POTATO EXPORT.

Star (Christchurch), Volume LXVI, Issue 20509, 10 January 1935, Page 11

POTATO EXPORT.

Limited Removal of Embargo Opposed. LOCAL COMMENT. That the plan outlined by the Premier of Australia (Mr Lyons) for the admission of small consignments of New Zealand potatoes into Australia was scarcely worth consideration, was the opinion expressed by local men interested in potato marketing when asked this morning to comment on Mr Lyons’s suggestion. His plan, as set out in yesterday’s cable message, is that Australia should admit 10,000 tons of New Zealand potatoes for the year, and that an outlet should be found thereby for Atistralian citrus fruits to be exported to New Zealand. Dr Guy Haskins said that he had some sympathy with Mr Lyons, who “ had been elected by potato growers but had to live among orange growers.” At the same time he admired the Australian Government for the way in which the small growers were looked after; but he felt that the proposal as put forward by Mr Lyons was of no use to New Zealand whatever. “ The xAustralians,” he said, “ put us to the expense of sending a deputation of Ministers over there; they had plenty of time to find their electors’ opinions concerning this potato and fruit trade, and yet nothing was done at the time.” If the proposal were accepted, said Dr Haskins, Australia would be able to judge the limits she would be placing on potato imports but she would apparently send as mtich fruit as possible here. It was most ridiculous, and he would suggest that to achieve a measure of satisfaction, a cessation of trade altogether between Australia and New Zealand be called for an experimental twelve months, so that a new balance could be struck at the end of that time. In a good average season New Zealand could supply up to 40,000 tons of potatoes for export, contended Mr G. Fleetwood, head of the grain department of Pyne, Gould, Guinness, Ltd. Any limited lifting of the Australian embargo as was suggested by Mr Lyons would be quite inadequate, for an export of 10,000 tons would be of practically no advantage to New Zealand growers. The only way to solve the difficulty with any degree of success was to lift the embargo unconditionally, thus allowing New Zealand to export freely. The difference in prices at the present time in the two countries was such that the New Zealand potato could be subjected to a higher duty in Australia if need be, and still sell at a reasonable figure. Whatever was done should be in the direction of removing the whole of the embargo and not a small portion of it. COMPANY AFFAIRS. National Mutual Life Association. The 65th annual general meeting of members of the National Mutual Life Association of Australasia, Limited, was held in Melbourne recentl}\ In the absence of the chairman of directors (Sir John MacFarland) through illness, the vice-chairman (Sir David Orme Masson) presided. Presenting the annual report, the chairman said: The number of new policies issued, 23,056, is larger than the number issued in any previous year. The amount assured under these policies, £9,119,607, is £1,542,162, or more than 20 per cent greater than the new amounts assured in 1933. Our total income for the year interest and rents was £5,107,949, but following our usual practice the revenue account shows the amounts paid to other life companies for re-assurance premiums and to various Governments for taxes as deductions from the total income, leaving a remainder of £4,902,114.” Fewer Surrendered Policies. “The amount paid to policy-holders for death claims, matured policies, surrenders, annuities and cash bonuses—£2,Bs7,242—is £186,466 less than the amount so paid in 1933. Death claims were £19,200 less; maturities £65,800 less; surrenders £91,900 less; cash bonuses paid £10.400 less. The most significant of these figures is the reduction of the amount paid to members for the surrender of their policies. This, following the reduction reported at our last meeting, may be taken as an indication that the general conditions are improving, and that our members are not being driven to realise what is in most cases their most valuable asset. “The result of the year’s transactions is that the assurance fund has been increased by £1,607,832, and it now stands at £37,851,006. If to this is added the amount of the investment fluctuation reserve and the staff superannuation fund the total funds of the association are £38,695,729.” “The distribution of the assets is shown in the balance-sheet. Government securities are £965,500 more than they were a year ago; Melbourne and Metropolitan Board of Works stock is £30.600 more; municipal debentures are £38,000 less; loans on mortgage are £20.000 less; loans on policies issued by the association with collateral security are £148,000 more; house property is £30,000 more.”