COMMERCIAL

Press, Volume LXXXV, Issue 25784, 21 April 1949, Page 6

COMMERCIAL

WORLD OUTPUT OF DAIRY PRODUCTS BIG RISE REPORTED The world output of manufactured dairy products rose sharply in the final quarter of 1948, compared with the OctoberDecember period of 1947, says the Chicago "Journal of Commerce,” on March 28. not only because of generally higher milk output but through a marked shift to manufactured outlets. The American Office of Foreign Agricultural Relations reports a 21 per cent, increase in the output of cheese and dried milk by major dairy countries, a 9 per cent, increase in butter production, and a 5 per cent, increase in canned milk production. The pattern was not general for all countries, however. Relatively high world prices for evaporated and condensed milk caused a shift to this outlet in Canada, Denmark, France, the Netherlands, and the United Kingdom, but high stocks in the United States kept production down. For whole milk production, all important dairy countries in July-September equalled or exceeded the 1947 third quarter output. Production of manufactured products in the October-December quarter as compared with the same period of 1947 was:— Butter recorded a 9 per cent, over-all increase, with all major dairy countries but Australia showing higher production. Largest increase was 70 per cent, for France apd the Netherlands was close with 58 per cent. The over-all increase in cheese production was 21 per cent. Again the big jump was in Europ_e, -with France improving by 106 per cent, and Denmark 53 per cent. The United States output was up 10 per cent., but 1948 total production lagged behind 1947 by 7 per cent. For dried milk there was an over-all increase of 21 per cent., the largest being 41 per cent, for Canada. The United States production jump in this field was 28 per cent., with the increase concentrated in non-fat dry milk solids. The United States dried milk output slipped 59 per cent. The United States was the only major producer showing a decline.

TREND OF COPPER PRICES

WORLD MARKET OPINIONS World market opinions on the probable trend of copper prices in the next two or three months are somewhat mixed. In spite of the unsettlement caused by recent reductions in prices of lead and zinc, both in America and Britain, some observers think that the copper price will hold its level for the time being. Current price of electrolytic copper in the United States is 23J cents per lb, to which level it was raised by 2 cents last August, after increases had been made in lead and zinc prices. This is equivalent to a delivered London price of about £stg.l3s a ton. British Ministry of Supply’s price is £stg.l4O a ton, delivered to users. Another school of thought feels that a slight shading of the price is possible over the next few weeks. This view is especially prevalent among consumers who are limiting their purchases to essentials. Deliveries of copper to United States users in February are estimated to have been 94,224 short tons, or 17,337 tons less than in January. Refined stocks in fabricator’s hands increased slightly to 367,872 tons. Congress has passed a bill continuing until June 30, 1950, the suspension of the copper import duty of 4 cents per lb. A substantial fall was shown in British imports of electrolytic copper in February—ll,2sB tons against 17,576 tons in January. CANADA’S OVERSEAS TRADE EFFECT OF IMPORT RESTRICTIONS The decline in the Canadian export trade with other Dominions in the Commonwealth, brought about by import restrictions to curtail dollar expenditure, is illustrated by figures compiled by the Canadian Exporters’ Association. Severe reductions and even complete loss of markets in Australia and New Zealand have been reported by several manufacturers.

A Canadian paper manufacturer who sold half a million dollars’ worth of merchandise in Australia and New Zealand in 1946 lost his entire exports to Australia in 1948, and business with New Zealand in the first half of the year totalled only 60,000 dollars. Another paper manufacturer reported that exports to New Zealafld in the first six months of 1948 had been maintained, as 1947 licences were being completed, but exports in the second half of the year were negligible. “Neither is there any prospect of improved conditions in 1948, -either for New Zealand or Australia." he said. Australia, New Zealand, and Jamaica were the three best markets in 1946 of a specialty textile firm, absorbing 91 per cent, of the firm’s 23,000 dollars exports. Due to import controls in the three markets in 1948, however, exports were nil. A button manufacturer, whose only two export markets. New Zealand and the British West Indies, formerly ' bought about 20,000 dollars worth of buttons annually, made no shipments to New Zealand last year, but retained about half of his business in the West Indies. Other firms to lose New Zealand and Australian markets included manufacturers of pharmaceutical goods, textiles, brushes, combs, and hand tools. Many industries report that they have been forced to „put off staff because of curtailed export business. IMPORT LICENCE DECISIONS Dress shirts and bridal veils are included in the latest list of goods for which the Customs Department will consider granting import licences. The department also announces that any further applications received for licences to import blankets or preserved pineapple will be declined. Following are the department’s latest decisions:— Dress Shirts.—Consideration will be given to applications for licences to import dress shirts from the United Kingdom if supported by definite evidence of availability.

Bridal Veils.—Consideration will be given to applications for licences to import bridal veils from the United Kingdom if supported by evidence of availability. Boys’ Hose.—Thp allocation authorised for the importation of knitted underwear and men’s working socks is extended to cover boys’ three-quarter hose. Underwear. —Licences will be granted for the importation of underwear from the United Kingdom to the extent of 100 per cent, of the amounts of licences granted in respect of similar goods from the same source in 1948.

Goloshes and Overshoes.—Consideration will fee given to applications from regular importers for additional licences for the importation of goloshes and overshoes from the United Kingdom. Applications should show the quantities desired and should be supported by evidence of availability. It will also be necessary for applicants to show that their existing licences have been fully exerpised. ROLLS-ROYCE INTERESTS IN AUSTRALIA Rolls-Royce, Ltd., noted British car manufacturers and aero engine makers, have taken over General Mctors-Holden's £A.70,000 shareholding in the Australian Commonwealth Aircraft Corporation. Other shareholders in the corporation are: Broken Hill Proprietary, Ltd., Imperial Chemical Industries of Australia and New Zealand, Broken Hill Associated Smelters Proprietary, Ltd., Broken Hill South, Electrolytic Zinc Company of Australia, Ltd., and the Orient Steam Navigation Company, Ltd., London. Rolls-Royce is the second British aviation company recently top acquire an interest in an Australian company. British aviation interests recently, promoted the Fairey-Clyde Aviation Company Proprietary, Ltd., Bankstown, to take over the aircraft and aircraft-parts manufacturing division of Clyde Engineering Company Proprietary, Ltd., Sydney. Between September. 1945, and June 30, 1948, United Kingdom interests invested £A.16,000,000 in 59 new businesses in Australia and spent £A16,000,000 on the expansion of existing businesses. LONDON MINING QUOTATIONS (N.Z. Press Association—Copyright) LONDON. April 19. Latest London mining quotations are as follows: Broken Hill North, 555; Broker* Hill South, 34s 9d; Zinc Corporation, £5 4s 4Jd; New Broken Hill, 26s lOJd: New Guinea, Is lOJd; Mount Morgan, Bs. MINING Kaniere Dredge.—ln the first half of April, the . Kaniere dredge ran 235 hours and treated 70.000 cubic yards for a return of 367 ounces.