"TOO MANY BOUNTIES" JAVA EXCHANGE.

Evening Post, Volume CXXV, Issue 143, 20 June 1938, Page 12

"TOO MANY BOUNTIES"

JAVA EXCHANGE.

<By Telegraph—Press Assn.—Copyright.) BATAVIA, June 18. Sterling exchange, 8.94J guilders to £1.

The rate on June 17 was the. same.

STOCKS AND SHARES.

TTLTAN F. McCABE, Member of WeiU lington Stock Exchange, Stock and Share Broker, Bank of Australasia Chambers 101 Customhouse Quay, Wellington. Tel 43-220. Telegrams ULTMA, Wgtn.

—' GEORGE NATHAN, • Sharebroker, Member Wellington Stock Exchange, 111 Customhouse Quay. Jelegrame; -"Beta,"- Fellingtog, -

THE BUTTER MARKET TOOLEY STREET EFFORTS RETAIL PRICE INDUCEMENT [By Telegraph—Press Assn.—Copyright.) LONDON, June 20. Tooley Street is endeavouring to maintain Dominion butter at its present level, but the weakness of Continental stocks is somewhat of a drag on the market. The lower retail prices are likely to improve consumption and strengthen the situation. The Marketing Department advises the Dairy Board that the London market for New Zealand butter was "steadier at the end of the week at higher 1 prices." New Zealand quoted 119s to* 120s per cwt; Danish (spot), 122s to 1235; Australian, 116s to 118s; Lithuanian, 114s. Unsatted butter prices were:—New 120s to 1225; Australian, 118s to 120s; Dutch, 110s, extra, 112s; Lithuanian, lMs. Retail /prices for New Zealand and Danish Butters were unchanged at Is 3d per It* , * The New Zealand cheese market was steady at '»67s to 67s 6d for white and 65s to 66s for coloured. Canadian white and (coloured, 78s to 80s; English factory "chaese, 665.

TAXED BUSINESS

"EXACTIONS OF THE STATE"

Taxation ofj companies and individual shareholders was specially retferred to by the chairman of directors of New Zjealand Perpetual Forests, Ltd., Auckland. (Mr. W. Fraser) at the annual meeting held on Friday. „ , "In common With all other large business enterprises of today, and both as a company and! as individual shareholders," he saidt "we find the exactions of the State a frequent embarrassment, in while doing relatively little to facilitate the earning of profits, it requires its share thereof to be paid promptly and in cash. "This leads soraeffimes to the creation of a difficult situation. Such a difficulty has arisen for shareholders of this company resident in New Zealand, who have recently been called upon to pay an increased rate of income tax in respect of their 1933 incomes, and to pay unemployment tax on a distribution of aeries (bonus units) made during that yean. "It is for this reason) that the directors recommend a payment of 2 a per cent, in addition to thfe usual 4 per cent, dividend payable' at this time. This additional bonus will meet the unemployment levy payable in New 'Zealand in respect of 1933, but will not, of course, contribute* any thing towards the payment of the additional income tax for that year now demanded."

Some farmers (Australian) apparently do not expect the Government to spoon feed them. For instance, at the recent convention of the Australian Graziers' Federal Council, in Melbourne, Mr. C. F. Parsons (Tasmania) asked that conference should ask their Governments that a bounty be paid to encourage the greater use of agricultural lime. He said that the New Zealand railways carried the fertiliser free of cost for 100 miles. Major R. A. Ramsay (Victoria): We are asking for too many bounties, and that is against our policy. In matters like these, why not ask for reduced railway freights? The motion lapsed.

PRICE AND RETURN Latest sales reported and made on the Stock Exchanges of the Dominion, with the highest prices and the approximate yields per cent, per annum to investors (all subject to appropriate taxes and exchanges where operative), based on last year's distributions, and considering redemption and brokerage in the case of redeemable securities where dated, were as follows:—

Highest Yield price, p.c., p.a. £ s. d. £ s. d. Wellington. Bankers' and Traders' Insurance 1 11 10% 2 3 11 N.Z. Breweries ,2 1 4 4 2 3 Australian Glass 4 13 1% 3 4 5 I Broken Hill Pty 217 0 4 7 8 Taranaki Oil ........ 013 9 — Auckland. Auck. Harbour, 4% p.c., 9/7/1957 a. 106 10 0 — ! Broken Hill Pty 217 0 4 7 8 Colonial Sugar 47 0 0 3 3 9 Moturoa Oil — 0 6 0 — Taranaki Oil 0 13 6 — Woohvorths, rights' .0 3 8 — Mount Morgan 0 8 6 — Chrlstchuroh. Bank of N.Z 2 3 6 411 11 Goldsbrough, Mort .:. 1 6 6 5 5 7 N.Z. Refrig., 10s pd. . 0 8 5 610 5 Westport-Stockton (ord.) 0 37% — Westport-Stockton (pref.) 0 7 0 811 5 Cliristchurch Gas .... 1 7 6 5 1 9 British Tobacco 263 465 (Broken Hill Pty 216 6 4 9 3 Taranaki Oil 0 13 7 Broken Hill South ... 1 310 — Mount Lyell 12 6 — Mount Morgan 0 8 5 — North Broken Hill .. 115 6 — Dunedin. Woohvorths, Ltd 1 0 6 313 2 Woolworths, rights .. 03 9 — a.—Market price includes accrued,interest but not brokerage. PRICE OF GOLD i (By Telegraph—Press Assn.—Copyright.) | LONDON, June 18. The price of fine gold per ounce, 140s lOd. ■ s. d. June 17 140 10J June 16 140 10 June 15 140 9 June 14 140 8 June 13 140 6j June 11 140 7 June 9 140 64 June 8 140 5 June 7 140 7 June 3 140 9 June 2 140 8 June 1 140 7J May 2 139 6i April 1 140 0i March 1 139 9i February 1 139 7 January 3 139 5 Highest price in 1937, March 6, 142s 7Jd; average price in 1930, 85s per oz.

THE FRENCH FRANC

(By Telegraph—Press Assn.—Copyright.)

LONDON, June 18. Sterling exchange on Paris, 178 3-8 francs to £1.

Francs. June 17 178 J June 16 1781 June 9 178J May 4 1681 May 2 162| April 25 1653 April 1 , a March 26 -6315-lb March 8 155 15-16 Par with sterling, 124.21 francs to