TRANSPORT OF PRODUCE

Waikato Independent, Volume XXXIII, Issue 3046, 31 August 1933, Page 5

TRANSPORT OF PRODUCE

DOMINION TO ENGLAND. RATES REDUCED 7 PER CENT. (By Telegraph—Press Association) WELLINGTON, Wed. Cabled advice of the main terms of the new refrigerated cargo freight rate contracts with shipping companies for the transport of produce from New Zealand to Britain was received yesterday by the Dnirv Produce Board and the Meat Producers’ Board. No official statement regarding the. terms is yet available, as cablegrams have to be sent to London for the confirmation of some figures. It is 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/- a box, less 15 per cent, will } )( . 4/. less 21 per cent. It is estimated that 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 10 per cent of remitting funds to London, the shipping companies carrying 10 per cent. In the new contracts, however, it is understood there is a provision that if the exchange rate falls below 10 pet cent the cost will be borne by the hoards and • 'shipping companies in a certain definite proportion.