COMMERCIAL

Southland Times, Issue 19358, 25 September 1924, Page 2

COMMERCIAL

FINANCE AND TRADE. (From our Financial Correspondent.) WELLINGTON, September 23. BANKERS AND THE PUBLIC TRUSTEE. Some members of Parliament and some pressmen have managed to make a mole hill look like a mountain in dealing with the letter sent by the banks to the Prime Minister in respect to the operations of the Public Trust Office in accepting deposits. Those who have dealt with this matter have done so with incomplete information, and the Prime Minister was not sufficiently explicit in his remarks. Really the whole matter is very simple. Within the past few weeks the Public Trustee has been inviting deposits, offering 4$ per cent, on deposits fixed for 27 months, and 5 per cent, for deposits fixed for five years. The Public Trustee had not hitherto invited such business, and why he should do so now is more than one can say. The Public Trustee is not in need of funds, and a study of the accounts will show that the “Common Fund” yields the office very large profits, and it may be said that the measure of those profits is limited only by the measure of generosity exercised by the Public Trustee, for he determines the interest to be allowed on the funds of the various estates. The rates of interest allowed on deposits which the Public Trustee is now inviting are higher than those allowed by the banks, because the Public Trust Office enjoys privileges and concessions denied the banks. For instance, the Public Trustee has not to pay the same high income tax as the banks. Therefore the Public Trustee’s competition for the deposits which should rightly find their way into the banks is distinctly unfair. This unfairness was evidently pointed out in the letter of protest sent by the banks to the Prime Minister, and it is probable that in illustration the case of a certain Harbour Board, which had deposited part of its loan money with the Public Trust Office was cited. This Harbour Board most likely secured its loan through a bank, and instead of allowing the portion not immediately required to remain on deposit with the bank, it has been deposited with the Public Trust Office because of the better rates offering-by this office. The Harbour Board cannot be blamed for taking advantage of the situation. Some people make the stupid mistake of assuming that banks do all their trading with their own capital. Banks are credit establishments and bankers deal in credit, that is buy and sell credit, just as a hardware merchant buys and sell hardware. Bankers borrow; from one section of the community and lend to another, and it must be obvious that to be able to lend freely the banks must be able to borrow freely. It stands to reason that if the rate at which the banks borrow, that is the deposit rate is high, thehn their lending, or overdraft rate must be correspondingly high, for an equilibrium must be maintained between the two: If as the result of this new competition on. the part of the Public Trustee, the banks, to retain their deposits would have to pay higher rates, and in that case they would be forced to raise their lending rates, and this, no doubt, was pointed out by the bankers in their letter to the Prime Minister. In the course of his remarks in the House when dealing with the matter, Mr Massey said: “As far as I am concerned, what I am endeavouring to do is to keep down the price of money.” This statement can be rendered in another way with quite as much accuracy as follows:—“As far as I am concerned, what I am endeavouring to do is to keep up inflation.” Keeping down the price of money means keeping up inflation, and this happens to be one of the great economic blunders perpetrated by the Government in a genuine effort to do the best possible for the country and like all economic blunders, there’s a price to pay. We have paid it in the prolongation of the Moratorium, in the inflated values paid for land for soldier settlements, and in the bankruptcies of hundreds of farmers who bought farms at fancy prices. Tampering with the price of credit is a dangerous game. Every banker and every financier knows that under normal conditions cheap money stimulates enterprise, and dear money checks speculation and gambling in business. Mr Massey has been trying to keep the pendulum swinging in one direction, and with the continuance of low rates for money, enterprise developed into gambling, and no effective check has been applied to bring about deflation. We are living in hopes that things will so improve that present inflated values will be justified. They are forlorn hopes. THE WOOL MARKET. Immediately following the fourth of the series of London wool sales, which were held during the first twelve days of July, opinions as to the outlook for wool were inclined to be pessimistic. At that time values showed a drop of 10 per cent., there was doubt as to the probable reception of the Dawes recommendations on Reparations, Germany was suffering from a severe