COMMERCIAL.

Press, Volume LX, Issue 18073, 15 May 1924, Page 10

COMMERCIAL.

INDIAN STEEL INDUSTRY.

A PROTECTION BILL,

{it ciblr— press association— coptbioht./ (becteb's teleokamb.) DELHI, May 13. The Raj has published the Steel Iniustry Protection Bill in a Gazette extraordinary. It states that the Bill has been undertaken in pursuance of the policy of discriminating protection to provide for fostering the development of the steel industry by increasing import duties or granting bounties on certain articles, ns recommended by the Tariff Board. The Bill gives unfettered power to the Government of India to vary the protective duties, with a view to maintaining the effectiveness of protection against fluctuations. The Bill fully carries out the Tariff Board's recommendations. Its publication dispenses with the foraaJity of introduction into the Assembly. The Bill is expected to meet with the unanimous support of the Assembly.

BANK OF AUSTRALASIA,

ANNUAL MEETING,

(fzou otra own cobr^sfonoent.) LONDON, April 3. At tho annual meeting of the Bank of Australasia, Mr C. E. Barnott (chairman) mentioned that their note iss'je in New Zealand showed expansion. Regarding the profit and loss account, the net result was much the same as last year. There had been a grat.fying drop in taxation., The chief saving had been in New Zealand, where a welcome reduction had taken place, not only in income-tax, but in other items, and the result could not but be advantageous to all concerned. At Homo, the halving of the oorporatian tax and the lower rate of in-come-tax had also reduced this item, Wool, which formed a very large proportion of the Australian exports, had suffered in. quantity and to some extent in quality by the droughty condition.3, but the higher prices realised had been very much in favo„r of tho grower and had more than made up for the shortage. New Zealand, which, in 1922, was not in too happy a position, had had a remarkable 'recovery. The main portion of the Dominion's wool was orossbrod, which did not command such high values as merino. Its price was slower to - improve, but had now reached a point which showed a hnndaome profit to tho farmer and was reflected in an increase in the size of the flocks >'n the Dominion. The world's shoring of morino wool was estimated at 1,000,000 bales. The decreasing number of sheep did not indicate that future production would ba able to satisfy demand at to-day's ra'e of cansumption. The value of wool exports had risen from £28,354,000 ,in 1912 to £57,141,611 in 1828, whon they represented 48 per cent, of total _ exports. _ The wheat harvest had resulted in a satisfactory increase- over last season in the amount available for export. Since the last meeting the bank had lost the able assistance, of one of its directors, Lord Chelmsford, who, having joined the Government, had resigned his seat on' the B6ard. 'The Earl of Midleton seconded the motion for the adoption of the report. Mr F. Tomkinson said the Australasian colonies were in excellent credit, and the If ew South Wales loan of •£l6,ooo,ooo—partly conversion loan-r-wbich had been;jntro:!ucei to'the London market, was well subscribed for, the underwriters having to take up £0 Ppr cent, only of the £12,000,000 underwritten, and already the stock was quo ed at ..one-eighth premium. This, in hid opinion, •showed that the confidence ~pf ■ the British pnblic was quite unimpaired as regarded Australia. He would like to say a few words with regard to the dividend. Their dividend of I'B per cent, was most satsfactory, and the shareholders owed a debt of gratitude to all concerned in earsin? that dividend. Tho distribution, however, did nit reprwent really .more than about 61 per cent. upon the capital and the reserve. In these sooialistio days it could not be sufficiently erjiphasised that the dividend was not 13 per cent, on the mbney employed, but was only just ovor 6 per oent. ■ ; , t ■■..., BURNSIDB MARKET.

