BUTTER EXPORTS

Hokitika Guardian, 7 March 1933, Page 6

BUTTER EXPORTS

RESTRICTIONS ON DOAIINIONS

-HEATED DISCUSSIONS OCCUR

(United Press Association—By Electric ~ . . Telegraph—Copyright;

- (Received this -day-at 11.20 a.m.) <•;•••• ■ 1 > - LONDON, March 6

. With Australia’s point blank refusal to -restrict, and New Zealand’s oiler hedged -by. traditions, negotiations to secure ' reductions ■ in' the Dominions’ -butter exports to Britain have practical. Jy collapsed. To-day the press association understands that there were ®ome heated passages during the discussions between Mr J. H. Thomas; Air .Stanley Bruce and Sir Thomas Wdf-ortl. No further meeting® have yefc been arranged a®, Air Bi'ue. e is not empowered to pursue the matter, but the discussions may be renewed, especially if ramifications in the American financial crisis giv e -a new, -unpleasant twist to the situation.

New Zealand has offered to reduce her .shipments for three montns, on the. basis iof the 1932-33 figures, jhv>-v-ided -that Australia reduced by ia corresponding amount, and that foreigners are severely restricted. Air Thomas- objected to this, In the first placg because • the' 1932-33 irgure® were so far above normal that ®uch a reduction wag ■•practically meaningless. Secondly, a three months’ re<tuc«on was insufficient, while, in any event, Australia is unwilling .to participate". It is. understood that one argument that Air Thomas''used w?s th e possibility of. a rise' in" sterling through the ’fall of the dollar, 'inducing gold standard countries," whose" daily export® to. Btitaiju bad (practically ceased resuming them/'with such intensity that the price of butter would be still further reduced.

This, Mr 'Thomas Argued, might eventually cause Australia and New Zealand to reduce their shipment willynilly, .whereas, if they- now accepted the principle of reduction, adequate arrangements. might be.made to safeguard them against unfair foreign competition through a rise in. sterling. It is .understood that the Dominion representatives urged, that foreigners should be first- 'restricted,