FINANCE AND COMMERCE

Press, Volume LXXVI, Issue 23087, 1 August 1940, Page 4

FINANCE AND COMMERCE

REVENUE FROM CUSTOMS JULY TOTAL SHOWS DECREASE ADVANCE IN FOUR MONTHS’ FIGURE Although customs revenue collected at Christchurch in July this year was £9OIO less than that for the same month last year, the total for the four months of 1940, at £750,672, showed an increase of £50,772. Customs duty in July yielded only £68.507, against £92,525 last year, but this £24,018 decrease was not enough to counteract the sharp increase in the first three months of this year, the total for the four months, at £385,044. showing an advance of £14,115 on last year’s figure. The yield from sales tax also continues to run at a considerably higher level than last year, the total for the four months being £182,495, against £167,740 in 1939, and for July this year £50,983, against £40.817 last year. Petrol restrictions continue to be reflected in less revenue from petrol and tyre duty, the four months’ yield from petrol being only £86,108. against £106,365 in 1939, and from tyres £3442 ,against £3730. 'Revenue from beer "showed an advance in July of more than 50 per cent. —from £10,282 to £16,493, while the four months’ total moved up by £18.067, from £41,472 to £59,539. Detailed figures are:— Four months ended July—Customs £385.044 (£370,929 in 1939); beer £59.539 (£41.472); petrol £86.108 (£106,365): tvres £3442 (£3730); sales tax i £182,495 (£167.740); light dues £1922 '(£2141): wool levy £BO4 (£1412); meat levy nil (£5881); honey levy nil (£1); hides levy £446 (nil): miscellaneous £30.872 (£229); total £750,672 (£699.900). Month of July—Customs £68,507 (£92,525 in 1939); beer £16.493 (£10,282); petrol £20.729 (£23,322); tyres £9lB (£1435); sales tax £50.983 (£40.817); light dues £419 (£493); wool levy £49 (£180); meat levy nil (£1812): honey levy nil (nil): hides levy £lB (nil); .miscellaneous £3BOI (£61); total £161,917 (£170,927). AUCKLAND (PRESS ASSOCIATION TELEGRAM.) AUCKLAND. July 31. An increase of £1243 in revenue in July, compared with Jul* last year, was reported by the Customs Department at Auckland, but the aggregate for the seven months of the current year shows a decline of £83,540, against the similar period of 1939. Receipts this month ./ere £423,483. Last year the figure was £422,240. For the seven months’ period, the respective totals were £3,257,355 and £3 340 895. An analysis of the figures for this month, with the corresponding particulars for July. 1939, shown in parenthesis, is:—Cusl nns. £233,588 (£252,066); motor spirit, £55,264 (£69,773); tyre duty, £2911 (£2461); beer excise, £27.116 (£13,203); sales tax, £104,604 (£84,737). WELLINGTON (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, July 31. Net customs revenue collected at Wellington in July returned to a more normal level after the very high totals collected in May and June. Substantial increases are shown under all heads excepting motor spirit. The figures for last month, with those for July, 1939, in parenthesis, are:—Net customs revenue. £239,541 (£264,668); war tax, £27,339 ( ); sales tax. £121.412 (£107,821); beer duty, £9532 (£5032); motor spirit duty. £28,973 (£42,095); tyre tax, £1932 (£1630). DUNEDIN (PRESS ASSOCIATION TELEGRAM.) DUNEDIN, July 31. A sharp drop in the total revenue from customs and excise duties, at Dunedin for the month of July compared with July last year is recorded. Petrol tax, at £11,104 16s, was lower by more than £2OOO than it was last July; but beer duty and sales tax showed substantial increases, the former being nearly £6OOO higher, and the latter more .than £7OOO in excess of the figure for July, 1939. Total revenue for the month shows a decline of more than £42.000 on last July’s figures. Total receipts from all sources for July, 1940, were £13,169 17s 6d, and for July, 1940, £173,696 8s 9d. The principal items were: Customs, £42,691 10s 7d (£50,250 6s 9d); beer, £35,470 11s 2d (£29,667 16s 7d); sales tax, £33,335 10s Id (£26,132 3s 3d); gold £737 10s 9d (£923 12s 9d); petrol, £11,104 16s (£13,137 15s); tyres, £345 11s 4d (£432 12s 8d). MARKETING OF POTATOES POLICY OF GOVERNMENT STATEMENT EXPECTED THIS WEEK • From Our Parliamentary Reporter.) WELLINGTON, July 31. An official statement of the Government’s policy in dealing with the potato market is expected to be made late this week. , ~ The price of £ll a ton which the first portion of the agreed shipment of 5000 tons to Australia is realising is believed just to clear the Government after the payment of all charges. COMPANY NEWS STANDARD INSURANCE At a meeting of the board of directors of the Standard Insurance Company. Ltd., Mr Andrew H. Allen was appointed to fill the vacancy on. the directorate caused by the retirement, of Mr W. F. Edmond. BALLINS BREWERIES INTERIM DIVIDEND ■ ' The directors of Ballins Breweries (N.Z.), Ltd., have declared an interim dividend of 2 per cent, for the first six months of the current' financial year. The dividend is unchanged.

STOCK EXCHANGE BUSINESS MARKETS AGAIN FIRM BUT QUIET ONLY TWO ISSUES ARE SOLD Reported sales of Standard Insurance and Hays, Ltd., contributing were the only transactions recorded on the Christchurch Stock Exchange yesterday. Although markets were quiet, however, they remained firm. The sale of Standard Insurance (late Tuesday) was at 56s 6d. and buyers yesterday were at 565, without response from sellers. The Hays shares were firmer at 17s, and further buyers at 16s 9d. Buyers of New Zealand Government 4 per cent, stock, due 1949, 1952, and 1955, raised their bids to £lO3 15s without attracting sellers. New Zealand. Refrigerating (10s paid) were firmer on buyers’ offers 8s 6d. Sellers of New Zealand Breweries reduced their limits to 33s 6d, buyers at 32s 6d. Buyers of New Zealand Drugs (cum Tights) raised their bids to 81s, but sellers were reticent. Macduffs were firmer, with buyers of the ordinary at 6s 6d. and of the preference at 14s. New Zealand Paper Mills were stronger, with buyers at 28s. Sales Reported—so Standard Insurance, 56s 6d (late Tuesday); 200 Hays. Ltd. (contr.). 