FOURTH WAR ARM

New Zealand Herald, Volume LXXVII, Issue 23616, 28 March 1940, Page 7

FOURTH WAR ARM

COMMERCE AND FINANCE BRITAIN'S FUTURE PLANS [l-'KOM Ol'lt OWN COItItKSPONDK.NT] LONDON, March 8 Money and trade an: going to play as big a part in winning tho war as the armed forces. Commerce, it has heen declared, is now the tonrth arm. Important announcements were made this week ahont Britain's pl;ius tor a big new overseas trade drive to expand markets by Sir John Simon, Chancellor of the Exchequer. Every British industry is being organised for the trade drive, ami there will be no limit to the aid given by the Government in capturing new markets. particularly those lornicrly held by Germany. Special export groups arc being established. Co-operation will be voluntary, but, if necessary, legislation will he introduced to eonipel the manufacture of goods most needed in foreign markets. It is estimated that, to balance overseas trade accounts, and to pay for the increased buying of munitions, food and raw materials necessary to carry on the war, Britain will need to raise the annual value of her exports from £438,000.000 to £600,000,000. This will mean both increased production and decreased home consumption. "Home consumption of many kinds of goods may have to he' drastically curtailed so that, they can be sold abroad," was bow .Mr. 1!. S. Hudson. Secretary to the Overseas Trade Department, summed 'up the positioYt when announcing the complete reorganisation of British industry and its direction by the Export Counci . "Nothing like it has ever been known in England before. It is a measure forced on us by the new conditions of this struggle. The council's task is to see that British exports increase sufficiently to pay for the materials we have to import to win the war. "I would like to emphasise that we are not trying to imitate the methods of totalitarian States. We arc counting on the willing co-operation of our people and of our customers. We have no idea of taking advantage of the war to try to secure a monopoly of world markets. We have always preferred the ideal of a free exchange of goods among the nations of the world to the rigid bilateralism beloved by tota 11 ta ria ns.'' Following a recent survey, the Export Council is convinced that there-is no shortage of demand for British exports in any export field. There is no principal industry, it is said, for which a market cannot he found. Some sections of industry are admittedly getting into a more restricted field through price competition, but the demand, it l; insisted, is t here. file South American market is one in which the council intends to drive hardest, because it is so valuable both as regards exchange and future trade. One of the factors that has hindered the development of South American trade in recent months has been a ■shortage of raw material. The council also counts on developing the United States market, where there is still a considerable opening, it is claimed, for trade in specialities.

NATIONAL MORTGAGE CO, NET EARNINGS LOWER Not earnings nt £'l6./-'iO wore reported by tin' l National Mortgage and Agcncv Company of New Zealand. Limited, for the year ended September .')0. This amount is struck after the provision of £4805) for staff superannuation and provident fund, and compares with £17.284 in the _previous year, when a total of ih 107 was set aside for the superannuation and provident fund. An unchanged divided of ■') penccnt, payable in sterling;, free of income tax, has already boon announced. Recent results are:— H)M 8 i n:in Brought forward £' I.V10!) £ 1.">,r>73 £ 1 ."5,878 Net profit '_'.->.Ss-_> 17,'J.S 1 1 (>, £•1 I.'JS) l J.'.1.-, 7 £•; (ill ♦Dividend, p.c. 7'/,t Amount 'J.j.OIS 17,07!) 17.070 Carried forward £ 1 ,t1."5,878 c 15, * Payable in sterling, free of tax. (Included bonus of U'/j per cent. Gross profit was £2701 higher at £131,103, but while expenses and fees, etc., fell by £OOO to £")o,008. Now Zealand taxes rose £8072 to £27,500. The directors report that trading conditions in .New Zealand continuea difficult throughout the year. As regards the current year the "outbreak of war rendered it impossible to make any reliable forecast. EAST COAST WOOL £684,395 FOR 39,705 BALES [»Y TKr.IXi It A I*l1 —OWN COIIItKSPONOKNT j GISBORNL'", Wednesday The final wool appraisal of the first wartime season under the purchase scheme carried out by the Government for the United, Kingdom will be held in Gisborne oil April 5 and the stores are now being prepared for the display of clips. The quantity of wool available is estimated at about, 5000 bales, while on coast it is thought that about 2000 bales may be oll'ered. Among the final quantities will he a larger proportion of binned wools than previously. Shipping has been available recently to take away much of the wool already appraised in Gisborne and only a smail proportion of that appraised at the last valuation in February remains in the stores. So far 30,705 bales of wool have been appraised in Gisborne and in the two coastal centres, the 'total value being £684,305, of which 05 per cent has boon paid out to growers. MINING YIELDS Mataki Dredging (Murchiso'n). — Week ended March 21, a total of 320z. from 9300 yards for 120 hours. Worksop Extended (West Coast). — 220z. from 11,100 yards in 111 hours. REPORTS OF MANAGERS Mount Lyell (Tasmania). —To March 13, a total of "il!i7 lons of refinery anodes and :>77l tons of cathode copper have been produced for the current year. QUOTATIONS FOR SILVER LONDON, March '_'(! Silver quotations to-day are 20 1-1 Gel a standard ounce, and 21 £d a fine ounce. WHOLESALE EGG PRICES , The Auckland Egg Marketing Committee announces that wholesale egg prices are unchanged. (' grade prices published on Monday at Is i'd should have been Is s}d. Prices are: —Hen: First grade. 2s SUI a dozen; B. 2s 3.Jd; ('. Is s}d. Duck: First grade, 2s 3.U1 a dozen; B. 2s 2J<l. Country storekeepers' minimum buying prices for first grade c<nrs arc: —Hen, Is lid a dczcnj duck, iraid.