CANADIAN BUTTER MARKET.

Press, Volume LXVI, Issue 20100, 2 December 1930, Page 12

CANADIAN BUTTER MARKET.

NEW ZEALAND'S POSITION. WHOLE QUESTION UNDER CONSIDERATION. (r»ESS ASSOCIATION TELEGKAM.) WELLINGTON, December 1. In the course of an interview to-day Si" Apirana Ngata, who at present is acting for the Primo-Minister in the absence of the Hon. E. A. Ransom, made reference to the Canadian butter market so far as New Zealand butter exports are concerned. "It has recently been represented to the Government.," said Sir Apirana, "that butter imported into Canada from New Zealand is unfavourably placed on account of the duty at present imposed on it, as compared with lhat imported from the Commonwealth of Australia. It is understood that the present position is that the New Zealand product is liable to a duty at the rate of 8 cents a pound; but. that owing to the terms of sale no dumping is collected, whereas under the Australian agreement butter is taxed 1 cent per pound, but owing to the bounty granted on butter exported from the Commonwealth a dumping duty is also imposed. _ j "The Government has been in communication with the Prime Minister, the Rt. Hon. G. W. Forbes, respecting the unfavourable position of New Zealand butter, and he has advised that suitable representations have been made to the Canadian Government and that the whole matter is under consideration." STORED BUTTER. A FACTOR IN THE MARKET. Messrs J. B. MacE'wan and Co., Wellington, have been advised from London that "tho main trouble with this market has been the heavy cold stored stock, which has been continuously carried for a long time, and at the beginning of July it was estimated that at least 30,000 tons of all description was in cold store. During September, when it was expected that considerable relief would be obtained by smaller imports, we received over 6000 tons more than tho corresponding month last year, and' SoOO tons more than the same month in 1928. This increase was made up by heavier supplies from Denmark, an unexpectedly large arrival from Russia, and a considerable increase from New Zealand. Although consumption has been stimulated by tho low prices, and is now estimated at well over 0500 tons weekly, these heavy imports during September did not enable tho cold stored stock to be reduced quickly enough, and holders were getting scared of the situation, in view of the big increase in production in New Zealand, Australia and the Argentine, as well as an anticipated increase from thj Baltic Provinces. Ketailers are steadily reducing prices to the consumer, and a further increase in consumption can be looked for. Although complaints of bad trade are general, and increasing numbers of unemployed are noted weekly, the consumer's demand for Danish at 3d per lb over New Zealand and Australian is extraordinary." NEW CHINESE TARIFF. (WiTZD rr>E3l ASSOCIATION —ls T ELECTJtIO TELEGKAPH—COPritIGHT.) SHANGHAI, November 30. A new tariff schedule, becoming eflactive in the New Year, has been passed by tho Government. It increases the Customs revenue by 100,000,000 dollars. Seven hundred articles are affected. NELSON FREEZING CO. NO DIVIDEND DECLARED. At ilia annual meeting of tho Nelson j Freezing Company Mr G. Macmahon, chair- I man of directors, presided over a email j attendance of shareholders. Messrs Griffin and Hodgson, who audited the balance-sheet, made the following comments: — (1) Depreciation: For the year under review the sum of £3 150 has boon "written off buildings and plaDt to cover depreciation. This is, in our opinion an insufficient allowance. (2) Bad debts: No provision has been made for bad debts, but on the other hand certain prepaid charges have not been taken credit for. We consider these would off&et any over-valua-tion of the book debts. (3) Stock: Stock sheets certified by the manager as to Quantity and value have been accepted r»a correct. Subject to the foregoing remarks tho balance-sheet', signed by us-is, in our opinion, properly drawn up so as to exhibit a true and correct view of the state of the company's affairs as shown by the books of the company/* In moving the adoption of the report and balance-sheet the chairman said—i4You -will observe that there has been a gratifying increase both in sheep and an^ ,s i • but a decrease in pigs and cattle. Although most of tho districts show a slight increase in the numbers of lambs sent in to the works, the greatest increase has been from the Murchison district, this being mainly accountable to tho satisfactory arrangements your directors were able to make for tho disposal of clients' stock, who "wished to sell on the hook. As you are aware, a majority of the lambs from Murchison have in the past been through to Addington, but thi» year tho greater number of fat lambs have been diverted this way, mainly owing to the arrangements already referred to. You will also noto that there haß been an increase in the quantity of fruit handled for local consumption, also that exporters availed themselves of the facilities we have for pro-cooling for export. In referring to the financial side of the balance-sheet, on first glanco it would appear that tho results should have been much better, but as our revenue is made up on weight of meat handled the increase in weight is not in proportion to the killing. Lambs, for instance, were practically 2ilb lighter on the average compared with last year. The auditors mention that tliey do not think that the amount £llsO is sufficient to write off for depreciation. Your directors consider the amount sufficient, as to date there has been £20,465 8s Id written off and £7357 15s 4d spent for re-' pairs and maintenance, making a total of £27,813 3s sd, which is equal to over 40 per cent, of tho capital cost. We are ; pleased to report that we have again mado arrangements for tho coming season for tho sale of the whole output of the works of sheep and lambs from clients who wish to sell, but clients who desiro to consign will still have the option of doing so." Tho I motion was seconded and carried. Mr Drumraond expressed regret that no dividend was paid, but unless the business was forthcoming this could not bo done. Mr Sparrow regretted that the Government had cut out the pork subsidy. Ho would like to see the amount of pork handled at the works doubled. Mr Fairely, in instancing what could be done in tho pork industry, remarked that he had purchased a line of 88 pigs entirely fattened on wasto apples. If more pigs were produced a great amount of apples now being wasted could be used for feeding purposes tho same as the dairyman used his skim milk. Messrs Griffin and Hodgson were elected auditors at the same remuneration as last year. i LONDON QUOTATIONS. (.Received November 30th. 5.5 p.m.) j XjONDON", November 29. Friday's closing prices were:— j Cotton —December 5.58 d. i Kubber —Para 6.1 d, plantation smoked ' 4 0-1 6d. | «Tute—December-January £l6 5s- i Hemp-—None offering. Copra—December South Sea £ls 15s, plantation Rabaul £ls 17s 6d. Linseed oil—-.€ 27 10s, Turpentine—3ss 6d. Osmiridium: Lifeless: Tasmanian £ls to £l7; South African, nominal, £l2 pero* 8 i