was proposed to bring an exnert in to take charge of technical details. A vote of thanks was passed to the Mayor fori presiding. TARIFF RECIPROCITY. ' *.tL' ' AUSTEALIAIT-Br.Z. NEGOTIATIONS. (By Cable—Press Association—Copyright.) (At(sti»li'aa and N.Z. Cable Association.'/ MELBOURNE, March 22. No definite conclusion has yet been reached by .the Tariff Board in connexion with the proposals submitted by the New Zealand Minister of Customs (Hon. "W. Downie Stewart). It is understood that the exchange of the British preferential tariffs of;both countries will be arranged if agreements are reached on the items specified by New Zealand.

the working of the Federation of British Industries, which represented £4,000,000,000 of capital. Owing to the newness of their industries and lack of discernment of the practical advantages of such organisations, they had in Japan so far not celebrated the idea. They were anxious to "near more about the Federation, as organisation, whether in industry or in labour, naturally led to improvement of conditions all round. , , Mr Kanao Nanjo thought that the British method and system in building up her industries and trade were responsible in no small measure Tor •Japan's industrial position of to-day. The last few years had been a period of great anxiety in Japan. There had been some important failures, but their bankers had done marvellously well, and he believed the crisis was past. If the re due. tion in the. cost of living could be properlv adjusted, he believed that they would be able to pa" through all-right. Japan was looking to this country, and he believed she was not looking^ in ya { a It was not solely from a selnsh motive that they wished to study and learn the actual doings here, but in doing so, and in following: the best exampi e> they might serve the great cause 0 f , civilisation and humanity.

UNBER-GRADE WHEAT. CONDITIONS 0? EXPORT ASKED roa. The regulation providing that no wheat purchased from any seller other than the Government is to be ttsed in the manufacture of flour except wita the consent and authority of the Wheat Controller and subject to conditions, and the payment of 8s per tnxshel to the "Wheat Controller, as he may decide, ■was discussed at some length at yesterday's meeting cf *he North Canterbury Executive of the Farmers' Union. Mr G. W. Leadley, -who brought up the matter, said that he quite realised the Government's intention in issuing this regulation, and gave the Government every credit for its intentions. There had' been a great deal of exploitation last year in connexion with rmder-srade wheat, which millers used for milling pmTpcses and collected ' Government bonus. The chairman (Mr W. A. Banks): You are qiritc sure of your grounds! 1 . Mr Leadley enid that he was assuming tlirt things were as he statedMr W. W. Mulholland said that there had been trouble two years ago.

! Mr Leadley said that the regulation was 'holding up the fanners' inferior wheat altogether. Out-of-conditiou wheat had to be sold as fowl wheat, of which there was a super-abundance. Ho suggested that the Government should be = asked to modify the regulation to some' extent, so that men with undergrade wheat could dispose of their product. . - - ■ • : Mr Mulholland thought that the dissatisfaction caused by the regulation arose from a very complete misunderstandinp; of the pesition. In past years wheat bought under the fixed price had forced down the price below the commandeer rate. > Mr Leadley moved, and Mr..J. J>. Hall seconded: "That the attention of the Government be called to the regti'jvtion, ami that the Government be requested to devise some means by which. the 3s penalty maybe modified." The }hairmnn: You «ire trying to help tho man who has not harvested his stuff properly. „ Mr Leadley: That may be his misfortune. . Mr Hall: It is not fair to blame the man. It would be just as fair to blamo the weather.

