Commerce, Mining, Finance

Evening Star, Issue 23717, 26 October 1940, Page 9

Commerce, Mining, Finance

CONSOLIDATED FUND MINISTER S REVIEW OF HALF-YEAR HEALTHY FINANCE [Per Li.NiTEn Press Association.) WELLINGTON, October 25. Details of the ordinary revenue account • of the Consolidated Fund for the first six • mouths of the current financial year were ■ released to-day by the Minister of Finance, the Hon. W. Nash. The revenue for the period totalled i!14,589,000, compared with £14,803,000 for the first six months of last financial year. The total expenditure amounted to £15,207,000, compared with £16,090,000 for last year. “On a basis of the actual revenue,'’ Mr Nash said, “ there has been a reduction in Customs, highways, and stamp and death duties, whicn has been offset to a large extent by an increase m other taxation. In compiling this year’s Budget substantial reductions were allowed for under all headings in which a falling off is now shown. At last financial year the heading stamp duties included gift and death duties, which this year are credited direct to the War Expenses Account. Other taxation is mainly land and income tax, in respect of which this year’s Budget estimate provided for a total increase of £3,260,000. The same proportion of total revenue has been received during the first six months of this year as was received for the same period last year. REDUCED EXPENDITURE. “ The total expenditure to September 50, 1940,” the Minister said, “ was £15,207,000, compared with £16,090,000 for the first six months of last financial year. Under the heading of debt services a percentage increase of 8 is shown. This is an accounting fluctuation and arises principally from the tact that last financial year practically the whole of the amount provided for public debt repayment was utilised at the close of the year, whereas this year a substantial proportion of the Allocation has already been applied. The reduction in highways expenditure is offset largely by a reduction in the corresponding revenue item. In the total 42 per cent, of the estimated expenditure for the whole of the present year had been expanded during the first six months, as against 43 per ceut. for the same period of last year. “ These resuits,” Mr Nash said, ” reveal a healthy position in the State's finances, Olid, although, with such an important item of revenue as income tax not payable until towards the end of the financial year, it is somewhat premature to forecast the year’s results, it is clear that both the revenue and expenditure are adhering closely to the Estimates. “ Personally,” the Minister added, '* I have every confidence that this satisfactory position will bo maintained. SOCIAL SECURITY FUND. “ Although the Social Security Fund is a separate account outside the' Consolidated Fund, the Social Security Fund is financed to a considerable extent by transfers from the ordinary revenue account of the Consolidated Fund, and to that extent the Budget surplus or deficit for the year is affected. For the six months ended September 30 last tho revenue received into the Social Security Fund totalled £5,627,000, compared with £4,978,000 during the same period of last year. “ In . addition to this revenue, £400,000 has been transferred from the Consolidated Fund to date as compared with £750,000 last year. 1 . The-Budget estimate for such transfers for the whole of the current year was £3,200,000, compared with £1,000,000 actually transferred last year. On the expenditure side during tho past six months and regarding .moneys advanced by way of imprest as expenditure, a total of £6,101,000 has come to charge compared with £4,949,000 during the first six months of last financial year. “ Generally speaking,” Mr Nash said. " it may be said that the expenditure is following the Budget estimate, while tho revenue is somewhat more buoyant than was originally anticipated. WAR EXPENSES ACCOUNT. *’ The War Expenses Account, while within the public account, is entirely selfcontained, and is financed by the proceeds of special taxation and separate loans. No comparison with the results of the corre-

spending period last year is possible in this case, as the War Expenses Account did not come into existence until the end of September, 1939. Again, regarding moneys advanced to imprestees as having been expended, the total expenditure for the past six months amounted to £8,836,000. The revenue during the period totalled £4,125,000, and the borrowings, including interestfree stock of £1,098,000, totalled £4,127,000. “ The total expenditure for the year as provided fot in the Budget,” Mr Nash added, “ was £37,500,000, of which it was estimated £19,750,000 would bo expended abroad and the balance in ijlevi Zealand. ( To date overseas charges amounting to only £1,239,000 have been entered, largely due to a delay in receiving claims. The full detailed accounts will be gazetted as soon as the usual audit has been completed.”

AUSTRALIAN STCCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, October 25. The share market to-day was quiet, but steady, brewery stocks receiving most attention. Morning Sales.—Bonds. 4 per cent., 1941, £lO2 16s 3d; 4 per cent., 1950 (New Zealand delivery). £lO7 10s; 4 per cent., 1961, £lO7 6s 3d; Bank of New South Wales, £2B; Austral Gas A, £5 12s; Anthony Hordern, 14s 4d; Cash Orders (pref.), £1 ss. Afternoon Sales.—Union Bank, £6; Australian General Insurance, 16s 9d; Tooth’s, £2 13? 6d; Tooheys, £1 9s 3d; Australian Drug, 13s 9d; Dunlop Perdriau, 19s Id; Felt Textiles. £1 14s 6d; Masonite Corporation, 18s 6d; Atkins, £1 2s 6d; Woolwortbs, 17s 9d; Mount Lyell, £l 9s 9d; Austral New Zealand Gold, £1 ss; Oil Search, 4« lOd. MELBOURNE, October 25. G. <l. Coles, £3 9s; Australian Paper Manufacturers (pref.), £1 5s 6d; Cox Bros., 6s 6d ; Felt Textiles (rights), 12s 6d; North Broken Hill, £2 2s. GIFT EGGS FOR BRITAIN fPr.n United Press Association.] WELLINGTON, October 25. Owing to the difficulties of obtaining suitable shipping spaco, only a limited quantity of eggs was exported to tho United Kingdom this year, said the Minister of Marketing, Mr Nash, in a statement to-day. Included in a shipment which had just left New Zealand, however, said the Minister, was a quantity of 20,000 eggs forwarded from the producers as a free gift to the people of the Unifcd Kingdom. The gift of these eggs, which came chiefly from the Hawke’s Bay district, was duo mainly to the initiative and assistance of the women’s division of the New Zealand Farmers’ Union and the Women’s Institutes. The eggs would be handed by the New Zealand High Commissioner to the British authorities for free distribution among the Red Cross societies, hospitals, or other kindred institutions. The indications were, Mr Nash added, that many more eggs would have been forwarded by the producers if suitable shipping space had been available, but it wa' not now possible to export further gilts of eggs this season.

