TRADE RECOVERY

Evening Post, Volume CXIX, Issue 111, 13 May 1935, Page 12

TRADE RECOVERY

INVESTMENT. MARKET ,

STRENGTH. OF THE BANKS

.{By -Press Assn.—Copyright.) (Received May 13, 9 a.m.) , :. LONDON, May 11.' A leading financial newspaper says;— "Some^of the sunlight which illuminated the London Jubilee Day pageantry seems ■;to have penetrated to many corners of :.;fche Stock Exchange." ' . This describes .the position accurately, for although business lias not been brisk because the holiday .feeling lasted throughout the week, the tone of almost all markets'is'distinctly good. Yesterday was a. burst of activity in several departments, notably in aircraft shares,; -which received a stimulus from . the Air Minister's letter to contractors. All aircraft shares showed good rises. Average figures of the clearing banks for April afford encouraging evidence of the improvement in business. Total advances made by these banks amounted to | £744,700,000 .sterling. This is the highest (lApril figure for nearly two years, and is fonore than £10,000,000 higher than that fof January, 1934. The rise is partly seasonal in character, but it may be-regarded as a real sign of recovery in trade and industry. , CONFIDENCE IN CRISES. "The Spectator's" financial editor contributes a timely article on twenty-five years of British banking in which he mentions that when George -.the .Fifth came to. the Throne in 1910, total bank; ing deposits of - the joint-stock banks of Kngland and Wales amounted to roughly £720,000,000 sterling whereas at the end of 1834 the total exceeded £2,000,000,000, He adds that throughout these twentyfive years the joint-stock banks had to stand the strain, first of the Great War, then a short/period of superficial prosperity and later the strain occasioned by many years- of financial depression and crises in many parts of the world; Finally there was the British political crisis of ;1931 and Great Britain's departure from the gold standard. Throughout all these crises, confidence in, the banks never waned. ■ This point gains importance when it is remembered •.that the stability of. our banka has- been in striking \contrast with conditions prevailing in some, other countries, and not yjleasfrin the country-which was supposed *-to benefit most from the. Great War, namely, the United States;. J BUEDEN OF TAXES _■;' INTERESTING COMPARISONS '. Pre-war taxation of various countries ;. and the per capita burden carried by them 'today' is set out in a table' appearing^ in -' the Sydney "Morning Herald." The . rates given are from 1914. to 1934. Those .for these two -, years, however, 'are a« -under:— ..•■-. C ■ >■ Per head. Per head. '■■' : ■■'.■ •, 1014. ■ \1934.- . : " £ s. d. £ c, d. ~-United Kingdom. ..... 311 4 14.17 S 'Trance ;. ....... 3 7 0 14 11 2 'Germany U.......... 1 10 8 ■• 8 710 : Italy 2 2 3 « 12 ; i "-United States 11 7 11 5 10 C ■Australia' ............. 