METAL EXPORT BAN

New Zealand Herald, Volume LXXV, Issue 23166, 12 October 1938, Page 11

METAL EXPORT BAN

McKENDRICKS' YEAR BRANCHES CLOSED DOWN PROTEST AGAINST EMBARGO A protest against the maintenance of the metal export ban is made in the annual freport and accounts of MeKendrick Bros., Limited, for the year ended August 31. Net earnings were £334 lower at £'2895. Dividends for the year at 6} per cent on preference shares and 7{ per cent on ordinary shares are unchanged and require £'2loo. A sum of £193 is reserved for income tax and the balance of £302 is transferred to general reserve. "The metal situation during the trading year just completed has given the directors considerable cause for anxiety on account of the embargo on exports," states the report. "Our turnover , and profits have been seriously affected, and while no serious objection can be taken to the Government's action in preventing scrap iron and tin being exported to foreign countries, the directors claim that the company should not have been deprived of the right to export to British countries. The unfair restrictions placed upon the exportation of these commodities has resulted in our branches at Wellington and Christehurck being closed down, necessitating the dismissal of staffs, in both centres.

"It is to be hoped that the department will take a more reasonable view of the position, and withdraw the restrictions that so seriously interfero with this company's operations. The Government could not justify its actions in interfering with private enterprise to the extent it has done, and it is to' be hoped that the existing measures will be reni6ved, enabling companies such as ours to trade without unfair embargoes and restrictions."

Reference is also made to the serious setback resulting from the importation of second-hand sacks, ample supplies of which wero already available in the Dominion. The position had been placed before tho Government and the directors had reason to believe some action would be taken and a restriction imposed upon importations.

Tho retiring director, Mr. C. C. Macindoe, is offering himself for reelection.

Capital of the company is £30,000. Creditors are owed £1497, a reduction of £2161, while the bank overdraft has risen from £5836 to £13,331. Assets are £5534 higher at £48,168, largely as a result of an increase of £2607 in stocks, which stand at £13,756.

COPPER PRICES RISE OUTPUT TO BE INCREASED TIN ALSO MUCH FIRMER LONDON, Oct. 10 Copper prices advanced further on the London market to-day following an announcement that producing companies operating under the restriction scheme will increase tho output from October 15 from 95 per cent of the basic tonnages to 105 per cent. Following are to-day's quotations, compared with those of October 7: — Oct. io Oct. 7 Per ton Per ton

£ s d £ s (1 Copper, stan., spot 45 5 7Vi 44 6 0 Copper, stan., 3 mos. 45 O 4'/ a 44 O 4% Copper, electrolytic 50 10 0 40 lo 0 to to 51 10 0 00 10 0 Copper, elect., wire

bars .. .. 51 10 0 50 10 0 Lead, soft, spot .. 10 3 o 15 17 0 Lead, soft, forward 10 0 10% 10 I 10% Spelter, spot .. 15 1 3 14 15 o Spelter, forward .. 15 0 3 14 1» 4Vi Tin, stan., spot . . 2(»7 15 O 204 2 G Tin. stan., 3 inos. 200 2 0 205 7 0

DEFENCE OF AUSTRALIA INCREASES IN TAXATION NEED FOR OTHER SAVINGS Commenting on the Federal Budget, the president of tho Melbourne Chamber of Commerce, Mr. T. W. Haynes, said that the business community realised that an increase in taxation was inevitable owing to the heavy commitments for defence and national insurance. The heavy addition to the income tax would be a great burden on enterprise, more especially at the moment, when Mr. Men/.ies had expressed the opinion, bnsed on his recent visit to Great that Australia must consider extending its manufacturing undertakings, with a view to increased output for export. The chamber would suggest to the Government that the time had come for a special committee to be set up to review every form of public expenditure other than that for defence. Such an investigation, Mr. Haynes understood, was part of the British policy, and would return remarkably good results in diverting activities from ordinary departments to defence, thus saving at least a part of the huge Government expenditure, which was now getting out of proportion to the income of the country.

The chamber would not wish to unduly emphasise the adverse effect upon private and public incomes on account of the greatly reduced returns from primary production, but such a factor must not be disregarded by the Government. The chamber was of opinion that the estimated receipts from the proposed taxation might not ho realised because of the reduction in income which was expected. At the same time, expenditure was likely to he over the estimate if further expenditure on armaments should become necessary.

With regard to land tax, Mr. Haynes said the chamber had always sgt its face against that form of taxation as retrograde in character, and regretted that the Government had found it necessary to make an increase.

GOLD AND SILVER QUOTATIONS IN LONDON ' < \ LONDON, Oct. 10 ■ Fino yokl is quoted to-day at £7 5s lOd an ox., compared with £7 5s 4Jd on Saturday. Silver is quoted at 19gti an osi. spot, and 19 Jd forward, compared with ID U-lfiil and 19 on Saturday. The quotation for silver at per fine oz. is 21 3-16 d, compared with 21 'l46d on October 7. The following is a summary of the fluctuations in the price an ounce of fine gold this year:— ( £ « d Highest price, September 28 . 7 7 0 Lowest piice, January 3 .. oin 5 September 30 .. .. .. 7 4 1 October 5 .. .. .. 7 4 10 October (f .. ..745 October 7 .. .. ~7 5 0 ' October 8 .. ..' .. 7 5 4% October 10 7 5 10 BRADFORD MARKET TENDENCY AGAINST BUYERS LONDON, Oct. 10 The Bradford market is'firm with a tendency against buyer«.