OTTAWA CONFERENCE

Manawatu Standard, Volume LII, Issue 226, 24 August 1932, Page 7

OTTAWA CONFERENCE

EFFECTS OF SUCCESS. STOCK MARKETS ACTIVE. INDUSTRIAL SHARES IMPROVE. (United Press Association.—By Electric Telegraph.—Copyright.) (British Official Wireless.) Received August 24 10.55 a.m. RUGBY, Aug. 23. The Stock Markots to-day were more active, following the success of tho Ottawa Conference, which has stimulated recovery in tho miscellaneous market. Various leading British industrial shares showed an improvement, homo industrials, textiles, breweries, Dunlop’s, Imperial Chemicals, and Cables and Wireless Company snares being particularly prominent.

STEP AWAY FROM FREE TRADE.

AMERICAN COMMENT.

NEW YORK, Aug. 22. In a leader entitled “Ottawa Uncertainties” tho New York Times comments on tho difficulty of completely envisaging tho meaning of technical aspects of tho various arrangements at this time, but adds: “Vet there can bo no doubt that a good deal has been done to bring about closer trade relations within tho British Empire. Tho whole must bo regarded as ono further stop by Britain away from lier historic policy of freo trade. It may prove that sho has done something to bind the Empire together, yet that losses elsewhere will overbalance this gain.”

DUTIES COMPARED.

PRINCIPAL COMMODITIES,

NEW ZEALAND’S SHARE

The effect of the preferences granted by Britain on a number of principal food commodities is shown in tho following tabic, which sets out tho new duties on imports from foreign sources compared with tho position ruling after tho operation of the Import Duties Act on March 1, 1932:

On a basis of 110 s a cwt, New Zealand blitter will enjoy under the new scale an added advantage of 4s a cwt, as the duty which foreign competitors will have to face will be 15s, compared with 11s under the 10 per cent, impost. The following table shows the total annual imports into Britain of the commodities mentioned, together with the quantities imported from Empire sources anil the amounts of the latter which Britain imports from New Zealand. In the majority of' cases the figures for 1931 aro given: —

Britain’s importations of egg pulp, which in 1931 totalled 774,000 cwt, aro derived almost entirely from China, which country, in tho past five years, supplied on an average nearly 99 per cent, of Britain’s requirements. It is of interest to noto that in 1931 Australia sent to England egg pulp equal to 127,708 long hundreds of eggs. Otherwise Empiro supplies are practically non-existent.

MEAT FOR BRITAIN.

CHIEF SUPPLY SOURCES.

NEW ZEALAND’S INTERESTS.

New Zealand’s interest in tbo Ottawa meat agreement naturally centres on mutton and lamb, for tho Dominion is Britain’s chief sourco of overseas supply for those products.

Tho latest official figures concerning meat imports into Britain relate to 1931, whereas tho 1932 quantities are tef serve as tho basis of the “standstill agreement.” In 1931 tho mutton and lamb available for consumption in the United Kingdom were derived from

DEVELOPMENT IN A DECADE. Tho value of the British market for the disposal of Now Zealand mutton and lamb, and an indication of the manner in which the trade has developed aro shown in the following table, analysing tho imports into Britain during the last 10 years from Now Zealand, South America and Australia (figures in carcases) :

BEEF FROM SOUTH AMERICA. Tho United Kingdom’s importations of frozen and chilled beef are also drawn almost exclusively 7 from the same three sources, but tho proportion supplied by Now Zealand is relatively insignificant, compared with our marketing of mutton and lamb.

South America’s pre-eminence is clearly shown in the following table, which analyses Britain’s imports, in quarters, during the past 10 years:—

In recent years, therefore South America has supplied about 80 per cent, of Britain’s import requirements in heel During the “meat battle” at Ottawa

Australia and New Zealand desired that Britain’s 1931 import figures should be taken as the basis in fixing tho quantitative restriction instead of tho 1932 figures, which were estimated to be smaller. The 1932 figures have not yet been announced, but a cablegram published to-day places the Argentine exports of beef to Britain at about 5 per cent below tho total in the previous year, or, say, 5,500,000 quarters.

Butter Old Duty. 10 per cent. New Duty. 15s a cwt. Cheese 10 per cent. 15 per cent. Con. Milk— Sweetened ... 10 per cent. 5s a cwt. Unsweetened 10 per cent. plus sugar duty 6s a cwt. Milk powder ... 10 per cent. 5s a cwt. Honey 10 per cent. 7s a cwt. Eggs in shell (long 100’s) — Under 141b ... . 10 per cent. Is 141b to 171b . 10 per cent. Is 6cl Over 171b .... 10 per cent. Is 9cl Egg pulp 10 per cent. 10 per cent. Apples, pears .. 10 per cent. 4.s 6d a cwt Wheat F reo 2 s a qr.

jv/i J iju ±. Total Empire New Imports. Sources. Zealand Butter (tons) 403,558 193,731 96,750 Cheese (tons) 144,237 125,321 86,582 Con. Milk (cwt) — Sweetened 2,317,623 50,109 83 Unsweetened 483,073 34,461 — Milk powder (cwt) 352,652 152,056 102,424 Eo-ers in shell (long 100’s) 25,920,000 6,137,000 12,000 Honey (cwt) 77,000 36,190 13,090 Apples and pears (cwt) 7,200,891 4,144,437 399,619 Wheat (tons) 5,250,343 2,113,009 —

tho following sources :— Tons. Per cent. Home-grown 320,400 47.5 New Zealand 173.473 25.7 South America 105,266 15.6 Australia 76,602 11.2

New South Year. Zealand. America. Australia. 1922 ... 7,776,071 4,096.276 2,753,052 1923 ... 6,214,747 5,185,459 3,734,879 1S24 ... 6,603.729 4,826,184 1,393,088 1925 ... 6,672,643 5,601,639 1,699,729 1926 ... 7,114,415 4,524.688 2,169.521 1927 ... 7,312,447 5,669,032 1.949.814 1928 ... 7,882,739 6.034,853 1.742,414 1929 ... 7,763,642 6,378.312 1,828,056 1930 ... 9.288,182 6,691,323 2,577,055 1931 ... 10,275,870 6,513.860 4,749,387

South Now Year. America Australia Zealand 1922 ... 5,059,219 727.547 316,782 1923 ... 6.276,346 570,140 387.549 1924 ... 6,374,179 559,229 280.953 1925 ... 6,162,579 1,030,714 263.280 1926 ... 6,273.303 757,8E0 267,068 1927 ... 6,957,816 482.016 131,060 1928 1929 ... 6,389,318 ... 6,097,446 686.033 591,334 228,433 47.221 1930 .. 6.184.833 548,396 139.425 1931 ... 5,865,552 788,866 150,814