FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20037, 19 September 1930, Page 12

FINANCE AND COMMERCE.

UNDER-GRADE WHEAT. SUPPLIES FOR STOCK FEED. RESEARCH INSTITUTE'S ATTITUDE. Though there is a market for undergrade wheat as feed for stock, the committee of the Wheat Research Institute does not favour catering for it by encouraging farmers to grow high yielding grain which is not good for milling. In defining their attitude at yesterday's meeting on a suggestion made by Dr. O. Frankel in his report they held that the milling varieties would generally supply all the under-grade wheat that was wanted. The portion of Dr. Frankel's report which prompted discussion, was: "In the series of variety trials conducted by the Department of Agriculture in co-operation with the Institute, a number of varieties are included which, owing to poor baking properties, are not in favour with millers, although their high yields would make them most recommendable to the grower. Such varieties as Victor, S.S., Velvet, Red Marvel, etc., however, if placed on areas of maximum productivity, would be most suitable as producers of stock and poultry feed. The primary condition for rentability of growing wheat for these purposes is necessarily a high yield standard which would facilitate a correspondingly low price for the produce. The salutary consequences for various parts of the community are obvious. Not only the rentability of certain types of wheat land would be increased, but the stock and poultryfarmer would receive a suitablo product at reduced cost.

reeding Trials. "Feeding trials, conducted by Mr M. •T. Scott, of Lincoln College, with feedbig wheat to lambs, showed a considerable promise of an extended need for wheat for feeding purposes in the near future, which would add considerably to the importance of this problem.- Besides the tests mentioned above, which are apt to supply valuable information for considerable areas, small trials with high yielding varieties were laid Out, which, provided satisfactory results are obtained, can be enlarged uext •eason. In.principle, it is suggested in future to give a eejtain amount of atteation to the production of varieties with high yield, without consideration for their bread-making properties." Views of Members. "I should like some advice from the committee on Dr. Prankel's suggestion that we should advocate growing low Billing quality but high yielding wheats for stock and poultry feed," remarked the Director (Dr. P. W. Hilgendorf). "I am hesitant about doing so because there will always be under-grade wheat from the milling varieties." ■Mr W. W. Mulbollaud thought that it would be desirable tq grow them in areas -scar the-places where they were to be xntti for feed. This could be done in the North Island and in Southland, 'where the demand for this class of wheat existed. With the increasing population in the Dominion he was sure -that all the milling wheat grown in Canterbury would be wanted. Mr E. J. Lyon: -Our job is to concentrate on milling wheat. That will always produce under-grade grain suitable for feed. Mr«P. V- Hawker thought that if encouragement were given to the growing of these varieties of wheats they might be placed on the market as milling grain with consequent deterioration in the floor. Mr James Cam It would not be wise to encourage the farmer to. grow wheat of Ugh yield if its protein content were not -high. , , Mt Hawker: It would really be contrary to our interests. I think we should favour the kjnd of wheat which makes'the best bread. This was the attitude adopted.

THE INVESTMENT MARKET. LOWER PRICES FOR INDUSTRIALS. (osizas mubss assocutioii—b* eixctbic TSLXaaWH —COPTSIOHT.) , . . . SIDNEY, September 18. Btryero are-still evincing their customary wariness on the Stock Exchangee in Sydney and Melbourne, and holders have no alternative bur to accept lower prices. Leading industrial securities are still falling, also bank shares. Commonwealth loans, on the other hand, are displaying increased activity. ... .. The monthly summary of Australian conditions issued by the National Bans of Australasia points out that under the system of wage fixation hero it has not yet been possible to reduce production costs to an extent commensurate with tho general decline in national well-being AUSTRALIAN STOCKS ON WALL STREET. (rarTM raxss ashocutiok—by electric nuasus- corraioHT.) NEW YORK, September 17. Sales of Australian loins oh Wall street ti>-day compare with those of a week ago •a follows; Sept. 8. Bept. 16. Commonwealth— Dol. Dol. 5 p.a, Jan.-July, 1926 ..88$ 88J 5 P-c, Mar.-Sept., 1937 .. 88 88J 4sp.c, May-Nov., 1925 .. 81 61 • 2T«w South Wales—--6 p.a, Feb.-Augi, 1957 ..86 * 5 p. 0., Feb.-Aug., 1958 ..85 * QueenslandIS p.c, Feb.-Aug., 1947 ..101 100 . 1 p.c, Apr.-Oot., 1943 L 104 • •Nosalafi. GUINNESS' N AND ADVERTISING. DECLINE IN PROFITS ARRESTFO. From the preliminary statement it would twiaar that the decline in the profits of Arum? Guinness, Bon, and Company, the Dublin brewers, which went on during tho four yean ended June 80th, 1929, has been •nested, "The. Times" stated recently. During fltat period the net profits, after charging; taxation, fell from £3,039.086 to ££309,380. While the company has not yet •mounted its profits for the past year, the Ssnree'of allocations point to a recovery of •boot £360,000. The improvement In the revenues of this famous Dublin-brewery coincides with the .Completion of the first fall year during which ms company's intensive advertising camR!F S ' M u carrie<J on. At the meeting '*J«**J*»x.th« chairman spoke hopefully of ■■• gained from an advertising il Jfßs£S m lJ&'' x wrorwJ on ly three month* ■t* iy'JW.-Wev'OW', financial year, mentioning P, roa, » durin e the first three ■'-' ; tX!!S *"* i*f ,n ! .* decrease, those for KW *••* *>■«*« had incressed. ■••iff '•■.'