financial crisis, so much so, that the Germans were unable to pay for their purchases of wool made earlier in the year, and Bradford had to arrange a sort of Moratorium, France was suffering from the effects of a falling exchange, and the conditions in the United States were far from satisfactory, the American Woollen Company, the greatest monopoly of its kind, being obliged to pass its customary dividend, and trade generally in America was reported dull. In the interval great changes have taken place favourably affecting the wool market. The Dawes Scheme of Reparations has been adopted, and partly put into execution, German finance is to be placed on a sound basis, the exchanges have improved, and the trade outlook generally is more hopeful. This has developed optimism where, previously, the darkest pessimism prevailed, and buyers are operating in the wool market with courage and freedom. Competition for raw wool is now more widely spread. Prior to the Great War the market was dependent upon Yorkshire, Germany, Belgium and France. During the war when supplies, more particularly of tops and yarns, were difficult to obtain, there were developments in the textile industries of other countries, and now in addition to the countries named, Italy, Japan, Switzerland, The Netherlands, the United States, and to a limited extent, India, operate in the Australian and New Zealand markets, and exercise a wonderful influence in the competition. At the current London wool sales prices are back to the level ruling in March, and at the March sales prices were at their peak. Thus the season 1924-25, opens with prices at their highest, but whether there will be any improvement in values remains to be seen, while the statistics relating to supplies are fairly well known, it is very difficult to arrive at the probable demand. Central Europe is undoubtedly very much in need of wool, but it is a question of finance. Europe will by forces of circumstances, buy the cheaper wools, because they are cheap, and that gives hope that crossbred wool may get a boost, certainly the margin between fine and coarse wools is wide enough to warrant an advance in the lower grade staple. Messrs Dalgety and Co., in their latest wool review give the exports from Australia for the year ended June 30, 1924, at 1,705,000 bales, and from New Zealand at 601,000 bales, and the figures for five complete seasons are as follows: Australian. New Zealand.

The five years average is 2,025,190 bales for Australia, and 634,305 bales for New Zealand. The value of New Zealand wool is placed at £11,623,924, equal to about £l9 6/9 per bale, it would of course be higher if the values were based on the prices realised for the second half of the season.

| The Wool Record commenting on New Zealand’s clip stated that Merinos which now constitute about two per cent, of the clip, are practically always of good combing length, sound, very soft, rather yolky or “sappy,” with excellent colour, and a relatively high, clean yield. They are chiefly of 64’s-70’s quality, and possess excellent spinning and finishing properties. Being seldom tender, they are adapted mainly to the production of fine worsteds. New Zealand crossbreds form 98 per cent, of the clip, and like the Merinos are more yolky than those of the Commonwealth, owing to superior grazing, and therefore, they sell for less in the grease. In fact grade for grade, they normally sell for slightly less per pound of clean content. However, they are nearly always of good combing length, sound, well-grown, fairly free from burr and seed, soft, scour a good white, and have good spinning and milling (felting) properties. The finer halfbreds are extensively used in fine hosiery, as well as in soft dress goods, and medium worsteds, and in blends for tweeds. The coarse halfbreds are used mainly in medium worsteds, and drees goods, often in tweed blends, to some extent in the coarser hosiery, and in the lustre types, for lustrous fabrics in general. These carry less vegetable matter, have greater pliability and elasticity, are often considered more desirable than similar South American grades, and are blended with them to secure a cheaper top and yarn than would be available from the New Zealand wool alone. The latter also is blended with British wool of like grade, owing to the superior softness of lhe Dominion’s coarse crossbred. GORE STOCK SALE. SHEEP MARKET QUIET. The fortnightly stock sale was held on Tuesday at the Gore Corporation Yards in fine weather, and in the presence of a small attendance. SHEEP. Sept. 9. Sept. 23. Fats 317 118 Stores 1368 985 1685 1103 Although fat sheep were scarce, some extra good wethers were offering and met with good inquiry. Very prime wethers realised 46/- to 50/-, and prime to 44/9. No store wethers were yarded. Store hoggets realised up to 26/10, and culls 15/-. Ewe hoggets made 33/9 and 36/-, the latter price being secured for a line of very nice sheep. Not many breeding ewes were on offer, and values showed a