BRITISH MOTOR TRADE

New Zealand Herald, Volume LXXII, Issue 22005, 11 January 1935, Page 5

BRITISH MOTOR TRADE

CRITICISM OF DOMINIONS

THE ASSEMBLING INDUSTRY

TARIFF IN NEW ZEALAND

British motor-vehicle manufacturers are not satisfied with the treatment received from Dominion Governments, judging by addresses given at the annual meetings recently of two of the leading British motor firms. In particular, New Zealand is singled out for strong criticism owing to its efforts to establish the assembly industry here.

"The export trade in goods and passenger chassis is not recovering as rapidly as we hoped, and one of tho reasons for this is the difficulty the Dominions have experienced in translating into action the spirit of the Ottawa agreements, which was that their tariffs should be framed and, if necessary, revised so as to enable British manufacturers to compete on level terms with local manufacturers," said Sir Raymond Dennfe, speaking at the annual meeting of Dennis Brothers. Limited

"The Dominions naturally desire to market their primary products in Great Britain, which is the one and only market on which they can depend. Their secondary industries, however, keep pressing their Governments to institute or encourage 'Jocal manufacture, particularly of motor-vehicles. For some reason or other they imagine that this is an easy industry to handle, and they overlook tho fact that every item of labour which is transferred from Great Britain to the Dominions results in a reduced purchasing power for their primary products. At present in most Dominions more American vehicles are purchased than British, although America is not a customer to any material extent of any of the Dominions. It is a short-sighted policy on part, and they apparently hope that the British market will be kept open for them indefinitely,, in spite of any prohibition or restriction they may place on British industry. "In New Zealand they have, unfortunately, insisted "by their recent tariff amendments upon an assembly business being inaugurated for British vehicles alongside those already established in American interests," said Sir Raymond. "They have already given a substantial preference to the unassembled vehicle and they have indicated that, if this is not sufficient to exclude tho complete vehicle, stronger steps still to that end will be taken in 1935." "All this is definitely against the interests of British industry, and while done no doubt with the best intentions, it is extremely short-sighted. This country can go on for a considerable period bearing this type of discrimination, but there must inevitably arrive a time when the strain will become a breaking one. One shudders to think that we should ever come to economic strife in any form with our Dominions, and we only hope that they will see their interests standing out prominently enough to enable them to . submerge what is, in the motor industry, an anti-national movement."

Dealing with the firm's export business, Lieutenant-Colonel J. A. Cole, ehaisoian of directors of Humber, Limited, said that certain of the Dominions. being anxious to promote'their own industries, were complicating the United Kingdom manufacturers' task, while others could to advantage extend Empire preference,' thus assisting in the development of increased business to mutual advantage.

N.Z. REFRIGERATING

INCREASE IN DIVIDEND

NET PROFIT HIGHER

[BY TELEGRAPH —PRESS ASSOCIATION]

CHRISTCHURCH, Thursday

The annual accounts of the New Zealand Refrigerating Company, Limited. Christchurcli, for the year ended October 31, show an amount of £124,170 available for appropriation, including £33,218 brought forward from the previous year. The directors recommend payment of a dividend of s s• per cent, and propose to transfer to the reserve account £40,000, to the rebuilding reserve £20,000, and to cany forward £29,173. The net profit ef the company on the figures given is £90,952, which compares with £79,994 in 1933 and £284 in 1932. Dividends of 5 per cent were paid in 1931 and 1933, but no distribution was made in 1932. The company's results and appropriations for the past three years compare as follows: — 1932 1933 193 i Brought forward £14,755 £15,03!) £33,213 Net profit .. 2SI 79,901 90,952 Dividend, p.o. . . > — 5 5i Amount .. .. To reserve .. To rebuilding reserve . . .. Carried forward.. £15,039 £33,218 £29,173 The company has a capital of £636,310 in 336,310 £1 shares fully paid, and 600,000 £1 shares paid to 10s. With the transfer of £40,000 this year, the reserve account stands at £IOO,OOO. PRICES OF METALS FURTHER RISE IN TIN (Received January 10, 7.35 p.m.) LONDON. Jan. 9 Following are to-day's quotations on the London metal market compared with those of January 8: Jan. 9 Jan. 8 Per ton Per ton £ 8 rl £ s d Copper, stan., spot . . 28 9 4$ 28"I3 1J Copper, stall., 3 mos. 28 16 101 29 1 lOi Copper, electrolytic . . 31 10 0 31 15 0 to to 32 0 0 32 5 0 Copper, elect., wire bars 32 0 0 32 5 0 Lead, soil, spot . . 10 3 9 10 3 9 Lead, soft, forward .. 10 10 0 10 10 .0 spelter, spot . . . . 11 17 6 11 17 0 Spelter, forward .. 12 <? 9 12 5 0 Tin, stan., spot .. 232 1 3 230 18 9 Tin, stall.. 3 mos. .. 229 3 9 228 11 3 TALLpW STATISTICS LATEST LONDON QUOTATIONS At the London tallow sales to-day 313 casks were offered and 211 . wore sold at 6d to Is advance. Quotations are:—Mutton: Fine, 23s Gel; medium, 20s 6d. Beef: Fine, 245; medium, 20s 6d. Tallow statistics at the end of December, compared with previous months, were: Aug. Sept. Oct. Nov. Dec. Tons Tons Tons Tops Tons Stocks .. 3014 2475 1782 1522 1344 .Imports . . 1546 1013 868 671 310 Deliveries 896 1552 1501 931 488 The Bank of New Zealand has received the following a'dvice from its London office under date January 9:— Tallow. —There is a good demand. Current quotations: Good mutton, 22s to 22s 6cl per cwt.; good beef, 22s 6d to 235; good mixed. 22s to 22s Gd; gut, 19sito 20s 6d.