AUSTRALIAN BUTTER

New Zealand Herald, Volume LXXI, Issue 21899, 7 September 1934, Page 7

AUSTRALIAN BUTTER

FREIGHT REDUCTION SOUGHT SEVERE HANDICAP TO INDUSTRY [from our own correspondent] . SYDNEY. August 31 The fact that the freights on Australian butter hare always been higher than those from New Zealand has been causing exporters in the Commonwealth concern for a long time. They consider that their rates should bo lower than those from the Dominion, or, failing that, at least equal to them. New Zealand butter is now carried to England for £1 lis cheaper than Australian. 1 which means that Australia is severely handicapped in the fight for a greater | market. It is claimed that the additional charge on Australian butter imposes a penalty of more than £150,000 a year on the exporters, who, already, are finding it hard to make ends meet. When overseas freights were last discussed the shipping companies were anxious to stabilise their business and to that end proposed agreements over a long period—three years at least. Under the impression that this would mean concession of some sort, the butter interests were willing to agree, but there was strong opposition to the proposal from wool and fruit exporters. In the end the butter people were defeated, and 12 months' agreements were entered into as far as other produce was concerned. . The butter agreement was extended to the end of August, and will soon come up for review. The fruit interests have since withdrawal their opposition to a long-time agreement and with this in mind the butter exporters are hopeful that they will be able to come to satisfactory terms with the shipowners at a conference to be held in Sydney soon. , Under the present contract the freight on butter is £8 a ton, with a rebate of 7i per cent when the freight is paid. The new agreement offered by the shipowners is for £8 a ton, with a rebate of 5 per cent provided not less than 60,000 tons of butter are shipped in a year. Last year more than 100,000 tons of butter were shipped from Australia. The new offer has not found favour and the New Zealand freight rate will again be used as a lever in the negotiations with the shipping companies. AUSTRALIAN EXCHANGES YESTERDAY'S BUSINESS (Received September 6. 7.35 p.m.) SYDNEY. Sept. 6 Although trading was quiet on the Sydney Stock Exchange to-day the investment market was strong. Most of the leading issues in trading concerns I moved in holders' favour. Placer De- ; velopment and Bulolo slackened, but Mount Morgan firmed. The gilt-edged I section was neglected. _ < This morning's sales included: —Commonwealth 4 per cent bonds: 1938, £lO4 7s 6d; 1941, £lO6. Anthony Hordern, preference, 23s 4£d; Associated News, 235; British Tobacco, 37s 7£d; Broken Hill Proprietary, 49s 9d> Dun-lop-Perdriau, 20s 3d; Henry Jones, 33s 6d. Later sales included: —Bank of New South Wales, £32 2s 6d; Commercial Bank of Sydney, £l7 16s; Commercial Bank of Australia, 16s 3d; Associated News, 235; ditto, preference, 23s 4£d; Howard Smith, 16s; Australian Gas, A shares, £7 17s; Berlei, 31s; ditto, preference, 29s 3d; British Tobacco, 37s 7£d; Tooth's Brewery, 45s 9d; Toohey's Brewery, 27s 9d; Australian Glass," 53s 3d; Dunlop-Perdriau, 20s 3d; Electrolytic Zinc, preference, 36s 3d; Burns-Philp, 545; Meggitts, 20s 9d; Hume Pipe, 13s; David .Jones, 40s 6d; Lustre Hosiery, 23s 9d; United Provisions, 9s 4d; Mount-Morgan, 31s 4£d ; ditto,' New Zealand delivery, 30s 0d; Mount Lyell, 20s 3d; Broken Hill Proprietary, 49s 9d; . South Broken- Hill, 80s; Bulolo Gold,. £8 17s 6d; Placer Development, £25 15s. Commonwealth 4 per cent bonds: 1938, £lO4 7s 6d; 1941, £lO5 17s 6d; 1947, £lO9 10s; 1950, £lO7 17s 6d; 1953, £IOB 17s 6d. Melbourne sales included: —Commercial Bank of Australia, preference, £9 18s; Goldsbrough-Mort, 30s 6d; British Tobacco, 37s 6d; Australian Glass, 535; Electrolytic Zinc, 27s 7Jd; Mount Lyell, 20s 3d. FOREIGN EXCHANGES DOLLAR RATHER WEAKER (Received September 6. 7.35 p.m.) British Wireless RUGBY, Sept. 5 The following rates on foreign exchanges are current, compared with the cabled quotations on September 4 and par: — ~ . __ Sept. 5 Sept. 4 Par. Montreal, dol, .. 4.87 4.88% 4.866 New York, dol. . 5.02% 5.01% 4.866 Paris, fr. . . 75 l /,« 74% 124.21 Brussels, belga . 21.05% 21.07 30.00 Geneva, fr. . • 15.13 15.14 2a.22 Amsterdam, fl. . 7.29% 7.28% 12.10 Milr.n, lire .. 57%. 57%. 92.46 Berlin, r.m. .. 12.54 12.59% 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 22.40% 22.39% 18.159 Oslo, kr. .. 19.90% 19.90% 18.159 Vienna, sch. .. 26% 2G% 34.585 Prague, kr. .118% 118% 164.25 Helsingfors, mark 226% 226% 129.23 Madrid, pes. .. 36%„ 36 5-32 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. . . 514* 513* 375.00 Bucharest, lei. .. 492 493 813.6 RiodeJaneiro.mil. 4Y 4 d* 4%d* 5.899 d Buenos Aires, dol. ?6%d* 36% d* 47.619 d Montevideo, dol. 39% d* 39% d* 51d Bombay, rupee . 18V;«d 18% 6 d 18d Shanghai, dol. . . 17d 17% d Hongkong, dol. , 18% d 18% d i Yokohama, yen . 14% d 14% d 24.58 d Batavia. fl. .. 7.28 7.26 12.10 Belgrade, din. . . 21fi -215 276.31 i 'Sellers. CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of the vessels named are shown in the following table. Thoy are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates bping marked*: — Melbourne Maru, Japan, yen .. 14M Canadian Britisher, Canada, dol. . . 4.95} Mariposa, America, dol _ .. .. 5.09 City of Winchester, America, dol .. 5.065 Waiknwa. America, dol 5.03J Golden Cloud, America, dol. .. 4.99 NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the New Zealand banks, are as under:— Buying Selling United States . . 5.09 4.89 Canada 4.99 4.79 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows: — Present Price Par sd s d Australia, pound .. 19 10.81 20 0.00 London, pound . . .. 24 10.50 20 0.00 New York, dollar .. 5 1.06 4 1.31 Montreal, dollar .. 5 2.32 4 1.31 Paris, franc .. •. 0 3.98 0 1.98 Berlin, mark .. 1 11.80 0 11.74 Copenhagen, krone .. 1 1.32 1 1.22 Yokohama, yen . .. 1 5.87 2 0.58 These valuations ■ represent the current rates at which the banks sell drafts payable on demand. AUSTRALIAN PRODUCE (Received September 6. 7.55 p.m.) SYDNEY, Sept. 6 Following are to-day's quotations on the Sydney produce market:—WheatCountry sidings, 2s 6d bagged, 2s 5d bulk, equivalent to 3s Id for both, ex trucks, Sydney. Potatoes —Tasmanian, £lO 10s; Victorian, £8 10s. Onions — Victorian Brown Spanish, £9. Maize — Yellow, 3s 2d; white, 3s 3d. Flour, £8 15s. Bran, £5. Pollard, £5 ss. Adelaide prices are: Wheat — Growers' lots, 3s Id to 3s lid. FlourBakers' lots, £9. Bran and pollard, £5 ss. Oats—Algerian, 2s 3d. Barley, 2s 7d,