■ (HMSSB ASeOCIafIOK TEU6OBA*.) :,'.';',' ■- t v. ■ ' ' hunikiiiUi, iinay 14. -• At BurnsidV to-day there, was a keen demand lor sheep and lamtoVauitable lor export with -a result tnat last week's firm rate* for sheep were fully maintained, but heavy-weignta wore a shade eflsief. -the -lamb market was buoyant, and prices oil round showed on advance of Is a heodf Fat Cattle—There was an entry of 879 com-. pared with 820. last *e»k. On tlur whole the .quality was good.Sthe number of extra prime bullocks forward being greater than usual. The offering included wo J finished sorts from Otago Central and Southland. Priin* quality!: bullocks made 83s per 1001b, . second qualUy.and heavy-weights up tfc 82« 6d, prime heifers 355, cows, and light heifers 18s todftb JMbV'" Prices per head were as follows: PrimelheaYy.buUdcks.up to £ IS 7a 6d, prime \U> M'lOs, good'to medium £l3 10s, light to £B r ipriina'hevfera' and ~cows. to £9 12s 6d, prune*heifers £6, light-;andttged-£S?lOb ;to, £&.; /r.:'-\ ... v ./ Fat y Sheep—The yarding totalled 2755, compared with'2Bß9/;last week. 1 ' -There were Beveral .pens of well-finished wethers, and a large' proportion of ewes. .Anything suitables for .was in good demand.. For these eorta prices -were firm at last week's rates, but"? heavy-weights were a trifle easier. Extra heavy: : wethers; realised. 6Jd to SJd per lb, and-pfinto* handy-weight . wethers to 7d, prime, ewes.up to sd, and second quality ewes 4d to 41d. Extra prime heavy-weigh} wether*-sold at 55s to slis pyx head,'' p'rinie 40s W 475; medium 35a to 38s, light and unfinished!' sorts 30s to 345, prime ewes 31s to 355, medium 25s to 28s, light and aged 17s to 225. L>: '.- . - - j ■ ■■■ v Fat Lambs—There was an entry of 950, compared With 700 last week. Prices a i pound ranged from lOd to 10Jd for first grade,, and 91d for Becond grade. Extra prime sorts sold up to 42s 6d, prime 31s to 355, medium 27s to 30s, and lighter sorts to 85s. Store Cattle—There.was a full entry, numbering about 860 head. No animals of outstanding merit were offered, the entry consisting principally of medium-weight cows "■ and heifers. Competition was not very ' spirited, and prices in moat cases showed a ' drop as compared with the rates realised" at the previous sale. Best cows sold up to - £6, steeds to £7, and aged cows from £1 to £2 108. • Dairy Cattle—There was a larger yarding than usual, about forty head being offered. The entry included a number of animals of . good quality. Competition was fairly " brisk, and late rates were maintained. Best cowsi sold up to £lO 10s, heifers from £8 to £9. and *sed cows from £3 to £4. Pigs—There was a medium yarding, all classes being represented. Competition was spirited, and prices showed an advance of about 5s per head, for prime sorts. Best baconers sold up to £4 18.

NORTHERN STEAMSHIP CO. (aracux. «o -thx raiu.") AUUJsOuUVu, May 14. The annual meeting of gharenoluera* in the Northern Steanuiup Company was heid to-day, Mr T. A. .Nathan presiding. The ba-anoe-eheet lor the year ended March 31st show that the profit, after mailing provision for depreciation, insurance, etc., amounted to £i2,a7B, as compared with £l3 237 in the previous year. Transfer fees amounted to £ll, and there was brought forward from the previous year £6225, making a total of £19,214; Out of this an interim dividend at the rate of 7 per cent, j per annum was paid on November 17th last, and absorbed £5649. and it ia now. proposed to pay a dividend at the rate of 8 per cent, per annum, absorbing £6436. leaving £7IOB to be carried forward. The dividend for the year is at the rata of 7i per cent., compared with 7-per cent, last year. The volume of trade handled by the company as compared with last year has increased to the amount of over 26,000 tons of cargo, whilst •ome 8282 ordinary ?I pasaengers and 4525 exoursioniata. : in passenger traffic ia no .doubtygreatly due to the exwptioriaUr toe .auianwt teaeon juat passed together with th« extended aerricoa, *^^