HEAVY TAXES.

Press, Volume LXVI, Issue 20086, 15 November 1930, Page 12

HEAVY TAXES.

REDUCTION OF CAPITAL HINTED. ROBERT REID AND CO., LTD, Speaking at the annual meeting of shareholders of Robert Reid and Co., Ltd., held at the Melbourne office, the chairman of directors, Mr Bobert Reid, referred to the much-debated' question of Empire preferences. When our legislators saw the advantages of medium reciprocative tariffs, he said, it would result in great trade benefits to England and the Dominions. It could not be a!l the one way, as at present. The present preferences were not much good. In his address the chairman referred to the present time of unrivalled Economic anxiety. Yet it was surprising how many people persisted in shutting their eyes to the facts. Wu were suffering from an inflated and false standard of living, which had been fettered upon us by Arbitration Court shackles. The conditions of trade had been such that for the first time the company had failed to provide any dividend for the ordinary shareholders, who represented over £600,000 of the total issued share capital of £1,059,000. The Board was considering whether, with the reduced spending power of the community the company would in future be able to employ profitably the whole of its present capital. It was anxious to avoid add' ing to the general unemployment and from the directors down there had'been a loyal acceptance of reductions in salaries. Any expectation that political movements would be able to maintain the present high standard of wages' was doomed to certain disappointment. ■ The most serious matter bearing, upon all companies was the continued imposition of taxation burdens, under which many had already gone out of existence. If the position was not relieved, the companies still carrying on would have to consider seriously their position, with the prospect of there being no'reasonable return on the capital employed. It looked as the trading community bad stood all that could be expected of it in. the way of shouldering taxation. Their own company had borne ,a crushing burden 6f taxation during the year under review. The company was in a very stable position. In the last two years the stock in hand had been reduced by about £375,000. The net profit, £15,507, was much smaller thja year, and there could be no expectation of any improvement until the cost of production fell. The report was adopted. A motion of appreciation of the long service given to the company by Mr P. W. Stoddart, formerly manager of the Sydney branch, who has retired from the Board of directors, was carried. Messrs W. E. Bates and S. H. Bye, tho other retiring directors, were re-elected, and Mr B. B. Treloar was reappointed auditor. /

BANK OP ENGLAND RETURN. (DOTTED PEBSB ASSOCIATION—Bi ELECCTUO TIUGBUB—COPTBIOET.) LONDON, November 14. The Bank of England return for the week ended on November 6th vh m under: I6STTE DEPARTMENT. <S 4 Notes issued— Govt, debt 11,015 100 In Ciroulo- . Other Govt i ti , on , 955,880,909 securities 238,044,666 In banking. Other fiecuri-* dept. V S3,sSß,6<}i -ties'" '.. 11477,802 Silver coin 4,4Ca,992 Amount of . . ildiiciary z l ' ,r Gold coin And ■ Bullion 158,920,428 Total 418,990,423 Total 418,920)428: BANKING DEPARTMENT. £ Proprietors' Govt. Becii--14,568,000 rities 38,726,947 3,138,459 Othejr secuPubho de» . fities—„P° Bita 8 ita .. 16,978,809 Discount Other deposits— and «d----r..? inker# ' E0 > M 1»891 vancea -4,287404 Other aw. 88,150,13S Securities ai.440,304 7 e *t lL Notes .. 63,690,604 And other GoM and bills .. 1,665 til vet coin 1,1«0,1J3 Total 128,163,882 Total 198j8i,882 The proportion of reserve* to liabilities ia 68.50 per cent, Short-dated loans are quoted at 3 per cent., and three-month billi at 2J per cent. The Maciary issue of <260,000,000 eonMats of the following item*:— Government aobt, other Government securities, other •tctirities, mpd silver coin* GOVERNMENT. SECURITIES. | (VJNITBn PP.ISS ASSOCHWOK—Bt Er.ECT*IO TSjtBQIIASS—COPIJUGKt.) (Received November 14th, 6.S D.m.) w. ■# « • November 'la. . The following are the latest quotations for Government securities, compared . with t-fie prices ruling on November 6th last: - Lait week, This week. n , ■ ' .£ i, i, 1 s, 4/ Oensoi? . .. 59 o o sa 15 o Funding Jjoan, 41 p.c., 1960-90 . . 95 2 6 95 5 0 i way Loadi 5 f),c., 1929-47 „. 102 10 0 102 10 0 Conversion Loan, 8J Victory 5 " BoMS, 4 8910 ° * 2 5 * Commonwiillth, *5 9815 ° . 9 * 1S ® . p.c., 1945*70 .. 80 5 0 S4 0 0 Commonwealth, fj p.c., iosi-,41 . i 91 a « AlO o Victoria, 3 p.c,, P .;.; 10 0 60 0 0 vietorf. 30 : p.;.; " 6 0 03 6 ® vietoiM , p .;.; 88 10 0 gT 0 ® ... . 1982.42 ; . 7fl 10 . 0 SO 10 0 Victoria. 43 p. 0., u„ 1 | 40 ;? 0 ' xtt,' 77 10 0 75 o New South Wales, , 4 PC., 1938 ... as 0 0 88 10 0 New South Wales, „, 3 E.c« IMB .. 79 O 0 79 10 0 Now South Wales, • Sip.#.; 1080-50 68 0 0 50 5 0 Net? South Wales, „ . 61 p.c., 1922-83 9S 0 0 (3 9 « New South Wales, 6J p.c., 1930-40 90 15 0 94 0 0 fc.ew South Wales, • G p.c., -1030-40 88 10 0 83 0 0 Queensland, 5 p;c., * Stock, redeemable 1940-60 75 10 O 79 10 O Queensland, 8 p.c., 1922-47 .. 59 0 0 60 5 0 Queeaaland 6 p.c., 19S0-40 . . 89 0 0 92 0 0 New Zealand,. 4$ P.C., 1918r58 98 0 0 98 2 6 New Zealand, 3| >t _ V", 19 i 4O • • B0 8 9 90 12 fl New Zealand, 6 p.c., _ls»B6-51 .. 105 17 6. 106 2 6 South Australia, 8 J p.c., 1930 .. 79 0 0 78 '0 ' 0 South Australia, 3 p.c., 1916 or o •.«?'{?* ,- 61 0 0 51 10 0 South Australia. 6| . p.e.r 1930,40 . . 91 10 0 94 7 6 Tasmania. 31 p.e., r f 1920-40 ' . . . 79 ■ 0 0 78 10. OI . Tasmania. , 3 p.c., • ' 1020-40 .. 76 0 0 76 0 0 Tasmania. 0j p.e„ - -v ■ j _ .1930-40 95 10 O 96 10 0 Wdet Aiiff-.iiia, 3J p.e., 1930-35 ... 81 7 6 80 10 0, 1 West Australia, 8 I West Australia. 8 p.C., 1630-40 .. 89 15 0 91 15 0 ' !