DAIRY PRODUCE

New Zealand Herald, Volume LXX, Issue 21468, 17 April 1933, Page 5

DAIRY PRODUCE

IMPORTS TO BRITAIN PROPOSED LIMITATION GOVERNMENT'S ATTITUDE (Received April 10, 5.5 p.m.) LONDON, April 15 A joint deputation of Australian and New Zealand dairy produce importers to-day interviewed the Minister of Agriculture, Major W. E. Elliot, and representatives of the Dominions Office, and asked that the proposed limitation of imports bo confined to foreign supplies. The Government's representatives were sympathetic with the difficulties of tho Dominion producers, but made ic clear that national and international agreements precluded the Government from making any further concession than already had been offered. TRADE AGREEMENTS BRITISH NEGOTIATIONS REPORT TO PARLIAMENT British Wireless RUGBY, April 1-1 A wide range of new trade agreements was indicated by the President of the Board of Trade, Mr. Walter Runciman, in tho House of Commons. Following is a summary of the results so far reached: — Argentina: Negotiations are proceeding satisfactorily, and there is hope of a satisfactory outcome in the near future. Sweden: Tho. basis of an agreement will be submitted to Parliament shortly after Easter. Norway and Denmark: The heads of an agreement have been reached and there is a prospect of a considerable expansion of trade. Germany: An agreement is being arranged, which will go a long way toward doubling tho amount of Britain's coal exports to Germany. British duties on certain German goods are to lie reduced. The agreements arc expected to be ratified as soon as possible after Easter. Mr. Runciman said the agreement:-: would benefit exporting areas over a wide range of British industries. (Joncessions, of course, had been made, but the Government had taken into consideration the mterests of the country as a whole. Mr. George Lansburv, Leader of the Labour Party, welcomed Mr. Runciman's statement. RESTRICTION OPPOSED TEMPORARY GAIN ONLY TROUBLE WITH CARRY-OVER The proposed voluntary restriction upon exports of butter to Great Britain which has been opposed consistently by the New Zealand Dairy Produce Board, will not solve the difficulties facing the dairy industry, according to views expressed in the latest market report of Joseph Nathan and Company. Limited, agents for Trengrouso and Nathan, Limited. "Increasing supplies of butter from practically all producing countries have depressed the British market to a level not previously thought of," states the report. "Tho'plight of the dairy farmer is desperate and a continuance of the present prices will be calamitous. While we believe that those advocating a voluntary restriction of shipments have the interests of the industry at heart, we believe that this action will not solve the difficulty. "If restriction were made it is likely that buyers would immediately commence to cover their requirements, with a resultant rise in rates; but when this trading ceased there would bo the usual stagnation, and prices would slip back, perhaps even lower than they are at present. Apart from this, we should still have a carry-over in New Zealand, involving additional storage and interest charges, which would then meet the full competition of tho northern hemisphere season. In any case it is doubtful if the immediate introduction of tho quota system would be of much benefit this season." Tho report states that consumption in England had been maintained wonderfully, considering tho troublous times "tho country is experiencing. Stocks are higher than at tho same time last year, but they should not be considered excessive, and do not warrant the present range of values. Latest reports from England advise that tho selling of Danish butter in pat form is now well under way. Contrary to tho expressed views of opponents to patting, the Danish venture lias not affected New Zealand pat sales in any way, but rather has tended to increase them. Previously all shops had an established sale of Danish butter from the cask, and buyers would not bother to push other butters which were hard to sell. However, with the advent of Danish in pat form, shopkeepers found it easy also to offer and sell to the consumer other butters in pats side by side.The report states that strong pressure has been brought on the Canadian Government to raiso the rate of exchange artificially so as to bring a return to tho producer more on a par with other countries. This, however, was not agreed to by the Government, and a bounty was substituted. Details of the amount of the proposed subsidy are not available, but presumably it would be equivalent to the difference in the exchange rates. In tho opinion of the firm's principals, these subsidies may further depress prices for Now Zealand cheese. LONDON DAIRY VALUES MARKET REPORTED QUIETER Following the recent advance m prices, the London market for buttei and cheese is reported to be quieter. Mr. C. R. Spragg has received the following cablegram from his principals, Bannatyne and Company, Limited, Liverpool and London, under date April 15: —Butter: New Zealand salted, 70s to Vis per cwt. Cheese: White, 40s; coloured, 475. Both markets aio quiotei after tho advance. UNION STEAM SHIP CO. REDUCTION IN DIVIDEND Accounts of tho Union Steam Ship Comoanv of New Zealand, Limited, for tho year ended September 30, 1932, show a credit balance including the amount brought forward, of £1]9,564, compared with £129,20(3 a year previously. A dividend of 4 per cent, compared with 8 per cent, in each of the seven preceding years, is being paid on ordinary shares, which aro held by the P. and 0. Company. The balance-sheet shows that the capital and reserves remain unchanged at £3,000,000 paid up, and £150,000 respectively; the insurance fund is £6586 lower at £883,537, and sundry creditors have also declinod from £1,632,152 to £1,601,838. The fleet, payment on account of now vessels, and investments, stand at £4,972,996, against £4,857,021; hulks, coal, stores, land and .premises, figure at £556,564, against £630,440; and sundry debtors and cash at £225,380. against £314,020.