TKADIFG PEOSPECTS

Evening Post, Volume CXV, Issue 74, 29 March 1933, Page 10

TKADIFG PEOSPECTS

EXCHANGE AND SALES TAX

(By Telegraph.) (Special to "The Evening Post.")

DUNEDIN, This Day.

Mr. WV F. Edmond, chairman of directors, addressing the annual meeting of the New Zealand Drug Company, said: "We have ; traded . conservatively during the whole p.eriod, and have endeavoured by all possible economies-to bridge the gap between a somewhat smaller turnover and general expenses so as to bving the latter into good ratio with the former. _ "We cannot look,for better conditions in NeTj- Zealand, in common-with other .countries, until the price-level for exports js improved. Wlien this will eventuate it is impossible for me to. suggest, but much is hoped for as a result of the forthcoming Economic Conference at Washington. " s

Importers have had an added burden Placed on them of'a further 15 per cent, advance in the rate: of London exchange ihis must affect us adversely during the present year. And in addition we have now a sales tax of 5 per cent;, which "^g^ot. facilitate'buoyancy in business. fetoeks of all descriptions have come to hand regularly throughout the year. The turnover at' the company's fertiliser works and drug warehouses has been up to expectations; T can hardly say that the directors look forward with confidence to the future, but I Ao ■ say. that every ef fort will be made to maintain business ana the present position of this company."