decline of about 3/-. Six and eight-tooths made 36/-, and full and failing sorts 24/8. A few pens of ewes with lambs were offered, but no sales were recorded, the best offer being 14/- all counted. CATTLE. Sept. 9. Sept. 23. Fats 28 23 Stores 54 83 82 106 Beef in the fat pens was composed mostly of cows, some fairly prime sorts being on offer, for which there was a good demand at improved values. Prime cows realised from £7 to £9 7/6, mediums £5 to £6 7/6, and poorer quality £3. Good fat heifers made £5 10/- to £7 5/-. Only a few fat steers of light quality were forward, and these changed hands at from £7 down to £3 14/-. Two and three-year-old store steers realised £3 14/- and £4 7/6, and calves 10/-. Dairy cows were numerous and hard to dispose of, a number of the offering being in poor condition. Good sorts close to profit or in milk made from £6 2/6 to £8 5/-, medium £3 10/- to £5 10/-, and aged sorts from 12/6 to £2 10/-. Several springing heifers were offered, but only one with a good showing was sold at £5 2/6. Empty cows realised 17/- to £1 6/-, and a bull £1 10/-. SALES AT BURNSIDE, ALL STOCK SELLS WELL. (Per United Press Association.) DUNEDIN, September 24. There were good sales in all departments at Burnside to-day. Sheep sold well, fat cattle showed a considerable rise, and store cattle and pigs were also much firmer. Fat Cattle.—A yarding of 164 head, com pared with 271 last week. The entry was of good quality, very similar to that of last week, but there were a good many unfinished ani,inals. The sale opened well, good sorts advancing from 10/- to 30/- a head. Prime, handy weight bullocks sold at from 45/- to 47/-, prime heavy-weight bullocks from 42/6 to 45/-, prime heifers and medium quality bullocks 40/- to 42/-, prime cows and light heifers 32/6 to 35/6, light and aged cows 24/6 to 26/6. Extra prime bullocks sold up to £22 10/-, prime £l5 10/- to £lB, lighter from £l3 10/-. Extra prime heifers brought up to £lO 5/-, medium £7 to £8 5/-. Extra prime cows sold up to £l2 5/-, and lighter sorts from £5 10/- to £6 15/-. Fat Sheep.—An entry of 1892 head of good average quality, compared with 1740 last sale. There were a few ewes. Competition was fairly keen, and it improved as the sale progressed, but was somewhat irregular. Prices were about on a par with last week’s rates, and in places about 1/a head better. Freezing operators were paying up to 83d, and in some cases as high as 9d, for restricted weights, and BJd per lb for prime handy weight. Butchers’ wethers sold at from 7{d to 73d, prime heavyweight wethers up to 74d; medium quality and light weights 6Ad to 7 Id; extra heavy ewes (very prime quality) 6d to 63d, prime ewes to 6d, light and aged ewes 4Ad to 53d. Ten spring lambs of good quality were forward and sold well. Medium quality sold at 37/6, and good at from 44/- to 52/6 per head. The price per lb ranged from 1/3 to 1/4. Extra prime wethers brought to 63/-, prime heavy 46/to 50/-, prime 42/6 to 43/6. Extra prime ewes sold at up to 53/- good 36/- to 39/-, lighter to 33/-. Store Cattle.—Approximately 200 head of all classes were yarded, compared with 300 last week. The prices showed some improvement on those of the last sale, and graziers’ cows were dearer by about 10/a head. Some medium two and a-half year steers brought from £4 5/- to £4 15/-, and a pen of mixed one-and-a-half-year animals brought £1 19/-. Pigs.—A bigger entry of 130 fats, and a good number of stores. All classes sold well and prices rose about 5/- a head, bringing them to the rates of a fortnight ago. Best baconers brought from £5 5/- to £6 8/-, medium baconers £4 5/- to £5, best porkers £2 15/- to £3 18/-, lighter porkers £2 5/- to £2 12/6. Choppers sold well and a very heavy animal brought £8 6/-. Baconers sold on a basis of from 8d to B|d, per lb and porkers 9d to 9£d, which are higher than the prices ruling at Burnside for many months past. ADDINGTON MARKET. YESTERDAY’S STOCK SALES. CHRISTCHURCH, September 26. At the Addington market the entries today were smaller in the fat cattle section, due to the recent decline in prices decreasing North Island consignments, and the market recovered as a result, to the extent of about 2/6 per lOOlbs. Fat sheep were in normal supply. A good sized line came from Marlborough province, and an improvement was recorded also in this section. Store Sheep.—A poor quality entry, mainly ewes with lambs. The uncertain break in the weather did not stimulate the demand, and except for good sheep, the market for which was a trifle better, the sale was dragging, and in some cases easier. Good halfbred ewe hoggets sold at 46/-, small half bred ewe hoggets 34/-, crossbred ewe hoggets 34/5, good half bred wether hoggets 29/1, good crossbred wether hoggets 28/6, small two and four-toothed halfbred wethers 29/11, and coarse woolled ewes and lambs 18/- to 21/- (all counted), aged halfbred ewes and lambs 21/11, sound and failing mouthed crossbred ewes and lambs 21/8, sound mouthed crossbred ewes and lambs 24/-.

