WORLD TRADE

Evening Post, Volume CXXV, Issue 131, 6 June 1938, Page 12

WORLD TRADE

NEW ZEALAND POSITION "It appears that throughout the world as a whole (remarks the Canterbury Chamber of Commerce) production, trade, and prices have all fallen. New Zealand cannot fail to be affected by a fall of this kind, for she is exceptionally dependent .on her chief market, Britain, and British conditions in turn depend very largely on trade throughout the world. The chamber, in commenting on the balance of trade of the Dominion, points out that normally £10,000,000 <in New Zealand currency) is required to meet overseas debt obligations, whereas the balance of trade represented by excess of exports over imports for the year ended March 31 last was but *6,900,000. If exports do not exceed imports by at least £10,000,000 then "the difference must be paid-by a reduction of bank deposits or nrt increase in bank advances in. New Zealand, and the payments will reduce the amounts held in bank funds ° V "There is much evidence that this is happening already," remarks the chamber,: and: directs (attention to the rise in imports and the fall in the value of exports. HEAVILY-TAXED SHAREHOLDERS Reference is made in the annual reEort of New Zealand Perpetual Forests, td., to taxation of shareholders. It is stated that "very heavy calls" were made "on the company and on individual shareholders this year. Up to date (May 31) the company has paid £19,329 Is 3d by way of taxation on assessments received during the financial year, and individual shareholders in New Zealand have been called upon to pay on an increased basis of assessment for the year ended March, 1933, and on unexpected tax .in respect to unemployment for the same year. This tax, which is in respect of bonus units distributed in 1933, has fallen heavily on some shareholders." TREASURY BILLS RATE. (By Telegraph—Press Ansn.—Copyright.) RUGBY, June 4. The total amount applied for in tenders for £50,000,000 of Treasury bills was £83,182,000. The average rate per cent, for bills at three months was 12s 1.04 d, against 10s 9.37 d a week ago. The amount applied for a year ago for £45,000,000 of Treasury bills was „ £69,215,000 and the average rate per cent, was 14s 1.02 d.