BRITAIN’S MEAT IMPORTS.

Manawatu Standard, Volume LIII, Issue 250, 19 September 1933, Page 5

BRITAIN’S MEAT IMPORTS.

REGULATION PROPOSALS. MINISTERIAL STATEMENT. The British Minister of Agriculture on August 14 made the following statement with regard to the meat situation: — The arrangements for the regulation of meat imports resulted in a reduction in foreign supplies of chilled and frozen beef, and frozen mutton and lamb, of some 21,700 tons in the first six months of the year, compared with tho first half of 1932. Of this amount chilled beef accounted for some 13,700 tons. In the second half of this year imports will be further reduced. As regards chilled beef, it has already been announced that in the first half of the present quarter imports will bo 10 per cent, less than .the quantities agreed at Ottawa and 12i per cent, less during tho second half of the quarter. It is now announced that for the first half of the last quarter of the,year tile Minister is aiming at a reduction of 15 per cent., or as near thereto as is compatible with the economical use of the shipping space available. As regards frozen beef, imports from foreign sources will be progressively reduced by 20 per cent, in the present quarter and 25 per cent, in the next quarter below the standard-year figures. It is expected that New Zealand will ship no frozen beef at all in the last quarter of this year, while Australian shipments are expected to be smaller than a year ago. The effect of these further reductions in imports should be to strengthen tho beef market appreciably in the coming months and induce a sounder price situation. As regards mutton and lamb, the prospects of better markets are also fair. Imports of foreign frozen mutton and lamb will be subject to the Ottawa reductions of 20 per cent, in the current quarter and 25 per cent, next quarter. As a result supplies of mutton and lamb from foreign countries will be reduced in the second half of the year by some 6000 tons, compared with the period July to December, 1932. Killings in New Zealand show a reduction of some 12,000 tons compared with last year, while it is estimated that holdings in cold store will be less than those of last year by about 300,000 carcases of lamb and 400,000 carcases of mutton. Australian supplier are also expected to be smaller in the latter half of the year. . As regards bacon and hams, imports from foreigu countries in the first half of this year were some 16 per cent, below imports in the corresponding period of 1932, and a further substantial reduction is being arranged. Remarking that the Government softly and silently proceeds with its plans for creating an artificial scarcity of food and so exploiting the consumer,” the Economist of August 19 says, in respect of the Minister’s statement, that the further reductions in imports should strengthen the bee£ market, “in plain English, meat is to be dearer still. And dearer not m response to an expansion of demand, but to an artificial restriction of supply. In the milk trade tho hopes of protectionists have long centred on a restriction of cheese imports, which would increase the price paid by the manufacturer to the farmer, and eo increase the price ot milk generally. Hitherto these hopes have been thwarted by supplies from New Zealand imported under tho Ottawa Agreement, says the Economist. Now, however, Mr Baxrer, chairman of the Milk Maiketmg Board is to visit New Zealand, and “explain to New Zealand farmers how seriouslv their competition is prejudicing the livelihood of tho dairy farmer in tins country.” It seems likely, m fact, that supplies c£ yet another staple foodstuff aie to be artficially limited in order to raise tho price. LONDON MARKETS. TALLOW AND HEMP QUIET. Tho Department of Agriculture has received the following cablegram, dated September 16, from the High Commissioner for New Zealand, London. Tallow'.—Market quiet; fan- demand at auction; 856 casks offered, of which 277 sold at decline of sixpence, Present S P°|) quotations are:—Mutton: I 1 " 15 ' f s “ cwt' fair to good, 20s to 23s 6d, daik t dull’ 18s 6d to 19s 6d. Beef: Sweet and/or mixed, 22s 6d to 235; fair to good, 19s to 21s 6d; dark to dull. 18s to 19s. Mixed: Fair to good, 19s to 21s 6d; dark to dull, 18s to 19s; gut, etc., 17s 6d to 19s, Hemp.—Manila market quiet. IC grade for Septcmber-Novcmbcr shipment quoted sellers £ls 10s. Sisal: Barely steady No 1 for October-Deccmber shipment sold £l/ 15s- No. 2, £l7 7s 6d. New Zealand market’quiet, and values nominally unchanged. Legs —Market steady. English national pack, 13s to 18s 6d: ordinary pack, 14s 6d to 15s; Danish, 10s to 12s; Austiahan, 11s 6d to 12s. , , , Apples.—Market stronger at about fast week’s rates. EYES ON DOMINION. ENGLISH FARMERS’ SCHEME. According to Sydney messages the recent decision for a representative of the English fanners to visit Now Zealand is arousing interest in tho Commonwealth. From Lismore tho following message comes: —• “English farmers have sent a representative to Now Zealand to persuade the farmers there to concentrate on tho manufacture of butter rather than of cheese. Their objective is an agreement between the producers, of tho two countries which would not bo connected with the Ottawa Agreement,” said Mr R. C. Gibson, district president of tho Primary Producers Union. _ , Mr Gibson added that the Ottawa Agreement had been, made by politicians with tho aid of business advisers. An agreement between groups of producers in the various countries would be a new development. The branch resolved to ask the union executive to keep a close watch on tho negotiations and to see whether any agreement reached would affect tho Ottawa Agreement. FOREIGN EXCHANGES. POSITION OF STERLING. (British Official Wireless.) RUGBY, Sept. 16. The following rates on foreign exchanges wore current to-day, compared with par:-

