RESERVE BANK RETURN

Press, Volume LXXVII, Issue 23318, 2 May 1941, Page 7

RESERVE BANK RETURN

CHANGES IN DEMAND LABILITIES STERLING EXCHANGE HIGHER JVTaln changes In the return of the Reserve Bank of New Zealand for this week to April 28 were an increase In the sterling exchange: holding of £432,369, and Increases In demand liabilities of £114,437 in' those to the State, £342,809 to the banks, and £173.568 In others. Bank notes decreased by, £47,873. _ ’ , . ■ i The return; with changes from last week, £s:—- r , . Liabilities—(l) General reserve fund. £1,900,000 (same); (2) bank notes, bilities: (a) State, £9,015,812 ( + £114,43J); (b) - banks,, £13,311,416 ( + £342.909); .(c) other, £548,908 (+£176,568); (4) time deposit, nlLr(Same); (5) liabilities mother than New Zealand currency, n £15,030 (same);- (6); other liabilities, £1.202,096 ( + £16,812). Total, £N.Z,47,447,190 Reserve; (a) gold £2,801.873 (same) (b) sterling exchange, £N.Z.20,515.776 (+£432.369): (c) gold exchange nil > (same); (8) subsidiary . coin. mercial and agricultural (b), Treasury and locsl 'body,. (same), (10) “dyances; , (al to. tae gtate or State undertakings:, (1+ Marketing department, £3,169,549 {+ £l7S,7lXt)i (2) lor other purposes, £15,500,000’ (sarrie), (b), to other public authoriti#.-hU:/same), -(c) other; nil (same); - (11) ..mvestments, £3,772,569- (same); (12) bank b mi(Ungs, nil’ same): (13) other asseta _81.581. 45 ( - ,£N.Z.47,447,1WJ ;^»fo 6 poiSon of reserve' 5) to notes apd other : depiand liabilities. 52.906 per cent. (51 £ll 'per 1 cent, last week).

COMPANY TAXATION

« THE MOUNTING BURDEN »

(P.A.) WELLINGTON, May 1. The mounting burden of company taxation, was stressed by'the chairman pf directors ; (Mr G. Coleman Phillips) wien 'addressing the annual; meeting Of the New Zealand Investment,' Mortgage, and Deposit Company. , r "Gping bacS to 1938, when l asgumed the .cMirmanship," he said, “se„net profit that . ye« was , £ set- aside !for “taxation. ?ln the following year the figures were ,£2890 and £ 1016. Next year, we found £ 1536 for taxation and-the net profit was £2051. During feach of -these/-years and for the *last 10 yearsf; added £ 1000 to the-reßer^---‘^lhi*- v to sef aside £2107 for taxation, leaving- 'us with” bnly' l £1945! net, profit. figures*- mayuot clearly indicate the position; so * feeLifc incumbent on me to explain-that.the eompany.’s profits'for the year;are bndy £76rless than last year. The. actuaT profits haye not diminished, the reduced, balance being the outcome of the .staggering load of taxation. There has - not been any lessening in our earning capacity, thus, the deteriorating effects of the increased taxation, become apparent. ' , : Mr G; Coleman ’Phillips. 'was irepfectyd director.. ‘■

COMPANY NEWS

NEW ZEALAND NEWSPAPERS

(P.SS.) ’ AUCKLAND, May 1. New Zealand Newspapers, Ltd., has recommended -a final dividend,of 8d a 'share, making.lg 4d. or ,8 cent, for the year .iended MhS:h 31- (unchanged). Payment will be made on May 21.

; Italy's Vn Spending.—The Italian Budget. - Which was, presented to-day. shows - a ’ "deficit for the year of -sss^tfasxsssßrussee is^£ 61,000,000 a month.