FEAR OF DUMPING.

Press, Volume LXVII, Issue 20171, 25 February 1931, Page 12

FEAR OF DUMPING.

PROTECTION SOUGHT BY ONIOrt GROWERS. 1 ' ' 1 [ '■' " * A deputation consisting of Messrs D. Good (president) and-J. Blackburiu(secretary), - of- tho j Canterbury Onion Growers' "Association, recently waited upon the Prime Minister, the Hon. G.'* W. Forbes, asking that Australian onions b« brought under the provisions of the Dumping Act. Mr K. 'WI Hawke, M.P., introduced, the deputation. Mr Good'said that local growers were genuinely concerned about the position.' The price in the Canterbury market, j £4 10s, was very ' low> and there l seemed every, possibility of Australian onions being dymped here ; at prices that' would' seriously affect local growers.; Quotations •in Melbourne! a week ago had reached as low. as £3 a ton at the wharf or on board. It wasa recurrence iof what happened year, but had nevertheless caught the growers Growers, then ; had requested that no' Australian produce be < allowed into New Zealand while the local price was below. £8 per ton. Mr Blackburn pointed out that the exchange rate was at present all in favour of Australian growers, who were also assisted by a cheap back freight. There was reason to believe that importations would be made to New Zealand at a - price that threatened to knock the> bottom out of the market. Replying, Mr Forbes said that the request would be given consideration when he returned to Wellington. Investigations of the. effect of the exchange rate on imports from Australia and elsewhere were at present being carried out. Sank of new south wales. DUNEDIN SHAREHOLDERS " V' PROTEST. fnm usocunpH tueobum { i w : i DUNEDIN, February 24. At a meeting to-day of Dunedin shareholders in-the 'Bsnk of; Now South ! Wales; the' fbllowingresolution was car- ; ;• • "That this meeting of Dunedin. shareholders in < the. Bank *of 4 New South strdngly protests'against the action of the directors in the proposal to ■pay' future in; Australian cur■•tenoy, their reasons-being:— * . "(1) The'Bank'of South Wales . is, as regardaits itfew Zealand capital .and, tfusiness/really.donficiled in New t Zealand. , . *' M (2) The profits mado from its New Zealand .business .would be available for payment of quarterly --dividends "without any deductions. ' "(8) Deduction of - tho present exchange rate would inflict upon New -Zealander shareholders a grave injustice.? ' » V , . ■ 1 Ths motion-was carried unanimously. \ - Xt. was stated that one oi the .reasons [ /why'the 4 -bank had somimy New Zealand shareholders was that it Had a New ;Zealand sinister, and it. was, therefore » toiffc < dividends* should be paid in New^® 3^ Exchange. * Tha> "motion Vas carried Unanimously':-^' • '' *• • - • . 'That .this meeting ..requests the Chamber of ,Commerce to consider the '^advisability l of endeavouring to have a clause introduced into the Companies A«t compelling any company trading in Vfw- »' •'>' '- V , - 'ADVICES ' r ' i *7/ $/ - ' (Received February 24th/ 11.80 p.m.) • i'- SYDNEY, February 24. : r Ths'Bank of New .'South Wales has sent an o&cml letter to New Zealand Pointing out that tfie decision to pay . WMenda m'vNew Zealand in Australian currency is .fortified by an eminent legal opinion here. Embargo bills, rejected. , CONGRESS COMMITTEE'S ACTION. r. *, - - « \ WASHINGTON, February 23. 'All embargo and tariff Bills, including the proposed' limitation of oil imports to >16,000,000 barrels annually, were rejected to-day by, tho House Ways and Means Committee. The action is.taken as definitely preventing the introduction during' the present session of Congress of a .Bill ;. designed to place an embargo on Canadian, Wheat imports/as advocated by Farm, B.oard officials. Recently the W&iP&son Bill, .to ban - . all Russian products, was also rejected. « The committee does -not expect to meet' again during the present session. i THE METAL MARKETS. (DA Bit if ' , ' LONDON. February 28.

