CONDITIONS IN BRITAIN

Press, Volume LXXXIII, Issue 25161, 17 April 1947, Page 8

CONDITIONS IN BRITAIN

INDUSTRIAL AND COMMERCIAL PROBLEMS Industrial and commercial problems in Britain were discussed by Mr T. N. R. Harris, London representative of Bing, Harris and Company. Ltd., who arrived this week at Auckland. “Taxation in Britain is so’ high th-«t it is impossible for an Industrialist to make a net income of more than £4OOO a year,” said Mr Harris. "Such a position tends to stop many firms from starting new ventures, and many firms are waiting to see what the Government will do.” Referring to the shortage of fuel in Britain, he said that the real trouble was that the Government failed to advise the people of the true position. The cutting of fuel and electricity for industry had especially affected the cotton and steel industries. There was a general feeling that the position would be much , worse next winter, with an increased demand for coal- for industrial and domestic use, a shortage of labour and reduced working hours. With the shorter hours there would be a smaller output and higher prices.

Mr Harris said the American loan to Britain was being spent rapidly and when it was finished Britain would depend on the Dominions for supplies. “It looks as though the British Government in the future will have to step up exports to America in order to pay for the necessary imports,” he said. “It is not easy to foretell what will happen.”

CALL AND DIVIDEND LIST

SHAREMARKET INDICES

COMPANY NEWS

Paparoa Coal Company.—Resolutions authorising the directors to negotiate and conclude the sale to the Crown oT the company's mining properties, buildings plant, machinery, and other rights were passed at an extraordinary general meeting of shareholders of the Paparoa Coal Company. Ltd., in Wellington yesterday The sale will exclude the liquid assets of the company.—(P.A.) Selfridges (N.Z.). Ltd.—Net profit of Selfridges (N.Z.). Ltd., in the year ended January 31. rose from '£2838 to £5137. Dividend was 24 per cent against 14 per cent, in the previous year.

MINING

Wellington Alluvials (N.S.W.). —635 ounces. 216.000 yards. 459 hours, for four weeks ended April 5.

New Occidental (N.S.W.)—Treated 10.464 tons for four weeks ended February 16; estimated working profit of £1233. Capital expenditure was £5Ol.

Arahura.—The Arahura dredge return for the first half of April is 276 ounces from 81,000 yards in 211 hours.—(P.A.) Kanieri.—The Kanieri dredge return 10-b the first half of April is 213 ounces from 102,000 yards in 206 hours.—(P.A.)

Building Society.—At a meeting of the directors of the Christchurch Building and Land Society (Permanent) held this morning, Mr A. B. Ellis, architect, of Christchurch, was appointed to the board SJ 1 cause d by the death of Mr V. E Hamilton.

Russian Cotton tor Britain.—Russian cotton is now expected to be purchased by Britain in increasing quantities. Big contracts have been negotiated with the Russian Government, and early this month 20.000 bales reached Britain—the largest amount from Russia since before the war At the same time only 525 bales arrived from the United States. To save dollars, the Board of Trade has decided to purchase less American cotton. The quality of the Russian cotton has been praised by Lancashire spinners, who are us f more of A total of bales of raw cotton was - received by Britain at the beginning of April This was the largest amount in any week since the war ended

Myer Emp.—int. ord. 3 p.c. (ex April 9) Apl. 18 Sth. Brit.—mt. Is a share (ex April 11) Apl. 24 Nat. Mortgage—finl. 2j p.c., bonus 11 p.c. year Apl. 22 Nthn. Roller—5 p.c. p.a. (ex April 10) API. 24 Mackay Logan—fin., 4J p.c., 7$ p.c. p.a. (ex April 18) Apl 29 Selfridges, A'asia.—9 p.c. p.a. .. Apl. 29 Gen industries—int. ord, a p.c.. pref., 3J p.c. (ex April 16) .. Apl. 30 Unit Prov.—int pf. 4 p.c., ord. 3 p.c. (ex April 15) Apl. 3U Cumb. Pap. Bd.—int. rate p.a. 6 p.c. ord. 6.2 p.c. pref. ‘ Apl. 30 Aust. 1. and S.—int pi. 3i p.c. (ex April 16) May 1 Elect. Zinc—int. 6 p.c. pf. and ord (ex March 11) .. May 9 Sharland—int. 2J p.c. (ex Apl. 24) May 10 M.K. Mfrs.—8 p.c.. p.a. (ex March 21) Apl. 16 How. Smith—fin., 3 p.c. (ex April 16) Apl 30 Wm. Cable—pf., 3J p.c. (ex Apl. 1) May 1 N.Z. Invest Co.—fin. 3 p.c. May 1 Nat. A’asia.—int. 3 p.c. (ex May 14) May 28 I.C.I. (Bond.) —fin. ord. 5 p.c., plus bonus 2 p.c. June 16

London.—“Financial Times” (1926 equals 100): — Inds. Ord Govt. Gold January 31 .. 134.7 120.52 129.51 February 28 132 119.82 135.28 March 31 128.4 117.76 123.4 April 2 128.6 117.95 122.71 April 8 128 8 118.21 123 54 April 11 129.2 118.19 124.56 April 14 129.6 118.19 124.83 New York.--Dow Jones (126 equals 100), 1939 Highest (Sept.), rails, 35.90: industrials, 151.22 Lowest (April), rails 24.15: Industrials. 121.4 Shares Rails. Indus. sold. December 31 . 51.13 177.20 1,820,000 January 31 . 50.88 180.44 1.310,000 February 28 . 50.39 178.90 680,000 March 26 . 48.7 177.1 940.000 April 2 . 48.75 177.32 680,000 April 8 . 47.25 173.29 1.020. non April 11 . 46.72 173.43 850,000 April 12 . 46.14 171.76 630,000 April 14 . 44.45 166.69 2,200,000 April 15 . 44.24 166.82 1,450,000