LOWER COSTS ESSENTIAL

Taranaki Daily News, 22 November 1930, Page 9

LOWER COSTS ESSENTIAL

AUSTRALIA’S REHABILITATION. DALGETY’S ANNUAL MEETING. ’ London, November 20. At Dalgety and Co.’s meeting, the t - Hon. Edmund. Parker, presiding, said . that the fundamental essential to Australia’s rehabilitation was a reduction of • the cost of-production. Until this prob--Icm was faced with a united front by the Australian people no substantial progress .could be made. The.measures the Government had already adopted could be only temporary. He trusted that Mr. Scullin’s Govern- - meat-- would face the situation with a resolute front and fearlessly .take the steps which would restore the Commonwealth’s credit to the high pinnacle on which 1 it had rested for so many years. probably there / are lean times before us for some years,” added Mr. Parker, “I have the fullest coniidencejn Australia’s' ability to surmount and to return in full to ■’the ■’prosperous .thn.es enjoyed in'the past business will partL a- ,'Cipafcd as /but' I see little prospect -’. ’/of an improvement. during the current ..12 . months.” . ■- Mr. Parker expressed the opinion that the company would do remarkably well if it was able to pay the same dividend next year. ' INSURANCE AND TAXATION. . AUSTRALIAN • COMPANY’S REPORT. S \ Sydney, November 21. s Directors of the Australian Provincial Assurance Association, Ltd., reporting on the year’s operations to September 30, consider that 4he results are satisfactory in view of the financial depres- .... slon. •-. • They point out that the continual in- ■' creases in income taxes on companies, '■■■ which have to operate in many cases on narrow profit margins, will, if persisted in, make it unprofitable to carry on, thus adding to the general / unemployment. • New business last year was valued at £562,000, and the total pre&ium income to £289,000. The bonus to policy holders absorbed £50,000, and the dividend ■ y of 21- per, cent, to shareholders £8925. Life assurance funds amount to £2,347,000 and assets total £2,937,000. DOMINION STOCK EXCHANGES. INCREASED STAMP DUTIES. Wellington, November 21. >’The annual conference ■of the Stock Exchange Association of New Zealand was concluded to-day. Mr.’ Graham, chairman of the Christchurch exchange,, . was elected president, and Mr. Smith (Dunedin) vice-chairman. The increased stamp duty imposed last session and more especially in regard to investments in Australian banks and . compariies was'discussed and the meeting confirmed the action taken by the special committe last July in its attempts to point: out to the Government the unfairness (of double taxation on New Maland investors.