Spring Lambs.—ln all, 130 were penned, and prices came down from the fancy circle. Values were generally from 28/- to 32/6, odd lambs making up to 38/-. Fat Sheep.— A similar sized yarding to last week, nine races being entered. The market opened firmly and improved, but fell away over the final stages. Values all round were about 2/- a head better. Extra prime wethers sold from 58/- to 63/-. A special pen at 78/-. Prime wethers 51/to 56/-, medium 47/- to 50/6, light 41/- to 46/-, inferior 38/9 to 40/-, extra prime ewes to 55/-, prime 46/- to 50/-, medium 42/to 45/-, light 37/- to 40/-, aged 30/- to 36/-. Fat Cattle.—The smallest yarding for some time, comprising 360 head. North Island entries were small. The market recovered to the extent of about 25/- a head, concluding firmly. Specially good beef sold at up to 46/-, prime 40/- to 44/-, medium 36/6 to 39/6, light 32/6 to 36/-, and rough down to 25/-. Extra prime heavy-weight steers fetched £lB 10/- to £2O 12/6, medium prime steers £l6 to £lB, medium £l3 to £l5 15/-, light £lO 10/- to £l2 10/-, rough £8 to £lO, extra prime heifers £l3 5/-, prime £lO to £l2 10/-, ordinary £7 15/to £9 15/-, extra prime cows £l2 12/6, prime £9 5/- to £ll 10/-. Vealers.—An average entry of very mixed quality. Good calves sold in advance of late rates, but there was no change in other classes. Runners brought £6 10/-, good vealers £4 to £5 5/good calves £2 5/- to £3 15/-, small 12/6 to 35/-. Store Cattle.—A yarding of 210 head, compared with 312 last week. Only cows and heifers showing some quality were sought after. Best cows and heifers brought £2 5/- to £4 5/-, medium £1 5/- to £1 15/-, inferior 15/- to 20/-, bulls £3 to £6. Dairy Cattle.—There were 88 head forward, compared with 133 last week. Good cattle met with a fair demand. Best second, third and fourth calvers (springing) realised £5 to £9 10/-, medium £2 to £4 10/-, best springing heifers £3 to £5 5/-, medium £1 10/- to £2 15/-, old cows 15/to £1 5/-. Fat Pigs.—A small entry and a good demand. Choppers fetched £3 10/- to £6 10/-, light baconers £4 15/- to £5 10/-, heavy £5 15/- to £6 10/-; average price per lb, 9d to 9id; light porkers £2 10/- to £2 17/6, heavy £3 5/- to £3 15/-; average price per lb, 94d to 10}d. Store Pigs.—A fairly large entry, and prices for all classes were in advance of late rates. Weaners sold from 25/- to 32/-, extra good to 36/-, small stores 34/- to 40/-, medium 42/- to 48/-, large 52/- to 60/-, sows in pig £4 10/- to £6 ARGENTINE MEAT. SHIPMENTS TO BRITAIN AND EUROPE. WELLINGTON, September 24. The New Zealand Meat Producers’ Board has received a cable from Buenos Aires advising the following shipments to the United Kingdom for the fortnight ended September 20, from Argentine and Uruguay: 199,750 quarters of chilled beef, 72,418 quarters of frozen beef, 48,754 carcases of frozen mutton, and 63,505 carcases of frozen lamb. The quantity shipped to the Continent of Europe during the same period totalled 184,100 quarters of frozen beef, 10,601 carcases of frozen mutton, and 2,075 carcases of frozen lamb. GRAIN AND PRODUCE. THE DUNEDIN MARKETS. DUNEDIN, September 23. Messrs Dalgety and Company, Limited, report as follows: Oats.—Very few samples are offering, and the demand for seed oats is being filled from stocks held by merchants. Supplies, however, are not heavy, and indications point to a shortage of seed before the season finishes. Nominal quotations are as follows:—A Gartons 6/-; B Gartons 5/9 per bushel, sacks extra. Wheat.—Merchants are having difficulty in procuring their requirements as there is a decided shortage of fowl wheat. The value of good whole quality is 6/9 per bushel, sacks extra. Potatoes.