WELLINGTON NEWS

Hokitika Guardian, 29 May 1925, Page 4

WELLINGTON NEWS

DAIRYING AFFAIRS. (Special to “Guardi-Ji”-) WELLINGTON, May 27. Mjiiiv ~r those interested in tho marketing of ImIUT arc beginning to feel smuc eoni-eru as to tin 1 quantity of \,. v . Zealand liultcr in store, on the water and 111 store in New Zealand, which is cstiniatfi! at 1 boxes. Ini' i . not a formidable quantity in usual limes Inlt witli European output just al.out al it' peak the position is one lor com erit. Tho New /.calami product must compete with the fresh butter from the Continent, and the quality of the hulk of this flutter is "nod. Already the prices of olir flutter has dcclined 2s per ewt to HMs, ami if there are ally weak holders the price must am lower, for the next five or six

weeks the market will have ample j supplies even without New Zealand j butter, ami the latter may have to he hold nil November, liven then the new AuMraliau make will tie coming on tho market, and Australian butter has vastly improved m quality. Holders of New Zealand butter are taking hip risks but it i' hoped they will win ini the contest they have openly invited. There are three poworlul nrgaiisiations in Britain interested in tho butter j trade: they are the importers who have an organisation ol their own, the wholesale distributors who also have atl association to watch their interests and the Croeers' Association. It is a remarkable fart that none ol these are <m the projected absolute control scheme of the New Zealand Dairy Control Board. Neither have the New Zealand representatives of importers oxpres'od any opinions on the matter. The belief is growing that absolute control will not materialise as there is now a decided adverse opinion gaining strength, and some large iartories that were originally in favour ol control are now opposed to it. The matter is likelv to he brought up in Parliament (luring the session, when a good deal

more light will he thrown on the subject. In Australia there has been set Up an export control hoard, but Ibis board does not propose to iiiterelero wiih niarketitig. A l.oiidou agency consisting of three nminhers. one ol whom ito be a Government nominee, is to be established, and the agency is to have the services of an advisory committee of five men closely connected with the trade in l.oiidou. one meinbei of tlie eummiUee to lie Mr \\ . Lovell, managing director of the firm of Lovell and Christmas, another is to lie Mr Coley of Coley Bros. This seems In lie a belter scheme than the one decided upuii by the New Zealand Board, the advisory committee of experts being a particularly good feature. Ihe Australian Board proposes inviting a delegation of two or more members ol the New Zealand I! to lie present at the next meeting of the Australian Hoard to discuss matters of mutual interst. It is obvious that the two hoards will have to work together In achieve success. and if they are not carried away by the stupid notion that they tan dominate the British market they ought In do very good work for the industry in their respective countries. CONTIiACTinN DC LOANS. .Many people fear that the tendency towards stringency displayed by the Loudon money market may cause ioiitraction in the expenditure of loan money. Trustees securities are now expected to yield d per cent, and that is why the New Zealand loan lor kT.lii'M.lHld was mu taken up by the public. So far as the New Zealand (brrernment was concerned the loan was a success |nr it was underwritten, it ml the underwriters must find what the public failed to subscribe. The ( b:vermnelit thus p, in possession of all the loan money it requires for the current financial year, and as the election is due shortly there will lie in stinting

ill' expenditure. 'I hi' | x j;- ilin 11 is .ln'iw- ' ill v. hi'li nnr '•••ir.cs In t 'link n| lorn! bodies. Many If it -n I bodies v. ill n•! 111 ire In 1 1» ■i" I'l.iduring i |:i* euming twelve nibnths. Small amounts will probably lie obinillhlc In.m tl;c Suite Advances ilepartti'• ‘ ll l. lull there m no cert amity, n.r ill.' Department will scarcely have m)ii•;li funds In meet the (lemamls of • e1Ilei’s requiring to hoiTow oil mui'lgage. There are several local hutlies that must go mi the l.omion inarkcl because they will require large air.oitnts la rye i than can lie raised locally, and li esc i,odies will have to pay "it per tent, interest, it ior any reason there is all (ijipivi ialile slackening in loan ex- | ■inlit ii re either by the State or Inlocal hollies, the country will leel il, because it will lie in addition to whatever tiie shrinkage may lie in the inei:mes ior produee. The begiinline; of next, season is some months oil' and a Jim id dead may happen Indore then. There is tile possibility of some recovery in wool, on the other hand I here may lie a further drop lieeaitse those who have studied I lie position have come to tl.e conclusion that there is no short nee in wool and with the extended it' ■ el substitutes, next season's clip will lie above the world’s requirements. .Mutton and Innih are not likely to continue at present hit'll levels been use with the increase in the Docks and the tall in the values ol wool and skins, more mutton and lamb nmv he exported front Xew Zealand and Australia. Ihe position generally is so uncertain that every individual would lie acting pi 11 den II v in savin;' a little more than he has been accustomed to stive.