FREIGHT RATES

Southland Times, Issue 22107, 30 August 1933, Page 7

FREIGHT RATES

REFRIGERATED CARGOES NEW CONTRACTS SETTLED SAVING OF £124,000 (Per United Press Association.) Wellington, August 29. Cabled advice of the main terms of the new refrigerated cargo freight rate contracts with the shipping companies was received to-day by the Dairy and Meat Boards. No official statement regarding the terms were available to-day as the cables had to be sent to London for confirmation. Some of the figures authoritatively stated however that the new freight rates, which will operate from Friday, represent a reduction of approximately 7 per cent, on the present rates. In the case of butter the rate, which is now 4/- per box less 15 per cent., will be 4/- less 21 per cent. It is estimated the annual saving on dairy produce represented by the new rates will be approximately £124,000. The new contract carries other provisions relating to the rate of exchange New Zealand on London. The Produce Boards will carry as at present the full cost over ten per cent, of remitting the funds to London, the shipping companies carrying ten per cent. In the new contracts however it is understood there is a provision that if the exchange rate falls below ten per cent, the cost will be borne by the board and shipping companies in a certain definite proportion. The new contracts provide that the Blue Star Line will have a share stated to be 10 per cent. It is understood the Blue Star Line will shortly open offices in Wellington and other seaports in New Zealand. The first Homeward loading from the Dominion by the line will be made by the big motor ship Tuscan Star in November.