DOLLAR RESOURCES

New Zealand Herald, Volume LXXVIII, Issue 23928, 31 March 1941, Page 3

DOLLAR RESOURCES

CANADA'S HARDLY T A|P PE D NEED OF UNIFIED PLA'N LONDON, Mrunrli 28 The latest Canadian trade figj/ircs, which indicate that the Dominion lias hardly yot tapped its considerable 'prewar dollar balances, aggravate jll e City's uneasy feeling about the need to liquidate Britain's largest stake in American industry. Financial circles contend that iinifift3 Empire plans for purchases of American war material would have obviated the necessity for the sale of Courtaulds. Limited, American subsidiary and simi J lar transactions which are expected to. follow .Nevertheless,, the City considers that the eale of the interests ill the, American Viscoe Corporation at least proves that, Britain is staking alj her material resources on the outcome of the conflict, and to that extent the sale has great political value. Meanwhile, the announcement of a pre-Easter Budget has rcfoeussed attention on the national financial situation, and the customary spate of rumours is going the rounds. One proposal currently favoured is the institution of a flat rate tax on all incomes above a certain limit, "coupled therewith," says the Financial Times, "a flat rate tax on war-time increases in income which might be necessary as an offset, to the excess profits tax on industry." Such a move, however will probably he considered as politically inexpedient, especially if the general expectation of a. reduction in the excess profits tax rate is realised. HIGII-INTEREST LOANS CONVERSION POSSIBILITIES LONDON, March 28 The Stock Exchange Gazette states that the Government's decision to allow the conversion of home corporation loans, carrying interest exceeding 4 per cent, has whetted the appetite of some Dominions having high interest loans with the option of repayment, mostly Australian States, involving about £55,000,000. EXPORT OF MEAT HIGHER KILLING FIGURES Mc.it export killings at the Dominion's freezinir works from October I to March 15 last show*a total of 7,828,407 freiirlit carcases, which, according to the official shipment of the New Zealand Meat Producers Board, is 007,023 in excess of killings in the corresponding period of the previous season, to (lie nearest comparable date. North Island production was freight carcases. compare/] with 5,045,145, and South Island 2,310,100, compared with 1.810,23!) in the previous season, to March 10, 1010. Lamb killings were 7.075.078. or 042.205 carcases above those of the previous season. Ewe killings increased hv 183,483 carcases to 1.140.705. but there was a decline of 358,55'j in killings of wethers, this season's total beincr 301.028. Frozen href production has reached 230.000 quarters, compared with 123,111. Porker killings were 48,512. an increase of 2R.077 carcrises. Baconer killings totalled 247,253 carcases, an increase of 30,703 carcases. Killings of choppers totalled 0708, an increase of 2522. COUNTRY STOCK SALES Fairly (rood prices were realised for quality stock at the special heifer sale conducted at Papakura by the Loan and Mercantile Company, but bidding was a bit erratic. Best Jersey heifers, close to profit, made £lO 10s to .£l2 1 Os; good, £0 to £lO ss; others. £8 to £8 17s 6d; poorer and backward, £0 to £0 12s Od; Shorthorns, to £10; others. £S to £0 15s; backward, £6 to £7 17s 6d; A.vrshires, £0 12s Od to £8 10S. Dalgety and Company reports that at Kamo there was a, good yarding, but competition. except for young stock, was slack. Fat cows made £4 7s to £0 12s Od; cows with calves at foot, to £5; 18-month Hereford steers, to £4; IS-month Hereford heifers, to £2 15s; weaner heifer calves, to £2; porkers, to 32s Od; gilts, from 29s Od to £2 12s Od. FINAL WOOL APPRAISEMENT The final appraisement of wool in Auckland this season will commence at the Parnell wool stores to-morrow. Approximately 10.000 hales are available, the quality of which is equally as good as the wool offered earlier in the season. A big proportion of the catalogue is lambs wool, while many clips aro from back-country districts and have opened up in very good condition. It was stated in the industry yesterday that generally the season has been a good one. Farmers had responded niatrnifirrnfly to the rail for early wool and from advices to hand it was apparent that the season's clip had been well cleaned up LONDON COMMODITY PRICES (Reed. 0.30 p.m.) LONDON, March 20 Closing prices in Friday's commodity markets were:—Kubber: Para. 15d per lb; plantation and smoked. 11 5-Mid to 1 ILd. Cotton: Spot, 0.2 d; April delivery. S.ii ld: May. S.osd. Turpentine, USs (id per cwt. EGG PRICES UNCHANGED The Eg? Marketing Committee advises that there is no change in the price of eegs; standard hen egss are 2s O'yJ a dozen and large duck 2s 4Vid, with usual differentials.