TAX ON DIVIDENDS

New Zealand Herald, Volume LXIX, Issue 21293, 21 September 1932, Page 5

TAX ON DIVIDENDS

NOTICES TO SHAREHOLDERS

AUSTRALIAN ASSESSMENTS k ' '• Some shareholders in Australian companies receive assessment notices from the Commonwealth Government for taxation imposed under tho provisions of the Income Tax Assessment Act, 1922-31. The Commonwealth Government imposed a tax on dividends distributed to absentee shareholders from profits earned in Australia, and further imposed a super-tax of 10 per cent on income derived from property within Australia, dividends being regarded as property income. This is tho second occasion on which these notices have been issued, and some of the leading companies aie now providing Shareholders with the data with which to check their assessments, if they are received. The Colonial Sugar Refining Company has just notified its shareholders that the application of the rebates on dividends received by tho company's absentee shareholders for the year ended June 30, 1931, is as follows: 15.57 of total of dividends and bonuses; not subject to further property tax of 10 per cent, 13.70 per cent of total dividends and bonuses; subject to the further tax of 10 per cent in the hands of shareholders, 70.73 per cent. Henry Berry and Company (Australasia), Limited, reports that dividends received by preference shareholders in August, 1930, and February, 1931, will bo exempt of 6.3 per cent of income tax and 100 per cent exempt from super property income tax. For the year ended June 30 a deduction of 2s in the pound ha s been made from preference dividends. Application for an early assessment of tax has been made by the company so that shareholders may be informed of any adjustment that may bo necessary. THE CITY MARKETS EGG PRICES ADVANCE POULTRY APPRECIABLY CHEAPER Last week's downward trend of values at the City Markets was continued yesterday. The principal increases were minor advances for some classes of apples, and pears, bananas and new potatoes. Eggs were Id a dozen firmer at for first grade. There are still fair quantities coming forwai'd, however. Possibly on account of the remarkably low values for eggs, nearly all lines of poultry receded sharply in values. Hens, prices for which had weakened at the two previous sales, receded a further 6d each, heavy birds going for 2s to 2s 9d, and light ones for Is 6d to 2s 3d. In some instances pi ices were as much as 1 6d lower for each bird. Geese, turkey gobblers and guinea fowls were the only lines of poultry to maintain late rates. The glut of cauliflowers and cabbages has been intensified, these vegetables being virtually unsaleable at yesterday. Cauliflowers went for 6d to Is 6d a sack, and cabbages for 6d to 2s 6d a sack. Values were about 6d lower than at the end of last week. Swedes also were cheaper at Is to Is 6d a sack. The scarcity of onions has been relieved to some extent by the recent shipment of Japanese, but rates are still very high at 26s to 32s a cwt. Spring onions have receded 2d a bundle, selling for 4d to Is. New potatoes advanced slightly to l£d to 4d a lb. Of the fruit, bananas Were Is firmer at up to 18s a case for best quality. Oranges and lemons were unaltered, but mandarins showed a further slight decline. Pineapples and tomatoes also were a little cheaper. Yesterday's prices were:— FRUIT Apples, Delicious, 63 Gd to 9s a case Granny Smith, 7s 6d to 9a; Munroes, 7s tt 8s; Doughertys, 3s to 6s 6d: Winesap, 6s to 7s 6d; Stunners, 7s 6d to 8s; Washingtons, Cs to 7s Gd; pears, Coles and Nelis, 7s to 9s; grapefruit, large, 4s 6d to 6s; small, 2s to 3s; oranges. Island, according to count, 15s to 17s 6d; Australian Navels, 9a to lis; mandarins, 5s to 8s; lemons, 3s to 6s; pines, 12s to 13s 6d: tomatoes, hothouse, up to Is 2d a lb; Cook Island, ripe, 4s to 6s a case; tree tomatoes. 