NEW TOBACCO DUTIES

Sun (Auckland), Volume IV, Issue 1033, 25 July 1930, Page 13

NEW TOBACCO DUTIES

REVENUE ESTIMATED AT £400,000 A YEAR MANUFACTURER’S STATEMENT Press Association WELLINGTON, Thursday. In connection with the new duties on tobacco, cigars and cigarettes the following statement was made officially by W. D. and H. O. Wills (N.Z.), Limited, today. “If the proportion of local and imported cigarettes remains about the same as at present it seems likely that the amount raised in additional revenue in one year, allowing for the surtax, will be very nearly £400,000. The amount seems to be much in excess of what the industry and the public cau bear. We regret the interruption in trade caused by the delay in issuing new price lists, but a glance at the above figures will probably convince everyone that the matter needs some working out. The fact that the locally manufactured article is treated more heavily in the matter of this increase than the imported article makes it more than ever difficult to adjust prices.’’ It was not stated when the new price lists will be ready for retailers, but it will possibly be at the end of the week.

GROWERS WORRIED

“RUINING LOCAL INDUSTRY” Press Association NELSON, Thursday. The Motueka Progress League today decided to forward to Mr. G. C. C. Black M.P., the following telegram: “Tobacco growers here view with great concern the reduction of the duty on imported tobacco leaf. It will ruin the local industry by reducing the price to growers and mean the loss of capital now invested. Three large growers paid approximately £2,000 in wages for tobacco kiln work last season and they, with others, will have to close down if the tariff is put into effect. Please advise the position fully so that matters can be fully discussed in relation to the industry.” It is understood that the Motueka Borough Council and the Motueka Harbour Board are also taking similar action. The Nelson Provincial Progress League today forwarded the following telegram to the Hon. TI. Atmore: “Tobacco growers in this district are very concerned that the new tariff will seriously affect the industry, particularly the reduction of Is a lb on imported leaf tobacco, a great deal of which is doubtless produced by black labopr. The matter is of the greatest importance to the district.”

SYDNEY PRODUCE

SYDNEY. Thursday. The following are today’s quotations on tli© Sydney produce market: Wheat.—Ex truck, Sydney, bagged, 3s 10£d; country stations, 3s 3£d. Flour.— £lO 10s. Pollard and Bran.— £6 10s. Potatoes. —Tasmanian, £8 to £10; Victorian, £B. Onions.—Victorian brown, £7. Oats.—White, to 4s 3d; Algerian, to 4s 6cl. Maize.—4s lOd. Adelaide prices are: Wheat.—3s 8d to 3s lOd. Flour. — £9 10s. Bran.— £7 ss. Pollard.— £7 12s 6d. Oats.—2s 9d.

BANK OF ENGLAND RETURN United P.A. — By Telegraph — Copyright LONDON. The Bank of England return for the week ended on July 10 is as follows:— Issue Department Notes in circulation In banking department 40,980,823 Total £414.118,505 Government debt £11,015.100 Other Government securities Other securities 11,629,016 Silver coin 4,466,699 Amount of fiduciary issue Gold coin and bullion .. .. 154,118,505 Total £414,118,503 Banking Department Proprietors* capital Public deposits Other deposits, bankers Other accounts Seven-day and other bills . 2,251 Total £131,452,501 Government securities . . .. Other securities, discounts. advances Securities Notes Gold and silver coin 915,394 Total £131,452,501 The Bank of England discount rate is 3 per cent. The proportion to liabilities is 44.80 per cent. Short loans are quoted at 2 \ per as last week. Three months’ bills are quoted at 2 7-16 per cent.