rt . «T.- - ——— - ' " ' 2 _ ; > AN1 [) COMMERCE. OF DUMPING. 1 . f "■ '.■■■' PROTECTION SOUGHT BY Growers. ■' TIMBER FOR FRUIT WOOL MARKET, CASES. COOK ISLANDS' SUPPLY., AS ANOMALY ALLEGED. ' [THE FBE8S Special Berrice!] - WELLINGTON, February 24. A eomplaint that an anomaly existed " in favour of overseas competition, in regard to the supply of fruit-case timber to the Cook Islands for packing citrus * fniit and tomatoes, was made by a Cliristehnrch. company in a letter received by the "Wellington Chamber of Commerce this evening. The letter stated that during the past year-the Government advanced the tariff on imported dressed timbers to 19s per 100 feet super, and to 9s 6d per 100 feet for rough sawn timber; yet the Cook Islands growers paid no duty on *' American cases. The company said that It had had considerable trade with the Cook Islands through fruit merchants in * the main centres; but owing to the Cut that the Cook Islands traders had " up to the present been entitled to a drawback of the duty, American cases 3 Craig be landed cheaper in the Islands ~ tM" those supplied by New Zealand, and an extraordinary position had arisen ~ whereby the Cook Islander could as soon J u his fruit case was packed obtain a ~ drawback of the duty on exporting the frait to the only market 'which was ~ available to him—New Zealand. £ "As we have pointed out' to the - Minister'in Charge of this Department, ■ sot ease of frait would be permitted "" to land In American territory, nor would . frait paeked in American cases in the ■*' Auckland province be subject to a t drawback of the duty if shipped to -- Wellington," continued the letter. "It £ Jtr hoped, In drawing .the attention of «. t|f dUsiifn of Commerce to this mat- * ter,th& during iheiortheoming session *' of ,pwsinire..i»ay . be * brought to 'faduce the" Gyoyernment to , whereas; at one time., it >1 jbeen necessary, to grant tlie IJoekjJWjiuida favoured treatment .in ■'' ■■iMfrwl *.tn f ffsisa.' timber, it must be, obvioustfcat Si the whole of ; the sup- * , rigefc av*i|»ble from New Zealand .the * Jfrawbaek of merely acts as a ** MN54j-to <jh«f American box-cutting in- * d»lJfjVMR>rthfir, 4s.it ia the poliey of * United States to exclude the fruit toodjuU 9f every other country, it . that such asubsidy * sfeouldbe granted to the detriment of * ia which sold, hiwf ; f . -. , Ti» • annual report (already pubwfich, Wid 6 ' 'ware 'A •?'<■ i&k' •* \", y "it' -i? v; SB,? 'Bebfeeft, v&re m !ri* THE SYDNEY SALES, j " Prices vert firm. (VKITKS ■ PAS3S AB60CIATI0S—B* ELBCTBIC ' ■ TBLKOEArn—COPTBXOHT.) (Received February 24th, 9.40 p.m.) ~ SYDNEY, February. 24. At;,. the wool sales,; the • offerings totalled 9867 bales, of which 9509'were sold, also 1128 bales which' were disposed of privately. • : The market was unchanged from, the previous day, and prices'were very firm for .all '.descriptions. Competition was keen. Greasy merino made up to 20$d. - WOOL MARKET. TOPS AT BRADFORD FIRM, v (TTHITJUJ PRESS ASSOCIATION—BT KliECTKC TELEOEAPH—COPyalOHI.) (Receired February 24th, 7.15 p.m.) LONDON, February 28. At Bradford tops are firm. Spinners are endeavouring - to keep the market level, only following, with reluctance anything advancing ' and difficult to obtain. • . . r NORTH BROKEN HILL. • \ QUARTERLY J>IVIDEND PASSED. 1 (rasas •' amoczatiow nutomut.) . : c uW-ELLINGTON. - February 24. ; , The secretary, of the Exchange A8sopiation;*y0ster^ay'received the fallowing i oabla the sectary, of' North- Broken., Limited:— In . jconsequepoo. o£ continued low metal prices t&a Board of' Directors of North 'Broken, r l4mited, regr«t they Vure junable *to * a dividend for" 81st., i ' * * i« - i » . \ aboye '/intimatiqn ' indicates 'a mnikdd diffenbipg; m'proflta' compared withrw^cecrajk^ea^s, J The-quarterly 'wero; 15 per cent, in Xfedamlfef; ;3Si s per/cent: in. Mfixch, 7fae&iwt,' mKTme, ,Md, 5 Oeirtr iu of thfe ' (November), 8} per'- - f* against 15. per 'corresponding quarter of i)ie r $?*r*' ■■ The dividends over% , yessra . constitute, a, j-- Ip'f ccSfiiigwi^F- ofthe, bind-r40 per,<^^. itt peat. % 1^6. 3 ?Tia We been an^hnportamountSg £lJ^130^frMm .ihei FjURM finance. . V-H*.i f> '' r !i y ISlb> *&&&&:< f" 1 j' I 4- { on maintain. production, 5L°t pupiPSANr CONFERENCE. European Wheat' Conference, Pie* Briand'e' European in t < camera to of .,surplus /wheat among the natiojiB - i|f exchamce for ; > &$,>: Tweiity|ojtr ; ' v ' European ', nationi, 1 excluding %if8al&,'' ifOto I : /Ad 'the fTcerich refused to admit !Aus&alijmAand'-'^nadian., observers,ihe "'Brltish' - watched; - their t Tfitf United ~ States and B ? y " offered'-to nelp to /finance refused to buy fWJieal.QiJ tneijgronnd";that Danuplfnt'' wm i'- inmflfapprabty> J ' richer 1 in than / Australian 'oc i Canadian .