BRITAIN’S TRADE

Dominion, Volume 29, Issue 228, 23 June 1936, Page 12

BRITAIN’S TRADE

Danish and Argentine Agreements

The more important of Mr. Runmman’s trade agreements are now nearing the end of their appointed term, said the “Economist” of May 9. The Danish agreement expires on June 20, 1936, and the Argentine agreement in November, 1936, unless they are permitted to continue by the decision of neither party to give notice of termination. Mr. Kunciman announced on May 7 that the, British and Argentine Governments had agreed to reserve the right to terminate the latter agreement in November. By the Danish agreement, which came into effect in Juhe, 1933, Great Britain guaranteed free entry to certain Danish agricultural products, except insofar as quota restriction might be necessary to assist'the British marketing schemes; and Denmark, in return, gave certain concessions to British' exports. In fact there has been a large reduction of British imports of Danish bacon during the period of the agreement. Total trade between the two countries lias developed as follows: — (£’000) 1929. 1933. 1934. 1935. British imports from 1 _ Denmark 56,211 35,429 32,886 32,043 British exports to Denmark 10,678 11,709 13,360 13,766 It will be seen that Denmark’s imports from Britain have been steadily rising during the period of the agreement, while British imports from Denmark have been steadily falling. Actually Britain's sales to Denmark, by value, are now nearly 30 per cent, above the 1929 level; her purchases nearly 50 per cent, below. The Argentine agreement, which came into force in November, 1933, provided that British imports of certain Argentine agricultural products should not fall below certain levels; and in return special exchange concessions were made, to this country by Argentina. Here again, however, the agreement has been followed by a large reduction in moat imports into Britain. The total trade figures have been as follow: — (£’000) 1929. 1933. 1934. 1935. British imports from Argentina 82,447 41,687 47,030 43,995 British exports to Argentina 29,074 13,073 14,655 15,263 British sales haye increased, while British purchases ha’ve remained the same. It is clear from these two sets of figures that the trade agreements cannot be represented as having tended to increase British imports rather than British exports, says the •'Economist." Indeed, if the agreements are to be amended they ought to lie liberalised rather than tightened ; so that Argentina and Denmark, by selling more to Britain, may be enabled either to buy more or to pay increased services on British investments. Gold Mining Returns Skippers. Limited, yesterday reported to the Stock Exchange Association a further partial wash-un of 51oz. for 60 hours' sluicing, on 80 square yards and boiinm was reached. The Okarito dredge yesterday 1 reported a return of 12oz. 17dwt. for 131 hours’ work.

By Telegraph— Press Association Auckland, June 22.

The Mataki dredge return for the week ended June 21 was 51ozs. for 130 hours' work and 8500 cubic yards.

Tallow and Hemp Markets

The 'Department of Agriculture has received the following cablegram, dated June 20 .from the High Commissioner for New Zealand, London : — Tallow: Auctions will be held on June 24. Spot market quiet; prices unchanged Hemp—Manila : Market firmer owing to the absence of offers and reduced production? "K” grade for August-October shipment sold nt £2l. Sisal: Market continues firm. August-October shipment sold at £27/12/6; October-December shipment at £27/15/-. New Zealand: Market nominal and unchanged.