COMMERCIAL

Press, Volume LXXX, Issue 24445, 20 December 1944, Page 6

COMMERCIAL

TAXATION ON' INDUSTRY

EFFECTS DISCUSSED ADDRESS BY CHAIRMAN OF REID RUBBER (P.A.) AUCKLAND. December 19. "Ills unfortunate that It is not more generally realised that heavy taxation of productive industry is not fner ®}y charge against profits of that particular Industry, but increases the cost of tne goods produced and is a cumulative factor in building up the cost of living, said Mr A. M. Seaman, chairman of directors. at the annual meeting of Rem (New Zealand) Rubber Mills, Ltd., toMr Seaman commented that proviskm made for this purpose had absorbed more than half the gross profit and was more than three times as great as tne final balance of profit left for shareholders. Taxation was so high that it was no longer possible to give shareholders a fair return on their Investment and at the same time put by those adequate reserves which were the traditional and sound means for providing funds for the normal growth of business and ; against the normal hazards of trade. “The maintenance of sound manufacturing industries Is essential to the wellbeing of the community and an indispensable factor in the reabsorption of returning servicemen Into civil life, sam Mr Seaman. ' They should not be subjected to such heavy taxation or be made subject to such onerous conditions of operation tnat they could not carry on in competition with imported goods except under the shelter of artificial barriers and restrlctions. ~ To allow that condition to obtain would hot permit of a healthy industrial and economic life within, the Dominion, and it was to be hoped that Government authorities would give earnest and early thought to the establishment of economic conditions that would make it possible for soundly-based industries to operate In the post-war world to the mutual advantage of the community as a whole, the shareholders, and the employees of the company, concluded Mr Seaman. STOCK EXCHANGES BUSINESS AT CHRISTCHURCH Transactions on the Christchurch Stock Exchange yesterday were restricted to a few stocks, and there was only a small turnover. Apart from vestibule business, the. following transactions were recorded:— Sales ’on ’Change.—Listed stocks: 200 Christchurch Gas (fully paid), 265; 75 Wilcox Mofflin (rights). 4d (2). Sales Reported.—Listed stocks: 150 Waihi Investments (late sale on Monday), 5s 7d; 500 Union Steam Ship (preD, 31s fid. LATEST QUOTATIONS N.Z. Govt. Debentures:- 3 p.c. Inscr., May, 1953-56, b. £97 15s, s. £97 17s 6d; 3 p.c. Inscr., Dec. 1953-56. b. £97 ss; 4 p.c. Inscr., 1949-52, b. £lO2 12s 6d. Banks: Australasia, s. £9 2s fid; Natl, of A’asla. (£lO paid), b. £l2 9s 6d; Natl, of N.Z., s. £2 12s 9d; New South Wales, s. £34:. New Zealand, b. £2 5s 3d, s. £2 5s 6d; Union of Aust., s. £8 5s 6d. Loan and Agency; Natl. Mort. (A), b. £3 6s 6d, s. £3 9s 6d; N.Z. Guarantee Corpn., b. 4s 2d: N.Z. Loan and Mgrc. (ordi stock), s. £72 10s; N.Z. Loan and Merc, (pref.), b. £IOO, s. £lO5 10s. Shipping; HuddartParker (pref.), b. £1 10s; Union (pref.), b, £1 11s. Frozen Meat; N.Z. Refrig(£l paid), b. £1 8s 9d; South Otago, b. £6 10s. Woollens: Bruce, b £ll2s6d: Felt and Textiles, s. £2 14s 6d; Kaiapoi (7s paid), b.’7s9d, s. 8s Id. Coal: Kaitangata, b. £1 4s. s. £1 6s; Westport, b. £1 8s 6d, s. £1 9s. Gas: Christchurch, b. £1 5s 9d. s. £1 6s 3d. Breweries: Ballihs. b. 17s. Miscellaneous: Aust. Iron and Steel (pref.), b. £1 13s 6d; Death and Co., b. £1 11s 9d: Burns, Phllp (South Sea), b. £1 5s 6d: C.F.C.A. (ord.), b. £1 Is; C.F.C.A. (pref.). b. £2 6s 6d. s. £2 10s: Cooke and Son. s. 6s 6d; Donaghy Rope, s. £3 9s; Electro.- Zinc, b. £2 16s 3d; G. J. Coles, b £3 8s 6d, s. £3 9s 3d; Macduffs, b. 16s 4d; Natl. Electric, b..£l 10s; N.Z. Drug Co., b. £5 Is; N.Z 1 . Farmers’ Co-op. (£2 10s paid), b. £1 Bs, s. £2: N.Z. Farmers’ Co-op. (A pref.), s. £3 15s; N.Z. Forest Products, b. 6s 4d; Roto\tl Timber, b. 7s 9d; Whltcombe and Tombs, b. £6 4s; Wilcox. Mofflin (ex rights), b. 11s 3d; Wilcox, Mofflin (rights), b. 4d, s. sd. Aust. Mining: Wellington Alluvials. b. 3s 6d. N.Z. Mining: Arahura. b. £1 12s 3d: Assoc. Gold Dredges, b. ss. s. 5s 3d; Austral-N.Z., b. 10s 6d, s. 13s 6d; Slab Hut, b. 2s 6d, s. 3s; Waihi Investments, b. 5s fid. • AUCKLAND Sales. —Victory Loan, 15/2/55-58, 3 p.c., £97 Iss; 2nd Liberty Loan, 15/5/53-56, 3 p.c., £97 12s 6d (2); 3hd Liberty Loan; 15/12/53-56, 3 p.c., £97 10s (2); Inscr. Stock, 15/4/80-63, 3 p.c..