—Supplies have eased, and the demand has improved. Choice lines are realising up to £7 5/- per ton. Chaff. —Prices in the North have firmed, and as stocks held locally are light, a firming in values may be looked for. Prime quality is worth from £8 5/- to £8 10/per ton, sacks extra. RABBITSKINS. THE DUNEDIN SALES. The Dunedin Wool Brokers’ Association reports as follows: Large catalogues were offered at Tuesday’s sale to the usual attendance of buyers. Competition was brisk, and prices showed an advance on last sale’s quotations, the poorer class of skins showing a rise of from 2d to 4d, and winter skins a rise of about Ad. The following are the prices realised:— Prime winter bucks, 89Ad to 94|d; prime winter does, 55 Ad to 84d; firat winter bucks, 68d to 92Jd; first winter does, 75Ad to 79$d; second winter bucks, 62d to 673 d; second winter does, 58Jd; early winter does, 53? d to 73|d; incoming winters, 663 d to 69d; prime racks, 37d to 38Jd; light racks, 36d to 36Ad; early autumn, 453 d to 50d; late autumn, 46d to 57jd; summers, 33|d to 48Jd; first winter broken, 423 d to 47d; springs, 41$d to 43d; milky, 353 d to 41 jd; hareskins, 25Ad to 32Ad; winter fawn, 66d to 70Jd; fawn, 42|d; horsehair, 20d to 24d. STOCK EXCHANGE. YESTERDAY’S BUSINESS. At yesterday’s meeting of the Invercargill Stock Exchange sales of War Bonds, 1935, at £97 10/-, and of P.O. Bonds, 1927, at £9B, were reported. Quotations were as follows: National Bank of New Zealand, s £6 15/6. Bank of New Zealand, b 60/6. N.Z. Coal and Oil, s 2/9. National Insurance, b 75/-. N.Z. Insurance, b 29/-. Standard Insurance, b 41/-. N.Z. and River Plate, b 20/-. Perpetual Trustees (Dunedin), b 40/-. Wright, Stephenson and Co. (ord.), s 28/-. Southland Frozen Meat (£1 pref.), s 34/9. Kaiapoi Woollen Mills (pref.), s 19/3. Mosgiel Woollen Mills, s £7 3/-. N.Z. Drug, b 68/6. N.Z. Express (pref.), b 17/3. N.Z. Hardware (ord.), b 6/-; (pref.), b 17/6. N.Z. Wilk Products, b 26/-. N.Z. Paper Milk, b 22/-. War Bonds, 1930, b £97 5/-. Inscribed Stock, 1938, b £97 5/-. War Bonds, 1938, b £97 5/-. Inscribed Stock, 1939, b £97 5/-. War Bonds, 1939, b £97 5/-. P.O. Bonds, 1927, b £97 15/-. P.O. Inscribed Stock, 1927, b £97 15/-. P.O. Inscribed Stock, 1929, b £97 10/-. Soldiers’ Settlement Loan Bonds, 1933, s £lOl 15/-. WAI KAKA FACTORY. PAST SEASON’S OPERATIONS. The following annual report, signed by Mr R. T. Simpson (Chairman of Directors) will be presented at the annual meeting of shareholders of the Waikaka Co-opera-tive Dairy Factory Company, Ltd., on Saturday next: “In presenting herewith the annual statement of accounts, your directors have to report that the year just closed was a difficult and trying one for them to know just what was the right course to follow to obtain the best results for the milk suppliers. The first 10 tons of cheese sold at lOd per lb, but thereafter the cheese had to be despatched to London on open consignment, 114 crates of which was subsequently sold on the water at 7Ad to Bd. It is estimated that £l5O will corne in from realisations in London and clean up the whole returns for the season. The milk received was 1,924,8861 b, containing 68,1591 b

butter-fat, producing 187,6401 b of cheese—--2.681b of cheese to lib butter fat; average test 3.54. The price paid to suppliers over all was 16.35 d. The trading account shows a profit of £147 3/11, from which it is recommended to pay a dividend of 5 per cent, on capital paid up to August, 1923, and write £lOO off property for depreciation. Mr S. H. Bristow, late first assistant, at Mataura, has been appointed factory manager in succession to Mr T. A. Kidd, transferred to Grove Bush. The retiring directors are Messrs W. Young, T. Henderson and T. Keating, and are eligible for reelection. Mr W. D. Shelton re-offera his services as auditor?' NEW ZEALAND DAIRY PRODUCE. A SLIGHT ADVANCE. The New Zealand Loan and Mercantile Company, Ltd., have received the following cable from their London House:— Butter has advanced 2/- per cwt. (Last quotations, choicest salted, 5/9/24.—206/to 210/- per cwt). NEW ZEALAND FROZEN MEAT. LATEST LONDON QUOTATIONS. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London House: — Lamb.l2d per lb. (Average.) Mutton.