THE TARIFF.

Press, Volume LXIII, Issue 19110, 20 September 1927, Page 10

THE TARIFF.

SECONDARY INDUSTRIES.

MANUFACTURERS ARRANGE DEPUTATION.'

» (rRESS ASSOCIATION TILEGP.AiI.)

DUNEDIN, September 19,

A largely-attended meeting of members of the Dunedin Manufacturers' Association was held this afternoon, those present representing about 10.000 employees in various local industries. A large number of written statements were submitted by members showing the effect of the new tariff. General dissatisfaction was expressed with the tariff as a whole, 011 the ground that no policy of assistance to secondary industries had been promulgated, despite the many representalions to the Minister for Customs on the subject and the encouraging attitude of members of the Government to representations put forward It was decided that Messrs T. Somerville and J. Sutherland Ross, vice-pre-sidents, should proceed to Wellington on Wednesday to confer with _ manufacturers from Auckland, Wellington, and Christchurcli, and to take concerted action to approach the Government and members of Parliament stressing Hie claims of New Zealand niartufacturers to an adequate protective tariff in specific cases. Many individual manufacturers also intend to go to Wellington in their particular interest. Just after the meeting had dispersed, a telegram was received from the Wellington Association stating that representation of Dominio.n manufacturers was being arranged to meet at Wellington on Thursday to meet the Minister for Customs and the Con-troller-General. It was therefore decided to call a special meeting for next morning to arrange if possible , for: a strong delegation to proceed to - Wellington on Wednesday- to act with •the'other New Zealand manufacturers. BOOT MANUFACTURERS' PROTEST. DEMONSTRATION TO PARLIAMENT SUGGESTED. The Christchurcli members of the New Zealand Boot Manufacturers' As- : Bociation have passed the following resolution:— "That the ' executive ,be urged to make the strongest -protest possible against the tariff proposals of the Gov- • ernment, pointing Out that the state ... of the industry during .the past two years makes it imperative that the tariff on boots be reviewed, otherwise the industry is in danger of : extinction." It was stated that members had ; maintained their staffs for • months at a loss expecting.relief,-but must now ; put them off. / The suggestion was made that -a .' monster demonstration of members to Parliament be arranged. TUNNEL TRAFFIC. EAST-BOUND FREIGHT. The figures of the freight earned < through the Otira. Tunnel to Canter* J: bury for last week show a satisfactory increase as compared with the corresponding periods of 1925 and 1926. The figures are as follows ~ ' <■ Tons. 1925 . 6.848 . 1926 ... ' ... 9,691 5 1927 ... >.. 11,138 . r SYDNEY WOOL SALES. (M»niUJAV r and .CiBLX. ■:ASSO,OUTiOH.); (Received September 19th, 10.55 p.m.),. .SYDNEY,' September: 19: At the wool sales there was strong competition, and the market ruled firm at late rates k for all descriptions.; Good clearances wfere made. Greasy merino sold to 29d;

PITT, SON, AND BADGERY | (N.S.W.) j At the annual meeting of shareholders of Pitt, Son, and Badgery, Ltd.,. Sydney, Mr . Thomas Buckland, chairman of directors, who presided, after announcing the increase of the capital of the company: to £255,000, by the creation ~ot' 15,000. new shares of £1 each, to be .'allocated .to shareholders in proportion of one. new • share to every 16 shares held, and'to bo,paid for by a sum'of'£ls,ooo —beipg- portion • of- the ■ year's profits—being credited,.to paid-up • capital, • said .that prior 'to .the close of the company's financial year the directors, distributed to every member of; the! staff a" bonus equal to 10 percent. of their -salaries,- in "recognition .of: continued loyalty and efficient service v rendered. He •was sure this would meet with the approval of shareholders. • Owing to ever-increasing taxation imports the directors bad* established a taxation reserve, and had . transferred £lo,ooo' out of the year's revenue "for such a purpose. A- pleasing, feature of the past wool-selling, season;-was the demand throughout and excellent values realised. On the other hand live stock prices had been more or less irregular, particularly so with regard to mutton, owing to adverse conditions curtailing export. A master for grave concern was the continued unfavourable, seasonal .outlook. The success of primary production was of ..parambunt importance to Australia as 1 a whole; 1 Any material lanugo in that connexion, must .automatically, adversely reflect on every class of the commun- ' ity. In consequence of the prevai.mg dryness, shearing had commenced earlier than usual, with the result that a considerably . greater "quantity of wool , bad arrived m store than at tho corresponding date last year. NATIONAL CITY BANK OF NEW YORK. The National City Bank of. New. York is one of the big banking institutions of the United States, and was associated with the J. P. Morgan Company in floating the Commonwealth loan of 40,000,000 • dollars, which was issued in New York about a 'fortnight ago. The statement of this bank as at June 30th, 1927, including domestic and foreign branohes, shows total assets amounting to £307,481,390, comprising cash in vault and Federal Reserve Bank £25,704,675; due from banks, bankers, and United States Treasury, £43,833,776; loans, discounts, and acceptances of other banks, £169,915,443; United States Government bonds and certificates, £21,275,000; Stato and municipal tonds, £3,523,596; stock in Federal Reserve Bankv £750,000; 'other bonds and securities, T £10,731,467; .• subsidiaries: International Banking Corporation, £1,200,000; Bank of Haiti, :£320,000; bank buildings,. £4,380,500; i tenia" in 'transit with branches, £6,269,034; customers' liability, account of acceptances, £18,624,023; and .other assejte, £928,267. On •the liabilities 1 feide appears:—Capital, £15,000,000; eornlna, .£10,000,000; ■. undivided profits,. £3,755,389; deposits, £239,994,635 *. liability as acceptor, endorser, or of acceptances and foreign bills, £33,193,230; circulation, £19,399; : reserved ■ for _ accrued interest/ discount, artd other unearned income, £642,132; taxes and accrued expenses, etc., £1,101,"657; ' dividend payable July Ist, 1927, £600,000; contingencies,. £1,164,661; and other liabilities, ' £13,266. " ' ' I