FINANCE AND COMMERCE.

Press, Volume LXVIII, Issue 20620, 9 August 1932, Page 10

FINANCE AND COMMERCE.

PROSPECTS IN BRITAIN. trade and finance, experts review conditions. LJiIIXD PRESS ASSOCIATION BT ELXCTIIO TBLEGHAPn—COPTKIGHT.) LONDON, August 7. With the holidays in full swing there bas not been much business doing on the Stock Exchange, but the tone is generally cheerful. The giltedged market, however, is somewhat depressed, chiefly owing to the weakness of sterling which has been iniluenced by a considerable transfer of epeculative funds to New York, as well as the seasonal commercial demand. There has been a slight fall in most British iuuds, and Australian Government stocks have given way a little in sympathy. A satisfactory feature is the improvement in most Australian '>ank shares, and the rise in the price ui gold induced much activity in goldmining shares, especially West Australians. There was also a good demand for Broken Hill shares. The prospects for an improvement in trade now seem hopeful, if wo may judge from opinions expressed by prominent business men at several recent company meetings, where the chairmen expressed the belief that we had seen the worst. Thus Sir Ernest Benn, of Benn Bros., publishers, who is not regarded as an ultra-optimist, said, after repealling the dismal outlook this time last year, he had conie to the conclusion that we were in more natural and sounder conditions than this time a year ago, and on these grounds could surely indulge in a little soberin inded optimism. Prophets Confounded. The "Economist," in an article entitled "The Long Lane," also compares the situation to-day with that of a year ago, and observes that certain ''panic prophecies" then current, hare not ooroe true. Even in SouthEastern Europe and Germany, political institutions have not collapsed, and financial crises have not been allowed to reach the bounds of extremity. "The Lausanne Conference,' adds the "Economist," "marks one of the notable advances in international cooperation in the past few years. Moreover, signs are not wanting that opinion in the United States is becoming reconciled to a radical revision of debt agreements, as an essential part of the world reconstruction. The evidence of the stock and produce marr kets confirms the impression of statistics of production and aotivity generally 'that the steepest phases of the depression are past. 'The supreme task for the nations in the next 12 months is. by cooperation, 'to remove the overhanging menace of armaments, achieve some measure of monetary stability, ! ' cut away the thicket of tariffs and trade restrictions, and allow the commerce of the world to flow once more in natural channels." Trait from tbe Dominions. "With, the arrival of the steamers Jerris Bay and Port . Gisborne at the ©nd of July we received the last cargoes of Australian arid New Zealand apples. These brought the total supplies of apples and pears discharged at London to no fewer than 3,880,000 packages—by far the largest quantity of any year"The results of the season are unlikely to be entirely • satisfactory to shippers, for though the demand and prices have improved considerably in the last week or two, there was a long-period in June and tte first halt oFjuly when apples were selling at a figure which could not have been remunerative! This was largely due to enormous supplies arriving at a time when our soft fruit season was at its-height, and the importers are asking if some means cannot -be devised to regulate arrivals. "They point out that it is impossible to- avoid a slump in values if this market has to handle over 1.000,000 cases in a fortnight, as was th© case this season. The whole question ib a difficult one, for, with steamers ot varying speed coming by different routes, it is impossible to prevent four or five arriving here together. This ..trouble is always Likely to arise when Australia and New Zealand have heavy crops to ship. The suggestion, is made that. more shipments should be sent to the provincial ports, such as Hull, Liverpool, Manchester, and Glasgow, which received a fair quantity of apples this year, the prices realised being satisfactory. But they can only absorb moderate quantities. Any oversupply would cause a slump even greater than that which occurred at "London."

TAXATION.

REVENUE COMPARISONS. * Figures of revenue from taxation are now available for the year ended March 31st, 1932, and compare as follows with the figures for the two preceding finan,cials vears: — 1920. 1931. 1933..

In spite of higher imposts, taxation receipts were nearly £1,500,000 lower in 1931*2 than in 1930-31. Customs revenue has fallen by £1,700,000 by comparison with 1930-31, and by £3,000,000 I when compared with 1929-30. The institution of the wages tax during the last three quarters of 1931-32, and the fact that the unemployment levy wa» in force for the whole of 1931 32 as against only half of the previous year, account for the huge increase under the heading of unemployment taxation. The swing-over from the graduated land tax to income tax, and the increase in the rates of the latter, have resulted in an increase of nearly £450,000 in income tax receipts, biit - a decrease of £600,p00 in the yield-of land tax. , No portion of the increased postal revenue consequent on the hieh er postal charges ruling during 1931-.12 has been coonted as taxation receipts for that ▼ear.

