DANISH AGRICULTURE

Evening Star, Issue 22229, 6 January 1936, Page 5

DANISH AGRICULTURE

AGREEMENT WITH BRITAIN CONCERN AT MODIFICATION Concern at the British Government’s request to Denmark fo> - a modification of the Anglo-Danish Trade Agreement is expressed by Mr H. Hauch, first president of the Danish Agricultural : Council, in ‘ Lloyd’s Bank Monthly Review.’ ■ . In a survey of trade relations over the past four years. Mr Hauch points out that British policy created certain difficulties for Denmark, and the mutual concessions contained in the Anglo-Danish Trade Agreement were very welcome. Even so, while between 1931 and 1934 British exports to Denmark increased in value by 53 per cent. Danish exports to Great Britain—which consist of bacon, butter, and eggs—fell in value by 30 per cent. This de- • crease, states Mr Hauch, was primarily due to the Ottawa agreements, to the fall in prices of butter and eggs, and to the British application of the bacon import- quota system in accordance with the recommendations of the Lane-Fox report. '■ ' fn the circumstances, there was considerable perturbation at the proposed , modification, the object of which was the imposition of -a levy on imports of bacon from Denmark in common with those from other countries, particularly as the proceeds of the levy were to be allocated to the assistance of British bacon producers. The 53 per cent, increase in Danish purchases of British goods, Mr Hauch claims, should give Denmark the right to very favourable consideration. Profits of Danish agriculture fell practically to vanishing point in 1930-32, and since then have only partially recovered. However, he admits that the present outlook is a little more hopeful. The main need for Denmark is freer trade between nations. In her opinion, Mr Hauch says, the key to world recovery lies in the gradual relaxation of .the present intensive agrarian protectionism of . the industrial countries of Europe and its replacement by a system comparable with that which prevailed before the war. MOUNT LYELL YEAR THE PRICE OF COPPER “ Without undue optimism, ’ the directors feel justified _in looking to the immediate future with greater confidence than,has been possible for several years,” said Mr P. ,C. Holmes Hunt, who presided at the annual meeting in Melbourne of the Mount Lyell Mining and Railway Company Ltd., in the absence abroad of_ Mr Colin Templeton, chairman of directors. Mr Hunt said that while there was no likelihood of any large increase in the price of copper, an early return to unprofitable conditions of operation appeared unlikely. The consumption of ’ copper in England, last year was the highest on record. _ Although _ many producers were working on a basis much below their output capacity, it might reasonably be assumed that there was not likely to be any unwise increase of production in the near future. ... While a certain proportion of. the in; crease in consumption might be attributable to war demands, this had not been an important factor in the recent . rise in prices, and it was unlikely that the end of the war in Abyssinia would affect the situation materially. It might be expected that , returning confidence in the United ' States would have results similar to those experienced in England, and also in Australia, where, business revival had brought about a very large increase in the consumption of copper. United States consumption had fallen from 1,000,000 tons in 1929 to 300,000 tons in 1932, Mr Hunt said. In the United Kingdom consumption in 1929 was 155,000 tons, in 1932 120,000 tons,' and in 1934 it exceeded 200,000 tons. America might be about to have a somewhat similar experience. American consumption for the three years ended December 31, 1934, averaged only about 28,000 tons a month, whereas the consumption in September this year was approximately 50 per cent, higher. , Referring to the company’s operations, Mr Hunt said the directors regarded the results now being achieved at Mount Lyell as a technical triumph. The progressive irapovement in treatment methods which had been a distinctive feature of the company’s activities, had continued during the year. Not only had treatment costs been further reduced, _ but headway had also been made with production of pyritio concentrate, thus supporting the policy of the Commonwealth Government to. develop witliin Australia, the production of sulphur as a product of national importance. The revenue derived from pyritic concentrate was at present inconsiderable, but it was hoped that it would become more important. 1 --Activities at Mount Lyell had been tarried ,on in the face of great difficulties in the last four years, and at times .it had appeared that the cessation of all operations was inescapable, Mr Hunt said. For many years, however, the board had pursued a persis-

tent policy of authorising such expeni diture as appeared essential to secure ,■ reduced costs, realising that the future of operations denended on lower production costs and the ability to treat low-grade ores economically. Even when the nrice of conper was at its lowest ehh this policy had been in no way- modified, and a very large expenditure on plant and development was' at last enabling the company to produce copper at a cost which a few years ago wovjkl have appeared impossible of attainment, while the life of the mine had been extended by large additions to the ore reserves. COLD EXPORT EMBARGO Press Association—By Telegraph—Copyright OTTAWA, January 3. The Government announces that the gold export embargo has been renewed for another year.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY OASIS The Bank of New South Wales, Dunedin, quoted the following rates (on Saturday) for purchase and sales of foreign exchanges (all rates subject to alteration without notice):— _ _ ...

