FINANCE & COMMERCE.

Waimate Daily Advertiser, Volume XXI, 12 August 1921, Page 5

FINANCE & COMMERCE.

THE 1920 STATISTICS. (Per Press Association—Copyright). LONDON, August 10. The Board of Agriculture returns for 1920 show.tliat the fanned area in. England and Wales under orops or grass was 26,139,000 acres, a decrease of 386,000 acres. The area under wheat was 1,978,000, an increase of 103,000 acres, parley declined 202,000 acres, and oats 137,000 acres. The live stock figures were: Horses 1,384,000, an increase of 18,000; cattle 5.515,000, a decrease of 31,000; sheep 1.3,806,000, an increase of 423,000; pigs 2,505,000, an increase of 511.000. COAL TOO DEAR. STEEL PRICES FORCED DOWN. LONDON, August 10. The South Wales Steel Association is reducing the price of steel bars another £1 per ton in order to cope with foreign competition. An unusual sight was afforded on some Scottish railways, which were blocked with miles of coal-laden waggons and empty goods trucks, consumers refusing to pay the high prices demanded for coal, which they contend, are treble what the trade can stand for domestic coal. The ironmasters have refused to operate the blast furnaces, and this has caused a famine in the pig iron. Many miners are again out of work.

WILL THERE BE A WAR? LONDON, August 10. Replying to a question in the House of Commons, Mr Harmsworth admitted that France represented that the British Anti-dumping Bill was likely to prejudice French exports to Britain. When replying he pointed out that France had recently introduced increased tariff aimed at safeguarding French industries from the depreciated currency.

Mr G. C. Wedgewood said that if there was going to be an Anglo-French -tariff war, why not publish the whole correspondence ? Mr Harmsworth said that there was no prospect of a tariff war.

TRADING COMPANY CLOSING DOWN. TOKYO, August 10. The Kuhara trading company, with a capital of 10,000,000, founded in ’ 1912, and one of the largest exporting firms in Japan, announces that it is closing its doors at the end of August. Its liabilities are more than 50,000,000 yen. The company is a creditoi- in foreign banks abroad, and therefore will not suffer loss. SYDNEY, August 11. Oats —Algerian leed 3s 6d, white feed 3s 9d to 4h ; maize, yellow 5s lid, white ss. Potatoes —Tasmanian £5 10s to £B, 15s; onions, Victorian £4 10s to £5 10s. ADELAIDE, August 11. Oats—Algerian feed, 2s 6d to 2s Bd.

WOOL SALE. SYDNEY, August. 11. At the wool sales there was a large and representative attendance of buyers, and an average selection of wool, which) made late rates. BUTTER INCREASE. The Profiteering Court increased the retail price of butter by 3d per lb. The farmers conference adopted a resolution denouncing the fixation of the prices of farming products. BUTTER. SUBSIDY TO STOP. < OPEN MARKET FROM SEPTEMBER. WELLINGON, August 11. The Minister of Agriculture (the Hon. W. Nosworthy) attended a conference at Wellington on Wednesday of the representatives of butter manufacturers throughout the Dominion. The. Director-General of Agriculture, the Controller of the Imperial Sup- ' plies Department were also present.

A general discussion took place on all the aspects of the question of local butter supplies, together with the various points in connexion with the arrangements at present in force. On these points it was stated by the Ministei to-day that a satisfactory agreement was arrived at. In reference to the local butter . supplies, after the present price fixing agreement £trminates on August 51, the Minister finally announced that from September 1 the subsidy to keep the retail prices at the present level would cease, and butter factories would be given a free market. He made it clear that the present financial position was such that a continuance of the subsidy w.as entirely unwarrantable and local prices must find their own level. It was necessary, however, for factories to sell at no more than a fair and proper price, having regard to the current market values. As regards retail prices to the public, as compared with the wholesale values, that matter would receive attention, especially in view of what happened on a previous occasion. This announcement met with the full approval of the dairy factory representatives, who themselves desired open market condition. They expressed their intention to do their best to aid in making the new order of things W’ork smoothly in the interests of the consumers.