OTTAWA AGREEMENTS

New Zealand Herald, Volume LXIX, Issue 21277, 2 September 1932, Page 7

OTTAWA AGREEMENTS

MEANING TO AUSTRALIA GENERAL SATISFACTION BENEFIT TO PRODUCERS [from our own correspondent] SYDNEY, AuS. 25 It is generally agreed that Australia received as much from the Ottawa conference as it had reason to expect, and considerably more than many people anticipated. At any rate, an important principle has been recognised in the agreements that have been signed, and it is believed that the foundation has been laid for a thorough strengthening of tfao bonds of Empire trade. It is difficult as yet to say exactly how Australia will' benefit, but, basing his calculations on the exports to the United Kingdom in 1930-31, the secretary of the Department of Commerce, Mr. .Mulvany, says that the old and new preferences probably represented a total benefit in trading to Australia of between £3,000,000 and £4,000,000. In other words, foreign exporters to Great Britain would have to pay duties aggregating that amount in order to compete with Australia on'equal terms. The maximum value of the preferences, excluding meat, are set down at £2,500,000. Of course, the British consumer will shave in tho benefits that would follow the operation of the agreements, and even if the Australian producers received only one-half' the benefit it would mean more than £1,000,000 to them. It was only reasonable to expect that there would be a great increase in trade, and it was, therefore, likely that the actual benefit would bo much larger than the figures quoted. The Moat Quota

It is impossible to say what benefit will accrue to the Australian meat producers until more definite information is obtainable regarding the meat agreement, which seems to have been more complicated than nny of the others. The quantitative restrictions are apparently designed to improve the prices of lamb and mutton in Great Britain, which at present are deplorably low, and to afford soine stability to the market in the future. Even if mutton and lamb were stabilised at only £d lb. more, the benefit to Australia would be considerable, for prices are now at a ruinously low level. In order to overcome the glut there would be a regulation of exports from Australia, but the Government, according to the Minister of Markets, will do all it can to protect the producers. The new preference rate on butter of 15s a cwt., as against the former ad valorem preference of 10 per cent, will represent an increased total preference of £270,000 a year, baaed on the exports to the United Kingdom during the year 1930-31. On the 10 per cent basis the preference on last year's actual figures was £718,000. Under the new proposals it will be £989,000 on the same quantity. The former 10 per cent preference on apples represented a total of £90,000 for the year. The proposed basis of 4s 6d a cwt. preference, will increase the preference to £202,000. Other Advantages

The former 10 per cent duty on cheese yielded £22.000 in preference equivalent last year. This has been increased 5 per cent. The increased duties on sultanas and lexias represent an advance of 50 per cent on the former duty of 7s 6d a cwt. Based on last year's exports to the United Kingdom of 584,300cwt., that will mean a total increased preference equivalent of £102,000. The proposed preference on canned fruits represents an increase of about 6d a dozen tins, bringing the amount of preference to Is 2jd a dozen. The additional preference will total £27,000 on the latest export figures. Roughly Australia will have an increased margin of preference aggregating more than £20,000 on eggs exported to the United Kingdom. The increase in the preference for wines is also gratifying, and by the increase of the margin Australia will benefit by a nominal total of £IB,OOO. The wine people say that this is not enough. But no section of the exporters is absolutely satisfied.

STOCK SALES VALUES AT PUKEKOHE [from our own correspondent] PUKEKOHE, Thursday Cattle were yarded in average numbers at the stock sale conducted at Pukekohe to. day by the New Zealand Loan and Mercantile Agency Company, Limited. There was a good entry of springers, which met with a ready sale. Beef also was in keen demand and values for all classes of stock ehowed improvement on lato values. Best dairy heifers brought from £S to £10; othars, £6 to £7 15s; backward sorts, £4 to £5 15s: dairy cows, .£4 to £6 10s; others, £3 to £3 15s; aged and backward cows, to £2 15s; prime fat cows, £5 10s to £G 10s; lighter sorts, £4 to £5 ss; aged, £2 10s to £3 15s; forward conditioned cows, £1 10s to £2 ss; boner cows, to £1 ss; yearling Jersey heifers, £3 to £3 7s: others, £2 to £2 15s; smaller, to £1 15s; bulls, to £4 ss. Fat pigs were penned in less than average numbers and sold readily at full lato rates. A large yarding of el ore pigs sold at late rates. Baconers made from £1 14s to £2 4s; porkers, £1 4s to £1 12s: large stores. 18s to £1 2a; slips, 10s to lGs; weauprs, 8s to 16s. M ATA MATA Q DOTATIONS The Farmers' Auctioneering Company. Ltd., held its usual fortnightly stock snlo ut Matamatft on Wednesday. A good yarding of nil classes of cattle came forward Beef cattle were penned in larger numbers than usunl and quality cattle showed a sharp increase on Frankton rates. A good entry of yearling heifers sold under keen competition. There was a medium yarding of store pigs and a small yarding of fats Values for all classes were easier. Quotations are:—Cattle: Good quality young cows, on account of R. F. Hall, averaged £6 lis. Dairies: Jcrßey heifers, close to profit, modium. £4 10s to £5 10s; small and backward heifers, £3 to £4; calved heifers, £3 10s to £3 15s; cows, close to profit, £2 15s to £3: inferior cows, 15s to £1 15s. Beef: Prime fat cows, £6 5s to £6 12s; fat cows, £4 12s 6d to £5 Is; light fat cows, £3 12s to £4 3s; kOlable cows, £2 I.os to £3 3s; fresh-con-ditioned cows, 83s to £2 ss; heavy boner cows, 183 to 2Gn; poorer boner cowb, 6s to 12s; choice quality yearling Jersey heifers. £3 10s to £4 2s; choice yearling Jerseycross heifers, £2 12s to £3 19b; other yearling Jersey-cross heifers, £1 15s to £2_ ss: two-year-old Jersey and Jersey-cross heifers, £1 15s to £2 Is; two-year-old Shorthorn heifers, £2 17s; other two-year-old Jersey and Jersey-cross heifers. 22s Gd to 30b ; sound young cows, 20s to 275. Pigs: Baconers. 30s to 355: heavy porkers, 24s to 28s; light porkers, 17s to 225; stores, 14s to 18s 6d; slips, 10s to 14s: weaners, 7s to 10s; sows, in pig, up to £3 10s. Sheep: Fat hoggets, 10s to lis. PRICES AT OPOTIKI [by telegraph—own correspondent] OPOTIKI, Thursday Dalgety and Company. Limited, report that, at "the monthly stock sale at Opotiki to-day there was a small yarding of both sheep and cattle. The Quality of the dairy stock wus not up to the usual standard and no fat cattle came forward. Prices were on a par with the previous sale. Store cows made up to 28s; springing heifers, to £5 10s; springing cows, £5 2s 6d to £6 2s 6d; grade Jersey bulls. £3 3s to £4 4s; fat wethers, 13s; store pigs, 13s 6d to 18s Gd: slips, 8s 6d. AMERICAN WHEAT PRICES CHICAGO, Aug. 31 Wheat.—September, 513 cents a bushel; December, 561 cents; May, 61i cents. The New York quotation for cash is 63 cents.