WELLINGTON STOCK EXCHANGE. YESTERDAY’S BUSINESS AND PRICES. Fairly active conditions ruled in tho Wellington market yesterday, 17 sales being recorded. Tho demand was well maintained, and values generally ruled firm on last week’s closing rates.. Minor changes were seen in tho quotations for Government loans, and local body and other debentures wore steady. In both sections sellers were very scarce. Active trading was recorded in banks, prices o.f which were mostly firm. Commercials of Australia, following a sale late on Saturday at 16s 9d, moved up yesterday to business at 17s, late buyers staying in at 16s lOd. New South Wales wore reported sold late on Saturday at £32 10s, and more wero wanted at that price. New Zoalands were a shade easier on sales at 48s Bd, and late buyers went down to 48s Id. Union of Australia were done late oil Saturday at £lO ss, and buyers wero again in yesterday at that levol. National of Now Zealand advanced to 84s without response. Commercial of Sydney were better at £lB, as wore National of Australasia. £5 paid, at £6 10s 6d. E.S. and A. Bank wero firm at £5 15s. In tho financial and pastoral section New Zealand Loan and Mercantiles wore bid for at £SO, but sellers asked £65. There were sales last week at. £55. Now Zealand Guaran- j tec Corporation ordinaries wore easier at 7s 4d, but sellers stayed at Bs. Gas and I insurance shares wore firm. Auckland Gas wero done late on Saturday at 23s 7d, and yesterday Christchurch Gas moved up to 27s 8d for tho fully paid, and 13s 3d for tho contributing. Wellington . were quoted at 335,. sellers 33s Bd. Wellington Wollons wore in firm demand at £5 9s for tho ordinaries, and £5 10s for the preference. New Zealand Breweries were rather easier, a sale being reported at 37s 9d, and late buyers quoting 375. Staples were done at 28s 7d. Miscellaneous shares wore a firm market, with no concessions from tho few sellers showing. Woolworths (N.Z.) preference wero done at 365. New Zealand Drugs wero unchanged at 70s, and New Zealand Newspapers were 3d better at 37s 3d cum. dividend. Mining shares were fairly active, seven sales boing reported. Values were mostly steady. YESTERDAY’S QUOTATIONS. Yesterday’s buying and selling quotations on tho Wellington Stock Exchange were as follow:

