FINANCE AND COMMERCE CUSTOMS RETURNS

Press, Issue 22599, 3 January 1939, Page 11

FINANCE AND COMMERCE

CUSTOMS RETURNS

lower total for NINE MONTHS REVENUE COMPARED INCREASE IN DECEMBER FIGURES Customs duty collected so far in the current financial year in Christchurch Is well below the value for the same period —nine months—last year. For the ning months to the end of December, 1938, the total collections amounted to £1,606,733, compared with £1,657,418 for the nine months of the previous year. Big decreases for individual items were experienced with the collections of general customs (£905,196 for 1938-39, compared with £963,157), and sales tax (£338,443 compared with £337,314). There were increases in the collection of beer duty (from £97,187 to £104,497). petrol tax (from £215,490 to £232,665), and the levies on meat exported (from £5404 in 1937-38 to £8561). On the other hand, the figures for the month of December, 1938 when compared with those for December 1937, show almost general increases! Customs revenue in all increased from £195,399 to £200,605. Increases In major Individual items were;— Customs from £103,913 to £106,282. beer £13|99 to £13,270, petrol £31,783 to £34,722, sales tax £41,759 to £42 263 The details for the two ninemonthly periods under t'eview are:— 0 Months, 8 Months. 1037-36 1938-30 £ £ Customs .. 803,157 905,186 Beer .. 97,187 104,407 i Petrol .. 216,490 232,085 ‘Tyres .. 11.052 9.871 ! Sales tax .. 357,314 336,443 ; Light dues .. 5,487 5,206 Export levies— Wool 1,707 1,502 Meat .. 9,404 8,561 Honey .. 13 41 Miscellaneous .. ■ 607 751 Totals .. 1,697,418 1,606,733 Details of the collections for Decem- . her. 1937, and 1038, follow; Dec., Dec., 1937. 1038. ( £ £ Customs .. 105,913 106,282 Beer .. 13.899 13,270 Petrol .. 31,783 34,722 Tyres .. 1,063 1,274 Sales tax .. 41.780 42.263 Light dues .. 599 394 Export levies — „ Wool .. 40 123 Meat • • 102 02 Miscellaneous .. • 241 295 Totals .. 195,399 200,605 AUCKLAND (PRESS ASSOCIATION TELEGRAM.) AUCKLAND, January 2. A marked expansion in all avenues of revenue collected by the Customs Department at Auckland was recorded last yeajt. The total amount received from all sources was £4,498,337, an increase of £236,967 over the figure for 1937. which. In turn, showed an increase of more than £400,000 over the returns for 1830. Collections for 1938, as compared with 1037, are shown in the following table:— 1938. 1937. £ £ Customs .. .. 3,587(71$ 3,485,889 Motor spirit .. 877,305 790,989 Tyre duty .. .. 33,317 33,984 Totals 4,498,337 4,312,002 Excise On beer .. 214,285 193,408 Sales tax .. „ 1,052,302 1,022,467 December Returns The returns for December alone also show substantial increases from every source of revenue, Compared i with the corresponding month,of 1937, as the following table shows:— 1938. 1937. £ £ Customs .. .. 340,773 310,751 Motor spirit .. 88,665 79,857 Tyre duty .. .. 3,349 2,020 Totals .. 438,077 395,228 Excise on beer .. 21,929 19,379 Sales tax .. .. 99,944 94,093 WELLINGTON ‘x (rae&s association tEutaaAw:.)

