PROFITS ABSORBED

New Zealand Herald, Volume LXXVI, Issue 23274, 17 February 1939, Page 7

PROFITS ABSORBED

UNION BANK TAXES

OPERATIONS IN DOMINION POLICY OF GOVERNMENT [from our own correspondent} LONDON, Jan. 30 "I would like to draw the attention of the Government in a friendly way to the fact that the trading banks cannot be expected to be of assistance to the Government and be strangled by it at one and tho same time," said Sir John Davidson, chairman of the Union Bank of Australia, Limited, at the annual meeting today, when referring to the position in New Zealand.

"Tho taxes there in tho last year," ho said, "have absorbed virtually the whole of our profit derived from our operations in that Dominion." Sir John said that a net profit of £244,682 was realised for the year. A dividend of 7 per cent was declared. The dividend disbursed to New Zealand shareholders, however, was earned almost entirely in Australia and the United Kingdom. Some Change Possible

"There is some hope—l won't put it more strongly—that, during the coming session of, tho Now Zealand Parliament, there may bo adopted some change in the system of taxation of tho banks," said Sir John. "I personally feel optimistic for tho simple reason that I cannot believe it to bo in the interest of New Zealand to strangle the trading banks. I have been in communication with tho Dominion treasurer on this subject." Referring to the total taxes paid by the bank during tho year, the chairman said that they amounted to no less than £250,000, which was f renter than the net dividend distriuted. In Australia, tho Federal income tax was increased by 15 per cent, chiefly for defence expenditure, _ and this was in addition to tho national defence contribution tax paid in tho United Kingdom. There was 110 Dominion relief for double taxation.

Sympathetic Interest Sir John also commented upon events in New Zealand and the legislation introduced by the Government. "The experiment is being followed in this country with sympathetic interest, but with some anxiety," said the chairman. "The bank is not concerned with politics, but is,_ naturally, concerned with the economic welfare of the country and is following its politicoeconomic progress very closely. ' Referring to the extent upon which New Zealand was dependent upon external markets, he said that the Dominion consumed 7 per cent of the wool she produced, 25 per cent of the meat, ana 11 per cent of the dairy produce.. Restrictions in Europe Commenting upon the European situation, Sir John said that there had been much cause for anxiety during the year, and trade restrictions due to exchange difficulties were as acute as ever. "There is," he added, "no evidence as vet of any relaxation in these restrictions " World circumstances generally, from the primary producing point of view, gave rise to anxiety for the present and immediate future, although, as had often happened, a change for the better might, from one cause or another, suddenly appear and completely alter the outlook. THE MARKET BASKET APPLES DOWN IN PRICE ALL EGGS A PENNY DEARER Apples have decreased considerably in price during the week, but apricots have risen slightly in value. Pineapples are also down in price, while blackberries, which are in poor supply this year, are up about 2d per lb. In the vegetable section peas and beans are both dearer. Carrots are down slightly in value. Both hen and duck eggs show a penny rise in value. Prices for meat, iHsli, bacon, ham, butter and cheese remain unchanged. Values are:— FRUIT Apples, Cox's Orange, 4d; Gravensteins, 3d and 4d; cookers, 3d; Australian Valencia oranges, five and six a Is; Sunkist, four and five a Is; Jamaican, five and six and eight and 10 a Is; lemons, Is to Is Gd a dozen; grapefruit, Sunkist, (id; tomatoes, 4d to Gd; choice, Sd; grapes, Is 4d to Is 9d; watermelons, 4d per lb; cooking plums, 3d and 4d; dessert, 4d and Od; cooking peaches, 8d to Is; dessert. Is 6d to 3s a dozen; apricots, 8d to 10d; coconuts, 3d and 4d; greengages, 8d; pineapples, Is 3d to 2s; pawpaws, is Od to 2s; Bon Chretien pears, Cd; blackberries, Sd and lOd.

