FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 22907, 2 January 1940, Page 9

FINANCE AND COMMERCE

REVENUE;.; FROM ' : " CUSTOMS-

CHRISTCHURCH INURES

INCREASE OVER NINE MONTHS

BEER DUTY AT HIGHER FIGURE

The total revenue collected during the nine months of the financial year 1939-40 at Christchurch wag. nearly £34,000 more>than that-for the same period In 1938-39. Increases in 'duty on some iteriis-wduid probably account for the increase: Actual customs-duty, in fact, sHows a "substantial decline for the period,, and also for December, 1939, compared "with December, 1938. Increases were registered in beer duty collected (the increase over the nine months period approximating £20,000), petrol, sales tax (an increase : of £35,210) and for meat levy collections. Miscellaneous collections also increased substantially for both the monthly period and the longer period. Details of the revenue collected follow:

ASSOCIATION telegram.) AUCKLAND, December 30. Revenue collected at Auckland by the Customs Department under all headings for the year shows a decrease of £47,460. During December the total,- at £473,122; was down by £87,428.". Sales tax during the 12 months at £1,098,185 an inof £45,883. In December, sales tax collected was £2891 below that of 1933. " s f ■ Exeise on beer during the 12 months increased by £27,365; ! theo«xcise collected "in;-December alonei-being £7174 more-, than in" 1938. '■ Customs " duty., at £3,450,"881," was £ 136.834-:Je'ss than in 1938.-Motor spirit duty'for"4he-year at £898,837 was an ' increase of £21.532.7 Tyre duty, at £33,317, dropped sharply by £5406. Thijs;. on three items, customs, motor SDiruVand tyre duty, there was a decrease" totalling £120,708 during the ye'ar, '*' "■ - -' - - s. . ••WELLINGTON '• O?EHSS ASSOCIATION telegram.) WELLINGTON, December SO. Customs returns at Wellington during -December declined by £80.995. comoared with December, 1933, although v/ar tax, which did not-apply a year ago, amounted t0,£28,061. The '.only item to show an' increase was excise duty on beer, which rose from F£9266 a year ago to £11,706 during |the. month. .As the amounts collected iifor- war tax go directly to the War •Expenses Account, the actual decrease shown is £109,056. - Details for the- month, to the nearest ,r £, with the figures for December, 1938, •are as follows:

For the- nine "months of the financial year the figures show a decline of £115,343, but as the total for the present, year includes £80,030 for the War Expenses; Account, the actual decline'is "£195,373. Beer and motor spirits ■were the only items showing an increase. Details for the nine months and for the corresponding months in 1938 are as follows; • - , -1 ' 1939. 1938. 1 Customs .. ..2,653.677 2,834 542" J" Sales tax .. . .1,035,104' 1,021,074 \ Beer, - .... 70,254 62,952 \ Motor spirit .'. 384,058 413,003 y Tyres .. .. 14,681 21,576 .War Tax — - / "Customs ... 77,022 Nil /vVßecr 3,006 Nil "The Press" Classified Advertisements are read at the breakfast table, and. are sure to deliver results during the-" day—l2 words Is, 3 insertions 2s 6d". 'Phone 33-358. —6

RESERVE BANK RETURN-

STERLING EXCHANGE HIGHER . NOTE ISSUE ALSO GREATER (FBESS ASSOCIATION TELEGRAM.) WELLINGTON, December 30.. The Reserve Bank return for the "week ended Monday, December 25, was issued to-day. The statement is balanced at £38,023,305, an increase of £1,661,942 on the total of the previous week. Following a rise of more than £2,000,000 in the previous return, sterling exchange has gained a further £444,679, and at £8,717,735 is nearly double the amount held at the corresponding date a year ago, "The. note issue expanded during the week by an additional £315,409 ,to £19,292,125, compared with £ 16,641,625 at the corresponding date last year. Government deposits have risen by, £36,752, and trading bank deposits show the marked increase of £1,326,272 to £13,545,448. The ratio is only fractionally lower at 32.20 per cent. Advances to the State are £1,029,053 higher, but of this total increase only £79,053 is represented by advances to the, Primary Products Marketing,. Department, "other purposes" claiming £950,000, bringing .that item to £19,275,000. ''■:■■■ The statement, with variations, compared with the week before, is as follows: — Liabilities Change from last week. ' & £ General reserve .. 1,500,000 Same Bank notes .. 19,282,125 +315,409 Demand liabillties—State .. 2,859.912 +30,752 Bank ' .. 13,545.448 +1,320,272 Other .. 28.352 ~ 112,021 Other«currencies .-. 15,611 +1,149 Other liabilities .. 781,857 +94,381 Totals , .. 38,023,305 +1,601,942 Assets Reserve— Gold .. .. 2,801,839 Same Sterling exchange 8,717,735 +444.079 Subsidiary coin .. • 155,433 —9,575 AdvancesMarketing Dept. .. 3,381.000 +79.052 Other ..' ..19,275,000 +950,000 Investments .. 3,358,067 +44.120 Othier assets -- ■ 334.231 ■■- ri-153.GG5 'Totals .'. 38,023.305 +1,661,942! Proportion of reserve to notes and other demand liabilities, 32.20 per cent. (32.379 per cent, a week ago)..