WELLINGTON, December 31,

Compared with the figures for December last year, the customs revenue collected at Wellington this month •hoWs increases Under, all heads. The net customs duty this month amounted to £321,959 3s Id, and in December last year it was £205,969 5s Id, an Increase of £55,989 IBs. Since the be-r ginning of -the calendar year, in only two months, August and November, the net Customs revenue higher than it is for this month. The net customs revenue in August was £367,025, and in November the greatest amount for the year was collected, namely, £378,836. Th« net customs duty collected in thg nine months of the present flnan\ciaj ?. ear amounts to £2,834,652 3s 3d, Vj® if to this are added the net cuafwjs iflgures for January, February, an S T“ arc h> it gives a total for the caitpfUnr year 1938, to the nearest £ of £3,730,907, which is £41,634 less than for the 12 months from January to December last year, when the total was £3,772,541, the record for the port. The total for the 12 months this year is the next best ever recorded. December Figures __ Tho returns to the nearest £ for December this year and December last year are as follows: 1938. 1937., £ £ Customs duty .. 221.999 269 969 IT* 3 t ax • • • • 129.809 116.931 B4«r duty .. 9,366 3,815 Pfhrol at 6d gal. .. 54,845 52.788 tex •• -• 2,858 1,816 Nine Months’ Period 1938. 1937. £■ £ Customs duty .. 2,834,552 2,956,937 , Salts tax .. .. 1,034.788 1,050,022 Beet duty .. .. 62,962 57.989 Petfol at 6d gal. .. 412,003 385,729 Tyre tax .. .. 21,577 21,407 ■ „ ACCIDENT LOSSES. Numerous perSonS unfortunate enough * “® ln iured i.i accidents suffer monetary loss through failure to obtain immediate representation and advice after an accident. Safeguard yourself by immediately consulting N. W. Laugesen. Independent Claims Assessor mid Adjuster, 152 Hereford street. ThOnes 35-267 oar 23-536, alter 5 p.m. — l’

ENGLAND’S GOLD RESERVES DRAIN DURING RECENT CRISIS HOLDINGS STILL CONSIDERED ADEQUATE (UNITED PRESS ASSOCIATION—COPYRIGHT.) LONDON, December 31. A rough measure of the extent of the pressure on sterling and the drain on gold during the crisis in September is revealed by an official disclosure that the exchange equalisation account’s gold holding at September 30 was £151,000,000 at the gold price of £7 an ounce compared with £298.000.000 at March 31. • There has been an additional further loss of gold since, owing to recent repatriation due to international uncertainties, probably to the extent of £50,000,000. However, net gold exports since September 30, have been only £78,500,000. While the authorities have intermittently bought gold from hoarders they have also acquired probably £ 15,000,000 worth of newly-mined South African gold. Accordingly, it is estimated that the Exchange Account holds appreciably above £100,000,000 worth of oold. However, the real defences of the pound are centred in • the Bank of England’s gold, which is still roughly £538,000.000 worth, as it was at March and at September. It is thus believed that the gold reserve is adequate for any unforseeable circumstances except a major war.

Moreover, the value is increasable by £50.000,000, taking the gold at the current price of nearly £7 10s.

LONDON STOCK EXCHANGE COLONIAL BONDS WELL SUPPORTED MARKET SENTIMENT IS OPTIMISTIC (UNITES TRESS ASSOCIATION—COPYRIGHT.) LONDON, December 30. A continuance of holiday conditions has restricted business on the Stock Exchange, but market sentiment is unexpectedly optimistic, resulting in an impressive number of small, well-dis-tributed price gains.

Colonial bonds are strongly supported, Australian conversion narrowing from a discount of £3 10s to one of £1 ss. Other Australian and New Zealand bonds have advanced fractionally. Quotations for mining shares are;— .. Buyers. Sellers, s, d. • s. d. Clutha River ~ 1 44 1 74 Molyneux River .. 0 0 0 9 LONDON MARKETS CHEERFUL

END OF “UNCOMFORTABLE YEAR”

WOOL PROSPECTS THOUGHT ENCOURAGING

LONDON. December 31,

The stock markets have ended an uncomfortable year cheerful in all departments. Commodity markets have improved. Tin and rubber are stronger, because of Amercian buying. Butter has an improved tone since the holidays, but the market is not very active.

Bradford correspondents survey wool prospects for 1039 in an encouraging tone.

LONDON PRODUCE MARKETS PRICES AT END OP WEEK (vxitao pats* kßaocu.no* —corraiofir.) LONDON, December 30. Friday’s closing prices in the London produce markets Were’.— Cotton— s.2Bd per lb, February delivery 4.90 d. Rubber—Para 7d per lb, plantation smoked 81d. Jute —January-February shipment, £l9 17s 6d. t x Copra—Jahuary-February shipment South Sea £9 7s 6d, smoked £9 7s 6d, plantation Rabaul £lO 2s fld. Linseed Oil —£25 10s a ton. Turpentine—33s fid per cwt.