THE FUTURE TARIFF

Evening Star, Issue 22460, 3 October 1936, Page 14

THE FUTURE TARIFF

INEVITABLE ADJUSTMENTS A statement of the Prime Minister that the Government’s tariff policy will give reasonable attention to the position of local manufacturers is naturally causing some speculation about prospective adjustments. The vital importance of this subject is emphasised in the editorial article of the current issue of the Now Zealand 1 Accountants’ Journal.’ “ In view of the fact that the tariff policy of this Dominion may need to be closely overhauled in the near future,” the writer says, “it is desirable that the business community should take a long-range view of the situation, and if necessary put forward constructive suggestions which will help the Government in its task. Only those closely in touch with business conditions'can fully appreciate what may happen if the Customs tariff is not readjusted on sound lines. “ For many years the per capita trade of New Zealand _ with Great Britain has been much higher than is the case with Australia, and this has been a good argument for us to use when it came to bargaining with the Old Country in respect to the admission of our primary products. In this connection Australia has been gradually overhauling us, and it seems more than probable that within the next few years Australia is destined to become our largest competitor, not only for meat, but for dairy produce. It is only natural, therefore, that the Commonwealth should endeavour to foster a greater amount of reciprocal trade with Great Britain, and it is very evident that in respect to the rearrangement of her Customs tariff every effort has been made to placate British industrialists who have objected to the small volume of goods which Australia takes compared with the purchases of primary products from Australia by the Homeland. “ When the tariff schedule and list of import prohibitions were announced in the Federal House of Parliament drastic alterations in the Customs schedule were made, not only in rates of duties and in the manner of their application, but in the powers of discrimination which it confers upon the Customs Department. The additions to the margins of British preference, and the prohibition of imports—except under license—of an important range of goods from countries outside the Empire cannot be interpreted but as an indication of a growing determination to foster trade within the Empire, and at the same time to lessen Australia’s dependence on countries overseas for certain necessary and important classes of goods. Australia also, perhaps in much greater degree than New Zealand, has the added problem of further encouraging and assisting local manufacturing, and the Commonwealth, in common with this Dominion, has badi to realise that countries which used to be important buyers of wool meat, butter, fruit, and other products have, by means of embargoes, quotas, exchange restrictions, and other hindrances to trade, either severely limited or else completely closed their markets. An outstanding example in Australia is provided by the area under wheat, which has fallen from an average of 15,700,000 acres for the years encl ed 1933-34 to Jess than' 15 000,000 acres for the past two years. As a result of the factors to which we refer the development of primary jndustries, both in Australia and New Zealand, has been checked, and the ability of these industries to provide employment for a growing population considerably lessened. It is quite evident that a larger population of the youth ot the nation .arriving at working must be found employment in secondary industries where they can not only earn their own Iving, but help to provide markets for the primary producing section of the community.” NEW SOUTH WALES FRUIT COULD SUPPLY NEW ZEALAND AT HALF PRESENT PRICES I*** United Press Association.] „ WELLINGTON, October 2. Ihe desire of New South Wales fruitgrowers to supply New Zealand with oranges and mandarins at a price approximately half that at present paid here was expressed by Mr Heane and •■ur Herrod, president and secretary respectively of the Fruitgrowers’ I edera turn of New South Wales, and by Mr MacDermott, gcneralv secretary oh the New South Wales Chamber of I'ruit and Vegetables’ Industries and chairman of the fruit section of the Sydney Chamber of Commerce. They hay® been giving evidence at the inquiry into, the marketing of New Zealand and imported fruit and vegetables, and in an interview to-day stressed the benefits that would accrue both to New South Wales and New Zealand if some relaxation could be secured of the present restrictions on the importation of fruit from New South Wales. CENTENNIAL EXHIBITION The ‘ Mercantile Gazette ’ records the following registration;—New Zealand Centennial Exhibition Company Ltd. Registered September 24. Capital: £150,000 into 150,000 shares of £1 each. Subscribers; Wellington— T. C. A-. Hislop,, D. J. M’Gowan, C. J. B. Norwood, Will Appleton, C. W. Earle, C. Todd, W. M‘Lay, J. T. Martin, C. M. Turrell, Sir A. F. Roberts F. Campbell, J. M. A. Mott 100 snares each. Objects: To promote, prepare for, open, conduct, and l manage an exhibition of natural products and of the products of ipdustry, science, and art, and of such other exhibits, to make provision for the entertainment and refreshment of visitors to the said exhibition and incidental.

AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright SYDNEY. October 2. The Sydney Stock Exchange was quiet, with a firm undertone. Goid mining shares were irregular. MORNING SALES.

AUCKLAND STOCK EXCHANGE NEW PREMISES OCCUPIED Members of the Auckland Stock Exchange met in a new call room in the basement of the New Zealand Insurance Company’s building, Queen street, for the first time on Tuesday. Prior to the commencement of the day’s business members were welcomed to their premises by the chairman of the exchange, Mr J. W. Frater.' Later the occasion was celebrated by a reception tendered by the chairman and the vice-chairman, Mr G. R. Buttle. A short_ toast-list was honoured, during which Mr Frater spoke of the.growth of the exchange and the excellent record it had maintained, particularly the difficult years of the depression. The new rooms, he said, had been designed for the requirements of the exchange, with special attention to acoustic properties. In this respect tributes were paid to the architects and to the New Zealand Insurance Company, with which the exchange had enjoyed its earliest associations. Among the vistors was Mr Harman Reeves, chairman of the Dunedin Stock Exchange, _ who returned this week from a visit to Melbourne and Sydney. In responding to the toast' of “ Kindred Associations,” Mr Reeves congratulated the Auckland Exchange upon its enterprise. CURRENCY VALUES STOCK MARKETS QUIET (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, October 1. Sterling on New York is weaker at 4.94j|. Among Continental currencies Belgian belgas have been supported at 29.271, while Swiss francs at 21.48 and German roichmarks at 12.421 are both dearer in terms of the pound sterling. Dutch florins, however, are slightly weaker at 9.04. The stock markets are quiet, but British funds continue to receive support., AUSTRIAN SCHILLING NOT TO BE DEVALUED. VIENNA, October 1. It has been officially announced that the Austrian schilling will not be devalued. THE METAL MARKET Press Association—By Telegraph—Copyrigh* LONDON, October 1. The following are the official metal quotations:— Copper.—Spot, £39 1 Is 4£d per ton ; forward, £39 los "Id. Electrolytic.—Spot, £43 los; forward, £44 10s. \V ire bars, £44 ss. Lead.—Forward, £lB 3s 9d; spot, £lB 2s Cd. Spelter.—Spot, £l3 17s 6d ; forward, £l4 3s 9d. Tin.—Spot, £202 7 s Gil; forward, £199 2s Cd. Silver.-—Standard, 19 15-lCd per oz; fine, 21Jd.