Mr Mulholland moved as. an i amendment, which Mr H. M. Anderson seconded: "That enquiry bo mode as to the conditions under whicn j under-grade wheat can be exported, anl ! tlint th*» Government bo asked to make I those renditions as free as possible." i Mr D. Jones, M.P., said, referring to the motion, that they were trending on [ very dangerous ground. The Government could only purchase milling wheat lof good quality, at the fixed price: it had agreed to do eo. Immediately millers weia allowed to buy wheat below the fixed price and use it for mill- | in<s purposes, then- the whole wheat in* dnstry of ihe Dominion would be detrimentally affected. After some furtlher discussion the amendment —to enquire as to the *onditions upon which under-grade wheat can be exported-—was agreed to. i. ' ' PRICE OF BUTTER. i - ■ j DISAGBEEMBNT IN AUCKLAND (PEESS ASSOCIATION TKUBGBAM.) , AUCKLAND, Marh 22. The members of the Auckland section; of tho Dominion Butter Committee have resigned in a body, owing to being unable to agree, on a-price far butter "for local■ consumption. The meintew were, Messrs T. Bnssett (North Auckland, chairman), W. : C.' Motion and A. Buchanan (Waikatofc and H. C.'Aiken (Auckland). The resignations iare the outcome «>f the New <S*ealand Co-operative .Dairy Company reducing- the prioe-. of - firstgrade butter from Mardh 13tb to Js2d wholesale,'a penny below- the price fixed by the committee. , The committee mcfrto discuss the position, and represer.tativee of the company declined to agree to the suggestion that the price should be advanced to Is 4d wholesale, to correspond with the value of butter on the London market. Subsequently Mr Aiken 3tated that, aa far as the companies outside New Zealand and the • Co-operative. Dairy i Company operating on tlie local maiket were concernedf the price of first-grade butter for local consumption would ba maintained at Is 3d wholesale, as fixesd by the committee. Though it was a; penny in, advance of the New Zealand Dairy Company's price, it was a penny, lower, than the London parity. British;. buyers were now offering Is 3d f.o'.b. for butter manufactured up to June. This offer had been refused, in-' dicating that London prices were expected to go still higher. Old sic.cks of New Zealand butter-that ihad been held in London .had been .cleared, and witn the increased consumption that had resulted through the lowering of butter prices in 'Britain, it was anticipated that the market would .be much firmer: in future. [). ,'■ '■■' * '."■/ . i

BRADFORD WOOL TRADE, CREDIT ENSUEAKCE SCHEME. (By CaM*~Pre*« Association—Copyright-) ' (Australian and N.Z. Cahle Association.) J (Received March 22nd, 11.10 p.mO . LOiNDON. March 21. An influential Bradford meeting decided to register the Wool TextiW Finance Company to carry oat the insurance soiieine. .• [The Bradford correspondent of th« "Daily Telegraph" reported last montii that, as the- result of negotiations with bankers and the . Government \ and others since October, a credit insurance scheme had been arranged.? Many important woollen firms, badly hit by to© slump, had arranged to spread payment of their, liabilities aver a period of years, but still required capital to carry on business. A: scheme haa now been | arranged in which fifty subscribers will each subscribe £IOOO, .and also guarantee£2o,ooo, thus making, which will be used to guarantee the credit of merchants for the Home and foreign trade, thus providing work for the woollen and worsted industries. A later message said: The Wool Textile Finance Company, Limited, haß been floated to finance, to the extent of £1,000,000, wool and textile firms needing assistance during the period of

financial stringency only. All Mefimfßp cf the trade have bees invited to *«s||jf up shares. The "Yorkshire Qfrrirvafllar stated the London directors of BJbSsF W.R.A. favoured the acquiring OMnK considerable share in th* projwwßE Wool Textile Finance qjflK that they had made favourable nmhm mentations regarding their p*rttcnj«iJßßJ| to the Australian Board, who, ttTJflßfl understood, had the question VMJHEfI consideration.] BUTTER AND THE PUBUC T4^S (fbou ova own coiaMrvmaeii) : WJm ' LONDON, Febmry L An enthusiastic correspondent tomfll duced the "Newcastle Daily ivaxmK M to print his laudatory m Zealand and Australian 1 sons who take a keen interwt > |j ting value for money,'' hj» **WBM; S "should notice just now that™Ey 1 the shops are selling fresh NewJßmi* m and Australian hotter, which J|li£ft M mg in very large, quantities; y«jj|f » country. .Shipments ha?a•, imtom ; j m heavy, and there will be l \ 1 butter selling for the ne»iJip^« ) months. There is no at this season of the &<£]■■ Zealand and season is the reverse^,'mW^ 1 * **llß cows are now oii 8 there'is a freshness tifrw-hriß. ;w—H therefore in the J|P tl»-y8|B| should* take con«derfti^<j|mwdtll^HH considerable criminating, purchase*.''- !•' ~ "> V J?.|BJ Something of ihfo pcS:.»-',jjPw a ffpi useful as the jeta3Ms t 4*S» lift *NJH| tude that areaeltimMWWgMi in. the eoantry afrptiffnaS They piejfer tile Btftwr'' J -yMwt iTncoa ■itfm&M ed, as the necessity |«f*son*K<%a&l|H in their swdßW-' SHtkea„ it. ttlMWWililHl that any sp&ialtwaod «houkt V&'tmaM ferenca in the public &ste, ;\ .j -„ mjKm, fordandYorfcthire