VEGETABLES Kumaras, old, 3d; new, 8d per lb; onions, 3d; rhubarb, 3d and 4d a bunch; spring onions, 2d; cabbages, Gd to lOd; lettuce, 3d; second grade, 2d; silver beet, 3d a bunch; pumpkins, 2d per lb; new potatoes, five and six lb a is; carrots, 2d a bunch; beet, 2d"; green peas, Gd and 8d; outdoor cucumbers, Id to Gd; apple cucumbers, 2d; marrows, -Id to Gd; beans. Sd and 9d; cauliflowers, 8d to Is. MEAT Beef. —,Rump steak, Is 4d; undercut, Is Gd; beef steak, 9d; sirloin, lOd; prime ribs, Sd; prime ribs (boned and rolled), lOd; wing ribs (three chine bones), 9d; topside (41b and over), 8d; bolars, 8d; chuck rib, Gd; rolled back rib, 9d; corned round, 9d; corned brisket (boned), 7d; brisket and fiat rib, sd; thin flank, 4d; gravy beef, or shin beef, 7d; minced beef, 7d; tripe, 7d; dripping, Gd; suet, 4d; sausages, Gd; sausage meat sd; whole shins or legs, 3d; haif-shins or legs (thick end), 3y a d; half-shins or legs (knuckle end), 3d; ox kidneys, Is; ox tongues, 10d; ox tails, 7d; whole loins, 9d; whole rumps, lOd. Mutton. —Sides, Gd; whole legs, 8y 3 d; cut legs, 9d; leg, shank end, Gib or under, oy 2 d; forccjiiarters, sd; shoulder, (id; shrink end of forcquartcrs, sVid; neck, best end, 7d; neck (scrag end), Gd; loin, 8d; middle loin chops, lid; leg chops, lOd; rib chops, Od; nock chops, best end, Sd; stewing chops, Gd; flaps. 3d; cutlets, trimmed, Is 2d; sheep's fry, Od; kidneys, 3d; tongues, 3d; sheep's head, dressed, Gd; sheep's brains, 3d. New Season Lamb.— Forequarters, 8d lb; hindquarters, lid; sides, oy 2 d; legs. Is; loins, lid; chops, Is 2d. Veal.—Fillets, Is; loin, lid; shoulder, 8d; cutlets and veal steak, Is 2d; chops, Is Id; forequarters, 7d; rolled veal. lOd; veal ruinp steak, Is 4d. . Pork, —Log, 1s; loin, Is; foreloin, with blade lOd; pork chops. Is Id; corned hand, 1 od; corned belly, Is; pork sausages, 9d. FiISH Schnapper and terekihi, wholo, Gd per lb; fillets, lOd; smoked, 10d; skinned fillets, with wings', lid; without wings, Is; steaks, 8d; terekihi, kippered fillets, Is 3d: trevali, wholo, 7d each; smoked, 8d; smoked fillets, 4d and sd; John Dory fillets, Is 2d; mullet, wholo, Kaipara, 6d each; Auckland, 7d per lb; smoked, Kaipara, Od each; Auckland, 10(1 per lb; flounder, Is per lb; lemon fish, 5d per lb; silver strip, Gd per lb; hapuku steaks, Is 3d per lb; smoked. Is 3d; mold steaks, gd per/lb; smoked, 9d; kingfish steaks, 8d per lb; smoked, Od; salmon, Is Od per lb; smoked, Is 4d per lb; cod, frosh, Od per lb; smoked, l's Gd; gurnard, wholo, 2d; fillets, iv a d each; smoked, od; barracouta, whole, 5d- fillets, Gd per lb; smoked, 8d; cream fish, Gd per lb; smoked, 8d; kippers, Scotch, Is l>/ a d each; frost.fish. Gd per lb; hake, whole, Cd per lb; smoked, Sd; crayfish, 0d and 10d per lb; rabbits, Is each. BUTTER AND CHEESE Butter.— Factory, first grade, Is 6 1 / ad per lb; second grade, Is Gd; farm butter. Is 4d. Cheeso: Mild. Is 2d; tasty, ,1s Od. EGGS Hen, A grade, 2s 3d a dozen; B grade, 2s; duck, A grado, 2s; B grade. Is lOd. NEW PRIVATE COMPANY The following private company has been registered in Auckland: — Shamrock Linen Company, Limited, importers, wholesalers and retailers of linen and cotton goods and lingerie. Capital, £2500 in shares of £1 each. Subscribers: Walter C. Browne and A. Lowis, 1250 shares each.