N.Z. PRODUCE IN BRITAIN

Press, Volume XCIII, Issue 27961, 7 May 1956, Page 16

N.Z. PRODUCE IN BRITAIN

OTTAWA AGREEMENT PREFERENCE ADVANTAGES CLAIMED FOR DOMINION (New Zealand Press Association) WELLINGTON. May 4. Mr J. D. Ormond, chairman of the New Zealand Meat Producers’ Board, warns producers against foregoing the benefits of the Ottawa Agreement unless they can obtain from the United Kingdom compensations of equal benefit. Commenting on a statement attributed to Mr J. McEwen. Australian Trade Minister, in a cable message. ,’lr Ormond said that Australia was probably in a different position from New Zealand in connexion with the Ottawa Agreement He said that the was speaking in particular about New Zealand meat exports. The Ottawa Agreement of 1932 recognised two preferential principles of great benefit to New Zealand meat producers, mainly the right of New Zealand meat exports to enter the United Kingdom markets free from Customs duties, and the right to have quantitative restrictions placed on imports into the United Kingdom of meat from foreign countries. New Zealand meat producers attached great importance to these two beneficial principles established under the Ottawa Agreement. He thought the recent decision of the United Kingdom Government imposing a 10 per cent. Customs duty on imports of Danish pigmeats into the United Kingdom and a similar move to do likewise with imports of pigmeat from the Argentine was contrary to the terms and spirit of the Ottawa Agreement. New Zealand meat producers would be most unwise to allow the benefits derived under that agreement to be whittled away piecemeal, leaving them with the effects of the obligations incurred under the agreement These are mainly higher costs, due to the 20 per cent, margin of preference in connexion with Customs duties on British goods entering New Zealand, and the difficulties of establishing reciprocal trade with some foreisn countries buying New Zealand primary produce, he said. CANADIAN WOOL IMPORTS CONTINUED EXPANSION I Canadian wool imports continue to show expansion, and Australia is supplying a greater proportion of the greasy wool required, according to Winchcombe, Carson. Ltd., the Sydney ; woolbrokers. The United Kingdom is the largest individual exporter of wool to Canlada. the bulk of her supplies being in the form of tops. During the first half of the current season. Australia exported nearly twice as much wool to Canada as during the same period of last season—lo. 927 bales during July-December. 1955. compared with 6667 bales during the same period of the previous season. In 1955. Canadian imports of wool from all countries increased by 37.8 per cent, for greasy. 35.6 per cent, for scoured and 28.1 per cent, for tons. Australia's proportion of the total greasy wool imported rose from 15.7 per cent, in 1954 to 19.2 per cent, in 1955. At the present time, Canada ranks twelfth as a buyer in Australian auction rooms. INDUSTRIAL PRODUCTION OF RUSSIA Russian industrial production is growing so fast that it might exceed thi-ee-quarters of that of the United States by 1965. says an article in Lloyds Bank Review. The author, ■Mr A. Nove, is an authority on the i Soviet economy and visited Russia last ! year with a British agricultural deleI gation. He said the entire Russian system was geared to expanding economic development—nor should it be assumed that poor quality was characteristic. The visitor who finds '’that door handles come off in hotels should not conclude that Soviet industry produces defective railway locomotives or machine tools.” he said. In 1960. if a growth of 9 per cent, a year has been achieved. Russia will be the "industrial giant of the Eurasian land mass." and British industry will look uncomfortably small by comparison. The increase in Soviet steel production planned for the next five years exceeds the total British output, and that for coal nearly equals it. COMPANY NEWS NATIONAL BANK PROFIT (New Zealand Press Association) WELLINGTON. May 6. The general manager of the National Bank of New Zealand. Ltd., has received a cablegram from the head office of the bank in London, stating that the board of directors recommends a final dividend for the year ended March 31. 1956. of 6 per cent, less L’nited Kingdom income tax. An interim dividend of 4 per cent, less United Kingdom income tax. was paid last January, and the distribution for the year thus totals 10 per cent., less tax. Net profit for the year ended March 31. 1956. after making full provision for bad and doubtful debts and other contingencies, and charging payments to pension and gratuity funds, amounts to £277.447. compared with a net profit for last year of £265.430. The amount brought forward from last year was £188.050. making available a total of £465.497. The interim dividend paid in January absorbed £55.200. One hundred thousand pounds has been transferred to contingency accounts, leaving available for distribution £310.297. The directors propose to allocate £82.800 for payment of the final dividend. leaving a balance of £227.497 carried forward. All figures quoted are in sterling.

Woimald Bros.—Shareholders of Wormaid Brothers (N.Z.i. Ltd., have approved a reduction in the company's authorised capital from £150.000 to the present issued amount of £74.300 in 118.600 ordinary 10s

shares and 30.000 preference shares of 10s each. The unissued capital of 81.406 ordinary and 70.000 preference shares is being cancelled. Practically all the ordinary share capital of the company was taken over last year by Wormaid Brothers' Industries <N.Z.i. Ltd.