CABLES AND WIRELESS.

New Zealand Herald, Volume LXIX, Issue 21223, 1 July 1932, Page 7

CABLES AND WIRELESS.

IMPERIAL COMMUNICATIONS.

DECREASE IN TRAFFIC

A further decrease in the traffic receipts of Imperial and International Communications, Limited, was registered in May. The revenue for the month at £358,330 was £34,954 lower than for April and £13,374 behind that of the corresponding month of 1931. ■ The returns for the first five months of the year with those of the corresponding months of 1931 are as follows :

1932.- 1931. January £101,411 £412,908 February « 439,092 390,461 March .. 4.11,G6(> 447,668 April . . 393,291 38G.70G May 358,330 371,701

£2,006,793 £2,009,447.

In comparing this year's figures with those of 1931, allowance must be made for the altered method of accounting the earnings of subsidiaries which was inaugurated with the April statistics last year. To this end, the sum of £20,000 is deductable for each of the first three months of this year, a total of £60,000, which, taken from the aggregate for the five months of £2.006,793, gives a net return of £1,946,793 for comparison with £2,009,447 in the corresponding period of 1931.

AUSTRALIAN GLASS CO.

EXTRA AUCKLAND PLANT.

BURDEN OF TAXATION

In addressing shareholders at the annual meeting of Australian Glass Manufacturers Company, Limited, Melbourne, last week, tho chairman of directors, Mr. E. N. Grimwade, said an improvement had taken place in the demand for bottles during the last half of the year, compared -\yith the corresponding period of tho previous year. The increased profit had also been helped by the strictest regard to economy. During the year tho directors had used some ingenious appliances and the results had been profitable for both efficiency and economy. During the yenr the board found it necessary to lay down a plant at tho Auckland works to make corrugated strawboard to make necessary, .economies in the packing costs of bottles and jars. The results gained had been most satisfactory. " I referred last year to the terrible incubus of taxation, which is making progress in business so difficult, and _ expressed tho hope that somo relief might soon bo experienced," continued Mr. Grimwade. "On the contrary, taxes are heavier arid the exactions and harassments of these departments worso than ever. The position almost daily becomes more intolerable."

Details of the company's accounts, which showed an increase of £15,369 in profit nfc £92,137, were published in the Herald on Juno 22.

GOLD AND SILVER

QUOTATIONS IN LONDON

(Received Juno 30, 8.15 p.m.)

LONDON", Juno 29. Gold is quoted to-day at £5 14s 8d an oz., compared with £5 14s 4d yesterday. Silver is quoted at 16 11-16 d an oz. spot and 16f}cl forward, compared with 16 5-8 d and 16 11-16 d yesterday. Tho quotation for silver at per standard oz. is 16 il-16d and at per lino oz. 18d, compared with 16 5-8 d and 17 15-16 d yesterday.

AUSTRALIAN WOOL. ,

GROWERS' BIG LOSS

MELBOURNE, Juno 30,

Mr. J. M. Niall, acting-chairman, addressing the shareholders at tho annual meeting of Goldsbrough, Mori- apd Company, estimated that Australian woolgrowers had lost £7,500,000 in, tho last season. Tho avefago price of wool tor tho season, to tho end of May, was 8.55 d per'lh., and tho cost of production, excluding interest on capi'al invested, was not less than IOJd to lid per lb. ' It was evident, therefore, that growers had suffered a loss of at least 2d a lb., or about £2 10s on every bale produced. As the Australian clip, for the season was 3.000,000 bales, the loss suffered was about £7,500,000.