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Grey River Argus, 15 September 1937, Page 7

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N.Z. SHARE MARKET. [Per Press Association]. AUCKLAND, September 14. Sales: Colonial Sugar £47; Blackwater 20s; Stock 75/4/46-49, 4 per cent. £lO4 15s; May 39/52 5i per cent. £lO4 7s 6d. Unlisted: McKenzies £4 7s. Noon sales: Bank of Australasia £ll 12s 6d; N.Z. Insurance 63s 6d; Australian Glass 91s 6d; Colonial Sugar £4 7s; Consolidated Brick 8s 3d; Mt. Morgan Ils Id. Unlisted: Wellington Publishing 90s. DUNEDIN, September 14. Sales: Broken Hill South £2 7s; Mount Lyell £2 2s 2d (2); Woolworths (South Africa) 16s 3d (2). CHRISTCHURCH, September 14. Sales: Comm. Bank of Australia 17s 4d (2); Broken Hill Pty. 75s 6d (2); Dunlop Rubber 22s 2d; Hume Pipe (Aust.) 20s; Taranaki Oilfields 6s 3d (2); Woolworths (South Africa) 16s 2d (3); Broken Hill South (cum. div.) 46s 3d, 46s (4); Mount Morgan Ils. Reported: National Bank N.Z. 58s ' WELLINGTON, September 14. Sales reported: Three and a-half per cent, stock, 1939-52, £lO4 10s; G. J. Coles £4 16s 3d, £4 16s. ’Sales, noon call: Anthony Hordern 18s lid; Newton King (pref.) 9s 9d. DUNEDIN, September 14. Stock Exchange sales: Mt. Lyell (2) £2 2s 2d; Wool worths (South Africa) (2) 16s 3d. Sales reported: Donaghy’s Rope £2 8s; Broken Hill South £2 7s. WALL STREET SLUMP. NEW YORK, September 13. Again apparently without cause, the stock market .to-day plunged downward. The losses reached 12 points. Bonds with the exception of the United States Government obligations followed the trend of stocks. U.S.A. INCOME INCREASE. WASHINGTON, September 13. A preliminary estimate of the Department of Commerce states that the 1937 national income will total seventy billion dollars, 12 per cent, increase on 1936. Labour’s share is expected to exceed 65.5 per cent. CUT IN CABLE RATES. LONDON, September 13. It is reported that the Empire’s telegraphic authorities have agreed to a drastic reduction in the cable rates between Britain and Australia, New Zealand, East. Africa, West Africa, Malaya, and Hong Kong. The agreement awaits the ratification of the Governments. CANADIAN TRADE RECOVERY. OTTAWA, September 14. Canadian imports for the four months totalled 281 millions, an increase of thirty-two per cent. Australia was four millions up. ECONOMIC ROAD TO PEACE. VICTORIA, September 13. Sir C. Beatty declares that Canada can show the way to world peace by saner economic policies and resump tion in trading.

MATSON LINERS’ RADIO PHONES SYDNEY, September 14. The Matson liners, Monterey and Mariposa, will be fitted with a radiotelephone service, which will enable passengers to converse with Australia or America from any part of the Pacific. , The radio telephone will supplement, not supplant, the existing Morse equipment, and the Matson ships will have one of the most modern ship-to-shore services in the world.

“GIMME MORE 1 FARMERS’ UNION ON DAIRY GUARANTEE. WELLINGTON, September 13. Referring to-day to the difference of opinion with the Minister for Marketing (Hon. Walter Nash) about the cost of production of butter-fat, Mr A P O’Shea, Dominion secretary of the New Zealand Farmers’ Union, stated that the Farmers’ Union had made no claim in its statement presented to the Guaranteed Price Committee to put forward any estimate of the cost of production of butterThe position was that the Union had tried to put forward estimates of the increases of dairy farm costs on a Der lb. of butter-fat basis from October 1, 1936, to June 1, 1937. The Union had taken the latest authoritative figures available, the figures of the commission of 1934, and had worked on their costs as a base. The Union, however, had expressly stated that it had taken the North Island average costs as shown by the Dairy Commission report, and consequently the increases were probably more than those stated. To use the words of the statement: “The procedure which has been followed has been to take the North Island costs shown in the Dairy Commission report, and to add to those the percentage increase which we have been able to ascertain (from comparisons of the price lists and from personal knowledge) has taken place in the last year. This would appear to be a practical method for comparison, but as prices had risen from 1934 to October 1936, the calculations must be conservative.” “It will be seen from this question that there was no intention of conisldering that the 1934 costs were identical with the costs of 1936, when the report was put through,” said Mr O’Shea. “Mr Nash endeavoured to convey to the deputation that the implication of our statement was that the Dairy Commission report on costs (4.093 d per lb of butter-fat) should have added to them .55d, which was our estimate of the increase in farm costs, and that the resulting figure would be our estimate of the present costs of production. It should be quite plain that if a cost of production figure is to be arrived at, the 1934 figures should be brought into line with the 1936 prices, and an increase of .55d then added. It will also be seen that, had the Dairy Commission report figures been brought into line with the 1936 prices, the increase would have been greater.” It should be quite clear, therefore, that there was no question of the Farmers’ Union putting forward any figure for the cost per lb. of production of butter-fat, and further, that the figure of 4.64 d referred to by Mr Nash had no place in the Farmers' Union statement, Mr O’Shea concluded.