17s (2). LATEST QUOTATIONS N.Z. Govt. Debentures —3 p.c. Ins., 1941, b. £9B 10s; Si p.c. Ins., 1958-57, s. £99; 4 p.c. Ins., 1943-46, b. £IOB ss: 4 p.c. Ins., 80/11/48, b. £103; 4 p.c. Ins., 1940-49, b. £lO3 15s; 4 p.c. Ins., 1949-52. b, £lO3 15s; 4 p.c. Ins., 1952-55. b. £lO3 15s; 4 p.c. Ins,, 1954-58, b. £lO3 15s, s. £lO4 ss; 4 p.c. Bonds, 1940, b. £lO3 os; Rural Bonds, 5 p.c., 15/9/47, b. £lO3. Other Debentures —Auckland Gas, 5 p.c. Pcrp., b. £IOO, s. £lOl. Banks—Natl, of N.Z., b. £1 16s 3d; N.Z., b. £2 0s sd, s. £2 0s 9d; Union of Aust., s. £7 ss. Insurance—Standard, b. £2 10s. Loan and Agency—N.Z. Guar. Corpn., b. 2s 9d; N.Z. Loan and Mere, (ord slock), s. £39; United Building, b. £l, s. £1 Is; Wright, Stephenson (pref.), b. 19s 7cl, s. £1 0s 3d. Frozen Meat—Cantby,, b. £9 15s; N.Z. Refrig. (10s paid), b. 8s 6cl, s. 9s; Southland, b. £1 11s. Woollens—Bonds Hosiery, b. £1 4s; Kaiapoi (17s paid), b. 14s; Manawatu, s. £1 0s 3d; Mosgiel, b. £10; Timaru, b. 9s Cd. Coal—Westport, b. £1 2s, s. £1 4s; Westport-Stockton, b. 2s, s, 2s 6d; West-port-Stockton (pref.l, b. 4s. Gas—Auckland (10s paid) (fully paid), s. 8s 7d; Christchurch, b, ay 3s, s. £1 4s 9d; Christchurch (10s paid), b. 10s Od. Breweries —Ballins (15s paid), b. 10s lOd, s. 12s 0d; Dominion, b. £1 8s; Dunedin, s. £1 8s; N.Z., b. £1 12s 6d, s. £1 13s 6d; Ward (in liqdn.), s. Is 6d. Miscellaneous—Andersons (Ist pref.), s. 19s; Beath, b. 16s; Booth, Mac. (pf.), b. 2s 4d, s. 3s; Begg and Co. (cum div.), b. £1; C.F.C.A., b. 8s; Dom. Builders, s. 6s; Dom. Fertiliser, b. £1 os 3d; Dom. Rubber, s. £1 ss; D.I.C. (pref.), b. £1 2s 9d; Greater Crystal, b. 12s 6d; Hay’s, Ltd,, b. £1 Is; Hay's, Ltd. (cont.), b. 16s 9d; Kaln, R. G., b. 4s; Kain, R. G. (pref.), s. 15s 3d; Mason, Strothers, s. 15s; Mason, Struthcrs (14s paid), s, 10s; Mason,, Struthcrs (10s paid), s. Gs; Milburri Lime, b. £1 17s; Macduffs b. 6s 6d, s. 7s lOd; Macduffs (pref.). b. 14s, s. 15s; McKenzies, s. £2 0s 3d; Natl. Elec., b. 17s, s. £1; N.Z. Drug, b. £4 Is: N.Z. Farmers (10s paid), s. Id; N.Z. Farmers (A pref.). s. £2; N.Z. Farmers (4J p.c. Stock, 1955), (ex int.),"S. £81; N.Z. Newspapers. b. £1 8s 6d, s. £1 11s; N.Z. Paper Mills, b. £1 8s; North Roller Milling (pf.), b. 19s 6d; Quill, Morris (19361, b. 18s, s. £1; Taranaki Oil Development (3s Gd paid), s. 3s Cd; Urlwins (pref.). b. £1 2s; Tingey, R. and E. (pref.). b. IDs 3d; Wilson’s Cement, s. 18s 6d; Woolwortbs (N.Z.), b. 14s; Woolwortbs (N.Z.) (pref.), b. £1 14s. N.Z. Mining—Addison’s Flat, b. Is; Alexander, b. 2s 6d, s. 7s 8d; Austral (N.Z.), b. £1 3s 3d. s. £1 10s; Big River, b. 6d; Golden Sands, s. lid: Grey River, b. 14s 3d Maori Gold, s. 6d; Moonlight, s. 8d; Mossy Creek (cum div.), b. Bd, s. Is Id; Nemona, s. sd; New River, b. 4d, s. 5Jd; Mining House Concessions, s. 2Jd; Waihi Investments. s. 7s 6d; Worksop, b. 4d, s. 4Jd. Unlisted Stocks—Assoc. Gold Dredges (8s paid), b. 6s, s. 8s; Christchurch Press, b. £6 10s; Brunner Collieries, s. 14s; Lange’s Mobile Gas, s. 10s 6d; General Tobacco. D. 7s 6d; Coull Somerville, s. £1 Is; Rink Taxis, b. 3s 6d; Selfridges (N.Z.), s. 10s; South