OPTIMISM IN MARKETS '

LONDON EXCHANGE FIRM TRADING CENTRES ARE CHEERFUL' . (UNITED PBEBS 4SSOCUTTQH—COPYRIGHT.)

LONDON, December 30: The Stock Exchange closed the jrear on a note of optimism. The fh'mness in almost all ■ sections and the pronounced strength in some were evidence of confidence, that a major adverse development is unlikely in the -near future. * , Reports from trading centres ar.e also cheerful, notably from Lancashire, where unemployment figures have fallen by 150,000. The spending power of the populatron has risen many millions per annum. New industries are still entering the arena. Many are brought by refugees from Central Europe. Equally good reports come from the Midlands. \ The main feature of the commodity markets has been the fluctuation of tin, which declined to the lowest price since the restoration of free dealings before staging a partial recovery. Rubber . and cotton displayed an easier tendency.'

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If IMS MSOCUMOS TBLEOKAM.) DUNEDIN. December 31. With the recent increases in taxation counterbalancing the loss "of revenue through the restrictions placed. on imports, the total .customs revenue collected at the port of Otago during the year was £32,894 in excess of that collected in 1938. The actual amount received in customs duty, however, showed a decrease of slightly more than £50,000, but this drop was more than compensated by increased revenue in other sections. One of the most notable increases was that recorded in beer duty, the figures for the year showing an increase of £47,160 over those for 1938. Even bigger increases were shown in the figures for the quarter and December. Petrol tax, on the other hand, showed a. drop of £7145. Sales tax showed an increase of £18,204 compared with revenue from this source in the previous 12 months. Following are the figures for December this year and last year:—

Following are the figures for the complete year:— 1939. , 1938. £ £ Customs duty .. 734,075 784,100 Tyre duty .. 7,962 7,912 Petrol tax .. 195,142 202,287 Beer duty .. 372,454. 325,294 Sales tax .. 328,068 309,864 Gold tax .. 15,529 . 19,626

Totals ... 1.695,101 1,662,207

December, December, 1938. 1939. & £ Customs '.;. 106,282 82,999 Beer .. .. 15,270 18,436 Petrol ....;'" ; ,. 34,722 28,242 Tyres : '-...- v : " .. : 1*274 907 Sales r tajc\ ;■: .. 42,263 40,316'. Light r Ques- .. 394 388 Wool levy ■"■..:'. 123 4 Meat levy : 62 -- ■ — Miscellaneous 215 7,824 ; Totals .. 200,605 179,116 r ■ - 9 months ;, 9 months, ! :- •. 1938-39. 1939-40. £•-..- £ Ciistcrnas .. 905396 863,373 Beer ■' i: -;," ;: ... 104,497 123,625 Fdtrol ■..;•.".■■■ .. '232,663 236,531 Tyres ..- .. 9,871 7,067 Sales tax. , .. 338,443 370,653 Light dues ■w. 5,206 ' 4,776 Wool levy '■.;"• 1,502; 1,734 Meat "levy '.. 8,561 10,545 Honey levy ! ' •"... '■-" 41 "'1'.' Miscellaneous - -.v; 751 22,228 ■■'/ - ;. 1,606,733 1,640,533 -

1939. , 1938. '■ ""■& -■' v £ ... Gfepms "'.-*.■',.'; ..244.646 321,959 . • ,,.-t-,; ..'112,964 129,809 , : .."Bkar:,"v''-■..'■...-. .. -11,706 9,266 Motor spirit .. 39,914 54,845 .;-^ry*is ; ' : - ■'•;,'*'.",•■ •..-1,451 -2,858 .\ Customs.-.;' , .." 26,386 Nil /: -Beer '' Vi .i : ' ■ .-.:.-.- 1,672 Nil- v .... ■:-.■ 2 Nil

Customs duty < '■■■■•. Tyre duty , Petrol tax . Beer duty '■;'•. Sales tax :' -.'■..' . Gold tax 1939. £ '• 55,097 v. ■- .•■.•■ 575 . 17,850 . 38*103'* . 30,111 , 1,228 1938. £ : 71,966 767 22,571 29,260 29,400 1,189 Total ,;" .' ..':■; 1531703 155,401