THE SEARCH FOR GOLD XING SOLOMON RETURN [P*« Unitbd Pmss Association] INVERCARGILL, October 2. The return at the King Solomon mine for eight days’ work was 360 z. TALISMAN DUBBO RETURN The Talisman Dubbo Gold Mining Company reports that 22J- tons of ore were treated at the Golden Dawn battery for an approximate realisation of £231. NEW GABRIEL'S CULLY COMPANY The secretary of the New Gabriel’s Gully Gold Mining Company reports that, since the change in working the claim on Ajiril 14, a total of 12Ioz of gold has been recovered from about five-eighths of the paddock. The manager deemed it unsafe to clean up the remainder of the paddock on account of the huge amount of conglomerate which is liable to come away at any moment. Tnql movement of the hill, which is the result of the present sluicing operations, will provide an • enormous amount of material to be treated by the nozzles. The gold ret"rn, taking into account the time occupied, is much better than the results obtained from the previous mining by the present company, and, considering that there must be a fair return left behind in the bottom uncleaned, the prospects are much more reassuring. GILLESPIE'S BEACH DREDGE The secretaries of Gillespie’s Beach Gold Dredging Co. Ltd. (Messrs T. H. Thompson and and Sons'! advise that, as the dredge was closed down for seven shifts while new sleeves and corner plates were put on the bottom tumbler, and new bushes put in the hanging blocks, the dredgemaster decided not to wash up this week. Everything is now working well. CANTERBURY MARKETS The grain and produce markets have remained quiet throughout tlie we: with little change in any section. Potatoes are very weak as there has been practically no interest at all by the North Island. Occasional orders have come from oufports, but deliveries to Auckland and / Wellington have recently been heavy and the markets there appear to be satisfied in the meantime. No definite decision has yet been come to about another shipment to South America, and until something is known about this the market will probably remain dull. It is proba’ ’o that there will bo a further shipment, but arrangements are not completed and may not be. The small seeds trade remains steady, though there is no great volume of business passing. Undergrade wheat has been in fair demand and the trade has been reasonably brisk at unchanged prices. Graded wheat is quiet, but maintains the lower price of the beginning of the week. Chaff is still weaker, with practically no demand. LONDUN PRODUCE MARKET The Bank of New '/,<• al-nd has received the following advico from its London Office:— Frozen meat: The market for wethers is slow. There is a lair demand for ewes. The market for lambs is quiet but firm. Wethers—light, 4jd to old per lb; heavy, .‘fid to 4]d. Ewes, .‘ful to 4gel. Lambs-— twos, 7-fd to 7ijd : eights, 7Jd to 7fd ; fours, 6]d to 6Jcl to 7sd.

£ s. d. Commonwealth Bonds— 3i per cent., 1948 96 10 0 4 per cent., 1938 102 7 6 4 per cent., 1941 102 7 6 4 per cent., 1950 101 0 0 Anthony Hordern 0 18 6 Australian Glass 4 13 9 Broken Hill Proprietary ... 3 17 6 Gddsbrough, Mort 1 14 0 Lustre Hosiery 1 5 0 Morris Hedstrom 1 6 0 AFTERNOON SALES. Commercial Bank of Australia ... 0 18 6 National Bank (£5 paid) ... 7 4 0 Colonial Sugar 43 10 0 Adelaide Steam 1 8 6 Australian Gas (A) 7 7 0 British Tobacco 2 3 9 Tooth’s 2 16 0 Carlton Brewery 3 3 0 Australian Glass 4 13 , 6 Morris Hedstrom 1 6 0 Goldsbrough, Mort 1 14 0 David Jones 2 9 6 N.S.W. Fresh Food 0 17 4* Noyes Bros, (pref.) .... ... 1 4 6 Broken Hill Pty 3 17 9 Broken Hill Pty. (new) ... 2 17 9 North Broken Hill 9 10 0 South Broken Hill 5 18 0 Malim Nawar 0 8 0 Tongkah Harbour 0 18 44 Lady Shenton 0 2 o Emperor ... 0 15 0 Mandated Alluvials 0 14 3 Irowat 0 i 91. -3 Koroere 0 4 0 Tavua 0 1 4 MELBOURNE. October 2. Gold mining shares were irregular, while there was a good demand for Zinc Corporations, with North and South Broken Hills weaker. £ s. d. E.S. and A. Bank ... . . 5 16 0 National Bank (£5 paid) ... 7 4 0 National Bank (£10 paid) 14 8 0 Carlton Brewery 3 4 0 G. J. Coles 3 18 0 Drug Houses 1 10 9 Australian Iron and Steel (pref.) ... 1 6 U Electrolytic Zinc 2 3 9 Electrolytic Zinc (pref.) ... 2 6 6 Mount Morgan 0 13 11 Mount Lyell 1 9 lOi North Broken Hill 9 9 0 South Broken Hill 5 17 0 Zinc Corporation 4 6 9 Emperor 0 15 2 Loloma 1 3 3 Sulphide Corporation 0 16 5 Myers 1 16 3 Silverton Trams 1 18 6 Waldas Shoes 1 15 0 Yarra Falls 2 0 6 Upper Watut 0 2 6 Irowat 0 1 3 General Motors 1 3 7