WHEAT.

Press, Volume LXIII, Issue 18922, 10 February 1927, Page 10

WHEAT.

THE DUMPING DUTIES. FARMERS AND THE MINISTER. .Satisfaction was expressed with the tWsult of the recent C'onferenee of wheat-growers and business men on the wheat question, at yesterday's meeting of the (ieneral Committee of the Canterbury A. and P. Association. The president, Mr J. 0. Coop, said that so far they had got on well. A large shipment of flour was coming to New Zealand, and this would tide the millers over for somo time. The delegates, after the conference, had supgested that the lowest price for wheat should be (is, and farmers were advised not to dell at less than that price. It was reported that Mr Coop bad telegraphed to the Acting-Primo Minister, the Hon. Mr Downie Stewart, stating that the conference of wheat-grow-ers, agriculturists, and pastoralists Chamber of Commerce, Industrial Association, and other?, had decided to ask him to receive a fully representative deputation on the wheat question. All present at the conference requested that the Minister should impose dumping duties to prevent undue depression of prices to wheat-growers. If the Minister could give his assurance of the imposition of duties in tho meantime, the deputation would be unnecessary. The chnirman of the deputation committee, Mr W. Machin, wrote to yesterday's meeting, that the deputation to Wellington was unnecessary, in view of the Minister's satisfactory announcement of January 27th. It appeared, on tho surface, that a satisfactory solution had been reached, but a watchful eyo must bo kept on the position. Those ' who attended the conference should continue in association in order to seo if somo permanent machinery for regulating the wheat position in the Dominion could be devised, instead of the urgent and spasmodic conference which occurred each year, when tho situation became imminent. Tho chairman of tho Chamber of Commerce, Mr C. P. Agar, wrote that the decision of tho Minister exemplified beyond doubt, the importance of town and counrty getting together on all questions of common interest. For 'some time past tho Chamber had aimed at a strong and influential country membership, and with that object in view had amended its constitution to provide for country members at one third of the ordinary rates. With a full measure of country support behind the Chamber, there would bo no doubt as to H the value of such an organisation to the Province. The hope was expressed that'tlip suggestion would appeal to tho ■ Association.{ib a satisfactory solution of the misunderstandings which now arose ■through want of a proper liaison between town nnd country.

STATEMENT BY MINISTER. BASIS OF CALCULATION ANNOUNCED. tSHB PBESS Special Service.] WELLINGTON, February U. On being asked« whether he could mnko any statement with regard to a 'published telegram from Christchurch to tho. effect that tho Canterbury Chamber of Commerce desired to have the basis defined on which the flour ,dumping duty wjll bo taleiilutcd, the ■ Minister lor Customs (tho Hon. Mr Downie Stewart) stated the position us follows:

"Dumping duty, if payable, will bo equal to tho amount by which the '.f.o.b. export price at the Australian port of shipment is less than what is regarded as an equitable domestic valuation. Taking the latest published Sydney price, £l2 10s (the credit price for bakers' lots, delivered and stacked 'in bakers' lofts), 15s ia regarded us allowable to arrive at such equitable valuation. This 15s includes 5s cash

discount, and 2s (id turnover allowance which Urge domestic customers can obtain, and also a further 7s (3d on account of tho Ravings in handling export orders as compared with domestic ■ transactions. "Accordingly, a contract mado today at £ll f.o.b. would bo compared with £ll 15s (£l2 10s domestic credit price, less 15s as already explained), and a clumping duty of 15s per ton would Itc pivablc, provided that tho , domestic credit price is not below £l2 10s when the shipment is made. On a contract mado to-dav at £ll 5s the dumping duty would he 10s per ton. It ia understood that theoretically an addition of 15s to the cost of imported flour (by way of dumping duty or otherwise) means that the New Zealand miller can give an extra 3Jd or 4d per . bushel for wheat. If tho Australian • domestic value changes between tho date of placing an order and the date of shipment the lower value will govern the calculation of dumping duty. "It may be added that with regard to the allowance' of 15s already men- ,. tioced Australian exporters, in invoicing flour to other oversea markets, ■ nave been in the habit of making a de- ■ duction of 17s Gd from the published credit .quotation in order to arrive at what they claim would be a fair domestic cash value for flour if sold under conditions similar to those which obtain in the export trade. We do not propose to allow, therefore., quite so much as they claim."

SOUTH AFRICAN WINE. (ft C*BMt-PBM» ASSOCIATtOIT—COPTHIOHT.) (AomutiAH urn ».«. cabu Assocutaox.) (Received February 9th. 8.10 p.m.) LONDON, February 9. It is announced that an English company has purchased the whole exportable surplus of Co-operative Wine Growers of South Africa till 1933, ■mounting to about 3,000,000 gallons, .consisting of sweet wines and port. WHEAT. 8t cA>ti~raiss assocutios-copvbioht.) BSTSAUAX AKD K.Z. CABLB ASSOCUTIOIT.) NEW TORK..Februnry 8. Chicago wheat quotationi are:—Mar. 141 J: July, 135E; September, 133} cents 8 bunhel. MELBOURNE, Febroarr 9. , Fair average quality wheat for 1026-27 ■(•■ on has been fixed at 61J pounds a bushel. GLENAVY SALE. ""Wlhon* «>• "le were on a W* wHfc th*w at meat aales. •i aL a? b ST* B , & 25 *- "»' as « **• so