EXPORT QUOTA

Northern Advocate, 8 November 1934, Page 5

EXPORT QUOTA

FROZEN BEEF AND VEAL SURPRISE FOR AUSTRALIA. BRITISH REQUEST. [United Press Association—By Electric Telegraph.—Copyright] (Received 9 a.m.) SYDNEY, November 7. It was reported in Sydney today that the British Government had requested the Commonwealth to reduce exports of commodities .to Britain and that it also announced the prohibition of the export of frozen beef and veal for two months, beginning on November 15. The announcement Caused consternation, Mr T. A. Playfair, a prominent exporter,- declared this afternoon that the reported prohibition was a staggering blow to the beef and dairy industry and would cause considerable unemployment in meat works in Australia.

Queensland herds would flood every State and prices would become unpayable, at the very moment when it was believed the chilled, beef industry was getting on its feet.

Mr Playfair urged that something be done to resist the prohibition. Later the matter arose in the Legislative Assembly, The Premier, Mr B. S, Stevens, in replying to questions, said there was no actual proribition from the British Government, but merely a request to apply a quota which would ensure a reduction of exports.

CONVERSION OF LOANS

THREE AUSTRALIAN STATES.

OBLIGATORY AND OPTIONAL,

UNDERWRITING TODAY.

(Received 9 a.m.) LONDON, November 6. The High Commissioner for Australia, Mr S. M. Bruce, announces the under writing of a loan tomorrow for tjie conversion of obligatory redemptions as follows: — 1934 South Australia, £789,400, 31 per cent. 1935 Tasmania, £137,750, 4£ per cent. 1916-35—South Australia, £1,559,150,

4 per cent. 1915-35—Western Australia, £2,235,007, 3 per cent. 1915-35—Western Australia, £463;110, 3i per cent,, 1920-35—Western Australia, £2,496,711,- 3£ per cent ••• All are to be converted to 3.1 per cent, at 99. There will be similar terms for optional conversions of the following:— 1917-36—South Australia, £2,175,815, 4 per cent. 1935-45—Western Australia, £3,744,863, 5 per cent. 1920-40—Tasmania, £1,000,000, 4 per cent. These will, yield 66/-. The prospebtus will be issued on Thurday. The lists will be opened and closed for cash on Friday, and conversion applications will close about November 16. • BRITISH ASSISTANCE. REFUNDING PURPOSES. [British Official Wireless.] (Received 9 a.m.) RUGBY, November 6. The Chancellor of the Exchequer, Mr Neville Chamberlain, has agreed to an immediate loan for the Commonwealth of Australia for the purpose of refunding, in addition to certain maturities due in December, January, April and May next, the following loans to be redeemable at the option of the borrowers during the next year:— Western ; Australia, 5 per cent., 1935-45. South Australia, 4 per cent., 1917-80. Tasmania, 4 per cent, 1920-40. The Chancellor wishes it to be understood that this does not in any way imply the withdrawal of his request regarding the optional conversion of trustee securities. •