CANADIAN TARIFF CHANGES. TRADE WITH NEW ZEALAND. HON. G. W. FORBES EXPLAINS POLICY. (EXITED PREB3 ASSOCIATION—BT BLECTBIC TELZGBAPH—COPYKIQHT.I OTTAWA, September 17. The Hon. G. W. Forbes (Prime Minister of New Zealand), in an interview to-day, declared that a duty of eight cents a pound on New Zealand bytter would be prohibitive insofar as exportation to Canada* was concerned. He hoped an arrangement would be reached whereby some adjustment would be achieved; but, "considering that the duty was put on just as we landed in Ottawa, the situation does not look too hopeful. New Zealand, however* is prepared to discuss the matter.' The policy of New Zealand was to trade with those nations which traded with her. If such nations did not value New Zealand's business, then the Dominion would have to look elsewhere, notably to the United Kingdom. If prohibitive duties were imposed on imports from New Zealand, Mr Forbes added, obviously such onesided trade could not continue. i»ew Zealand had to export her produce in order to pay for her imports. Twenty per cent, of the Dominion's butter for export was sold in Canada. Regarding the decision of Now Zealand withdrawing the preference extended to Canadian automobiles, Mr Forbes declared that the Canadian manufacturer still had a 15 per cent, preference over the United States. Mr Forbes met Mr R. B. Benneti (Canadian Prime Minister) and several Cabinet Ministers earlier m the day.

NEGOTIATIONS FOR NEW TREATY. OTTAWA. September 17. Conversations looking towards the formation of a new trade agreement between Canada and New Zealand are in prospect. The Hon. G. W. Forbes. Prime Minister of New Zealand, in an interview to-day. stated: "T have accented the invitation or the" Canadian Government to enter into conversations with a view to the nrraneement of a new agreement, ana "m looking forward to mpeting the Prime Minister. Mr 11. B. Bennett, arifl his oolleamies." Mr Forbes is the guest of Lord and Lady WJllincdoti at Government House. INCREASING THE TARIFFS. EX-PRIME MINISTER'S PROTEST. OTTAWA, September 17. As a protest against th<! Government's tariff proposals, Mr W. L. Mackenzie King (Leader of the Opposition) to-day moved an amendment in the House to the motion to go into Committee of Ways and Means; .stating : "The House regrets that the Government has seen fit, at a special session called to deal only with unemployment proposals, to submit great increases in Customs taxation on a wide range of commodities under circumstances which preclude the House and country from securing adequate information regarding proposals,. a.nd prevent Parliament from disfflssingi'.them.' In; the opinion of this House, the tremondous increases in taxation proposed will not end unemployment, but will inevitably increase the cost of living and also increase production in primary industries, agriculture, fishing, mlniag, and lumbering, thus making it more difficult for the producers in these industries to meet world competition in marketing their products." , „ Speaking on thtv tariff proposals, Mr Mackenzie King said: — "I wish to protest in the strongest language possible against the time at which the the Customs tariff have been brought down,' and the : circumstances under which they have been introduced. The Government waa seeking expedition so that members could go to the Imperial Conference. Common decency and courtesy t alone would demand that auy changes in the tariff against Empire goods might bo left over until after the Imperial Conference." ' . , The House to-day read a third time a Government measure to amend the Customs Act in respect to the dumping clause.'

CANADA'S ATTITUDE TO THE DOMINIONS. CARDS ON THE TABLE AT CONFERENCE. (Received September 18th, 7 p.m.) OTTAWA, September 17. Mr P. H. Stevens, Minister for Trade and Customs, continuing tho debate in the House of Commons on the tariff changes, said that he did not belieVe in negotiating, a treaty with Australia giving them certain preference in respect to butter, and then when the first shipment arrived in the country under preference, to clap on six cents duty. That would be unfair, and from the moment when that was done Canada would largely destroy the goodwill of Australia and friendliness of that country. Mr Stevens declared that members of the Administration were going to the Imperial Conference "with our cards on the table,' 1 so that the Governments of New Zealand, Australia, South Africa, and the Motherland .would know exactly where Canada's representatives stood."' Canada's delegation was going to the Conference in the spirit of goodwill and co-operation to negotiate with the various parts of the Empire and to make every effort to include in any agreements made, articles beneficial to such countries, but not injurious to Canadian industry and agriculture, with a corresponding agreement in respect to Canadian goods. AN ALL-ROUND INCREASE. OTTAWA, September 17. Discrimination against any country is conspicuous by its absence in the revision of the tariff schedules. Where rates are increased' they are increased right across the board —general, intermediate, and British preference tariffs. The increases in the aggregate are slightly more in the general and intermediate than in the British preference, but on the whole there is no wide divergency.