—Wether and maiden ewe: Light B|d per lb, heavy 7Jd per lb; ewe, lighi 6Ad per lb; heavy 53d per lb. The market is steady. MILNE AND CHOYCE. DIVIDEND DECLARED. AUCKLAND, September 24. Messrs Milne and Choyce have declared a dividend of 8 per cent, on all shares and debenture stock. NEXT SEASON’S WHEAT. ADVANCE IN PRICE FORECASTED. CHRISTCHURCH, September 24. “I do not want to set myself up as a prophet, but if no mistake is made this season in the marketing arrangements, wheat is going to be a good class of produce to hold,” declared Mr J. D. Hall, at this afternoon’s meeting of the North Canterbury Executive of the Fanners’ Union. Mr Hall read a lengthy report by the Government Wheat Controller on the position of the world’s wheat market, and the prospects, which was forwarded through the Minister of Agriculture. The report set out that although Canada had a record crop of 447,000,000 bushels in the previous season, the estimate for the current season showed a reduction of 196,000,000 bushels was anticipated on the European market, and of 32,000,000 bushels in the North African crop. On the other hand an increase of 32,000,000 bushels was anticipated in the United States’ crop. It was too early yet for estimates to be made of the yield of the Indian harvest, but high prices looked certain on the world’s markets. “Although Australia may produce more wheat this season than last, we must not forget that the value of the wheat will be fixed by Liverpool prices,” said Mr Hall. “The world’s parity will govern the price of wheat, and it is going to be high. If wheat growers in Canterbury want to do justice to the opportunity, I would suggest that they should appoint some organised body to see what should be a reasonable price. They then should stick to it.” It was stated that farmers already arc being offered 6/- a bushel for the impending .season’s wheat. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. DUNEDIN, September 24. Sales on ’Change: National Bank, £6 14/-; Huddark-Parker (ord.), 44/9. Sales reported: National Bank ,£6 14/6; Cornmercial Bank 30/3; Brown, Ewing (ord.), 29/-; New Zealand Loan and Mercantile £9O 10/- (two parcels) ; New Zea land Refrigerating (cont.), 10/-; New Zea land Express Co. (ord.), 19/3; National Electric 19/-. AUCKLAND, September 24. Sales on ’Change: City of Auckland Debentures (1940), £96; National Bank 133/6; Bank of New Zealand 60/3; New Zealand Insurance 29/6; Kauri Timber 30/9; Kaiapoi Woollen 15/9; Milne and Choyce Debenture Stock 23/-. CHRISTCHURCH, September 24.

Sales reported: Bank of New South Wales £4l 10/-; Wilson’s Cement 29/6; Burns, Philp and Co. 34/3; Mount Lyell Mining 19/9.

Sales on ’Change: New Zealand Government 5 per cent. Inscribed Stock (1927), £9B 5/-; National Bank of New Zealand £6 13/-, £6 12/9, £6 12/6; Bank oT New South Wales £4l 10/-, New Zealand Refrigerating Co. (cont.), 10/5 (two parcels), Kauri Timber 30/9. MEAT FOR BRITAIN. WHERE STAND DOMINIONS? (Sun Special.) LONDON, September 11. The representative in England of the Australian Meat Council, Mr A. R. Hassan, shaking at a farewell tendered td the Queensland Commissioner to the Wembley Exhibition, Mr A. J. Joyce, urged the other States to follow Queensland’s example and pass a Meat Industry Encouragement Bill. Australian meat, he said, was in a comparatively hopeless position because of the absence of co-ordinated and intelligent effort at the marketing end, and the Meat Council was unable fully to function. The meat industry was dying, and action must be taken promptly. On the Empire’s one year’s meat consumption there was a difference between the price paid to the grower and the price the consumer paid of £156,000,000, equal to 7d a lb. Where did the money go? When the Meat Council functioned it would be its duty to find out.

Season. Bales. Bales. 1919-20 .. .. 2,146,343 518,033 472,686 1920-21 .. .. 1,401,565 1921-22 .. .. 2,557,442 926,634 652,273 1922-23 .. .. 2,315,599 1923-24 .. 1,705,000 601,000