AUSTRALIAN WHEAT THE TARIFF REVISION

Sun (Auckland), Volume I, Issue 254, 17 January 1928, Page 12

AUSTRALIAN WHEAT THE TARIFF REVISION

IMPORTERS’ DIFFICULTIES The Auckland Grain and Produce Merchants’ Association, at a meeting yesterday, discussed anomalies in the working of the new tariff on wheat from Australia. When the tariff revision was adopted, said Mr. W. H. Prentis, who presided, a. sliding scale was put on to represent that wheat from Australia should always cost 7s 9d landed in New Zealand, but, although it did at first cost that figure, a very different interpretation had come in. Instead of the wheat costing them 7s 9d, it cost 7s lOd and up to 8s 2d. If they bought wheat costing say 5s 9d f.o.b. the tariff would be Is and freight Is, making 7s 9d at the time of shipment. Probably the market might have dropped down to 5s 6d; and on the sliding scale they would have to pay an extra 3d a bushel duty. Replying to a question as to how the customs officials fixed their estimate of value, several members stated that they obtained it from Australian papers. One member said he had had wheat for which he paid 5s lid assessed at 5s sd, and another had had wheat costing 6s Id assessed at 5s Bd. The customs would not accept the value as declared by the shippers. The meeting unanimously decided to ask the Comptroller of Customs to accept the f.o.b. invoice price as the current domestic value. Mr. C. McCullough and Mr. William Pratt were appointed to represent,the views ot the association to the comptroller at Wellington. WELLINGTON LOAN AND TRUST A further dividend at the rate of 4i per cent., absorbing £5,625 and making 8 per cent, for the year, is recommended in the annual report and balance sneet of the Wellington Trust and Loan Company for the year ended December 31, 1927. The balance sheet shows that the gross revenue from interest, rents, fees, etc., amounted to £35,534, against £36,053 in the previous year. Provision has been made to the extent; of £1,657 for loss in deteriorated land areas. The directors had transferred £1,500 to the reserve fund, and after payment of the interim dividend, which absorbed £4,375, there is a balance of £9,916. After payment of the final dividend a balance of £4,291 is left to be carried forward. Net profits of the company in 1925 were £12,006; in 1926, £14,505; in 1927. £11,605.