PRODUCTION OF TEA

New Zealand Herald, Volume LXX, Issue 21411, 8 February 1933, Page 5

PRODUCTION OF TEA

SCHEME FOR RESTRICTION ADOPTION ALMOST CERTAIN PRICES GENERALLY FIRMER A further step has been taken toward the adoption of proposals for the restriction of tea production in the East, and it is now fairly certain that a scheme of restriction will operate from next April. Advico has been received that producing interests in Ceylon, Java and India liavo independently agroed upon the restriction of production, and it now remains for the Governments concerned to ratify the agrcemerits and to assume control of each particular country's exports, as they have definitely promised to do. Shipments of tea from the three producing countries affected totalled 830,000,0001b. in 1932. It is estimated that with the restriction ill operation 1933 shipments will not exceed 700,000,0001b. Negotiations in regard to the proposals have been in progress for about four or five months. The common scheme now agreed upon separately by the growers of the three countries concerned provides for a restriction of the export quantity of 15 per cent, each country having the option of choosing the total export of one of the years 1929, 1930 or 1931 as the basis on which to-' operate. The scheme will hold good for <five years, but provision is made for a review each year with the possibility, therefore, of a variation in the percentage restriction.

The importance of th'e present development in the trade is reflected in the hardening of prices in all markets during the last few weeks. Cheapest sorts have advanced by about 25 per cent, while at the Calcutta sale on Monday values advanced by £d to Id per lb. on the rises which have already been registered. The payment of these high prices is taken, as an indication of the certainty of tho approval of the Governments.

During the last six or seven months prices of Ceylon tea have slumped rather seriously, and the increased rates secured at the last sale brought levels b&ck on a par with those ruling a year ago. An Auckland merchant stated yesterday that the effect was bound to be felt in the local market. Stocks were not held at the present time to tho extent that was customary in the past and with the extra cost of remitting exchange merchants were already paying considerably higher prices for replenishments.

LONDON MEAT MARKET SUPERINTENDENT'S REPORT GREATER BRITISH OUTPUT [from our own correspondent] LONDON, Jan. G The report of the superintendent of the Smithficld meat market shows that British farmers at homo and overseas have made an important step forward in capturing a larger share of tho meat trade. While imports from foreign countries have shown astonishing decreases in the year just closed, home supplies have substantially increased. During tho 12 months ended December 31 total supplies of beef at Smithficld were 13,548 tons lower than in 1931. The largest, decreases were:—Brazil, 5590 tons; Argentina, 4927 tons; Uruguay, 1392 tons. Producers within the Empire increased supplies as follows: Scotland, 423 tons; Irish Free State, 387 tons; New Zealand, 226 tons; South Africa, 89 tons. Mutton and lamb provide a more remarkable comparison, Empire producers more than making up for heavy declines from foreign spurces. Total supplies were 4151 tons more than in 1931, and of the six sources showing increases all were Empire, except one of 11 tons from "other countries." ■ : /■'- Rises and falls includod:—lncreases: N6w Zealand, 7213 tons; Scotland, 3548; England and Wales, 1115; Canada, 6; South Africa, 2. Decreases: Argentina, 6586 tons; Brazil, 790; Irish Free State, 781; Uruguay, 414; United States, 51.

QUOTATIONS FOR WHEAT

LONDON AND LIVERPOOL MARKETS IN AMERICA LONDON, Feb. 6 Wheat.—Cargoes are dull. and sellers have reduced their limits 3d. Parcels are 3d down. Futures:—London: FebruaryApril, 19s 9d a quarter. Liverpool: March, 4s 7Jd a cental; May, 4s 7 5-8 d; July, 4s 83d. CHICAGO, Feb. 6 Wheat.—May, 47 5-8 cents a bushel; July, 48 3-8 cents; September, 49 5-8 cents. The New York quotation for cash is 56J cents. POOR DEMAND FOR TALLOW HEMP MARKET DULL The Department of Agriculture lias received th 3 following cablegram, dated February 4, from the High Commissioner for New Zealand, London:— Tallow.—Poor demand continues. Spot quotations are slightly lower. Hemp.—The Manila market is dull and easier. "K" grade for February-April shipment closing value, £ls 10s. The sisal market is quiet and easier. Tanganyika No. 1 for February-April shipment closing value, £l4 15s; No. 2 for Jan-uary-March shipment sold at £l4 §s. The New Zealand market is dull. Common for February-April shipment sold at £ll 15s. Closing values on the basis of fair £l3.

Peas. —The maplos market is dull owing to consumers' poor demand. Tasmanian, for February-March shipment quoted sellers. 465. New Zealand, for March-April shipment 435. The market for blues is . quiet and the tendency is easier. Tasmanian, for February-March shipment value £lB. New Zealand: Prussians, £ls; marrowfats, £lB. RUBBER STATISTICS LONDON, Feb. 6 Stocks of rubber at the end of January, compared with those at the end of October, November and December, were:— Oct. 31 Nov. 30 Dec. 31 Jnn. 31 Tons Tons Tons Tons London . . 42,614 40,267 37.741 37.188 Liverpool 57,702 55,774 55,056 62,232 TIN IN NEW YORK NEW YORK, Feb. 6 Tin (standard) February delivery is quoted to-day at 22.60 a lb., compared with 22.40 on Saturday. .