FARM TRACTORS IN DEMAND

Press, Volume LXXXIV, Issue 25389, 12 January 1948, Page 8

FARM TRACTORS IN DEMAND

WORLD REQUIREMENTS AT 2,500,000,

Overseas requirements of farm tractors are estimated at 2,500.000. according to a report on the agricultural machinery industry recently published by Political and Economic Planning (Great Britain), saya the "Financial Times” (London). Tractor output in Great Britain for the first half of 1947 was just over 21,000, compared with 13,000 in the corresponding period of 1946, and, since exports have not increased in the same proportion, probably about 18,000 of these are available for British agriculture. Adding estimated imports at 2000 it Is suggested that the availability of tractors will just about balance demand. Turning to the export market the reBort accents the estimate of the Trade elations Research Bureau, that in the 29 countries in which tractors might be expected to sell readily. 2.500.000 tractors will be required to bringx the standard of mechanisation in agriculture up to that of “well advanced countries" such as Great Britain or the United States.

Of the tractor producing countries, Canada not an exporter and Russia and Germany are fully occupied with domestic requirements. Only Great Britain and the United States therefore are in a position to export on a substantial scale. The maximum export so far achieved by the United States was nearly 64,000 tractors of all types in 1945; while exports from this country have not yet reached 10,000 a year. The bureau suggested that an immediate effort should be made to satisfy this demand by exports at the rate of about 200,000 a year. The main obstacles, the report thinks, to Great Britain taking immediate advantage of this market, apart from production difficulties, is the fact that only one of the 29 countries—the Argentine—is a hard currency country. Unless the British Government was willing to accept soft currencies it will be necessary to enter into special arrangements to exchange agricultural machinery agaihst goods—especially foodstuffs. RESERVE BANK RETURN (P.A.) WELLINGTON, Jan. 9. The Reserve Bank return for the week ending December 24 is as follows, the figures for the previous week being given in parenthesis:— r . Liabilities.—General reserve fund £1,500,000 (same); bank notes, £52,248.580 (£51.806,349); demand liabilities; State, £11,288,273 (£12,263.038): banks £51.012.651 (£44,571,519); other, £313.310 (£454.778); liabilities in currencies Other than New Zealand currency, £40,609 (£41,083); other liabilities, £3,447,669 (£3,383.926). Total: £ (N.Z.) 119.851,092 (£114.020,693) Assets—Reserve: gold, £2,801.878 (same); sterling exchange in New Zealand currency, £62.882.985 (£63.007,550); subsidiary coin, £25,183 (£24.897); advances to State Marketing organisations, £5,087.654 (nil); for other purposes. £39,544.641 (£39,422,363); other advances, £90.896 (£81,118); investments, £7,868.093 (same); other assets, £1,549,763 (£814.794). Total: £(N.Z.) 119,851.092 (£114.020.693). •The proportion of reserve to notes ana other demand liabilities is 57.150 per cent. (60.285 per cent.). _____