COMMERCIAL.

Press, Volume LX, Issue 18152, 15 August 1924, Page 10

COMMERCIAL.

BILLS OF EXCHANGE. DEBATE IN LEGISLATIVE COUNCIL. (special to "ihb pbsss.") WELLINGTON, August 14.

When tho Bills of Exchange Act Amendment Bill was before the Legislative Council for its third reading today, the Hon. O. Samuel uttered a protest against a measure which would relieve the banks of their responsibility respecting certain cheques. He said there would be a feeling of great disappointment that no alteration in the Bill had been made by the Statutes Revision ' Committee. The present law had stood for many years j'jid no ccis& or hardship had occurred. 'No one had asked for the Bill. When this was pointed out the letder of tho "Oouncil ingeniously contended that that was a reason why action should be taken. It might almost have been said thnt when things were satisfactory and everyone was contented that was the time to alter the law. He had no knowledge that things were otherwise* than satisfactory, and he believed in letting well alone. For years past the banks had recognised that tfioy must be scrupulously careful to prevent losses to themselves or their customers. It had been suggested that to carry this out would bo to dishonour cheques, but that did not follow. Tlie case that needed assistance was not that of tho banks. J.f there was a cause needing assistance it was that of the customers. _ Not only were the tanks strong financially; but strong by combination. It was always dangerous to legislate for isolated extreme cases. He hoped the Bill would not be read a third time, and said that even if the third reading was carried by the Council he bad littlo doubt that the Bill would not become law. Tlie Hon. O. H. Izard thought that ovidcnce should have been taken before the Statutes Revision Committee. There was not one scrao of evidence iroui anyone that the Bill was wanted. He thought the Council should havo had some evidence from the banks in support of the Bill. Why had the tanks not asked for it? Presumabl}' they did not want it. There might be another reason. It might be that they dare not ask for such'a. concession, as in exchange they might be requested to ;£ive interest on credit deposit accounts If the banks wanted the law amended they should ask for it obenly.

The third reading of tho Bill was carried by 20 votes to 8, and the Bill was passed. . 4 WHEAT GROWING. THE NATIONAL ASPECT. The fact that to date during the present year a total of 1,862,000 bushels of

wheat have been imported into the Dominion from Australia and that im-, portations will have to continue. for some time, draws attention to the position of the wheat-growing industrv in the Dominion. ,

It is generally recognised that the better returns to tlie individual farmer from other branches of farming, such as sheep-farming and dairying, have proved 60 attractive that wheat-grow-ing has been, to a large extent, neglected. From the national point of .view, it is asserted by authorities who have studied, the subject, the- interests of ihe -Xhaiiiinion ,will be better served bv . New ' Zealand farmers racing the wheat iequlred in the Dominion. The manlier' in which the farmer ■is io be induced to do so is, of course, a problem, bristling with difficulties. It is estimated that, in the event of Dominfarmers going, out of wheat-grow-ing. and that flour-milling in the Dominion became " unprofitable' owing to outside competition, the amount required, to pay. for supplies woiild be £2,799;000,. made. lip' as follows:

134,000 tons flour at £ls 2,010,000 2G,'500 tons - bran at £5 , ' I Vv ... . ... 145,760 20,50u tons-pollard at £6 *. lOg tt# 172 250 i,5t0;000 'bu sKels fowl wheat * .. v«t: 6s • ... ... 471,000 -.(calculations based on the value of ihe exports of; dairy produce ' show that . average exportable value of land used' for dairying purposes !n the Dominiotr is almost £3 per acre; on the Same 'basis the; exportable value of land used, for other agricultural and pastoral- purposes is' about £11" As the Dominion's -requirements in respect of wheat total about 8,000,000 bushels, an acreage of 285,000 with 'an average yield of 28 . bushels per acre would meet those requirements. After - deducting from the total cost .of supplies, given above, a liberal amount to cower cost of manufacture, wheat-growing, looked at from 'the national standpoint, should give a better return per acre to the farmer than even dairying. Against this apparent hig'ti return per acre has to be placed f . of course,- adverse weather, conditions, poor yields, the cost of labour, and other factors. It is also fairly obvious, however, that if wheatCTOwing were totally abandoned and ino land used for other purposes, it would not produce snfficfent' to meet the- expenditure involved in the purchase of imported flour, bran, pollaid. and (owl wheat.