ARMOUR AND CO.

Press, Volume LVIII, Issue 17419, 1 April 1922, Page 7

ARMOUR AND CO.

TO BE ALLOWED TO TRADE IN NEW ZEALAND. TTNDEB CONTROL OF MEAT | PEODUCERS' BOAKD. i " " ' (PRFS3 ASSOCIATION TELEGRAM.) WELLINGTON, March 31. The Meat Producers' Export Board has had under consideration a communication from Armour and Co. of Australasia (Ltd.), in which that firm requests permission to trade in New Zealand; also a further communication received through the Minister of Agriculture, in which Armour and Co. express their willingness, if allowed to trade, to place themselves in the hands of the Board, and to do whatever the Board desires in the matter of the handling, pooling, shipping, and marketing of their meat. The matter was very fully discussed from all points of view, and members of the Board afterwards had an interview with the Minister of Agriculture, and submitted to him their considered opinion that, having regard to the powers of control now available to the Board, and the expressed willingness of Armour and Co. to act entirely in accordance with the desires of the Board, the company should now be allowed to commence trading under conditions .to be laid down by the Board. As a result, Armour and Co. will be given permission to commence business under control of the Board, tho conditions to be imposed being of such u, nature as to ensure effective and thorough control in the full interests of producers. Statement by Minister of Agriculture. The Minister of Agriculture 6tated that in regard to Armour and Co., the Meat Producers' Control Board had placed its considered views before him and discussed the matter from all points of view. Throughout the long controversy regarding this firm the Government had maintained a clear and definite attitude, having full realisation of the necessity for effectively safeguarding the interests of meat producers against the danger of Trust measures. The legislation passed last session which had now brought about the'establishment of a strong and capable Producers' Board had created n new position, and seeing that the Board was clearly of opinion that with tho powers now at its diposal it could effectively safeguard the interests of producers if Armour and Co. were Allowed to commence business, and was of opinion that they should be allowed to do so, he felt that he would , not justified in _ adopting aa attitude of direct opposition to the Board. In this he was influenced by the undertaking given him by Armour and Co., in which they stated they would be willing to place themselves in tho handg of the Board and do whatever the Board desired in tho matter of handling, pooling, shipping, and marketing of their meat if they were air lowed to trado. Under the arrangement which he hod agreed upon with the Board, no export license'would be given, but any meat which Armour and Co. might now purchase would be exported under the control of the Board.

BEEF MARKET.

ACTIVITIES Of MEAT ! ; PRODUCERS' BOAED. (PBB9S ASSOCIATION TELEGRAM.) . WELLINGTON, March 81. The New Zealand Meat Producers' Board had a further meeting with representatives of the shipping companies regarding the necessity for a special concession in the rato of. freight on beef, in view of tho deplorable position of the beef market and also regarding tho necessity for negotiating with the freezing companies and other interests with a view to obtaining a reduction in the charges incurred in the marketing of beef. The Board announced to-night that if the negotiations which the Board have now in hand- are brought to a satisfactory conclusion, it will mean that provided sufficient quantities of beef are forthcoming, there will be a reduction in charges for freezing and freight of approximately 5s per lOQlb. It was stated also tnat the Prime Minister and the Acting Minister of Railways had advised the Board that, to assist beef-producers at this crisis, a reduction in the railway" rates on beef for export and live fat cattle sent to freeeing works for slaughter for export. would bo mpde in the same proportion fie "the reduction which was secured from the shipping and freezing companies. '

STATEMENT? BT ME MASSEY, (press association tei-egeam.) ■ WHANGAEEI, March 31. In the course of a puhlic address hero to-night. Mr Massey, referring to meat control,' stated that the Board had asked h'im if the Government would reduce th® railway freights on cattle tp freezing works and on beef from freezing works to ship by 27i per cent,, providing the shipping companies reduced tbo freight. He and Mr Guthrie had agreed to make thai reduction if tho freezing and shipping companies would give a concession.

MANAGERSHIP OP MEAT PBODtfOBBS' BOARD.

An advertisement in this issue invites applications for the position of Now Zealand manager for the NewZealand Meat Producers' Board. The notice states that a thoroughly reliable and trustworthy man of large practical and expert "knowledge and experience of all branches of tho export meat trade is required. Applications must bo lodged with the chairman Qf the Bo&rd, Box 121, Wellington, before Monday, April 10th. COMMONWEALTH LOAN. -■ FAVOURABLE TERMS. (By C«Mo—Press Association—Copyright) tod N.& Cable A/isocUtion,*. LONDON, March SO. • ffjig Commonwealth Government has underwritten a loan of £5,000,000, at § per cent. The issue price is £96. The Commonwealth loan, which is to be advertised to-morrow, is redeemable in 1935-45. A final instalment of 50 per cent, is payable on June 16th, and six months' interest ia payable on December Ist. , . , The proceeds are to be used for development works and the redemption of Treasury Bills, City opinion is that the Commonwealth h'as secured excellent terms. This is the first Dominion' loan placed on a 5 per cent, basis since 19M. This has been done in anticipation of an early reduction in the Bank Rate and still more favourable money'conditions than at present existing. Thus the Commonwealth has the distinction of "blazing the track" for the other Dominions.