COMMERCIAL

Gisborne Herald, Volume LXVIII, Issue 20649, 27 December 1941, Page 2

COMMERCIAL

SHARES IN AUSTRALIA (Elpn. Tel. Copyright—United Press Assn.) SYDNEY, Dee. 23. Enemy activities in (he Pacific and the approaching Christmas holidays combined to restrict business on the Stock Exchange today. but a noteworthy feature was that the tone of the market was much steadier. Sales included: —Union Bank, £5 10s; A.C.1., 37s 9d; Australian Iron and Steel (pf.). 26s 3d; Broken Hill Pty. (con.). 26s lOd; Colonial Sugar, 42s (id ; Kandos. 28s 3d; Felt nnud Textiles. 30s 6d; Millaquin Sugar, 34s 6ci; Electro. Zinc (con.), 33s 6d; (1. J. Coles, 50s 3d: Kuala Karnpar, 8s; Itawang, 4s Bd. Business in Melbourne included: —Australian Cement. 345; Australian Paper Mfrs. (pf.), 255; British Tobacco. 395; Broken Hill Pty., 325; Dunlop Rubber, 20s 2d; C. J. Doles, 51s; Mount Lyeil, 235; Lolorna, 15s; Emperor, Cs (id; North Broken Hill, 33s 9d. WAR DAMAGE SCHEME IN BRITAIN Britain’s War Damage Act, 1941, deals with three classes of property, but its details are mainly concerned with damage to real property. It applies in particular to damage to laud upon which buildings have been erected. The scheme is administered by the War Damage Commission, which is largely under Treasury control. The compensation fund is built up in the'main by ‘ contributions from property owners. The contributions are payable 1 bv the sitting tenants in-the first Instance, and are partly recoverable by them against their lessors, and so on back to the freeholder. The' leading principle in making payments from the fund is that the property is to bo repaired, unless it is a total loss. If the property is not a total loss, the owner is to be reimbursed the cost of repairing it. If it, is totally lost, the diminution in its value is to he replaced by a sum of money. The; contribution is 2s in thei pound, on the "contributory value” of the property, but certain properties pay only 6d in the pound, including agricultural land or buildings. The schemes for business chattels and private chattels, the second and third classes Uf property, are based on the principle thdt the State is to insure the chattels in return for a premium. The schemes are administered by the Board of Trade through insurance companies. The premium for each of the stipulated periods is at v the rate of 1 i per cent. Insurance is in general compulsory, but the scheme exempts goods worth £'looo or less and also exempts certain kinds of goods. Business goods on hire-purchase are insurable by the hirer. The private chattels scheme covers all goods which are not insurable by the owner or possessor under the business scheme. Policies are for 12 months and the premiums are graduated. AUSTRALIAN WHEAT CROP Payment by the Commonwealth fiovernment of a first advance on the 1941-42 wheat crop before the end of this month will involve an outlay of £21,000.000. Advances to barleygrowers will total £1,000,000. Advances for wheat will be 3s a bußhel for bagged and 2s lOd for bulk, less freight. It is estimated 62,000,000 bushels bagged' and 80,000,000 bushels in bulk will be acquired this season. The Minister of Commerce. Mr. Scully, said this would be the first Australian crop to feel the real impact of war, and market 1 prospects were not good, the only certain market during the next 12 months being that fdr 32,000,000 bushels for human consumption in Australia. More than 100,000,00(5 bushels would have to be stored because of difficulties connected with export shipment. The Covernment had fixed the initial advance at the utmost that could be paid. SYDNEY SALES INCREASE ’Value qf sales in the principal ' Sydney stores for October was 18.1 per cent greater than in October, 10-10. The value of stocks was 13.0 per cent greater. The figures, collected by the Retail Traders' Association Research Bureau, are quoted in the monthly summary of business statistics issued by the Government Statistician. Total value of poods sold at wholesale in New South Wales in September, as recorded under the Sales TaX Acts. was £21,600,000, compared with £17,480.000 in September, 1940, and £19,440,000 in September, 1939. SALES TAX RECEIPTS Sales tax receipts for November amounted lo £624,454, ah increase of £2796 above the total for October, and of £28,876 as compared with November; 1940. The amount of sales tax collected during the Tl months ended November, 1941, was £6,407,116, of which £3,204,061 was. for ordinary revenue purposes, as against £3,216,360 'during the same period of* 1940.