ARGENTINE TRADE

New Zealand Herald, Volume LXXIV, Issue 22769, 1 July 1937, Page 7

ARGENTINE TRADE

GAINS BY UNITED STATES

BRITAIN LOSES GROUND

DELAY IN DELIVERIES

Comparison of Argentine trade figures for this year with those of various other countries is giving rise to predictions in New York that the United States will supplant, Groat Britain as the chief supplier of goods to the Argentine market. During the first quarter of 1937 Argentine imports from tho United Kingdom declined to 19..8 per cent of the total, against 23.1 per cent in the first quarter of 1936. On the other hand the percentage of United states origin increased to 1G.2 per cent, compared with 13.5 per cent. Undoubtedly, one of the chief reasons lor tlie increased purchases of North I American goods by the Argentine is that the Argentine public, owing to prosperous conditions, is again spending money on luxury goods, particularly cars, most of which come from the United States, writes a correspondent of the Financial News. Moreover, farmers arc also again in a sufficiently prosperous position to he able to purchase agricultural machinery, and this also comes mainly from the United States. Nevertheless, it is suggested that, to some extent, the decline in British exports to the Argentine is due to the inability of British firms to fulfil orders for abroad in view of the more prosporous internal trade of Great Britain and the demands made on British in-

dustrv by the national rearmament programme. .Certainly, the latter point is one which is being stressed by American competitors. Great Britain, it is thought, is not generally losing ground in her trade abroad, but she is not advancing with the increased prosperity and purchasing power of the Argentine market. This is considered to be largely due to inability to deliver certain goods .without long delay, particularly heavy goods, such as steel. However, even in the case of North American goods, the time for delivery of a number of lines is also getting longer. It is thought by several British importers that, beyond the wellknown increase in cars, wireless sets, refrigerators and other specialities, no serious increase had been shown in the imports of American goods. The premier position of Great Britain in the Argentine import markets is protected by the exchange surcharge of 20 per cent upon official exchange, which is paid by many competitive nations, including the. United States. In view of the recent trade trend, whereby the Argentine now lias a favourable balance, of trade against the United States, the maintenance of this surcharge on American goods is the object of increasing criticism in the United States. DAIRY SEASON NORTHERN WAIROA COMPANY HIGHER OUTPUT AND RETURNS [BY TELEGRAPH—OWN CORRESPONDENT] DARGAVILLE, Wednesday Details of a satisfactory year's operations are contained in the annual report and balance-sheet of the Northern Wairoa Co-operative Dairy Company, Limited, to be submitted to the annual meeting next month. After allowing for depreciation 011 buildings and plant and taking into account butter unsold and valued at the Marketing Department's schedule of payment, less levy and insurance, there has been credited to the appropriation account £-15.865. It is proposed that of this amount £2.165 shall be paid as interest at the rate of 6 per cent on share capital entitled to interest and that the balance of £-13.700 shall then be available for distribution during July." Beferenee is made in the directors' report to the estimated average payout for the 1985-36 season. The figure indicated in last year's report was ]2.03d per lb. of butter-fat, but the average pay-out finally made was ]2.3-19(1. The average advance made during the 1936-37 season for all grades has been 11.927(1 per lb. butter-fat, and the amount available for distribution, inclusive of interest on share capital but not of stores rebate, would make the return for all grades 13.606(1 per lb. of butter-fat.

Butter produced during the season totalled 3577.05 tons, an increase of 478 tons, or 15.4 per cent, as compared with the previous year. There were 138.235 boxes of export butter made during the season, of which 91.802 boxes, or 66.4 per cent, gained the Marketing Department's premium of Is 2d per cwt., the total premiums amounting- to £2678. Total charges, including repairs and depreciation up to f.o.b. for the current season, had worked out at 1.993 d per lb. butter-fat, compared with 2.099 d per lb. last season. The over-run this year_ was 22.24 per cent, and last year 21.95 per cent. The average grade of butter for the 1935-36 season was 93.563 and for the current year 93.874., Of this year's production 93.907 per ctint was graded finest, and 6.093 per cent first, while last year 91.74 per cent was graded finest, 8 per cent first and 0.26 per cent second. After returning to purchasers discounts on goods, benzine and manures totalling £1322. the stores department showed a profit for the season of £ls.

RECORD PRODUCTION MA UN GAT U R OTO El GUP ES A record production for the season of 1191 tons, an increase of 116 tons over the record made in the previous seasou, is shown in the 35th annual report of the Maungaturoto Dairy Company, Limited. The amount paid to suppliers also constituted a record, being £108.857, an increase of £10,039 over the previous season.

The directors recommend a deferred ■ payment on all butter-fat received from August, 1930, to May, inclusive, of 1.875 d. making an average pay-out over all grades of 13.78 d for the season, as against 12.034 d in the previous •season. The number of suppliers totals 338, an increase of eight. The quality of the output was exceedingly good, the average grade 1 being 9-4.212. Of the butter manufactured 91.26 per cent was graded , finest and 8.74 per cent first grade No second grade butter was made.

The company took full advantage of the high quality under the Government system of differential price margins based on quality, and the result was a gain of 1:993. Of a total of 45,575 boxes for export, 5008 boxes wore graded at 93, the basic guaranteed level; 37.550 boxes graded at 91 and over realised £1095; 1672 boxes from 92 to 921 and J339 boxes from 90 to 91.i showed a loss of £lO2, leavam a net gain of £993.

STUD SALE POSTPONED Owing to flood conditions in the North Auckland district, the sale of pedigree Jersey cattle advertised to take place yesterday, on account of Mr. Allan Worthington. Ashgrove Jersey Stud. Mareretu. could not be Isplcl, and has been postponed until Mondavi July 12.