N.Z. PRIMARY INDUSTRIES

Press, Volume XCI, Issue 27592, 24 February 1955, Page 17

N.Z. PRIMARY INDUSTRIES

“DIFFICULT TASK AHEAD ” “New Zealand’s primary industries have a difficult task ahead," says the Bank of New South Wales, in its latest quarterly ‘'Review.”

“Production must be increased to. meet the requirements of a population expected to grow by 50 per cent, during the next 20 years, and at the same time costs must be closely examined to ensure that New Zealand produce can continue to compete effectively in world markets.

“The dairy industry is already meetuig strongly competitive market conditions. ‘ln the long run, markets should be available for all New Zealand's surpluses, even at the increased level of production required to match the expanding levei o* population. But costs of production in me farmins industries, and therefore throughout the economy, must be kept within close limits if New Zealand is to continue to .<£? rnpete effe vtively in world marker. The problem of production costs has a direct bearing on the methods chosen to obtain the increased level of output required. If emphasis is placed on the development of new areas of farming land, the amount of capital required will be reflected in costs for a long period, but if emphasis is placed on increasing production from established high-producing farm units the trend will be toward a higher labour content in the cost of production. "But if the latter policy is accompanied py the adoption of improved techniques m farm management, and if the latest advances in farming sciences are translated speedily into farming practice, the increased output should be obtainable with little overall advance in costs.” RESERVE BANK RETURN After touching its lowest point for two years in the Reserve Bank return for the week ended February xu, sterling exchange funds recovered, as at the close to £45 454 000 n February 171 by 7 £ 750,000 Apart from a few minor increases, sterling funds have shown .a downward trend since they reached a peak of £94,100,000 m the final week in July, and they now stand about £19,000.000 less than a year ago. It is interesting to recall that the funds reached their post-war ebb in September, when sterling exchange stood at £17,800,000, having been reduced by more than £69,000,000 in a year following the unprecedented spending of foreign exchange on imports—a sequel to the 1951-52 wool boom. COMPANIES REGISTERED Registration of the following companies —notified in the current issue of the Mercantile Gazette":— Hillview Stores, Ltd. Private company, February 1, 141 Hereford street. Capital: £l5OO in £1 shares. Subscribers—Christchurch; L. M. Dickson 1300. J. J. A. Dickson 200. Objects: grocers, fruiterers, and incidental. Jones Engineering, Ltd. Private company, February 7, 226 Armagh street. Capital: £2OOO in £1 shares. Subscribers—Christchurch: M. F. S. Jones 1999, S. M. Smith 1. Objects: civil, electrical,, mechanical engineers, and incidental. Preload Concrete, Ltd. Private company, February 9, 183 Cashel street. Capital: £3OOO in £1 shares. Subscribers— Christchurch: H. L. England, J. N. and T. L. Kerr 1000 each. Objects: making concrete articles and incidental. Jenkins (Timaru), Ltd. Private company, February 10, 204 Stafford street. Timaru. Capital: £3500 in £1 shares. Subscribers—Timaru: M. EJ. and C. H. J. Schrader 1250 each, B. E. Schrader 300. M. G. Taylor 300. Objects: tea room and restaurant proprietors and incidental. Holm (E. J.), Ltd. Private company, febniary 10, 94A Manchester street. CapiL n £1 shares. Subscribers— Christcnurch: E. J. Holm 650, N. V. Holm 50. Objects: transmission and mechanical engineers and incidental. Katahley Ud. iwSo? 1 increased &om to IMPORT DUTY ON SPLIT PEAS REPRESENTATIONS FOR INCREASE (New Zealand Press Association) February 23. A Board cf Trade inquiry was held yesterday into the Import duties on split Peas. , The New Zealand Split Pea Manufacturers’. Association was making unopposed submissions ftir- an Increase on import duties for split peas as a protection for the local industry, which, it claimed, was being undersold by Australian imports. The secretary of the association (Mr L. K- Jones) said the local grower used a higher grade pea, which 1 was dearer than the pea used in Australia. The New Zealand selling price for split peas was £6B 18s 5d a ton. compared with the Australian price of £46 7s 6d—a difference of £l9 10s lid.