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TRADE AND FINANCE
The text of the letter from the High
ComnuaHioner's ofiiee tb the president of
the Federation of British Industries re
specting protests against certain provisions
in tiie War Precautions Act Repeal Act is
as under: — "Adverting to your letter of
39th April, regarding the provisions of the
Australian \V ar Precautions Act Repeal Act
(section 19) and regulations thereunder
(Overseas Companies and Firms Regula
tions), which required agents or representa
tives in Australia of companies or firms in
corporated or registered outside Australia
to funish certain particulars to the Col
lector of Customs in respect of the com
pany Or firm represented, 1 have to inionii
you that it has now been announced by the
Prime Minister of the Commonwealth (the
Right Hon. W. M. Hughes, who is at pre
sent in London) that the act and regula
tions in question arc receiving further con
sideration by the Commonwealth Govcrn-
jr.ent with a view to amendment. Details
have not yet been decided upon, but it is
probable that British companies will be
entirely exempted from furnishing the pre-
Kcribed particulars. In any case, the pro
visions ot the net are likely to be greatly
modihed, and in the meantime the ad
ministration of the act and regulations is
boHig held in abeyance."
AUJlJ»LIIlUIiVM (IIU UlJUUlf LWII IAJ XiilVV
reached a stage which will permit of the
- v indnig up of the 1915-lb wheat pool on a
<tnlc to be fixixl by the Australian Wheat
Board, and otlicials ore busily engaged m
tnc t.'i.sk of bringing tlic other early pools
to finality. These and other matters will
receive ti»c attention of the board this
v/cck.
Phosphate rock of Nauru Island, in which
tlie Commonwealth holds large interests, is
now being shipped to the United Kingdom.
The first cargo to reach Swansea, towards
the end of June, was 5000 itons. This
means the starting of a new industry for
Swansea, land having been secured at the
docks for extensive treatment works. The
Slag Phospliate Oompanv has been formed
with a capital Of £200,000 to carry on the
enterprise, m which Baldwins and the
I'outardawo Steel Works are closely allied.
Mr. W. G. V. Parker, with Sir J. Roper
Wright, Sir Charles Roper Wright, Sir
Charles Wright, Mr. Frank Giliiertson and
Mr. J. G. Davics as directors, has acqmred
the whole of the allocation of 42 per cent,
of the output of phosphate rock of Nauru
to which Great Britain is entitled as the
outoome of the mandate given to her bv
the Allied nations. Australia paid
£1,470,000 for her share of tlie Nauru de-
liosit, which, like that of Great Britain, »
42 per cent., the remaining 16 per cent,
being held by New Zealand.
A cable message from London states that
Sir Joseph Ward has arranged for the
underwriting of the Southland Electric
Supply loan of £7n0.000„ at 6 per cent.
The issue price is £06, and the loan is re
payable between 193b and 1945.
A representative of Messrs. Henry Jones
and Oo., referring to tlie state of .tlie jam
trade, stated that owing to increased pro
duction in New Zealand in , the last few
yours exnorts of Austrltlian pun to the
Dominion had been gradually decreasing.
As a rtnult of the embargo imposed bv
the New Zealand Government tlie companv
would have to cancel several orders from
New Zealand. Sugar oould be purchased
elsewhere at £20 to £25 per ton lower
tlian the rate charged in Australia. Trade
in the company's jams with the United
Kingdom therefore had been lost, and
trade .with the East considerably reduced.
. Permission granted bv the Commonwealth
Government to manufacturers was sub
ject -to the condition that the jain made
with this sugar must be exported overseas.!
A rebate pf £20 per ton was allowed oni
the sugar contents of iam exported from
existing stocks, provided trial manufac
turers made their entire supplies of pulpi
into jam Br destroyed any that could notl
he so utilised before the next season's
fruit was available. That condition made
the rebate practically valueless, for on ac
count of loss of trade due primarily to the!
high price of sugar stocks of jam and pulp!
were abnormally large.
The Victorian Wheat Commission ad
vises that, quotations for wheat for flour
for export to East. South Africa. Pacific
Islands and New Zealand. August-Septem-
bcr-Oetober shipment, may now lie ob
tained at 7/ per bushel. This represents a
reduction of 3d. per bushel.
Mildura Grand Hotel Limited yesterday
announced dividend of 1/6 per share, pay
able at the company's office, Mildura, on
Stli Septemlter. Tlie hooks will he closed
on 31st inst. The company's report for
the twelve months to 30th June last shows
» net profit of £6036. The amount brought
forward was £523. Dividend, including
the interim distribution, amounts to 20
per cent., and absorbs £5073. Tlie sum of
£189 is written ofT the building account
£500 transferred 'to tlie reserve for depre
ciation, and £502 earned forward- Paid-up
capital is £30.000, in 00.000 shares. Lia
bilities include hank £5133, sundry credi
tors and provision for taxes, £2950-
Am on est the assets are licensed nremiSes
£33.4.69, furniture and stock £8535.
Australia Hotel lamited is increasing its
authorised capital from £300.000 to
£500.000.
Buyers were less active at the Melbourne
tallow sales yesterday than they were last
week, and prices fell £1 to £3 per ton.
nceordmg to quality. For low and inferior
sorts there wns no demand. Prime mixed
tallow of good color was sold at £30 10.'
to £32 10/ per ton.
Balance sheet of the Excelsior Collieries
and Coke Works Limited for the year
ended 30th June shows that net profit
was £33,162. Interim , dividend paid last
February at tlie rale of 1/6 a share on
130.000 shares absorbed £9750, and after
adding £1.0,000 to tlie reserve there was a
Lilancc of £13,412. With £1372 brought
forward, the amount available was £14,785.
From this dividend has been declared of
1/6, una bonus of 6d. per share, the sum
earned forward being £1785.
William Adams and Co. made a not prolir
of £26,716 for the year closed 30th June
last as against £10.700 for tlie preceding
year. Dividend is 10 per cent. During the
ycav capital was increased from £197,379
to £218,223.
Shamrock Brewery and Malting Co. Ltd.
for the year ended 30th June last has de
clared a dividend of 8 per cent, per annum,
and bonus of 2 per cent, per annum, pay
able 2nd September. Books close on 29th
August. For the previous half year divi
dend was at the rate ot 8 per cent, per
annum.
Queensland National Pastoral Co. an
nounces interim dividend of 31 per cent, on
the preference shares, payable on 1st Scp-
telnlier.
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