New York, dol. to £1 Sept. 16. ■4.695 Par. 4.866 Montreal, dol. to £1 4.87 4.866 Paris, francs to £1 .. 80 21-32 124.21 Brussels, bel. to £1 .. 22.615 35.00 Geneva, francs to £1 .. 16.31 25.225 Amsterdam, florins to £1 7.83 12.107 Milan, lire to £1 601-16 92.46 Berlin, marks to £1 .. 13.21 20.43 Stockholm, knr. to £1 19.375 18.159 Copenhagen, knr. to £1 22.40 18.15S Oslo, knr. to £1 19.90 18.15S Vienna, sehgs. to £1 . *29.50 34.585 Prague, knr. to £1 .. 106.625 164.25 Hel marks to £1 22b M 28 Madrfd, pes. to £1 .. 37 13-16 KT225 Ijisbon esc. to £1 .... 105 110 Athens, drach. to £1 . 570 375 . Belgrade, din. to £1 . — 276.31 Bucsharest, lei to £1 . 535 813.60 Warsaw, zloty, to £1 . +4-1 43.38 ■ Rio de J., p. to mil. .. 5.899 B. Aires, p. to peso .. +44. 47.62 M. Video, p. to peso .. *36i 51 Calcutta, p. to rup. . 18 18 Shanghai, p. to dol. . 151 — JI. -Kong, p. to dol. . 17g — Y’hamn, p. to yen .. 14 3-32 24.582 Batavia, ilorins to £1 7.85 12.107 ‘Nominal. tOfiiciai.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ 6. d. 4 p.c. . Bonds, 1940 ...101 0 0 4 p.c. ditto, 1946 100 5 0 — 4 p.c. ditto, 1949 101 10 0 — 4 p.c. ditto, 1955 100 10 Rural Advances Bonds — 0 98 10 0 p.c. Ins. Stock* 1939-43 99 10 0 — 3g p.c. ditto, 1938-43 ... 99 10 0 100 10 0 3} p.c. ditto, 1938-52 ... — 101 12 6 4 p.c. ditto, 1940 101 0 0 — 4 p.c. ditto, 1946 100 7 6 — 4 p.c. ditto, 1949 101 10 0 — 4 p.c. ditto, 1955 100 5 DEBENTURES— 0 — Auck. City, 5g p.c., 1944 100 0 Chch. City, 5% p.c., 0 - 1944 100 0 0 Well. Harb. Bd., 5£ p.c., 1940 100 0 Napier Harb. Bd., 5s 0 - p.c., 1943 — 100 15 0 Well. Gas Co 102 10 0 — Well. Racing Club ... 94 10 0 — Amid. Brick and Pipe 91 U 0 — Gisb. Sheep Farmers 84 10 BANKS— 0 “ *13 1 6 Comrcl. of Aust., ord. 0 16 10 0 17 3 Corarcl. Banking Co., Sydney 18 0 0 18 5 0 Eng., Scot, and Aust. 5 15 0 — National of N.Z 4 4 Nat. of Australasia, 0 — £5 paid 6 10 6 — New South Wales ... 32 10 0 — New Zealand 2 8 1 2 8 9 Ditto, “D” long term 1 13 6 1 14 6 Union of Aust 10 5 FINANCIAL— 0 10 9 0 Abraham and Williams, ord — Goldsbrough, Mort and 3 10 0 Co 1 9 National Mortgage 3 1 9 8 “B” 1 6 9 N.Z. Guarantee Corp., 4 0 8 0 Ditto, pref *1 1 N. Z. Invest., Mort. 0 1 2 6 and Deposit 0 3 N.Z. Loan and Merc., 3 pref 50 0 0 65 0 0 N.Z. and River Plate 1 1 3 — Well Invest., T. & A. 0 4 5 — Well. Trust Loan .... 3 18 0 — GAS— Wellington, ord — Christchurch 1 7 1 13 9 8 — Ditto, cpntrib 0 13 3 • Wellington, ord 1 13 INSURANCE— 0 1 13 B National of N.Z ' — New Zealand 2 14 0 0 13 6 South British 3 13 6 3 15 0 Standard 3 1 MEAT PRESERVING0 . Gear Meat, cum rights — 1 13 6 N.Z. Refrig., 10s paid 0 9 Well. Meat Ex., pref. 0 15 6 0 10 0 6 — WOOLLEN— Wellington, ord 5-9 0 — Ditto, pref . 5 10 TIMBER— 0 Leyland-O’Brien 0 17 BREWERIES— 0 0 18 2 0 1 18 3 0 0 Carlton — N.Z. Breweries 1 17 0 1 9 0 Tooth and Co 1 18 3 — \l tsf t- M.\NEOUS— British Tobacco, Aust., r*rH — *1 17 6 Colonial Sugar — 59 5 0 Dominion Investments 1 3 Donaghy’s Rope and Twine 2 0 0 0 D.I.C., pref 1 0 9 — Dunlop Perdrinu *U 17 Electro. Zinc, 8 p.c., 9 1 14 0 part prof *1 15 0 Henry Jones Co-op: ... 1 16 3 N.Z. Drug *5 10 0 — 0 Well. Queen’s Theatre — 1 1 Whitcombo and Tombs 3 5 WiPon’s Cement, cum. 6 rights 1 15 Woolworths, N.Z., Ltd., pref 1 15 0 1 16 1 16 0 0 6 New Colosseum — Prestige (N.Z.), Ltd. z u pref — N.Z. Newspapers *1 " 7 3 1 2 1 10 0 0 OIL— 0 5 0 MINING*0 19 0 Alexander 7 0 1 9 Blackwater 1 15 0 1 15 0 Fresh ford 0 0 Gillespie’s Beach 0 2 bi — 2 — Golden Dawn 0 2 6 U Z ilc Golden Sands 0 3 2 . — King Solomon *0 3 4 0 3 8 0 0 0 8 Mount Lyell 1 2 1 2 3 Nokoniai 0 3 0 0 3 4 4 0 11 7 Waihi 1 5 6 1 6 0 Waihi Grand Junction 0 4 0 — Waitahu 0 7 6 — Bell Hooper 0 0 11* 0 1 2 Bell Kilgour • 0 1 7 0 1 9 *Cum. dividend. +Ex dividend. GOLD AND SILVER. LONDON, Sept, 16. Gold—£6 10s 5d per ounce. fine. ■ Silver.—Cash, 18 5-16d per ounce; iorward, 18 3-8d..