CONTROL OF EXPORTS

New Zealand Herald, Volume LXXVII, Issue 23602, 11 March 1940, Page 3

CONTROL OF EXPORTS

ACTION BY BRITAIN SAVING FOREIGN EXCHANGE (Received March 10, 5.5 p.m.) LONDON, March' 9 The announcement that Britain, as well as other Empire countries, is imposing control over export proceeds, is an important step toward full control of foreign exchanges, whereby the Empire's overseas credits will be substantially augmented. Proceeds from the overseas sales of certain exports must be collected in, the particular foreign currencies, which are needed to pay for essential British imports. The goods affected are rubber, tin, jute and jute manufactures, whisky and furs from the United Kingdom ; rubber, juto and jute manufactures from India: rubber from Burma and rubber and tin from the producing colonies when exported to various destinations outside the Empire. It is pointed out that a considerable part of Britain's exports during the past six months never became available for payment for imports. Britain therefore is wasting labour, raw materials!, shipping space and foreign assets simply to facilitate the illegal withdrawal of foreign capital from London. United States imports of the five commodities affected at present amounted to about £90,000,000 sterling last year.

SOUTH AMERICA PERTURBED BLOW TO INVESTMENT (Received March 10, 7.10 p.m.) NEW YORK, March 9 The new British exchange control regulations have come as a blow to the trade between the United States and South America and to investments, says the Buenos Aires correspondent oil the New York Times. In addition to absorbing ..dollars wheih the South American States at present are using for the purchase oij United States goods, and for payments on investments, the regulations ard drawing to Britain other free currencies with which the South American! States purchase dollars.

FREEZING WORKS BUSY EXPERIENCE IN GISBORNE [by telegraph—OWN correspondent] GISBORNE, fSnnday There has been no easing off recently in the killings at the Kaiti freezing works, which are as busy as they have been at any time during the present season, and 5000 sheep and ls,:mhs l are being dealt with daily. The percentage of lambs to sheep, which dropped to a very low point recently, has increased during the past week. The freezing season is developing better than last year and up to the end of February increases had been registered in both sheep and lambs. Up to that date mpre than _ 250,000 sheep and lambs had been killed for export. An easing off in killings is expected from now on, as farmers will tend to hold back some of their stock now that fairly good pasture growth seems assured, following the rain of.- the past two days. Rain totalled 1.04 in. for the 24 hours ended 9 a.m. to-day. The figure for two days is 1.42 in., making it the best rain experienced in Gisborne for several months. V -

GISBORNE WOOL. CHEQUE > [by telegraph—OWN correspondent] GISBORNE, Saturday Payment for Gisborne, Toko:maru and Tolaga Bay wool, which was appraised a fortnight ago, has been made. The total worth of the wool was £251,690, and payments comprised 95 per cent of this. This brings the total for the season in Gisborne and Coast centres to £684,395, and the %vool dealt with totals 39,705 bales. The price per lb. is a ishade under 12d. LONDON MINING LEVELS LONDON, March 8 Mining share quotations are::—Mounti Lyell, 24s 4id; New Guinea, Is 9id.

TIN AND SILVER PRICES LONDON, March 8 Tin quotations again are firmer. Latest rates are:—Spot: Buyers, £259 5s a ton; sellers. £256 15s. Forward; Buyers, £255 10s; sellers, £255 15s. Silver is quoted higher at 21 5-16 d n standard ounce and 23d an ounce fine.

LONDON COMMODITY PRICES (Received March 10, 5.5 p.m.) LONDON, March 9 Friday's closing commodity _ prices were, with last week's rates in parentheses: —Cotton: Spot, 8.03 d per lb (7.99 d); April delivery, 7.77 d (7.91 d). Rubber: Para, 12Jd per lb. (123 d); plantation and smoked, 121 d (12£ d). Linseed oil: £42 10s a ton .(£42 10s); turpentine, 54s 9d per cwt. .(54s 9d). HIGHER EGG PRICES The Auckland Egg Marketing Committee announces that wholesale egg prices are advanced by 2d a dozen. Latest rates are: —Hen: First grade, 23 5.Jd a dozen; B grade, 2s 3Jdk C grade. Is s?id; duck, first grade, 2s B grade, 2s 2id. Country storekeepers minimum buying prices for first grade eggs are :—Hen, Is lid a dozen; duck, Is 9Jd. MINING YIELDS Alexander (Reefton). February"! Batterv department: 290 tons or© crushed for sSoz. melted gold. Cyanido department: 185 tons sands treated for 19oz. bullion. Total estimated value, £585. In addition, 5.75 tons concentrates saved, valued . at £IBO. Blackball Creek (West Coast). —370z.in 113 hours. Mossy Creek (West Coast). —650z« from 12.250 yards in 249 hours. Nemona (West Coast). —19oz. in 33 hours, being clean-up of gold saving tables since dredge sunk.* New River (West Coast). —18oz. from 8600 yards in 102 hours.