DOMINION LAMB

New Zealand Herald, Volume LXXIV, Issue 22823, 2 September 1937, Page 7

DOMINION LAMB

I BENEFIT OF OTTAWA MAINTENANCE OF PRICES COMPETITION FROM AUSTRALIA [l'ltO.\r OUK OWN' coiihespondkxt] LONDON, August 14 Tho opinion Hint it great deal is due to the New Zealand representatives at tlie Ottawa Conference in 1i).'32 for the 'nding prices of lamb being maintained, in view of the increased quantities from tlie Dominion and Australia, was expressed by Mr. A. J. Murray, of Marlborough, who is visiting England to study the meat market. "It makes one wonder what tho prices would have been," said Mr. Murray, "had not the Ottawa restrictions on foreign meat been made. From very reliable market information it is considered that supplies would have considerably exceeded the demand, with very serious results to New Zealand ami Australia. Assuming that New Zealand lamb had been affected by "Id per lb., and New Zealand mutton by Id per lb., which is probably a very conservative estimate, it would be equivalent to a difference of over £1,500,000 sterling a year to New Zealand." It appears to Mr. Murray to _be essential that New Zealand must do her utmost to retain the advantage in quality of mutton and lamb, and she must bo given every opportunity of importing the best rams procurable. Authentic figures obtained from tho office of tho Ministry of Agriculture show that during the past seven years Australia has imported from the United Kingdom a total of 343 sheep, of which '221 were rams. These rams are having the desired effect upon tho quality of Australian lamb. During the same period Australia has also imported 355 cattle through t|ie London Quarantine Station and 08 direct from Scotland. The following table, shows the quantities and average prices of lambs imported into the United Kingdom in 11, the year prior to the Ottawa Agreement, and in 19:56, and shows the effect of tho restrictions on South America: — i!»ai i»3O Carcases Price Carcases Trice 000 per lb 000 per lb New Zealand S,IG7 7.7<id S,r,~r, 7.nod Australia .. 3,258 G.lod -1,500 (>wbd Sth. America 5.370 li.Old 3,1)00 G.oGd New Zealand lamb has increased between 1931 and 1936 by 408,000 carcases. and Australia during tho same period bv 1,242,000 carcases, while South America has been reduced by 1,470,000 carcases. In 1931 New Zealand lamb was realising 1.36 d more than Australian: in 1935, 0.86 d; and m 1936, 0.72 d., showing very distinctly the extent to which Australia has improved her quality. HUME PIPE DIVIDEND YEAR'S RATE INCREASED The directors of Hume Pipe (Australia), Limited, have declared a final dividend of 3} per cent. With the interim distribution of 5 per cent the dividend for the year ended Juno 30 is 8i per cent, against 5 per cent in 1936. GOLD AND SILVER QUOTATIONS IN LONDON. LONDON, August .31 Fine gold is quoted to-day at £6 19s lid an <>■/.., compared with £7 Os Id yesterday. Silver is quoted at 19Jd an oz. spot and 19gd forward, compared with lOfld both positions yesterday. -The quotation for silver at per fine ox. is 21 5-16 d, compared with 20Jd yesterday.

PRICES OF METALS TIN AND COPPER FIRMER LONDON, August 31 Following arc to-day's quotations on tho London metal market, compared with those of August 30:—

BRITISH EXCHEQUER I LATEST WEEKLY RETURNS (Received September 1, 0.5 p.m.) British Wireless RUGBY. August 31 The latest weekly Exchequer returns show that the total ordinary revenue amounts to £25-1,714,530, compared with £214,876,2-11 at the corresponding date last year. The total expenditure, less selfbalancing items, is £932,791,182, compared with £310,40:5,G01f at the corresponding date in 1936.The floating debt outstanding at August 28 totalled £BB* ,000,000, ari increase of £188,870,000 since March 31 and £2,405,000 since the previous week. It compares with £824,990,000 at the corresponding date last year. • SUGAR AGREEMENT BRITAIN'S RATIFICATION British Wireless _ RUGBY, August 31 The British Government has ratified the international agreement on the regulation of production and marketing of sugar signed in London on May 0. The agreement has also been, ratified by the Australian, Dominican and Peruvian Governments. The Governments of Hayti and Hungary have notified their intention to ratify as soon as constitutional formalities have been fulfilled. BRITISH WHEAT QUOTA REIMPOSITION SHORTLY (Received September 1, 0.5 p.m.) British Wireless „RUGBY. August 3t The wheat quota is to be reimposed, probably on Sunday, the rate being in the region of Is per sack of 2801b., according to tho market position at the moment. The price of home-grown wheat has fallen to 36s per quarter of 5041b. The reiinposition of the quota is necessary owing to the brisk selling now in progress following upon the harvest of wheat of millable quality. .MANUFACTURING INTERESTS At a recent meeting of the council of the United Kingdom Manufacturers and Njw Zealand Representatives' Association, it was reported that the association had been appointed the official representative in New Zealand for the National Union of Manufacturers, London.

Aupr. 31 Aug. 30 Per ton. Per ton. £ s d £ s d Copper, stan. spot 55 2 0 51 17 (( C'op., stan, a nio« 55 8 1/2 55 3 IVJ Cop., electrolytic . 01 5 0 01 5 0 to to G2 5 0 G2 5 0 Copper elect., wire 0 02 0 bars (52 5 5 Lead, soft, spot . 2). 11 ioy ? 21 13 IV. Load, soft, forw'd 21 10 7% 21 13 1 Va Spelter, spot 23 1 lO'/j 23 •j 0 Spelter, forward . Tin, stan., spot .. 23 1 23 3 1 Va 2<il 10 0 200 o 0 Tin, stan., 3 mos . 200 o G 20U 2 0