WHEAT DUTIES

Evening Star, Issue 19664, 17 September 1927, Page 11

WHEAT DUTIES

DIFFICULTIES FOR IMPORTERS [Froj Oua Pakliamc.ntauy Repoiu'cr.] WELLINGTON, September 16. Some of the Wellington grain merchants consider that the Government’s method of protecting the New Zealand wheat growing industry will require to he placed on a more definite basis, otherwise it will not be workable. The duty is based on homo consumption value in the country of export. The trade lias asked the Customs Department to give a definition of the term “ homo consumption value,” but so far lias been unable to get a clear ruling. Wheat purchases from overseas are made on a forward basis, contracts being fixed for, say, February, March, and April shipment. When purchase is made the current value might he 5s a bushel, but by the time shipment is made the value may have increased to 6s, involving a lower rate of duty in New Zealand. However, if the purchase was made at 6s, and the price at the time of shipment was ss, tlio merchant would snfler a double loss by the payment of higher duty as the result of lower local consumption value. A meeting of the Wellington produce brokers i.s to he held to arrange representations to the Minister of Customs.