PRODUCERS' PROBLEMS

New Zealand Herald, Volume LXIX, Issue 21273, 29 August 1932, Page 5

PRODUCERS' PROBLEMS

NATIONAL BANK MEETING FAITH IN THE DOMINION EMERGENCE FROM DIFFICULTIES A belief that New Zealand will come through its economic difficulties into a prosperous period was expressed by Sir Austin Harris, chairman of the National Bank of New Zealand, addressing the 16th ordinary general meeting of the company recently in London. After • reviewing the position of the finances of the Dominion, with particular regard to the exchange question, the chairman said:—"You will gather from what I have told you that the lot of the farmer and primary producer in New Zealand is to-day an unhappy one. Hampered in many cases by the heavy burdens incidental to the purchase 'of their farms—bought in many instances during the land boom—and by heavy taxation, apart altogether from the almost ruinously low prices obtainable for their produce, they have suffered and are still suffering severely. "It is our desire to do all that we, as prudent bankers, reasonably can do to help them through their present distress by exercising patience and consideration. I may mention here that, under the National Expenditure Adjustment Bill, a reduction of 20 per cent in interest on mortgages will give the primary producers considerable relief. "I am sorry I have not been able to present a brighter picture to you, nor can I attempt to forecast the duration of the present deep depression. But, as sure as wo are sitting here, New Zealand is going to emerge from this depression to a fresh era of prosperity, and, meantime, in view of the complexity and difficulties of the situation, we conceive it to be our duty as custodians of your interests to maintain in these times the strength and liquidity of the resources of the bank." Sir Austin said that economic laws of supply and demand, combined with public and private economy, would doubtless in time work their own cure regarding commodity prices, painful and prolonged although the process might be. He had no hesitation in saying that a great step forward toward the restoration of confidence had been achieved bv the successful conclusion of the Lausanne Conference. The ground had been cleared for the examination of those further problems of currency, exchange and tariffs tvhich were blocking the road to stabilisation and renewed prosperity. " The retiring directors, Mr. Leopold M. Myers, the Rt. Hon. Viscount Hampden and Mr. 11. F. Freshwater, were reelected. THE LONDON MARKETS FROZEN MEAT (Received August 28. 5.5 p.m.) LONDON, Aug. 27 The weekly quotations for the undermentioned classes of frozen meat are based on actual sales of wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and/or London stores. They are compiled by tho Quotations Committee, Smithfield. To arrive at the equivalent ex ship values, one farthing per pound should be deducted from the prices quoted below. Quotations given represent the average for the week and are not selected lines, but for parcels fairly representative of the bulk of shipments now on offer. Argentine Sheep.—First quality crossbred wethers, 481b. to 641b., 2fd. Patagoniun Sheep.—Wethers, and/or maiden ewes, under 501b., s|d; ewes, 401b. to 501b., 2£d. New Zealand Lambs. Canterbury, 371b. to 421b., 4gd; 431b. to 501b., 4|d; other South Island brands, 371b. to 421b., 4£d; selected North Island brands, including Downs, 371b. to 421b., 4|d; 43Jb. to 501b., 4gd; other North Island brands, first quality, 371b. to 421b., second quality, average 301b., 4d. Australian Lambs. Victorian, first quality, 361b. and under, 4d; 371b. to 421b., 4d; other States, first quality, 361b. and under, 4d; 371b. to 421b., 4£d. Argentine Lambs.—First quality, 361b. and under, 4d; 371b. to 421b., 4jjd; second quality, average 301b.., 4^d. Uruguayan Lambs. —First quality, 361b. and under, 4|d; second quality, 371b. to 421b., 4id. New Zealand Frozen Beef.—Ox fores, 1601b. to 2201b., 3£d. Australian Frozen Beef.—Hinds, under 1601b., 3£d; over 1601b., 2fd. Argentine Chilled Beef.—Ox fores, 1601b. to 2201b., s|d. New Zealand Pigs.—First quality, 601b. to 1001b., average 901b., 4|d. Australian Pigs.—First quality, 601b. to 1001b., average 901b., 4>}d. All other sorts are unchanged. COTTON, RUBBER, JUTE, ETC. (Quotations on Aug. 19 in parentheses.) Cotton. —Spot, 6.45 d (5.76 d) a lb.; September delivery, 6.36 d ,(5-60d). Rubber.—Para, 4gd (4j}d) a lb.; plantation and smoked, 211-16 d (215-32 d). Jute.—New crop August-September shipments, £l9 Is 3d (£lB ss) a ton. Copra.—September-October shipments, South Sea, £l3 12s 6d (£l3 15s) a ton; plantation, Rabaul, £l3 15s (£l3 17s 6d). Linseed Oil.—£l6 10s (£ls 10s) a ton. Turpentine.—62s (61s 9d) a cwt. ' The Bank of New Zealand has received the following report from its 'London office as at the close of business last week:—Wethers: The market is steady and no material change is expected yet. Ewes: The market is quiet and unchanged. Lambs: The demand is improving; prices are practically changed. Quotations are: —Wethers, light, 3 l-8d to 4d per lb.; heavy, 23-8 dto 3 l-8d; ewes, 2d to 2^d; lambs, twos, to 5 l-8d; eights, 4gd to sd; fours, to 43d; seconds, to 4Jd. STOCK SALES WAIHOU QUOTATIONS The Farmers' Co-operative Auctioneering Company, Limited, reports that at the Waihou stock sale on Friday an avorage yarding of fat and store cattle and a light yardihg of eheep were penned. Butchers wore well represented, and the prices realised were well up to other sales on all classes. There were fewer dairy cattle yarded, and competition was good throughout. A few very choice heifers offered on behalf of Mr. G. Goodfellow were sold under keen competition, realising up to £ll. There was a full yarding of store pigs, but not many fats were penned. Good weaner pigs sold well, while values for all other sorts remained on a par with late rates. Values were:—Put wethers, 15s 3d; fat hoggets, lis Gd to 12s Gd; fat heifers, £1 9s to £5 Gs: fat cows, heavy, £3 19s to £4 10s; medium fat cows. £ 1 19s to £3 10s: light fat cows. £1 17s to £2 lis; fresh store cows, £1 5s to £1 15s: young sound empty cows and heifers, £1 5s to £1 19s; cull cows. 6s to 15s; two-year-old empty heifers, £2 to £2 10s; yearling Jersey heifers, £1 13s to £2 19s; poorer sorts. 10s to £1 lis. Dairy cattle: Extra choice Jersey heifers, £9 to £11; other good Jersey heifers, £6 10s to £7 10s; smaller and backward heifers, £2 10s to £5 ss; sound cows, close to profit. £3 15s to £5; inferior aorts, £1 to £2 10s. Pigs: Bacpners. 31s to 37s Gd; porkers. 21s to 2Gs; large stores, 19s Gd to 23s Gd; smaller stores, lGs to 19s; slips, lis to lGs; weariers, 10s to 13s Gd; Email weaners. 8s to 9s 6d.