2s 6d to 6s; black. 5s to 8s; bananas. No. 1, repacks, up to 18s; No. 2 and medium, 8s to 14s. FIELD PRODUCE Potatoes. Southern, 7s 6d to 8s 6d a cwt; new, Ud to 4d a lb; onions, 'Japanese, 26s to 32s a cwt; kumaras, Island. 8s 6d to 9s; Ttiuranga, 5s to 6s; cabbage, 6d to 2s 6d a sack; cauliflower, 6d to Is 6d; swedes. Is to Is 6d a bag; pumpkins, 2s to 6s a cwt; citron melons. 4s to 7s; green peas, 6d to 7d a lb; beana. hothouse, 8d to Is 3d; lettuce, Is to 6s a case; cucumbers, hothouse, 3s to 6d a dozen; vegetable marrows. Is 6d to 3s; cabbage, loose, 3d to 9d; cauliflower, loose, 6d to 9d; celery, 6d to 2s 6d a bundle; rhubarb, 2a to 4s a dozen; spinach. Is to Is 3d; pumpkins, loose, 3d to Is each: radish, 3d to 6d a-dozen; spring onions, 4d to Is a bundle;.carrots, parsnips, beet and turnips. 4d to 8d a dozen: asparagus, 8d to Js 3d a bundle; leeks, 3d to Gd; chokos, 8d to Is 3d a dozen; Brussels sprouts, 2|d to 3d a lb. POULTRY Cockerels, heavy, prime, 2s Gd to 5s t 6d each; not prirue, 2s upward: light, prime, 3s to 4s; not prime, Is 6d upward;; fat roosters, heavy, prime, 2s to 3s; light. Is 3d to 2s; fat hens, heavy, 2s to 2s 9d; light. Is 6d to 2s 3d; pullets, heavy, best, 2s 6c'l to 3s; light, best, 2s 6d to 3s; drakes, young, prime, 2s 6d to 3s 6d; smaller, Is 6d upward; old, Is to -Is 6d; ducks, young. Is Gd to 2s 6d; eld. Is to Is 6d; geese. 2s Gd to 3s 6d; turkey hene. 4s to 6s: gobblers, 6s to 12s: cockerel chicks,, heavy breeds. 3d to ad: light. Id to 4d: day-old chicks, Black Orpington. 4<l to 7d; Leghorn, 3d to Gd; guinea fowls, 2s 6d to 3s 6d. DAIRY PRODUCE Hrn and duck eggs, first grade. 11 id a dozen; B grade. 10? d; C grade, Sid. Farmers butter. 8d <0 115 d a lb. , EXPORT OF EGGS AUSTRALIAN FIGURES [FROM ' OUR OWN CORRESPONDENT] SYDNEY, Sept. 8 Imports of eggs into the United Kingdom during 1931 aggregated 259.203.080 dozen (in shells), which represented a ' decline of about 2 per cent—6,406,060 dozen—from the total ior 1930. Production in the United Kingdom was estimated at about 290,000,000 dozen, and consumption was reckoned at, approximately, 140 per capita for the year. TALLOW MARKET FIRM HEMP POSITION QUIET The Department of Agriculture has received the following cablegram, dated Soptember 17, from the High Commis- • sioner for New Zealand, London : Tallow.—The market is very firm, with values in favour of sellers. Hemp.—Tho Manila market is quiet and barely steady; sellers, K grade, for August-October shipment, £l6 ss, and for October-December shipment, £l6 12s 6d. ' The output from January 1 to September 10 was 612,000 bales, against 821,000 for tho same period last year. Stocks in the United Kingdom at August 31 were 25,132 bales, against 22,760 at the same time last year. Stocks in Manila at September 12 were 145,000 bales, against 129,000 at the same time last year. The sisal market is quiet and easier. Closing values for No. 1 good marks for September-November shipment, £l6 ss. Tho New Zealand market is quiet. Nominal values, common, £l3 10s, and fair, £l4 10s, for September-October shipment. No first-hand sales reported. in London at August 31, 88 tons, against 9 tons at the same time last year. Ems.—The market remains firm. English, national pack, 16s to 20s; English, ordinary pack, 16s 6d to 17s; Danish, 13s to 15s 6d; Australian, 12s to 14s.