TRADE OF GERMANY

New Zealand Herald, Volume LXXIV, Issue 22833, 14 September 1937, Page 5

TRADE OF GERMANY

BILATERAL AGREEMENTS PACT WITH ARGENTINA BRITISH INTERESTS AFFECTED Recent cablegrams have commented on tho fact that foreign countries, including Germany, aro obtaining' a corner on the Argentine market to the detriment of British interests. The German Consul-General in Australia, Dr. Asmis, recently discussed the reasons which impelled Germany to make bilateral agreements. He stated that a mutual beneficial exchange could be arranged between two countries whose currency restrictions did not permit them to buy at will.

German trade with Europe in 1933 iio longer sufficed to pay for her overseas imports, and a complete change of policy became necessary. Before tho war, when Germany's foreign trade balance was active, German capital invested abroad brought in enough interest to cover any surplus of foreign imports. The smooth working in this system of commerce was, however, only possible as long as tho industrial country remained creditor, while the debtor was a raw material exporting land.

The loss of foreign investments and tho drain of capital through reparations, combined after tho war to change Germany into a debtor country, obliged to concentrate on balancing her foreign trado budget. By 1934 Germany was no longer ablo to pay for her supplies of foreign materials, and tho subsequent ways which she found to finance her overseas trade art* clearly illustrated in the case of Argentina.

Germany then decided to buy only what she could afford to pay for. In 1934 an agreement was signed with Argentina which has recently been prolonged until the end of this year. This provided that, except for a certain amount to be otherwise accounted for, the Argentine should only export goods to Germany in the same measure as she was prepared to take German goods in exchange, and that no exchange discriminations should be made to the detriment of German produce. The ratio was established at about 87:100 in favour ol' German imports. During the two years, Germany's import surplus has been reduced to onethird. This has nob been entirely duo to the restriction of imports, the market for German goods in the Argentine having improved by nearly 13 per cent.

Argentina exports moat, maize, wool, oil fruits, bides and cotton, to Germany in the maximum quantity possible under the clearing arrangements, while Germany exports manufactured goods and machinery. In 1935 the Argentine provided nearly. 30 per cent of Germany's supply of oil seeds, -20 per cent of her wool, and 53 per cent of her beef and mutton fats. At the recent prolongation of the pact, the German quota for frozen beef was doubled to 50,000 tons, whereas the Argentine improved the facilities for .importing German manufactures.

AUSTRALIAN SUGAR OUTPUT

DRY WEATHER IN QUEENSLAND

"Wo nro experiencing a dry timo at Bundabcrg, and our mills will not put through a tonnage equal to last year," said Sir William Glasgow, who presided at the annual meeting of the Millaquin Sugar Company, Limited, Queensland. Sir William Glasgow said that tho price a ton of raw sugar last season was ■ £l7 Is 4d, against £l6 17s for the previous season. The estimated Australian production of raw Hugar for the current season for both Queensland and Now South Wales was 744,000 tons, against 782,412 tons in 1936. Home consumption was estimated nt 360,000 tons, against 350,1337 tons.

Iteferring to tho fire at the Bundaborg distillery lust year, the chairman said that, although tho distillery wns reasonably insured, all tho rum was destroyed. The company wns rebuilding tho distillery, and it expected to resume again shortly.

STOCK SALES GOOD YARDING AT OHAUPO Dalprety and Company. Limited, rrporlc that at its usunl fortnightly sale at Ohnuim there was a Rood yardinsc of rnUlo, which sold under keen competition before a pood bench of buyers. Dairy cows, in milk and close to profit, were especially in keen demand. Medium fat cows, Holstein-crowj and Shorthorn-cross, brouirlit I'B Is to £1) 'ls; heavy fat Jersey cows, £8 7s; light fat Jersey and Jersey-cross cows and heifers, I'll Ids to £7 16s; killable cows, £t 15s to £5 15s; boners, £'J to £t is, according to welglit and condition; two-year-old slipped heifers. lIS Jos to £il IKs; yearling Jersey heifers. £.'J 10s to £-l 15s; potter bulls, £(l 17s (ill. Good young Jersey and Jersey-cross cows, in milk, sold from £ll to £l2 15s, medium, ill to £lO 10s; others, £7 10s to £H 10s; good Jersey-cross . cows, close to profit, £lO 10s to £l2; more backward young cows, £8 15s to £10; others, £5 to £7 10s, ordinary Jersey-cross heifers, in milk, £7 10s to £8 15s; backward heifers, fair quality, £7 10s to £l> ss; small heifers close to profit, £5 to £O. PAPAROA QUOTATIONS [from ouh own connrsroxDKNT] AVHANGAREI, Monday There was n heavy yarding of springers, which met with an excellent demand, at the stock sale held at Paparoa by Dalgety and Company. Limited. Good springing heifers closo to profit brought to £7 108; other sorts, £5 to £ll ss; springing cows, close to profit, to £8; extra choice, £10; other sorts, £-1 10s to £5 15s; fat COWS, £7 lis to £ll lis; light fat steers, £() 17s Od; yearling Hereford steers, £5 17s; yearling Hereford heifers. £1 1-ls; boner cows, £-' to £3,55. KAMO CATTLE AND PIGS [l'ltOM OUK OWN COIt 11 KSl'O.Ndknt"| "SVHANUAREI, Monday Waller AVakelln reports having held a very successful pig and dairy sale at Kanio. when a large entry was submitted to a large attendance or buyers. Dairy cattle were m keen demand by outside buyers, and a total clearance resulted at greatly improved prices. A large entry of pigs was keenly sought, although prices were inclined to be easier. A pen of choice wennors on account of Mr. J. F. White. Kitnio, realised £1 10s a head. Four choice prime steers sold on account of Mr J. H. Going, Parakao, 'verc purchased bv Mr. H. A. Moat, Hikurangi. for £ls 17s oil a bend. Quotations: —Pigs: Baconers, £3 5s to £1; heavy porkers, £2 5s to £2 I<>s; medium porkers. £1 8s to £2 <ts; large stores, £1 8s to medium, £1 Js to £1 8s; slips, 15s to £1 Ms; weancrs, <>s to £1 10s; breeding sows. £3 10s to £8; choppers, £1 10s to £3 ss. Cattlo: Best dairy cows. £0 to £8; medium cows, £5 to £0; Jersey heifers, £5 to £0 10s; backward and inferior springers, £2 10s to £3 10s; fat steers. £5 17s (id; fat cows, £7 10s to £1» 10s; fat Jersey cows, £-1 los to £7; Jersey bulls, to £5 15s.