‘£96 10s; Bank of N.Z., 45s (6): Dominion Investment, 23s 9d: Dominion Breweries. 45s 9d; N.Z. Breweries, 435; Eroded Hill Pty., 44s 6d; Farmers’ Trading, 25s lid (3); N;Z..Newspapers. 435; N.Z. Drug (con.), 60s; Peters Ice, 245; Mt. Lyell, 29s 8d; Victoria Nyanza, 14s 3d. Unofficial, list: Australian Motorists Petrol, 25s 2d; United Cash Orders (pref.),’ 21s; Wlnstones (rights), 4S> WELLINGTON Sales.—Rotoiti Timber, 9s 6d; Inscr. Stock. 15/5/48. 21 p.c.. £97 10s; Inscr. Stock. 1/8/51-54. 3 p.c., £9B 10s; Inscr. Stock, 15/12/53-56. 3 p.c.. £97 10s; Inscr. Stock, 15/2/55-58, 3 p.c., >£97 15s: Inscr. Stock, 1/10/53. 21 p.c.. £94 ss; Wool Bonds, 1/2/48, 20s 2d: Wool Bonds, 1/2/49, 19s sd; Broken Hill Pty., 44s 6d; J. J. Niven, 20s. DUNEDIN Sales Reported.— Australian Consolidated Industries. 57s 6d: Bank of N.Z., 44s Id (2); N.Z. Drug (20s paid), 60s. RESERVE BANK RETURN (P.A.) WELLINGTON, December 19. The Reserve Bank return for the week ended December 11, with the figures for the previous week in parenthsis, is:— Liabilities.—General Reserve Fund, £1,500,000 (same); bank notes, £39,469,114 (£38,803,795); demand liabilities: State £10,745,642 (£12,265,321); banks, £25,165,052 (£26,217,497); other, £1,194,954 (£1,120,285): liabilities in currencies other than New Zealand, £12,110 (£34,322); other liabilities, £2,242,211 (£2,232,382). Total £ (N.Z.)80,329,082 (£82.173,592). Assets.—Gold, £2,801.878; sterling exchange in New Zealand currency, £37,952,495 (£39,271,653); subsidiary coin, £40,385 (£44,738); advances: to the Marketing Department, nil (£400,425); for other purposes, £25,885,000 (same); investments, £11,737,113 (same): other assets, £1,912,211 (£2,032,785)., Total £(N.Z.)80,329.082 (£82.173,592). Proportion of reserve to notes and other demand liabilities, 53.206 per cent. (53,617 per cent.). MINING Slab Hut—The return for the week ended December 15, 1944, was 530z from 38,000 yards, in 207 hours. Barrytown-Kanieri-Arahura.—The three dredging units of Gold Mines of New Zealand, Ltd., during the first half of December won a total of 14250z of gold. Barry town won 160oz from 78,000 yards in 194 hours; Kanieri, 3560z from 73,000 yards in 248 hours, and Arahura, 9090z from 155,000 yards in 257 hours. Golden Sands.—The return last week was 660z for 77 shifts. The heavy flooding in Baker’s creek on Thursday damaged the headworks and the bridges and carried away a good deal of the piping. It will be two months before sluicing can be resumed. LORNEVILLE STOCK SALE (P.A.) , INVERCARGILL, Dec. 19. The yarding of fat sheep at the Lorneville stock sale to-day totalled 1049, compared with 724 last week. The yarding consisted mainly of good quality sheep, with about equal numbers of ewes and wethers. The sale was a sound one from beginning to end, with values generally about Is 6d a head better than last week. Prime quality medium-weight wethers made 34s fid to 36s fid; light-weights, 31s fid to 335; aged and unfinished, 28s to 30s; shorn maiden ewes, 24s 6d to 265; good quality butchers’ ewes, 20s to 235; overweights, 15s 6d to 17s; unfinished, 15s to 16s 6d; medium-quality woolly ewes, 26s fid to 28s; inferior, 23s to 245. There was only a medium entry of 108 fat lambs, "but the quality was good and values were fully up to and in most cases in excess of export schedule. rates Extra good lambs made 34s 6d to 365: good Quality shorn wethers. -31s 6d to 335: light-weights, 27s 6d to 295. There was a full yarding of fat cattle, fully half of which comprised good quality heifers. The balance of the yarding was made up of unfinished sorts of all classes, and a number of aged and inferior cows. From beginning to end values for better quality cattle, especially bullocks and heifers, were up to 15s a head better. Cows, especially unfinished, sorts, vyere about 15s lower than at the previous sale. Prime quality bullocks made £lB 10s to £l9 15s; prime medlumwelshts, £lB 15s tb £l7 15s: handywefsMs, £ls 10s to £l6 10s: lightweights. £l3 10s to £l4 10s; small and unfinished. £lO to £ll 10s: prime quality heifers, to £ls ms; good quality medirnnwei slits, £l3 15s to £l4 10s: lightweights. £lO 15s to £l2: small, £8 15s to £10; extra good cows, £ls: prime finality. £l3 to £l4 ss; good quality medium-weights, £9 15s to £11'10s; unfinished, £7 10s to £8 10s; aged and inferior, £3 10s to £5 10s.