COMMERCIAL

Press, Volume LXXIX, Issue 23968, 8 June 1943, Page 6

COMMERCIAL

SALES TAX FIGURES FOR MARCH HEAVY INCREASE FOR YEAR Sales-rtax receipts for ordinary revenue purposes for the month of March amounted to £355,060, an increase of £200,635 (130.2 per cent.) above the total for February. and an increase of £47,548 (15.5 per cent.) as compared with March, 1942. Sales tax collected for war purposes during March amounted to £852,210, as compared with £360,400 in February, an increase of £491,810. In the following table particulars of sales-tax receipts are given for each of the last five financial years. It should be noted that at the commencement of the period the rate was 5 per cent. This was raised to 10 per cent, as from June 28, 1940, the additional 5 per cent, being credited to the War Expenses Account. The rate of sales tax was further increased as from May 11, 1942, the additional tax again being for war purposes. The new rate was fixed at 20 per cent:, but certain commodities were exempted from the increase. Ord. taxation War Taxation Total £ £ £ 1939 .. 3,572,110 1940 .. 3,520,703 1941 .. 3,515,617 2,252.021 5,767,638 1942 ~ 3,545.178 3,543,554 7,088,732 1943 .. 3,608,243 7,404,183 11,012,426 STATISTICAL REVIEW MARCH BUSINESS YEAR’S INCREASED TURNOVER Special significance attaches to statistics illustrative of business for March, as the financial year ends with that month, notes the April Abstract of Statistics Practically all items of the banking series completed the year with record high levels, an exception being trading-bank advances. Bank debits (cheque transactions) during March averaged 17.5 per cent, above the level for the corresponding month of the previous year, and bank clearings were up by 21.1 per cent., while the net note circulation recorded an increase of 29.4 per cent. Total deposits with the trading banks at the end of March, 1943, showed an increase of £16,113,413 as compared with a similar date in 1942, but advances fell by £4,661,152. As against this, however, holdings of Government securities advanced by £12,433,311.

Deposits with the Post Office and trustee savings banks during the year ended March, 1943. totalled £47.224,109, an increase of £6,665,411 as compared with 1942-43. The excess of deposits over withdrawals for the year was £12,993,728. as against £7,611,804 in the previous year In spite of shortages of many classes of commodities, sales tax receipts for ordinary revenue purposes (for which the rate has remained constant since its inception) were higher than in any previous financial year, the increase over 1941-42 being £63,065. The value represented by mortgages registered during 1942-43 continued the downward movement that has been in evidence since 1938-39. Mortgage discharges. however, showed an advance as compared with 1941-42, and exceeded registrations by £4,549,612. Land-transfer figures reveal an increase of approximately £1,000,000 in the amount of consideration paid in respect of town and suburban properties as compared with 1941-42, but a slight fall in respect of country properties was recorded. In spite of comparatively low figures for the last three months of the year, the total value of exports tor the year ended March 31, 1943, established a record for a March year. Compared with 1941-42, there was an increase of £6,539.757. Imports were also on a very heavy scale during 1942-43, the increase over the previous year being £10,191,723 As a result, the excess of exports over imports fell by £3,651,966. Totalisator investments during 1942-43 totalled £7.744.969, a decrease of only £51,703 as compared with the previous year, in spite of the fact that the number of racing days was reduced from 260 to 161. MINING Alexander Mines, Ltd.—ln the battery department of Alexander mines, 80 tous of ore was crushed during May for a return of 19oz 17dwt of melted gold, of an estimated value of £155. In addition, two tons of concentrates were saved, valued at £6O. The cyanide department was not cleared up. In estimating the values given above, gold was taken at 160s a fine ounce.