CORRESPONDENCE.

Hawera & Normanby Star, Volume LI, Issue 9065, 10 April 1906, Page 5

CORRESPONDENCE.

DAIRY PRODUCE SHIPMENTS AXD

SANK EXCHANGE.

(Jo the Editor.)

Sir, — In your issue of the bth inst. Mr James Gibbs is reported to have stated at j the recent meeting of the Dairy Produce Exchange that he estimates that £25,000 has been paid to the banks for exchange in London, on the current season's exports of butter and cheese, based on value of same for lest season. Allowing that Mr Gibbs refers to the total exports of dairy l>roduco from the whole of New Zealand for the current season, granting, further, that exchange in London has been paid on the whole of such exports, including -the large proportion of same sold outright in the colony, and the exchange on Mich proportion having been paid by buyers, if not by daily factories, it would be interesting to know how Mr G'bbs arrives at tflie result giving a total of £25,000 as paid for exchange, which at 5 per cent, would represent the stupendous total of ten mil lion pounds worth of butter and cheese paid for by drafts drawn, on London during the current season. As the total value ■of dairy produce exported to all countries frop; Now Zealand during 1904 only amounted to £1.565,000 (latest Year Book figores)) if correctly reported, Mr Gibbs may well add" that he would like to see the matter <&seusse<J by capable tn«n. Thanking you in anticipation,— -I am, etc.,