U.S. WHEAT SURPLUS.

Press, Volume LXVI, Issue 19983, 18 July 1930, Page 12

U.S. WHEAT SURPLUS.

FARM BOARD'S DECISION. VOLUNTARY REDUCTION IN PRODUCTION. ([JKI'fED PRJB3S ASSOCIATION—BY SLECTIUC TELKOIMPH—COPYRIGHT.) (Received July 17th, 7 p.m.) WASHINGTON, July 16. Et has been definitely announced that the U.S. Farm Board will buy no more wheat for a considerable period, until the present surplus has been reduced through a voluntary decline in production by growers till the supply is practically parallel with the domestic consumption, or as si result of a decline in the world supply. The stabilisation features of the Agricultural Marketing Act will not be invoked again. Meanwhile, it is stated that the Farm Board will hold the sixty-nine million bushels purchased last spring until the price reaches the point paid for it, and the Administration is apparently determined to continue to sanction this attitude of the Board, despite the possible effect on its political fortunes.

CANTERBURY HALL COMPANY. PROGRESS OF SALE OF DEBENTURES. As a. result of three weeks' canvas, somewhat intermittent in character, about one-half of the debenture issue of the Canterbury Hall Company already has been subscribed. The company, of which Mr A W. Beaven is chairman, was formed for the purpose of financing the new hall in which future "Winter Shows and similar exhibitions will be held. It is gratifying to be able to record that a number of business firms in Christchurch have Bhown their confidence in the project by applying for fairly large blocks or debentures. Applications from other, and unexpected, quarters indicate that the civic pride of many citizens has induced them to take a financial interest in the undertaking. By permission of the committee of the Stock Exchange, Messrs A. \\. Beaven (chairman of the company) ana 'I Woolf, president of the Canterbury Manufacturers' Association, addressed the members of the Stock Exchange at the morning call on Wednesday regarding the company and its prospects. Members appeared to be impressed by the remarks of the speakers and brokers are commending the project not alone from the financial standpoint, but also from the point of view of assisting in the progress of the province and of the City and their primary products and their manufactunns industries. Already several brokers have sent in applications for debentures on behalf of client*.

AUSTRIAN LOAN OVERSUBSCRIBED. (BRITISH OWICIAIi ■WIMUMS.) KUGBY, July IC. The Austrian Government's international loan of £3,000,000 in 7 per cent, sterling bonds was offered to-day for subscription in this country at 95 per cent., and -within two hours of the opening the lists were declared closed. It is stated that the subscriptions greatly exceeded the amount offered.

CANADIAN MINERAL WEALTH.

For the fourth successive year the Canadian mining industry in 1020 had an increased <ratpnt. The total value of the production was £60,775,000, or 10 per cent, more than in 1028. Records were established in the output of asbestos, cenwnt, clay prodncts, copper, gold, gypsum, lime, nickel, petroleum, salt, atone, sand and gravel, zinc, and natural gas. Statistics of the metallic division of the mining industry are as follows: —

1028. 1920. Gold .. 7,816,000 7,017,000 Silver .. 2,552,000 2,374,000 Nickel .. 4,464,000 5,140,000 Copper .. 5,719,000 8,672,000 Lead .. 3,111,000 3,310,000 Zinc . . 2,028,000 2,202,000 Cobalt and platinum . . 602,000 450,000 Other metals .112.000 200,000 The most striking advance was recorded in copper, and the increase of nearly £3,000,000 is an Indication of developments which will assume greater importance in the next decide. The new Sudbury rofinery will have a capacity of 120,000 tons of refined metal a year, and it will be completed by Angust next. ( VICTORIAN INCOME TAX. \ Every person in Victoria, irrespective of age,, sex, or occupation, who had a großß income of £SO or more from July Ist; 1929, to June 30th, 1930, must lodge an income tax return this year. Practically the only exceptions are persons who received war, old oge, or invalfd pensions, and who had no other means of support. Gross income includes all receipts in money and other items, such as free board and lodging for employees, which are deemed to be income. One return suffices for Federal income tax, State income tax, and State unemployment tax, unlesß the taxpayer receives income from more than one State. '"'An important change" in Victoria this year is that unemployment tax will be charged on all dividends, "whether they come from Melbourne or Timbuctoo," as a senior officer of the Department described the new provision. This apparently means that investments in stocks of other countries (such as Australian investments >n New Zealand local body debentures) •will have no exemption from Victorian tax, if they ever did. The position as to Federal income tax in this respect is not clear. The amount by which capital in existing Victorian trading companies has been increased during the first six months of this year shows a great drop as compared with the corresponding period of 1929. The reduetion i ? s from £6,877,750 to £954,000. The nominal capital of trading companies registered this year amounts to £10,570,876, as airainst £9,543,000 for the companies registered during the first six months of last year. During the first six months of this year 159 companies have gone into liquidation, compared with 200 for the whole of 1929.

CHILBAN NITRATES MERGER. For some years past the Chilean nitrate industry has suffered severely from competition of synthetic fertilisers. Stocks of the Chilean producers have outweighed Production, and generally supplies of world nitrates have been excessive. Negotiations have- been in progress with a view to rationalising the whole of the industry. The proposal is that the new company would absorb all producing organisations in every country, and it would be of Chilean nationality. The capita) named is 3,000,000,000 pesos, or about £75,000,000, and the Chilean Government is to be given shares to the amount of half the capital. In exchange the Government would hand over to the company all undeveloped nitrate grounds in the country, which are estimated at about 60,000,000 tors capacity. Further, tho Government would undertake to withdraw the export duty on all nitrate shipped from Chile by the new company. The "Financial Timeß" stated that it is intended to allot the remaining half of the capital to existing producers m exchange for their properties. The proposals include a large debenture isbuo by the company, tho proceeds of which would be applied partly to make certain payments to tho Chilean Government in the next three years to cover the loss in the export _duty. Debentures would also be ixsucd in exchange for' the existing prior charges «t all the nitrate companies.