GOLD EXPORT TAX

New Zealand Herald, Volume LXXIV, Issue 22878, 5 November 1937, Page 7

GOLD EXPORT TAX

DEMAND FOR REPEAL

RISING PRODUCTION COSTS

DREDGING COMPANY'S CLAIMS

Persistent efforts arc being made by. New Zealand goldmining companies to induce the Government to reconsider its policy of retaining the export tax oil gold. . The New River Gold Dredging Company, Limited, at its annual meeting in Christchurch this week, adopted a resolution urging the Government to repeal the tax*. It was pointed out that it was purely a tax 011 production and was paid out of "the company's capital assets, which were, as in all mining companies, wasting assets. No reason could be seen why the goldmining industry should from all other industries be singled out for such a form of taxation. Owing to rising costs of production brought about by the present Government it had become more particularly onerous. Further criticism, of the tax was passed by Mr. N. K. Sligo, chairman of directors of Gillespie's Beach Gold Dredging Company, Limited (South Westland) at the annual meeting in Dunedin recently. Ho stated that in view of the acclaimed general prosperity of the country, goldmining companies and individual miners felt that they were being hit below the belt by the retention of a tax so unjust in its crippling effort on the industry, and especially so discouraging to companies unable to pay dividends to their shareholders. "A direct capital tax on any industry .will never be popular," he said, "and the previous Government's action in putting this Act on the Statute Hook shows a lack of concern, particularly in regard to the possible exploitation of low-grade reefing propositions and small mining concerns working on or near the border line. "Apart from tho retention of this tax, the present Government lias shown much sympathetic consideration for tho industry," continued, Mr. Sligo. "In justice to the prfesent Minister of Mines, no reasonable expense lias been spared to assist and enlarge tho industry by the judicious expenditure of tho proceeds of the tax, but representatives of all classes of goldmining arc insistent that the Act should bo revised within a reasonable time, and an effort made either to abolish it as regards New Zealand-owned properties, or a complete statesmanlike reconstruction should he undertaken of the incidence of tho tax." Mr. Sligo stated that transport difficulties had caused much anxiety. Concern also was caused by the corrosion of the pclton wheel buckets and runner at the power station. A new set of bronze buckets was put in, and a new set of stainless steel buckets and runner has been ordered from England at a cost of £385. ABRAHAM AND WILLIAMS FURTHER PROFIT RISE DIVIDEND OF 4 PER CENT [llY TELEGRAPH—OWN CORRESPONDENT] WELLINGTON, Thursday The directors of Abraham and "Williams, Limited, stock and station agents, state that the net profit for the year ended September .'SO, after providing for land and income tax, amounts to £1(5.66-'!, The amount brought forward from last year was £1.3. J95, making a total of £'•!! ,808 available. An interim preference dividend paid on April 30 required £2050. leaving the balance available for distribution £'29,808. The directors recommend that after making the fixed payment on preference shares a dividend of 4 per cent be paid on ordinary shares, leaving £19,2(59 to be carried forward. The company's results and appropriations for the past three years compare as follows: l 035 II»3G 1037 Drought forward £s.si I £ll,l _'s £-in, 105 Not profits .. !». 11r, l-1,535 10,GG3 £ I 5,22!> (iliU £3 1,858 Dividends— Prof., 5 p.c. <l,lOl 4,101 -1,101 Ord Amount .. Carried forward £11,128 £15,105 £10,209 Prior to the payment of 3 per cent in 1936 the last ordinary dividend was in 1931, when 2£ per cent was paid. HIGH WOOL PRICES AUSTRALIAN SEASON MERINO REALISES 29£ D MELBOURNE. Nov. 1 The highest prices for the season for both Merino and comeback wools were obtained at the Geelong sales. Merino realised '29J-d and comeback 26ijd. Crossbreds were a little dearer, it is believed, owing to the operation of Japanese buyers. HIGH MOTOR TAXATION VICTORIA £22 A HEAD Figures compiled by the Hoval Automobile Club of Victoria show that motorists pay special taxation amounting to an average of £22 a head, in addition to the ordinary taxation to which all citizens are liable.

I,nst year they paid Customs and excise duty on petrol amounting to £8,636,479; registration and licence fees, £5,752,306; duties on motor-cars, chassis and narts, £1,798,311; and sales tax,* approximately, £1,250,000, a total of £17,437,096. LISTING GRANTED f . WOOLWORTHS (SYD.). SHARES (Received November 4, 5.30 p.m.) SYDNEY, Nov. 4 Official quotation lias boon granted on the Sydney Stock Fnchango to 3,713,328 fully-paid ordinary shares of 5s each in Woolworths, Limited. Quotation was previously confined to this company's preference shares. SYDNEY PRODUCE MARKETS (Received November 'I, S p.m.) SYDNEY, Nov. I Wheat. —The market is lifeless, reacting to the further drop overseas. Now season's wheat, 4s 9id; old silo grain, on offer at 4s Bd, less .storage charges. Flour, £l2 ss. Bran and pollard, £7. Potatoes: Tasmanian, £6; others, £4. Onions, brown, £ls. Maize, yellow, 5s Dd. PROPERTY AUCTIONS C. F. Bennett. Limited, will offer by auction at noon to-day at its rooms, corner of Queen and Shortland Streels, a five-roomed house situated at Cook Street, Hownk, and a freehold section of one acre. Samuel Vailc.nnd Sons. Limited, will offer for sale at. its rooms at 2 p.m. to-day a block of 12GVa acres at Panmnre, in the Croodfellow estate. A residence of six rooms and two acres of land at 0 Wilson Street, Ellerslie, and a two-storey residence of 10 rooms, with 1 3 /« acres of land, known as the Vicarage, Otahuhu, will also bo offered.