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted'the following dollar rates on Saturday on a New Zealand currency basis. They are subject to alteration without notice:—

THE SEARCH FOR GOLD LOW GRADE ORE TREATMENT , The view that the future of the gold industry in Western Australia depended on the profitable treatment of low-grade ore was expressed recently by Mr C. De Bernales, managing director of the Wiluna Gold Corporation Ltd., and several other mines. Mr De Bernales visited the Western Australian mines with Sir William Campion, former Governor of the State. Mineowners and managers, lie stated, should see how cheaply they could produce low-grade ores, and sc provide permanent employment. At present profits could be made on ores as low as 4dwt, and work on the various leases controlled by his companies ivould be pursued vigorously with this end in view. ; NORTH KALGURLI CENTRAL At the third annual meeting of North Kalgurli Central Gold N.L., Kalgoorlie, at Melbourne on December 18 the chairman (Mr Edward Ward) said that during the year there hat been no great change in the positior, at the mine. Mr Ward considered that Mr Tyrrell, the general manager, had been ultra-careful in giving his estimates of ore available. It still wouli appear that there are large bodies of just toolow grade ore—ldwt more wotld make all the difference between p;ofit and loss in mining. Diamond drilling to the west had very much altered the outlook, and if the values shown in drilling are indicative of values improving with depth, then the mile has a great future possibility. Nimpenco a share was called up for the jtear, and that seems to be about the necessity for present development worki Crosscutting and driving at the 520 ft level should prove the better values |disclosed by the drill, and it is hoped vill warrant the early equipment of the property. Diamond drilling 140fi west oi the 520 ft level cut values ranging from Idwt to 2oz a ton, and gave the following results:—From 63ft jto 65ft, sdwt; from 67ft to 74ft, 13dvt; from Sift to 83ft, Bdwt; from 136ft'to 142 ft, ll.7dwt.

uol-u-u; — Buying. Selling. London — £100 stg. £124 10/ N.Z T.T. £124 O.D. £123 10/ £124 8/9 Australia — £A to £100 £100 10/ N.Z. ... .. ' T.T. £101 Fiji— £F to £100 N.Z T.T. £90 7/6 £89 New York —. Dollars to £1 ... T.T. 3.98J 3.95 N.Z O.D. 4.00 3.95i Montreal — Dollars to £1 3.96J N.Z. ... ... ... T.T. 3.99J O.D. 4.01& 3.96| France— Francs to £1 N.Z. ... ... ... T.T. 60.72 59.42 O.D. 61.02 59.47 Noumea — Francs to £1 ' _ N.Z ... T.T. 61.67 58.67 O.D. 62.07 58.72 Papeete— Francs to £1 . N.Z. ... ... ... T.T. 61.67 58.67 O.D. 62.07 58.72 Belgium— Belgasto£l N.Z. ... ... ... T.T. — 23.240 O.D. — 23.255 Germany— £1 Eeichmarks to 9.646 N.Z. ... ... ... T.T. — O.D. — 9.651 Switzerland — Francs to £1 N.Z ... T.T. 12.415, 12.015 O.D. 12.490 12.025 Holland— „ Florins to £1 5.720 N.Z. . ... ... ... T.T. , 5.970 O.D. 6.020 5.724 Java — Florins to £1 ... 'tf’T. 5.931 5.706 N.Z O.D. 5.981 5.710 J apan— N.Z. pence to 1 17-21-32 yen ... T.T. — O.D. — 17-41-64 Shanghai— N.Z. pence to 1 18 19-32 dollar ... T.T. 17 9-32 O.D. 17 5-32 18 37-64 India and Ceylon— N.Z. pence to 1 22 23-32 rupee .. T.t; 22| O.D. 22k 22-21-32 Hongkong— N.Z. pence to 1 m dollar ... . . T.T. 18J O.D. 18* 20 7-32 Singapore— N.Z. pence to 1 35 9-32 dollar ... T.T. 34 H-32 . O.D. 34 7-32 35 7-32 Sweden— Kroner to £1 N.Z. ... ... ... T.T. 15.790 15.460 O.D. 15.830 15.470 Norway— Kroner to £1 N.Z. ...» T.T. 16.199 15.869 O.D. 16.239 15.879 Denmark— Kroner to £1 N.Z. ... T.T. 18.208 ‘ 17.878 O.D. 18.248 17.888 Austria— Schillings to £1 20.57 N.Z ... T.T. — O.D. — 20.59 Czechoslovakia— Crowns to £1 N.Z T.T. — 94.93 O.D. — 94.98

SELLING—' U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) T.T. (do!) O.D. (dol) 3.95 3.964 3.954 3.96J BUYING— O.D. (dol) 5.99J 4.014