COMMERCE.

Press, Volume LXVI, Issue 20090, 20 November 1930, Page 12

COMMERCE.

TRADE TREATY, j NEW ZEALAND AND j AUSTRALIA. , j i SPEECHES AT OPENING OP SYDNEY OFFICE. "We realise what an immense advantage -would accrue to both countries :rom a new trade treaty between Aus:ralia and New Zealand, and feel that :,he time is now ripe for a reconsideration of the existing treaty," said the Federal Acting-Minister for Customß ;Mr F. M. Forde), speaking at the upening of the new head office of the S"ew Zealand Government Tourist Bureau, at the corner of Pitt street and Martin place, Sydney. "The present treaty," added Mr Forde, "was entered into in 1922, and for a few years past the prospects of arranging a new reciprocal treaty have lot been too bright, largely because ot' misunderstandings between the Com--nonwealth and the Dominion. In the Sve years preceding 1922 the balance of trade was very distinctly in favour of Australia. Exports of Australian proSuets increased from £2,018,000 to £6,272,000, whereas imports of N'ew Zealand products increased only from £1,986,000 to £1,996,000. Since the making of the agreement, lowever, Australian exports to New Zealand have slumped badly. Between 1921 and 1925 our exports to New Zealand fell from £6,272,000 to £4,745,000, and in 1928-29 there was a further fall Of £2,824,000. "Boom for Adju3tm»nt.'' "I believe that there is room for an adjustment of the position to the mutual advantage of both countries. When Mr Scullin is on his way back from England it is possible that a further discussion will take place. I know tnat there has already been some discussion between the Prime Ministers of Australia and New Zealand on the other side of the world. Australia in the last four or five years has become a big producer of rice. She also produces <i surplus of 200 OJO tons of sugar a year. Perhaps, nndor the new treaty, New Zealand may take so mo* of our surplus, while Australia in return take? more of her products —potatoes, for instance. '' The Lord Mayor (Alderman E. 8. Marks), who performed the opening ceremony, expressed the opinion that the New Zealand Government's arrangements for tourists were the best in the world. Value of Tourist Traffic. The Chief Secretary (Mr M. Gosling) said that too little regard was paid to the natural beauties of the Dominions in the Pacific, while millions of pounds were spent on the Continent and hundreds of thousands of pounds in Great Britain in attracting visitors from all parts of the world. "Prices are slowly rising in America," Mr Gosling added. "This is a most healthy sign for Australia. In the next six month* prices may rise in Europe—to the benefit of Australia and New Zealand. This will mean the advent of a more hopeful spirit. People will have greater aest for holidays, and the tourist resorts will benefit. Beauty and pleasure will be sought by people all over the world. The modern generation Is not like its grandpatents. It will not keep its nose to the grindstone. The world nowadays does not want to live in a workshop." The New Zealand Trade Commissioner in Australia (Mr L. J. Schmitt) presided. MR FORBES TO VISIT BRADFORD. MEETING WITH WOOL EXPERTS. PB2S3 A.SBOCIATIOJI —2>Y KI/SCTRIC TBLBOR APH —COPYRIGHT.) LONDON, November 18. When the Bt. Hon. G. W. Forbes visits Bradford he will discuss with Sit Frederic Aykroyd and other leading wool-users, the problem of Romney wool which is alleged to be losing its spinning property. Bradford experts say Romney fleeces have fallen off ill quality recently, ow'ing to pastoralists not being partieulai enough in the selection of rams. The spinners maintain that Romneys are not being bred true to type, and the fleeces contain thick small hairs, which constitute a hindrance. Mr Forbes spent the afternoon in a series of interviews with businessmen engaged in the New Zealand trade, including Mr Lionel Speakman (manager of Dalgety's), Sir Charles Holdsworth (managing-director of the Union Steam Ship Company), and Dr. Bernard Myert (consulting physician to the New Zealand Government in London). All the callers congratulated Mi Forbes on the manner in which he represented New Zealand at the Imperii Conference. N.Z. AND AUSTRALIAN LAND. ANNUAL DIVIDEND, 4 PER CENT. Pinal dividend declared by the New Zealand and Australian Land Co., Ltd., on iti ordinary shares, for the-year ended Haircfc 31st last, is at the rate of 2 per cent. Interim dividend paid. in May last wat on the same basis, so the disbursement foi the 12' months is at the rate of 4 per cent. For the preceding trading year the company paid ordinary dividend of 9 per cent., the disbursement on preference capital also being at. the rate of 6 per cent. Gross profit for 1928*29 amounted to £330,667, which was x an increase of £101,432 on the sum foi the previous 12 months. After provision had been made for taxation there was ne( profit of £250,196, which compared with £168,26? disclosed in accounts published a year earlier; but in 1926-27 there was a re-

vealed loss of £57,204, and in that year £140,000 was withdrawn from reserves. Prom the fact that the board has deemed it prudent to halve the rate of dividend for the period to March 31st last, it is inferred that the company's net profit will be shown in the accounts to have undergone material contraction from that cleared in 1928-29. ZINC CORPORATION. . HALF-YEARLY DIVIDENDS. , CCNIlja) PRES3 ASSOCIATION BT ELIJCTXIIC TELEGRAPH—COPYBIGHT.) LONDON, November 18. .. 'P? Corporation's half-year's participating dividends are, preference and ordinary, &d per share. on7i ,^» Cap ' tß ' 'h® company comprises f™,® (preference) and £326,570 (ordinary) 10a shares. The company has paid high dividends in recent years, ranging from 60 P rr „s, e 00 Preference shares in 192K down £ °"' P erc * n t- last year; on ordinary shares from 40 per cent, in 1925 down to 35 per cent, last year. The preference dividend last year wai (in January') 17J per cent, and (in June) 10 per cent., ordinary dividend 15 per cent, and 20 per cent., or le 6d and 2s per ahare u against &d recorded above*