414 0 13 13 0 « yew Zealand ...5 5 2 13 18 J "':'■' i*Comprlses Commonwealth and States. '■•■'; Of Australian State taxation:for 1934, :^Queensland heads the list with £6 3s pel . - head. The States -taxation, foi ~,: 1921 was £8 %f andsf ell to £3 r, 16s■ in 4 1933. . United OKingdom' in 1921 f ;reache| ~;i'£18 Is 10d J per "head; its lowest suite £14 10s 6din 1933. Incidence* "! :;.' of taxation . vary- in different ■ countries. For instance,| the local authority in" Great ,|.,.Britain is largely responsible for educa; ;.j".tion'; in New Zealand 'it is' the Govern- ,:. ment. In Canada' unemployed are a charge Vir. on the cities; in. New Zealand the whole v Dominion is taxed. . . guTILISiriGWASTE PRODUCTS ;". Amalgamated Chemical Industries, Ltd., '. ■,'-. I nvereargill,. offers for public ■ subecription ;• 31,500.ordinary shares, , and' 49,000 shares - ■ in 16,500; cumulative preference shares bear,-•ing-interest at-6% per cent, per annum. f" The objects of the company are the rer.- covery of valuable chemical and other ';V by-products from wood waste by im{v.;. proved modern methods. It is pointed out i ;ia the.prospectus that' immense supplies o£ '..raw material exist in New Zealand in the '.",-i'orm of * timberv waste, especially silver • beech. The demand for wood distillation v'-products is good and:the cost,of the.raw •'i material .is "exceedingly1 low." Results ••. jjbtaineavfronj'< a cord of wood tested in ■ the : Invercargill; laboratory : are given as [: light and heavy oils, 8 gallons; wood -: naphtha,, 11% gallons; grey acetate, 2041b; ; extract (for tanning), 501b1; ' hardwood .--■■ charcoal, 11431b. The prospectus goes thoroughlyl into costs of production and markot •' values and prospects of the products. The ; - directors are Messrs. William H. Boyes; • A: E.W. McDonald, and R. D. Cogh'ill, :. chemiets; all of Invercargill. A '.•;. -RISE IN PRICE OF SILVER; ' A;; ;■•■;■ ißrltiah Offldal' Wireless.) •■• '' y -':r ■■■': ■':'"':■' . -■ lIUGBY, May 11. Silver,, spot, 33% d per oz; forward, 33::-7-16d>per *<iz.*" !fnlei-'.p_rice on M^y 9 was 32% d spot/ ■^.:.;:': PRICES OF METALS. • (By; Telegr&pK—Presa ."ABsn^Copyrignt.] ',- ■' • ''$■ . ■ ' LONDON; May 10. Tpda^s quotations for. metals, witl thosetorfl, week ago .in parentheses, arc as follows:-?- V Pig Iron.—Home trade. £3 7s 6d a ton '(same);<export, £3 2s 6d a ton. ■ •"■■■ .Antimony.—British, £76" 10s' a to: (same); foreign, £49 15s,a.ton'(£48 ss). Molybctenite.—34s Cd aunitv(same)i Wolfram,—33s 6d a unit ■ (355): • • - Osmiridium,—£B 10s to £10 an ounct . (same). . , . The official-London :(middle) quotations for Friday, as reported "by -the Australian Mines and Metals Association) compare with those previously cabled as follows:— . ... ' ••.:.•..'.. 1 ■>■.■■■. May 9.-.'- May 10. ! : Per ton. Perton. Copper— • £■ s. d. £c. d. i .3tandard,'apot .. 3218 9 33 4 4V a Ditto, forward. .. 33 0 10% 33 11 MM Electrolytic .... 38 10-0 3610 0 ■ . ■' 'to- 3G 15 0 37 5 0 Wire bars ...^,,3615 0- . 37 50 lead— '". ■'"" .■"',- . . Spot M< n6 a is zsi , lorw:ar,d. 138 9 13 16, Spelter—' • ■ , : Spot- .. f ........ 14 2 6,' 145 0 Forward ...... 14:, 7 6' 14' 8 9 .Tin—v • *Spot ■...;..-.... 224 17 .C, 225 7 6 lorward ....... 219 5 0 219."7 0 Silver-1-' . .-■ .■::':'.'':."':/ . '. '".-'.'.''.■ Standard, pec'b^ :32%d ;.•". 33d ' Fine /..... 4,.. .35 l.lCd . ' ,35 5-8 d "American, 49.80 cents a lb. The British' G'olumbia-fishing productioi: m 1934 was valued at 16,000,000 dollars the highest since.l93o, when the catch was valued at 23,000,000 dollars, and appi-oxi-mately .4,000,000-dollars higher than ir 1933, the report of the Vancouver brand: o{[ the Dominion Deijartmerit of Fisheries reveals. Salmon led in market value, esti mated at 12,000,000 dollars, and canned salmon alone was valued at 10,000,000 dol lars.. ,