Seas Fishing, s. 13s; St. Elmo Courts, 6 p.c. pf., b. 12s 6d, s. 19s; Whakatane Paper Mills, s. 3s; White’s Electric, s. Id. AUCKLAND Sales—Auckland Electric Power Board, 41 p.c.. 15/6/59, £107; Amalgamated Brick (Auckland), 6 p.c., 1/3/44, £lO2 (2): N.Z. Insurance, 58s 6d; N.Z. Guarantee Corpn., 3s; N.Z. Refrig, (con,), Gs 6d (late sale); Woolwortbs (N.Z.), 15s, 14s 9d. WELLINGTON Sales—Bank of New Zealand, 40s 6d. 40s; Wellington Trust and Loan, 955: N.Z. Insurance, 58s 6d. Unofficial list: R. and E. Tingey (ord.), 20s (all late Tuesday). DUNEDIN Sale—Westport Coal, 22s 4Jd (late Tuesday). SYDNEY Although political tension In the East is becoming acute, yesterday’s trading on the Sydney Stock Exchange was not greatly affected. Sales—Colonial Sugar, £47 ss; Aust. Consolid. Industries, 33s 3d; Standard Cement, 19s 6d; Morts Dock, 16s 3d; Woolwortbs, 15s; Toohevs, 275; Stedman, 10s; Broken Hill Pty„ 425; New Broken Hill Consolid., 12s lOd; North Broken Hill, 34s 6d; Kanleri, 225; Loloma, 225. MELBOURNE Sales—National Bank (5s paid), £5 7s; .Metropolitan Gas, £l3 9s; Associated News, 10s sd; Drug Houses, 245; Loloma, 235; Emperor. 10s. LONDON Bank or Australasia, 115s; E„ S., and A. Bank, 50s; Union Bank of Australia, 85s; Bank of New South Wales, £l7 10s; National Bank of New Zealand, 19s; Bank of New Zealand, 20s: British Tobacco, 33s 9d; Goldsborough, Mort, 18s 9d; Dalgety. 82s 6d: P. and O. Deferred, 16s 9d; New Zealand Loan and Mercantile, 4 p.c. deb., £75: N.Z. Loan and Mercantile, ord. stock. £25. , Clutha River Company, b. 4Jd. s. 7Jd; Molyneux River Co., b. 14d, s. 4Jd. FOREIGN EXCHANGES Telegraphic rates of exchange on overseas centres yesterday are supplied by the Bank of 'New South Wales ns follows (Hie first quotation being the buying one, and the second the selling):— On; New York, dol. to £N.Z., 3.2542, 3.2050; Montreal, dol. to £N.Z., 3.6039. 3.5290; Greece, drachmae to £N.Z., —. 412.70; Java, florins to £N.Z. ( 6.187, 6.004; Hong Kong, N.Z. pence to dot., 184, 19 1-32; India and Ceylon, N.Z. pence to rupee, 22 19-64, 22 45-64; Manila, N.Z; pence to peso. 36 37-64, 37 29-64; Shanghai, N.Z. pence to dol., —, 5 9-16; Singapore, N.Z pence to dol., 34 53-64, 35 37-64. SHARE MARKET INDICES New York Dow'- Jones’s averages (1926 equals 100) and turnover on the New York Stock Exchange are as follows: 20 rail- • 30 Shares roads. industrials. sold. July T .. 25.70 121.12 270,000 July 11 .. 26.07 121.58 330,000 Julv 20 .. 26.26 121.87 110,000 July 29 .. 26.58 123.15 260.000 July 30. .. 27.09 125.97 670,000 Industrials: Highest in 1939, 151.52 (September 12); lowest, 121.4 (April 8). Highest in 1940. 152.80 'January 3): lowest, 114.13 'May 21). London Stock Indices, compiled L. the “Financial Times." are (October 15, 1926, equals 10O): ' x Govt Home. Indus- Gold sec’ties. rails, trials, mines. July 1 .. 107.1 33.8 69.4 137.0 July 16 .. 108.7 35.8 72.2 136.8 ■ July 25 .. 108.8 40.0 74.2 150.6 July 29 .. 109.1 40.3 75.8 151.8 July 30 .. 109.1 39.5 74.5 147.3 MINING COMPANIES’ REPORTS Rlmu Flat.—The return this week was