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Taranaki Daily News, 17 February 1921, Page 2

COMMERCIAL.

“BAWRA” WOOL. REALISATION SCHEME ADOPTED. By Telegraph.—Press Assn— Copyright. London, Feb. 15. The British Wool Realisation Association is now generally called "Bawra.” A full meeting of the Colonial Wool Association adopted the sub-committee’s proposals except that late arrivals by the Ayrshire, Surrey and City of Edinburgh, aggregating 7085 bales, should not be included. A strong feeling was expressed that it would be unfair to sell Bawra wool in England only and to confine the Australian sales to free wool. It was also contended that, In any scheme to regulate the proportion of offerings of Bawra and free wools in future London sales, account must be taken of the sales of Bawra wool at Liverpool, Hull, Antwerp, and elsewhere.—Aus.-N.Z. Cable Assn. CHRISTCHURCH WOOL SALES. i By Telegraph.—Press Association. Christchurch, Feb. 16. There was another big offering at the fourth: wool sale of the season. In the early stages competition was frequently cull, though the buyers’ benches were full. The offering totalled 20,692 bales. Up to noon the indications were as follows Medium and inferior half-breds Id to l%d lower than the January sale; crossbreds Id lower; threequarter breds from par to 2d lower; best halfbreds, best three-quarter breds and pieces, prices a shade better; second pieces from par to Id lower; medium merinos lower. The highest prices realised were 14 %d for four bales of half-bred branded H, and lad for five bales super half-bred wether branded Rockwell; ten bales of merino ewe from Waiite sold at 12%d. LOAN AND MERCANTILE AGENCY CO. The annual meeting of th© above was in London in December last. The balance of net revenue was £121,745, and a dividend for the year of £5 15s per cent (compared with £5 l'2s for the previous year) was declared. The sum of £23,491 was carried forward. How the Colonial income tax Impositions affect large companies Is shown by the fact that they accounted for £119,953, whilst the English tax was £38,116, a ( total of £158,069, equal to the net earnings of the concern. This means that out of every £1 the Governments took 10s. Instances like this prove the contention that high income taxes prevent expansion and curb enterprise, as well as being unfair in their incidence. It is little wonder that the management of the company is inclined to withdraw its ca-pital from New Zealand, for 5% per cent, is altogether too small a rate for the risks involved, especially when much higher rates can be obtained elsewhere without the slightest risk. A young country like New Zealand wants all the capital possible for development, and taxes that are . calculated to drive capital away are therefore inimical to its best Interests. CANTERBURY GRAIN AND PRODUCE MARKET. Christchurch, Feb. 15. In the Canterbury grain and produce markets business has continued as dull as it cculd possibly be: in fact, merchants state that for this time of tie year they have not known it to be so slow for many years back. In view of the state of the market, farmers are mostly occupying themselves with harvesting operations in preference to visiting the city. The farmers are still waiting for wheat prices to be fixed by the Government, and until this is done there Is not much likelihood of business being done to any extent. A few lines of ryegrass have been changing lands, but the demand for this is not by any means keen. With regard to cocksfoot, new season’s seed is now being offered, but there are no buyers just yet, nor are producers anxious to sell at the present price. About £4 Is the price offered for potatoes on trucks, which is not at all to the liking of the farmers. Onions ar? not being sought after very eagerly. Orders from the North Island for onions and potatoes have been few and far’ between lately. Forward buying is not being nearly as much indulged in as in previous years. Among other causes the general financial stringency is considered to have a lot to do with this state of affairs.