MINING. WAIHI COMPANY'S RETURN. Tlio following information lias been cabled to the London office of the Waihi Gold Mining Company, Ltd.: For the period ended July 23rd, comprising 22£ days, 18,981 tons of ore were crushed, for a result of 6110 fine ounces of gold, and 40,028 fine ounces of silver. ■ This includes 2012 tons mined from the Grand Junction area, ■vrfncli yielded 9170z of gold and 50S8oz oi silver. „ No.-7 Sub-level, 50ft below Ao. < Level —At about 35ft from the No. <j shaft, north-west crosscut, we have sunk a winze on the Welcome lode, and the assay value for the first 46ft is 104s a ton- . No. S Level —At a point 96ft in No. 2 shaft, north-west crosscut, we have driven east 49ft on the "Welcome lode. The assay value for this distance is 39s 9d a ton. No. 8 Sub-level, 48l ! t below No. 8 Level —At about 20ft west from No. 2 shaft, north-west crosscut, we are sinking a winze on the Welcome lode. The first 35ft assays 57s 3d a ton, and the nest 15ft 19s 3d a ton. No. 11 Level—North section of the Empire lode: In the crosscut at 103 ft measuring north, the next 12ft assays (is 6d a ton. No. 12 Level —Martha lode, cast of Bath crosscut: In the crosscut at 261 ft the next 12ft assays 12s a ton, and the last I,3ft 42s a ton. BLACKWATER MINES RETURN. Battery returns for the month of July, 1932, are:— Crushed 3582 tons, yielding 1887 fine ounces of gold, valued. at £BOI6, the working expenses being £5465. In addition, the furnace treated 71 tons of concentrates, for a return of 117 fine ounces of gold, valued at £496, working expenses being' £136. The working profit was £2911, capital expenditure £744, "development expenditure £1025, and the profit over all is £ll4l, with gold at standard value. RIMU GOLD DREDGING CO. The New Zealand Gazette of July 28th gives the following statement of affairs of the Rimu Gold Dredging Co., Ltd.:— The company was registered at July 20th, 1920, with a nominal capital of £250,000. The amount of capital subscribed was .£213,572, and the amount of capital actually paid up in cash was £142,863. The paid-up value of scrip given to'shareholders on which no cash has been paid was £70,709. The shares I are valued at £l. There were 33 share-, holders at the time of the registration iof the company. Since that date the number hap increased to 35. The average number of men .employed by the company since last statement is 54, and the amount; of gold won during that period is 8131oz; valued at £37,890. The amount expended in carrying on operations since last statement is £26,231. The total amonnt of gold won since registration is 118>715.70z, rained at > aT *d: the expenditure 1 since regigfration; is ; : se.t«:dpT>w» as, £542,149. The Itota} diVidends paid by the company- are £24,622 10s. Cash in- bank and;ln hand £6201 16s, debts due to company £36,081 2s, and £16,943 16s 8d owing by the company, complete a very interesting statement of affairs of Westmost, successful gold ' dredging company. . .. -i. ■ • * '■ . OKABITO RETURN. I .' (PBBSS ABSOCIAfTIOS TEI^OItAUSO DUNEDIN, August 8. : The Qkarito ■ wash-up for the week ended August 6th was 220z 18dwt for 118 hours' dredging. ALTERATIONS TO BUILDING. YORKSHIRE INSURANCE CO. Application has been made for subsidies under the No. 10 Unemployment Schema for extensive alterations to the Yorkshire Insurance Company's building in Hereford street. Work will commence; immediately. ' ! By taking in" more, of the building, the Yorkshire. Insurance. Company-will increase the size of its premises ,on tlie ground floor by about 50 per cent. An electric lift "will be installed alongside the present, staircase, and a statrcaqe will also be built to the second' floor, which will be served with the lift as. well. This floor will be lot as ofSees-f----either as one suite, or subdivided into, smaller ones. . The front wall and parapet of, th|e first floor will be pulled down .and rebuilt in concrete. The Height will be reduced by about five feet, and the heavy overhanging cornices will be removed. The whole of the front of the building will be faced with coloured cement. ; « a The architects are Msssra Collins and West, and the contractor is Mr W. Williamson. PRICE OF SILVER. (BRITISH OWICIAT. WIHMJESS.) (Received August Bth, 5.5 p.m.) RUGBY,.August 6. Silver (pence per ounce) is quoted as follows: Aug. 5. Aug. o. Spot ... - 17 7-16 17| ; Forward - ... 17$ 17 7-16 BUTTER FAT PRICES. NEXT SEASON'S PROSPECTS FOE DAIRYING. SOUND ADVICE GIVEN. Good farmers seriously consider their programme for the following • season before deciding what to plant and hoy" to obtain the .best returns for . their labours. , We are unable to. advise you about that' end of the business, but can most confidently stpte that you cannot, go wrong with vour cream production if you send to TAI TAPU—TIIE DAIEYFARWfERS' FACTORY. ; For any further information write to the Geiieral Manager. • 1/- PER LB AUGUST. TAI TAPU CO-OPERATIVE DAIRY CO., LTD. Christchurcb. Wo pay railage.

£ £ £ Custom* revenue 8,837,047 7,605,976 5,904,348 Beer duty 620,312 575,100 641,080 Motor vehicles taxation 1,510,730 1,840,590 1,814,186 Land tax 1,506.911 1,145,617 542,128 Income tax 3,533,764 4,003,606 4,447,814 Heath duties .. 1,727;439 1,809,735 1/444,298 Bank composi260,206 tion • • 193,017 233,318 Duty on instruments ' 457,148 326,121 228,975 Total iaator . revenue 512,899 529,143 410,878 Amuaements tax 79,887 105,936 74,763 Other stamps "taxation , 401,917 380,558 378,288 V nemployme/it 1,217,451 taxation 280,829 Film hire tax 41,756 41,207 '.Totals 19,471,131 18,878,385 17,405,622 Taxation receipts per head o: mean popula- £ s. d. £ s. d. £ a. d. tion 13 3 7 32 12 1 11 9 6