CONTROL OF TIN

New Zealand Herald, Volume LXXVII, Issue 23619, 1 April 1940, Page 5

CONTROL OF TIN

SALES TO GERMANY ACTION IN UNITED STATES Since the International Tin Com--0 inittee reduced the quota for the second quarter of the year from 120 to 80 per cent of the standard tonnages, action has been taken in the United States with the object of preventing sales to Germany. ■ According to advice received in Australia by air mail from London, the New York Commodity Exchange has forbidden its members to buy tin for reexport. This is an important step toward closing tho gaps through which much metal imported into the United States has been escaping. Contrary to the desires of Washington, some .'IOOO s tons of tin are. believed to have been ' re-exported from the United States r since the beginning of the war. A largo proportion has been shipped to Russia and it is believed that some of this has been intended for. Germany. The Is'ew York decision is likely to he followed by further restrictions on export of metal which the United States . might require in an emergency. .. IMPORT RESTRICTIONS ) : ACTION IN AUSTRALIA ) ) ! SOME LINES PROHIBITED ) ' CONSERVATION. OF EXCHANGE (Received March :il, 5.5 p.m.) SYDNEY, March .'SO Restrictions 011 th<j importation of ; goods from non-sterling countries -which, based on figures for 19,'38-39, amount to £1.050,000 sterling, have been announced by tho Prime Minister, Mr. ! R. G. Men/.ies. The restrictions will j operate on Monday. "Unessential and ' not so essential imports-must give way to vital and essential commodities ■when it comes to the question of the demand on the very limited amount of foreign currency," said Mr. Mcnzies. Some of the goods affected are electric razors, agricultural implements, cutlery, spoons and forks, tiles, wallpapers, wood pencils, motor-cycles, and quarter-horse-power and fractional motors for washing machines, which are all totally prohibited. A large list of other goods is prohibited to the extent of 50 and 25 per cent. BRITISH EXPENDITURE END OF FINANCIAL YEAR REVENUE EXCEEDS ESTIMATES (Received March .'sl, 7 p.m.) LONDON, March 00 Britain spent £1,816,873,000 in the financial year ended to-night, according . to tin l official returns. This included , £491,750,000 borrowed under the De--1 fence Loans Act. The expenditure was £110,000,000 below the War Budget The revenue was £1,049,188.000, but expenditure exceeded the revenue by £767,685,000, which was £170,000,000 better than was expected. Tho most satisfactory feature of the returns is that . the revenue was £54,000,000 above Sir John Simon's estimate of last September. Income tax 1 payers provided .£390,000,000, or £83,000 above the estimate and £51,000,000 above the receipts from the same source last year. The total net revenue increase, compared with last year, was - £121,904,000, the largest .single, "decrease being £5.654.000 in the I'ost Office receipts. Savings certificates and the .'3 per cent defence bonds contributed £122.000,000. The " floating debit increased by j £569.000,000 and now totals 1 £1,489,220,000, which comprises J £1,427.710.000 in Treasury bills and £Ol/190,000 in ways and means borrowings from public departments. MINING NEWS MAORI GOLD DELAY [llV TKM-XMttUMI riIKSS association] GREYMOUTII, Saturday The Maori Gold report states that the ground at Gnllahcr's, 'where the dredge is- working, is too hard for the stool bucket tips at present used. Operations have ceased until the arrival next week of manganese lips. YIELDS OF COMPANIES Argo (West Coast). —2907.. from 9500 yards in 106 hours. New River (West Coast). —270z. from 9000 yards in 100 hours. BOBBY CALF TRADE OFFICERS AT PATUMAHOE At tho annual meeting of the Patumahoe Bobby Calf Pool 16 members were nominated for the committee. The following were elected:—Messrs. N. L. . Learning, A. Woolscy, A. Buchanan, S. Wilcox, F. Madgwiek, E. Worthy and E. Cartwright. The committee later elected Mr. Learning chairman and Mr. Buchanan sec re t a ry. METAL QUOTATIONS LONDON, March 21) Tin is quoted as follows:—Buyers, £248 5s a ton; sellers, £248 10s. Forward: Buyers, £216; sellers, £246 ss. Copper, lead, spelter, pig iron, antimony, molybdenite and woflram aro unchanged. .ASSOCIATED NEWSPAPERS In announcing an interim dividend of 2 per cent on preference and ordinarv shares for the naif-year eliding March 31, the directors of Associated Newspapers, Limited (Sydney), report that, because of tho uncertainty in world conditions, they propose to withhold payment of any further dividends until the trading figures for the full year to September 29 netft are completed. LONDON COMMODITY PRICES (Received March :vi, 0.00 p.m.) LONDON, March 30 Friday's closing prices, with last week's rates in parentheses, were:— Cotton: Spot, 7.70 d per lb. (7.55 d); May delivery, 7.73 d ( —). Rubber: Para, 123 d per lb. (12;{d); plantation and smoked, Hid (Hid). Linseed oil. £•l2 10s a ton (£42 10s). Turpentine, 54s Od per cwt. (54s 9d). EGG PRICES ADVANCED The Auckland logg Marketing Committee announces that wholesale egg prices have been advanced, first grade being 2d a dozen higher. Rates ofieclive from to-day are:—lien, first grade, 2s "Id a dozen; B, 2s 4}d; C, Is B{d. Duck: First grade, 2s 5.1 d a dozen; 13, 2s 3.} d; C, 'ls B}d. Country storekeepers' minimum buying prices lor first grade eggs aro:—Hen, 2s o}d a dozen; duck, Is lid.