REVENUE FROM GOLD

New Zealand Herald, Volume LXXII, Issue 22008, 15 January 1935, Page 5

REVENUE FROM GOLD

SOUTH AFRICAN FINANCES £14,630,000 ACCRUES IN 1933. 40 PER CENT OF THE BUDGET A striking illustration of the value of the gold-mining industry to the South African Government was given by Mr. J. A. Agnew, chairman of directors of Consolidated Gold Fields of South Africa, Limited, at the annual meeting held in London last month. Mr. Agnew said that in 1933 the total profits of the Witwatersraiul gold mines were £31,500,000, compared with £15,300,000 for 1932. The direct revenue accruing to the Government in 1933 was £14,630,000, compared with £4,300.000 in 1932. Income tax accounted for £3,750,000, compared with £1,800,000; Government share of proiits, £4,880.000 against £2,500,000; and excess profits duty, £<3,000,000 against nothing in 1932.

The Government's share, £14,630,000, of the total profits was an increase of £10,330,000, or (34 per cent of the additional profits, Mr. Agnew said. The mines retained £16,870,000, an increase of £5,870,000, or 36 per cent of the additional profits. In addition, increasingly large sums from profits were being re-invested by the companies in the mines and these would be productive, both directly and indirectly, of still further revenue to the Government.

"Before 1933 the direct revenue from the gold mines formed about 15 per cent of the Government's total budget," said Mr Agnew. "To-day it is over 40 per cent,"

TRAMP SHIPPING GOVERNMENT ASSISTANCE EFFECT OF SUBSIDY Commenting on the proposals for assisting tramp shipping, formulated recently by the British Government, the Times says: —"The regaining of real health by the industry, though dependent in the main upon the recovery of international trade, can hardly fail to be promoted by the proposals made by the ship-owners in order to carry out tho wish of the Government that there should be measures of co-operation among themselves. "Charterers of ships are also directly interested in the proposals, for it is intended that the shipowners should confer with them in an effort to increase the employment of British vessels. It is to be hoped that there will be no rejietition of some of the absurdities apparent in recent years. These have included the chartering of foreign ships to carry grain to Britain at cut rates made possible by the subsidising of the vessels by foreign Governments, and the chartering, with the same object, of ships under the management of owners in one foreign country and flying tho flag of another foreign country in order to lower working costs to the irreducible minimum. "It cannot be said that the scrappiny and building facilities of the Government have aroused enthusiasm throughout the British shipping industry, but they have been accepted as part of the scheme in the spirit of intended helpfulness in which they were put forward, and the offer of the Government, including that for modernising vessels, may be not without some benefit. The scrapping of old shipping without any aid from the British Government has been proceeding rapidly during the last two years, and must already bo exerting a favourable influence." PRICES FOR BUTTER PREMIUM ON DANISH AN ENGLISH TRADE VIEW The premium on Danish butter in England as compared with New Zealand is now about 33s per cwt., but three weeks ago it was about 56s per cwt.

Discussing the position in December the Grocer, an English trade journal, throws light on the state of the market before the present rise in colonial butter prices. The journal stated: "The butter market at the present time is very complicated. There is an excellent trade going on in all descriptions of butter in the Midlands, the North of England and Scotland, but the demand in the South of England is disappointing. There is an amazing premium being paid for Danish, Swedish and other descriptions of Continental cask butter, which is gradually driving buyers of these kinds on to colonial butter. Germany has been a bic operator in Danish and other Continental butter for some time past. Danish is exceptionally dear compared with all other descriptions, but the present production in that country is less, than that "at this time last year. "The present heavy arrivals of colonial butter are easily accounted for and tbo stocks in cold storage are undergoing important reduction. The arrivals, of New Zealand and Australian butter during January and February will be considerably loss than in the corresponding months of 1934, and no doubt many of the larger buyers will take advantage of the present low prices for colonial butter to cover at least a portion of their requirements against the prospective shortage during the early months of 10.'35.' The present premium which rules for Danish butter cannot be maintained in face of the competition of Australian and Xew Zealand selections, which are offered at such very lon* values. Colonial butter must advance or else Danish come down. Empire butter is well worth pushing, it being so extremely cheap."

BREEDING OF JERSEYS

TYPE COMMITTEE'S TOUR

[BY TKI.KGKAPH —OWN COKKKSrONDKNT] TAURAXGA, Monday

Three members of the Jersey type classification committee, Messrs. G. H. Bell, Oakura, Taranaki, 11. Morelnnd, NeWstead, Waiknto, and Horn, Ohau, Levin, who are making an annual tour of the North Island, have been visiting Tauranga. Included in the herds which they have inspected were those oi Messrs. Buchanan, Paoroa, Crimmins, Waikino, H. li. Sutton, Waihi Plains, Airs. M. A. Holers and Mr. H. J. Rogers,' Katikati, and Mrs. E. E. Marnier, Tauranga. The members of the Committee expressed themselves as well pleased with the standard of the cattle paraded for inspection. The V.H.C. certificate was earned by Orangedale Sunshine, owned by Mr. Crimmins, Waikino. The members of the committee left to-day for Te Puke and Whakatane. QUOTATIONS FOR SILVER British Wireless RUGBY, Jan. 12 Silver is quoted to-day at 24 7-16 d an ounce spot and 24 9-16 d forward, same as yesterday.