PASTORAL OUTLOOK

New Zealand Herald, Volume LXXVI, Issue 23284, 1 March 1939, Page 7

PASTORAL OUTLOOK

RAINS IN AUSTRALIA POSITION MORE HOPEFUL STRAIN OF PAST YEAR The report from Australia early this week of good inland rains and a simultaneous strengthening of pastoral shares on the Stock Exchanges are indicators of a rapidly improving outlook in the Commonwealth's vast agricultural areas. According to Mr. M. K. Niall, chairman of GoldsbroughMort and Company, Limited, the large Australian pastoral concern, when discussing the position in Melbourne last week, with moderately warm weather and further soaking rains the pastoral season should he satisfactory. The reports published yesterday and again to-day of good inland falls and of sudden Hoods in (ire-ravaged areas indicate that his hope has been fulfilled.

Of all the States, South Australia had experienced the best pastoral year. More than 1,000,000 sheep had been purchased from the drought-affected areas in western New South. Wales and were grazing on its eastern borders.

Mr. Niall believed that if good rains fell quality of this season's wool clip should be better than last year, as it would not be so dusty. Offsetting that, however, was the likelihood of a reduced quantity of wool shorn, because of no lambing in New South Wales and little in Queensland. With ]914, Mr. Niall described last year as the worst in the pastoral history of the Commonwealth. The drought, low prices and reduced .wool clip had resulted in a considerable strain upon pastoralists' resources. Much private capital, formerly available for loans against land, had been withdrawn, and would probably accentuate shortage of capital for primary industry.

The mortgage bank department of the Commonwealth Bank, however, should help relieve this position and should assist rural industries generally, he pointed out.

IMPROVED PRICES LONDON STOCK EXCHANGE LARGE TURNOVER REPORTED LONDON. Feb. 27 The London Stock Exchange to-dav had a busy day. Prices advanced all round, notably British funds, following the success of the Essex County's £1,000.000 loan at .'JJ per cent, at 07. This was over-subscribed twenty-fold. Industrial shares, were appreciably higher and there was a large turnover. BRITISH TOBACCO STEADY DIVIDEND RATE [BY association] WELLINGTON, Tuesday A quarterly dividend at the unchanged rate of 2 per cent has been declared by the directors of the British Tobacco Company, Limited, according to advice received by tho Stock Exchange Association. GOLD AND SILVER QUOTATIONS IN LONDON LONDON, Feb. 27 Fine gold is quoted to-day at £7 8s 2d an ounce, compared with £7 8s 2jd on Saturday. Silver is quoted nt 20j!d an ounce spot and lOjd forward, compared with 20 7-16(1 and 19 13-16 d on Saturday. The quotation for silver at per fine ounce is 22d, compared with 22jd on February 24. The following is a summary of the fluctuations in the price an ounce of fine gold this year:— Highest price, January I .. 7 10 fi Lowest price, February 0 .. 7 8 2 February 21 .. ... .. 7 8 4Vi February 22 .. .. .. 7 8 4 February 23 .. .. .. 7 8 4 February 21 .. .. ..7 8 :V/ 2 February 25 .. .. 7 S 2'i February 'J7 .. .. ..782

PRICES OF METALS TIN AND COPPER FIRMER LONDON, Feb. 27 Following arc to-day's quotations on the London metal market compared with those of February 24: Feb. 27 Feb. 21 Per ton Per ton I s (I £ s (I Copper, stan., spot 42 8 Iy 2 11 o 4'4 Copper, stan., 3 mos. -12 9 4% II 15 7% Copper, electrolytic 47 ft 0 40 lo 0 , to to 48 5 0 47 1(J 0 Copper, elect., wire bars . . . . 48 5 0 47 10 0 Lead, soft, spot .. 14 0 3 I I 3 IVi Lead, soft, forward 14 !> 4'A 14 3 1 1 a Spelter, spot .. 13 13 V/t 13 OWA Spelter, forward .. 13 Hi 10V s 13 1(1 7>/ s Tin, stnn., spot .. 214 17 0 212 7 (5 Tin, stan., 3 mos. . 214 12 0 212 5 0 STOCK EXCHANGE NEW ASSOCIATION PRESIDENT [BY TELEGRAPH —PRESS ASSOCIATION 1 WELLINGTON, Tuesday

At the annual meeting of the Stock Exchange Association to-dav, .Mr. Harinan Reeves, of Dunedin, was elected president, .Mr. H. Kitson having re- | signed after three years' service. The meeting expressed the highest appreciation ot his work on behalf of the association. Mr. I'. C. Savage, of Auckland, was elected vice-president. BRADFORD MARKET CFIOSSBREDS MORE ACTIVE v LONDON, Feb. 27 The Bradford market is firm. Merino tops are quieter but crossbreds are I more active. j SOCIAL SECURITY TAX PAYMENT BY COMPANIES [BY TELKGBAPH —OWN CORRKSI'ONDENT] WELLINGTON, Tuesday The position regarding the payment of the social security charge by companies whose annual accounts are balanced too late for a declaration to be furnished by May 31 was officially explained yesterday. if a company is unable on or before May 31, 1939, to complete its accounts for its year ended, say, on April 30,1 1939, and furnish the necessary declaration as to income derived <luring that year, it must, on or before May 31, 1939, furnish in terms of regulation 16 a "provisional" declaration showing the income derived by the company during its last preceding year and pav the first quarterly instalment of the charge upon the basis of the income in such "provisional" declaration. Any necessary adjustment in the amount of charge payable will be made when the return showing the income actually derived is furnished by the company. Similar procedure must be followed in each subsequent year in which the company is unable to furnish tho domplefco declaration befora May 31,