EXCHANGE POLICY

New Zealand Herald, Volume LXX, Issue 21647, 13 November 1933, Page 7

EXCHANGE POLICY

NEW ZEALAND CRITICISED DISSATISFACTION IN BRITAIN MANUFACTURERS*' VIEWS The criticism in Britain of New Zealand's high exchange policy was ro"ferred to in the course of an interview in Wellington last week by 'Mr. G. Shirtolift'o, chairman of directors of A. S. "Patorson and Company, Limited. Ho laid: "An impression I gathered from talks 1 had in England with those m the best position to express definite opinions, was that New Zealand does not stand quite as high ns it did in tho estimation of British investors and manufacturers. The deliberate depreciation of New Zealand currency to the extent of the last 15 per cent—socalled exchange—came as a great shock to the manufacturers, who looked upon it as a break of tho understanding arrived at at Ottawa. Individual manufacturers do not say much about it, but that tho undercurrent of feeling is very strong admits of no doubt. "Manufacturers naturally contend that after tho Ottawa Conference Now Zealand was not justified iii further handicapping tho British manufacturer, while, at tho same time, the New Zealand exporter was reaping a direct benefit from tho Old Country under tho Ottawa Agreement. In other words, while Britain was helping our exports, we decided to assist our exporters further by a method which made it 15 per cent more difficult for British exporters to avail themselves of the New Zealand market." Mr. ShirtcliH'o said that in financial circles in Britain very strong criticism had been levelled at tho action of such local bodies in New Zealand as had endeavoured to pay their interest on their overseas loans in New Zealand depreciated currency, particularly the Southland Power Board. Mr. Coatos' statement that tho Government would see that full interest was paid in sterling had been received with much satisfaction. STOCK SALES VALUES AT MORRINSVILLE The Farmers' Co-operative Auctioneering Company, Limited, .reportß that at the Morrinsville stock salts on Friday good yarding of fat, sheep sold freely ut Frankton quotations. An entry of ewes and lambs from Ngongotaha met with keen' competition, and t;ood prices resulted. A good yarding of fat cattle was penned. A pen of prime steers on account of Mr. "VV. W. Dickie met with spirited competition and sold at £7 4a. Heifer beef sold freely, while cow heef met with better competition A medium yarding of dairy cattle changed hands at prices oil a par with late values. There waß a good yarding of all classes of pigs. Quotations Sheep: Fat wethers, 19s 'to 19s. (id; fat hoggets, woolly, 24s to 275; fat hoggets, shorn. 14s 9d-to £1; prime fal .•wes, 15s 3d to 17s Cd; lighter, 12s fid to 14s 3d; sound-mouthed ewes and lambs, ail counted, 12s 8d to 135;.. older ewes and lambs, 7s to 10s. Ciittla: Prime medium fat steers, \jfr"7 4s; lighter,'/ £4 10s; fat heifers, prime, £4 Is to £5 lis; lighter, £2 7s to £3 8s; heavy fat cows, £3 4s to £4 10s; medium, £2 Gs to £3; light, to £2 ss; flesh young c<%vs, to £1 15s; boner cows, to £1 8s; two-year heifers, to 335; yearling heifers, to -£2 Is; potter bulls, £2 10s to £1 ss. Dairy cattle: Quality Jersey heifers, springers, £(5 10s to £7 15s; Jersey and Jer-sey-cross heifers, springers, £5 5s to £6 ss; other Jersey heifers, springers, £3 10s to £1 15s; good Jersey and Jersey-cross heifers, calved, £5 to £6; others, £3 15s to £4 15s; Jersey cows, springers, £3 to £4; service bulls, £3 5s to £5. Pigs: Heavy choppers, ro ] s to £2 7s; lighter, 3(ls to 375; heavy baconers. £2 13s to £2 lCs; medium, £2 9s to £2 12s ; light, £2 2s to £2 8s; heavy porkers. 38s to £2 Is; medium, 34s to 375; light, 29s to 345; stores, 23» to 28s 6(1; slips, His to 225; good wr-anere, 14s Cd to 10 3 ; 'small weaners. 4s lid to lis Cd. PRICES AT TE ANGA The New Zealand Loan and Mercantile Agency Company. Limited. Hamilton, reports on its To Anga stock sale hold on Friday as follows:—Although the yarding was a fair-sized ono, few quality cattle or largo lines of stores were yarded, it being comprised mostly of email odd lots of steers and heifers and a good number of plain quality fat cows. Generally good values weiv sustained, and very few animals failed to change hands. Values were:— Light fat cows, £2 7s to £3 ss; fresh-con-ditioned cows, £1 Gd to £2 as; forward Shorthorn steers, £4 ss; two-year store steers, £2 15s to £3 ss; yearling, and lienors, £2 10s to £2 13s; forward cows and calves, £2 15s to £3 Is; poorer quality, £2 Is to £2 10s; good cull cows, £1 5s to £1 12s. » » DEMAND AT PAPAROA [from OUB OWN correspondent] WHAJJGAREI, Saturday Dalgcty and Company, Limited, report having held a stock sale at I'apnroa yesterday. There was a fair yarding and a good attendance of buyers was present. Competition was keen and values were Jersey hulls. yearlings, up to £2 15s: store cattle. Hereford, up to £2; Jersey heifers, yearlings, up to £1 l.'ls.