AUSTRALIAN REVENUE

New Zealand Herald, Volume LXIX, Issue 21298, 27 September 1932, Page 5

AUSTRALIAN REVENUE

CUSTOMS AND EXCISE RECORD MONTH'S FIGURES OUTLOOK FOR TAX REDUCTION [FROM OUIt OWN correspondent] SYDNEY, Sept. 15 Talk of an early reduction in direct taxation in Australia does not seem to be a mere idle dream when a study is made of the customs and excise returns. August was a record month for both since the restrictions and surcharges were first imposed in April, 1930, by the Scullin Labour Government. The chief factors in bringing about the August figures were:—lncreases of £172,000 in primage, of £105,000 in excise on unmanufactured tobacco, cleared as manufactured; of £44,000 in excise on cigars and cigarettes; of £79,000 in import duties on apparel and attire; of £53,000 on import duties of agricultural products and groceries; of £20,000 on imports of oil, paints and varnishes (chiefly petrol); and of £IB,OOO on the excise on petrol. Increasing Trade

'An examination of the August figures provides general evidence of increasing trade activities. August is not usually regarded as a heavy month for customs and excise revenue. The first three months of the financial year are usually a little lighter than the following months, although the revenue sometimes falls away again at the end of the year. The high August total accordingly indicates that unless there is a very material alteration in the position, the total revenue' from this source for the year will be well over £30,000,000 —considerably more than has been budgeted for.

It was stated soon after the Budget had been delivered that the Estimates were on the conservative side, and this is certainly being borne out by the facts. Many people are asking why the Federal Government was so quick with its proposals to make a cut in old-age and invalid pensions for the purpose of evening up the accounts. The additional customs revenue already is greater than the saving effected by the pensions cut. Defence of the Budget In defending the Budget, members of the Cabinet have pointed out that no provision is made in it for the payment to Britain of the interest due on war loans. It is assumed that the concessions granted will be continued, but if the British Government decides otherwise the Federal Government will have to provide an additional £4,000,000. It is likely that this contingency has been borne in mind, and that Australia will be at least £4,000,000 to the good if the interest is not paid. Statements by the, Prime Minister and others have lecUto the assumption that this being so, the Government will not hesitate to reduce direct taxation. When the Premiers meet again in a few weeks' time a discussion on taxation is likely to be initiated by the Commonwealth, and it is probable that the States will be asked to co-operate with the Federal Government in devising a scheme that will give immediate relief to industry. SYDNEY WOOL PRICES MARKET SLIGHTLY WEAKER CROSSBREDS REMAIN FIRM (Received September 26, 8.45 p.m.) SYDNEY, Sept. 56 At the Sydney wool sales to-day, 12,699 bales were offered; and 11,624 were sold, Including 1267 sold privately. - The market for all descriptions was barely as strong as last week, prices being from par to 5 per cent lower. Crossbreds were firm at late rates. Greasy Merino sold to 14£ d. AUSTRALIAN EXCHANGES STRONG DEMAND FOR BONDS HIGHEST PRICE FOR TWO YEARS (Received September 2G, 8.45 p.m.) SYDNEY, Sept. 26 The Sydney Stock Exchange market was firm to-day, with an increased turnover. There was a good inquiry for bank shares, but sellers were not plentiful. The feature of the trading, however, was the sustained inquiry for all issues of Commonwealth bonds. The 4 per cent 1938 isswe was paricularly popular, buyers having to go to £lOl 3s 9d, which with almost 22s 6d in accrued interest, was a shade above par. It is over two years since Commonwealth securities brought a net par rate. This morning's sales were:—Commonwealth 4 per cent bonds, 1938, £lOl 2s 6d; 1941, £101; 1944, £lO.l ss; 1947, £99 17s 6d; 1950, £99 18s .9d; 1953s £100; 1957, £IOO 13s 9d; 1961, £99 18s 9d. Commercial Bank of Sydney, £l7 2s 6d; Bank of New South Wales, £3l 12s 6d; Tooth's Brewery, 34s 3d; Henry Jones, 34s This afternoon's sales were:—Bank of New South Wales, £3l 12s 6d; Commercial Bank of Sydney, £l7 2s 6d; Commercial Bank of Australia, 16s 9d; Burns, Philp, 495; Adelaide Steam, 21s 6d; Victoria Nyanza, 16s 9d; Australian Gas, A shares, £6 16s 6d; Tooth's Brewery, 34s lJjd; Toohey's Brewery, 21sj British Tobacco, 34s 3d; Dunlop Perdriau, 16s 10£ d; Nestles (preference), 30s 6d; Winchcombo Carson, 23s 10£ d; Berlei, 25s 9d; Broken Hill Proprietary, 22s 4 Ad. Commonwealth 4 per cent, bonds. 1938. £lOl 3s 9d; 1941, £lOl 3s 9d; 1944, £lOl 10s; 1947, £99 15s; 1950, £99 18s 9d; 1953, £100; 1955. £IOO 7s 6d; 1957, £ioo 12s 6d; 1959, £lOl 7 a 6d; 1961, £IOO. Melbourne sales were: —Commercial Bank of Australia, 16s lid; Union Bank, £8 17s 6d ; Goldsbrough Mort, 27s 9d; British Tobacco, 345; Gordon and Gotch, 30s 3d; South Broken Hill, 51s 3d. GROWING OF POTATOES DEMAND FOR SEED VARIETY In common with merchants in other parts of the North Island, Auckland merchants have experienced an unusually large demand for seed potatoes this spring. .As a result prices have recently been advanced from 10s to £1 a ton for the main varieties, but in spite of this good inquiry continues. Apart from tlie Pukekohe crop, near Auckland supplies have increased considerably in recent*'years, and prevailing conditions are likely to givo further impetus to (he growing of potatoes for this market. Already new potatoes have appeared in the auctions, but the main early crop is not expected for some weeks yet. Similar conditions are being experienced in Southern growing districts, The quantity grown in the Wairarapa, Manawatu and Rangitikei districts has shown a substantial increase during the last few years, partly due to the low prices ruling 'for other varieties of produce and also to the fact that potatoes can be quickly marketed at remunerative prices. In addition, crops grown in private gardens have shown a steady increase.