COMMERCIAL

Evening Star, Issue 18052, 21 August 1922, Page 7

COMMERCIAL

KAIAPOI WOOLLEN COMPANY. 8 PER CENT. DIVIDEND. CRIPPLING EFFECT OF TAXES. [Special to the ‘ Star.’] CHRISTCHURCH, August 21. The report of tho Kaiapoi Woollen Company states: Tho trading results for the year' apart from the question of depreciated values, causetU-by the world-wide slump, have been quite satisfactory. Had ■there been no losse# arising out of the depreciated values of imported goods, tfto wross earnings on tho actual cost value of goods on the trading account would have been tho second largest in the history of the company, and were considerably more than those of the previous year. The volume of trade was well maintained, and it is with great regret that the directors have to place before ishareholdere a bal-ance-sheet which shows a very serious loss —attributable to no other cause than tho sudden fall in tho price of commodities, in which the company, in common with all others in the same class of business, has been involved. Your directors feel that attention should be drawn to the high rate of taxation. For rates and taxes alone this year, the company had to find £38,912. It is quite evident that unless some immediate relief is given in respect to income tax, tho industrial activities of this country will ho seriously crippled. _ Despite tlie loss, the directors feel justi,fied in recommending a dividend of 8 per cent, per annum to ordinary shareholders and of 7 per cent, to preference shareholders. ________ HOME MARKETS. " Press Association —By Telegraph Copyright. LONDON, August 19. Mutton.— New Zealand owes, 4|d; South America—light 6|d, heavy sjd; Patagonian —light 5J,d, heavy 4|d. Lambs. Canterbury—medium 11 light lOd; Southland, 10|d; South American—light 10J)d, heavy 9id-. Frozen Beef. —New Zealand fores, 3d ; Australian fores, o|d; Argentine foies 3t,d, hinds s|d; Uruguayan—fores od, hinds did. Chilled Beef.—Argentine—fom 6|d, hinds Uruguayan, none offering.. Other meals unchanged. Cotton.— Scnleinber shipment, 12.57 d a lb. , Rubber.— Para. 10£d; plantation and smoked, 7d per lb. Jute.— September-October shipment, £ol a ton. ■ ' Hemp.— August-October shipment, £33 a ton. ■ „„„ Copra.— -August-October shipment, £24 2s 6d a ton. Linseed oil, £4l per ton. 1 Turpentine, 96s 9d a cwt. Wheat cargoes are dull, following on weakness in the American and Canadian advices. Quotations, 3d to 5d lower.Consumers are holding off in view of tho proximity of American supplies and the homo harvest. Parcels are in fair demand at lower rates. There is _ a fair trade in spot Australian, ex ship, at 55s 3d. ... Flour. —The market is quiet. Australian. ex store, 38s 6d. Oats.'—The market is dull. New Zealand—A grade 445, B grade 365. Barley.—Tho market is quiet, Australian for shipment, 50s to 4os c.i.f. Peas. —The market is slow. New Zealand—blues, on spot, 56s to 40s; maples for shipment, 97s 6d c.i.f. Beans.—The market is unchanged'. LONDON BUTTER MARKET. Messrs Dalgety and Co., Ltd., report having received the following cable from their head office, dated London, August 17, 1922 Butter market steady at present prices. New Zealand salted, 208 s; Australian g.a.q., 198 s; Danish, 210 s; Australian finest salted, 2045; Australian finest unsalted, 2145. Cheese market very firm. New Zealand color, 86s; New Zealand white, 925.”