IMPORTS DOWN-COSTS UP PETROL AND FUEL OIL SUPPLIES [FuOM OUK CoiiItESI’ONDENTj WELLINGTON, October 26. Despite petrol restrictions, which have substantially reduced consumption, the Dominion lias been spending more this year on petrol and fuel oil than in 1939. With decreased imports of many million gallons, the cost, of importations of these two essentials went up by over a quarter of a million in the lirst eight months of year, compared with the corresponding period of 1939.

In the recent eight months New Zealand’s importation of petrol, 65,588,000 gallons, was leas in volume than in the corresponding period of last year by 9,433,000 gallons, but the 1940 cost, despite the big drop in volume, was £219,322 higher. Crude and fuel oil importations for the last .eight months decreased in volume by 3,506,858 gallons, but the cost compared with the higher importations for 1939 went up by £47,209. Kerosene imports for the last eight months increased bv 1,120,000 gallons to a total of 'over 5,500,600 gallons, and the increased cost was £46,219. GRAIN AND PRODUCE OATS IN SHORT SUPPLY POTATO POSITION HOPELESS Bray Bros, report on the markets as follows : The sowing of wheat for the next harvest is just about completed. The fowl wheat market is quiet. The quotation for good quality is round about 5s 6d to 5s 9d a bushel, ex store. Wholesale prices are as follows; — Flour.—2oo’s, £l3 15s 6d; 100’s, £l4 12s 6d; 50’s, £l4 17s 6d; 25’s, £ls 7s 6d. Bollard, £6 15s a ton of 2,0001 b. Bran, £5 6s a ton of 2,0001 b.

Oatmeal. —2001 b sacks, £27 14s a ton; 251 b loose, £29 4s; 251 b packed in sacks of , eight, £29 14s. The oat market continues firm at tho ’ prices winch have been ruling for the past few weeks. A Gartens are worth 4s lOd a bushel, fo.b., s.i., with B’s at 4s 7d. Orders are still being received for seed oats, although they have fallen off noticeably during the week. A grade Gurtons are worth 5s lOd, sacks extra, on trucks; country sidings. Heavy lines suitable for milling are worth Id a bushel more. Tho chaff market continues on the quiet side. There is no change in prices and supplies are quite sufficient to meet the demand. Interest in the potato market is concentrated on the effort to quit all stocks, but the supplies available are so great that it will be impossible to effect any great clearance before the uoW season’s tubers are available. FRUIT AND VEGETABLES. Oranges are now in short supply in the wholesale marts. A small quantity from the"previous shipment, which was being held in cool store, was released on the market during the week. Bananas are in short supply. No further supplies are expected until early next month. Stunners, Delicious, and Tasmas are tho only apples available at present. Inferior grades are difficult to place at tho prices fixed by the Government. Hothouse tomatoes are in better supply from Blenheim and Christchurch. A few lots are also, arriving from local hothouses and realising high prices. Considering the quantity which has been coming forward, the prices obtained have been satisfactory. Supplies should increase quickly, and much heavier consignments are expected within the next two or three weeks. The crops in the Canterbury glasshouses are looking particularly well, but the crop of Canterbury outside-grown will not be’nearly so heavy as in other seasons. The difficulty in securing labour for the growin" and picking of the crops, unless at high wages, is given ns the reason for the expected shortage. Supplies of New Zealand-grown lemons increased during the week. Some of the fruit was in a wasty condition and had to be repacked. Peninsula-grown potatoes have been increasing in supply. Consignments have also been arriving from Nelson. Waimatogrown peas are arriving in small lots. Heavier supplies of green peas are expected within the next week or two. Canterburygrown asparagus is increasing in supply daily. Cabbages have had an improved demand, and cauliflowers are in short supply, with higher prices ruling. Choice quality lettuces have a good inquiry. The heavy stocks of carrots and parsnips in tho marts have now been sold out, and both lines have increased in price in the wholesale marts. Wholesale prices are;— Cauliflowers, 10s to 12s, Lettuce, 3s to 3s 9d a dozen; small, Is 6d to 2s. Carrots, Is to Is 3d a dozen. Cabbages, 2s 9d to 3s a case. Onions, 11s to 13s 6d a bag. Spinach, Is to Is 6d a dozen. Swedes, 2s a bag. Asparagus, 10s to 12s a dozen. ' Peas, B|d lb. Local potatoes, BJd lb. Potatoes, £3 to £4 a ton. Gooseberries, 8d lb. Rhubarb, 2d to 2]d lb. Eggs, market price. , Pineapples, 34s to 38s a ease, I Tomatoes. —Nelson, 2s 4d lb; Christchurch, 2s 3d to 2s 6d lb; local, 2« 6d to 2s 8d lb. Lemons, oranges, bananas, and apples are at Government fixed prices.