«]&, /bring:, their own }'* f > ' ' rV I 4 ftO(WATlONS. fe »,/,t tyjk , t U»v , >-*•' • ,' nexoxuo Mthr 7.5"]pin.) ' .' quiet .i awnaad. • fl Ol " L rtiv * ■ V ; Vv j.. ' •' A 5 deputation-c<insfeting of Messrs D. Good (president) and J. Blickburni (secretary), - ofr/the t Canterbuiy Onion Growers' "Association, recently waited upon the Prime Minister/ the Hon. G.*- W. Forbes, asking that Australian ohions be brought under the provisions of the Dumping; Act. Mr K. 'Wl Hawke, M.P., introduced, the deputation. Mr Good'said that local growers were genuinely concerned about the position.' The price in the Canterbury market, j £4 10s, was very ' low> and there 1 seemed every, possibility of Australian onions being Dumped here : at prices that* would'seriously affect local growers.; Quotations • in Melbourne a week ago had reached as low. as a ton at tho wharf or on board. It wasa recurrence iof what happened year, but had nevertheless caught the growers Growers, then' had requested that no' Australian' produce be ; allowed into New Zealand while the local price was below. £8 per ton. Mr Blackburn pointed out that the exchange rate was at present all in favour of Australian growers, who wero also assisted by a cheap back freight. There was reason to believe that importations would be made to New Zealand at a - price that threatened to knock the> bottom out of the market. Replying, Mr Forbes said that the request would be given consideration when he returned to Wellington. Investigations of the effect of the exchange rate on imports from Australia and elsewhere were at present being carried out. Mank op new south WALES. DUNEDIN SHAREHOLDERS PROTEST. fnm ASSOCZATIpN TXLEORAlt.J j ■; ■.DUNEDIN, February 24. At a meeting to-day of Dunedin shareholders in-the 'Bpnic of ; Now South Wales; the' following rcsolution was car"That this meeting k>f Dunedin shareholders in' the. 1 Bank *of * New South strc&gly protesis against the action of the directors: in the proposal to ■pay' future Australian cur■•tenoy, their reasons-being:— * "(1) The Bank' of South Wales is, as regards/its Zealand capital .and, business, " really ;doaticfted in New " " M (2) The profits mado from its New Zealand .bturinesa would be available for payment of quarterly 'Without any. djBduetions.' "(8). Deduction of - the present exchange rate would inflict upon- New -Zealander a grave, injustice." ' » V , . ■ 1 motion>wascarried.unanimoualy. /; Xt. was stated that one oil the .reasons whyiiiherb'ank Jiad sb«many New Zeawas that it Had a New ;Zealand sinister, and it. was. therefore i ' dividend£should be paid in New^® 3^ vQi Exchange. * The> moflon "was carried • ''*• • • . 'That .this meeting .requests the Chamber of Commerce to consider the of endeavonring to have a clause introduced - into - the Companies -Act compelling any company trading in Wqw- Zpaltad and with a New Zealand phatftholdWs tq paydividends : al8rf- Jtot .'consider { of;*a' ; theComr-'^-^GAij ' (R«<iived February S4th,' 11.80 p.m.) • 4'" SYDNEY, February 24. Thft'Baiik of New .'South Wales lias sent an official letter to'New Zealand IpOiHting Qut that decision -to pay . %/dividendfl inVKew Zealand iu Australian currency is .fortified by an eminent legal opinion here. ' < BILLS REJECTED. 1 f * . ' . • » j. 4 , CONGRESS COMMITTEE'S ACTION. , "■ I-. r - ' t (tooted* snxss associatxoh—by euectbic - TELIOHABK—COPYBIOBT.) WASHINGTON, February 23. All embargo and tariff Bills, including the proposed limitation of oil imports to 16,000,000 barrels annually, were rejected to-day by, tho House Ways and Means Committee. The action is .taken as definitely preventing the introduction during' the present session of Congress of a ,BU1 ; ... designed to place an' embargo on Canadian, Vheat imports/ as advocated by Farm, B.oard officials. Recently the Bill, to ban all Russian 'products, Was also rejected. The committee does not expect to meet' again during the preBgnt session. i THE METAL MARKETS. (XIKlTXD PBSSS A8SOCIATIOH—-1ST BLKCTBIC - m tmsatfE—copnuoBT.) , (Received February. 24th, S p.m.) t ' LONDON, February 38. Feb. 1$. Feb. 23. per ton per ton. Coppeiv- & e. d-i £ «, d. Standard, spot .. '40 18 U 47 1 8 Standard, forward 46 18 1J 47 0 7i ' J21ootro]ytio .. 49 6 0 49 17 6 to .. .. 49 15 0, — "Wire bats ,. 49 15 0 ' 60 5 0 •( Lead- 4 i ' Spot . < n . 13 a 6 IS 18 9 J -forward 13 5 0 ' 14 0 0 „ Spelter--- ' 1 > Spot .« .. 13 0 0 12 7 6 ■ Forward ■«*' 12 .7 6' -13 8 J 9, 1 ife- 4 - ,' • i W r ' t ,. 117 17 6 133 2'6 ] su%"1,..," U 'V . mu t . , . , h.y>. uU i L if? t«i f jJ,. * , *^ c * j )t *