TRADE WITH JAPAN

New Zealand Herald, Volume LXXIII, Issue 22465, 8 July 1936, Page 9

TRADE WITH JAPAN

AUSTRALIA'S NEW TARIFF

HOPES FOR SETTLEMENT PASTORAL COMPANY'S VIEW "We fully appreciate the support which Japan has afforded to the Aus- • traliau wool market during recent years, and it is a matter for regret that Japanese buyers have withdrawn from the market for the present," said Jlr. K. M Niall, chairman of directors of Goldsbrough-Mort and Company, Limited, at the annual meeting in Melbourne. "Australia's new tariff has been designed primarily for tho protection of Australian industries and of those of the British Empire, of which we are a component part," said Mr. Niall. "Australia has not indulged in any policy of discrimination as between foreign countries, which, under the new proposals, are all treated alike. The action taken by Australia in placing specific duties 011 foreign cotton piece goods and rayon will, it is estimated, have tho effect of reducing our imports from Japan by about 4,750,0001b., a reduction of £750,000 of trade. This is a relatively small figure, which docs not call for extreme measures of retaliation 011 tho part of Japan. "However, we cannot but feel, as brokers and growers, that, should a material restriction of wool exports to Japan result from tho licensing system now introduced by that country, it would bo a particular misfortune if Australia's leading industry should be called upon to bear the brunt of a readjustment of our national policy. We hope that before very long a trade agreement will bo reached by the Governments of the two countries. The British market, however, is of paramount importance to the Australian export trade as a whole, and we hope that Japan will recognise that her own policy and that of this country, as it applies to the British Commonwealth ; of Nations, are basically the same." ! Mr. Niall said that, with more money in circulation as a result of the good income received in Australia from wool and primary products generally, there had been quite a noticeable activity in the various trades, and, as a consequence, unemployment continued to decrease. As a natural sequence, it was not unreasonable to look for early and substantial reduction in taxation which was imposed for unemployment relief. Thero was a strong feeling in the country that substantial remissions' should be made, and, in view of the materially improved position, there was every justification for this attitude. PRICES OF METALS SHARP ADVANCE OF TIN (.Received July 7, 0.5 p.m.) LONDON, July G Following are to-day's quotations on the London metal market, compared with those of July 3: — July (5 July 3 l'er Ton Ter Ton ,L' s il £ s d Copper, stan., spot 30 10 10'/ a 30 14 4% Copper, st., 3 mos. 37 3 l'A 37 O 7 1 / a 1 Copper, electrolytic 40 Jo 0 40 15 O 1 to to 41 0 0 40 10 O Copper, elect., wire bars .. 41 5 0 40 10 O Lead, soft, spot 15 8 O 15 0 3 Lead, soft, frwd. 15 11 3 15 10 0 Spelter, spot .. 13 10 O 13 8 0 Spelter, forwnrd 13 10 3 13 15 O Tin, stun., spot 180 10 0 175 5 0 Tin, stan., 3 1110s 177 15 0 IT'-i 7 U WOOL FOR JAPAN PAST SEASON'S IMPORTS TOKIO, July 0 Tho Asatu Shimbun reports that the past season's wool imports were as follows: —Australia, 750,000 bales; New Zealand, 00,000; South Africa, 24,000; South America, 17,000. The paper predicts that next season's imports will be, respectively, 250,000 bales, 100,000, 175,000 and 175,00 Q. LONDON MARKETS GOOD DEMAND FOR TALLOW Tho Department of Agriculture has received the following cablegram, dated July 4, from the High Commissioner for New Zealand, London:— Tallow. —There was a good demand at auction, when 540 casks were offered, of which 339 were sold. Mixed description, Is dearer; better grades not wanted. Hemp.—The Manila market is firm and a shade quieter. " K " grade for August-October shipment sold at £2l 10s. Tho sisal market is quiet and easier at close. August-October shipment sold at £27 ss. Tho New Zealand market is quiet. Shippers' offer: Fair, £l9 10s; common, £lB, for current shipments, but no business was reported. Apples.—The Middlesex and Tamaroa are discharging shipments in good condition; Tongariro, at Manchester, in forward condition; Maimoa, at Glasgow, in sound condition. The market is slightly firmer. Current prices are: — Jonathan, Stunner and Tasma, 6s to 8s; Dougherty and Rokewood, 8s to 9s; Granny Smith, 9s to 12s. Peas. —In maples tho market is inactive. Shippers' offerings are small, but there is a poor demand. New Zealand: Afloat sold according to sample about the beginning of this month at 535; later, 51s to 525. July shipment offered 53s Qd. There were no buyers. "A" grade Tasmania afloat sold at 56s 6d. July shipment, 58s, with sellers now at 57s 6d; there were 110 buyers. Blues: " A " grade Tasmania for July shipment were offered at £ll 10s, c.i.f. Nominal value is about £lO 10s.

Casein.—The market is firm, with shippers short. Current values: Lactic, Argentine, .'3Bs to JJ9s; French, 40s to 435; New Zealand, 39s to 425. Rennet: French, 435; Argentine, 425: New Zealand, 48s. NEW PRIVATE COMPANIES The following private companies have been registered in Auckland:— Firth Concrete, Limited, manufacturers of puinice products, taking over Firth Concrete Company. Capital, £2500 in £1 shares. Subscribers: Blanco H. Firth, JO. C. Firth, 375 preference shares each; E. JJ. Firth, G. W. Firth, 750 ordinary shares each; C. It. Firth,. 2;jO ordinary. Cochrane and Macdonakl, Limited, mercers, drapers, etc. Capital, £IOOO in £1 shares. Subscribers: A. Cochrane, J. Macdonald, 490 shares each; P. C. Brockett, two.

CALL AND DIVIDEND LIST Dividends— Due National Bank N.Z.—final, 2 p.c. in sterling, freo of tax July 11 Maori Gully—ld a share .. July 11 Woolworths (Sydney)—int., quarterly. 2 p.c July 15 Mossy Creek —Id a share .. July Ift Consolidated Brick —2 p.c. .. July 16 Mt. Morgan—int., quarterly, 4Y 2 d a sharo July 20 Farmers' Fert.—sVi p.c. .. Aug. 15 Com. Bank Aust.—final, ord., 3/ t p.c.; pref., 2 p.c. .. Aug.