EXPORTS OF SUGAR

Press, Volume XCVIII, Issue 28832, 28 February 1959, Page 16

EXPORTS OF SUGAR

Producers Agree To Quotas CNJI. pr«M Aisoetatton—Copyright) . LONDON, February 2#. The International Sugar Council today decided on an immediate cut In export quotas to 92} per cent, of basic tonnages. In addition they agreed to a voluntary "hold back” of a further 10 per cent, of basic tonnages. Explaining the "holdback,” Mr Eric Roll, executive director of the Sugar Council, said that all producing countries in the agreement had agreed to withhold temporarily from the market 10 per cent, of their basic tonnages. Price Below 3.15 Cents By the end of this week the effective price of sugar will have been below 3.15 cents per lb for 17 days. No further action will be taken on this account. ’ The combined effect of the measures is to reduce export quotas by 500,000 tons and reduce supplies available to the market by a further 650,000 tons, making a total reduction in supplies of 1,150,000 tons pending a further decision by the council In the light of market conditions. Mr Roll told a press conference, that the council -concluded that the current weakness of the sugar market was due to what they regarded as “erroneous estimates of the statistical position.”

CUSTOMS REVENUE FOR FEBRUARY

Revenue collected by the Customs Department in Christchurch during February amounted to £677,849, compared with £648,432 in the corresponding month last year. Customs and excise duty collected rosp by £101,919; but sales tax dropped from £116,319 to £52,377. Totals, with figures for the same period last year in parenthesis, are:— February.—Customs and excise, £447,428 (£345,509), petrol tax, £172,934 (£183,311); tyres, £268 (£207); sales tax, £52,377 (£116,319); light dues, £1632 (£1230); miscellaneous, £3210 (£1856). The figures for the 11 months of the financial year are:— Customs and excise, £5,117,202 (£4,007,057); petrol tax, £1,816,501 (£1,814,038); tyres, £3325 (£3683); sales tax, £2,353,486 (£2,205,092); light dues, £23,428 (£22,292); miscellaneous, £28,428 (£22,292). AUCKLAND Revenue collected by the Customs Department in Auckland during February totalled £2,088,764, against £1,907,319 in February of last year. Details are:—customs, £990,374 (£905.428 in February. 1958); petrol tax. £481.449 (£438.540); tyre duty. £1143 (£1788): sales tax, £184.180 (£302,120); other .duties, £451,618 (£261;443). Collections for the first two months of this year total £4,819,685, against £4,399,644 in January and February of 1958.