COMPANY AFFAIRS.

Auckland Star, Volume LXI, Issue 64, 17 March 1930, Page 4

COMPANY AFFAIRS.

AUSTIN MOTOR CO. PROFITABLE YEAR. The progress that the English motor trade is making is indicated by a cable received from the Austin Company: A company balance-sheet for the year ended December, 1929, was issued to-day. It shows gross trading profit £1,297,000. The •board recommended . the payment of all dividend arrears on B preference shares on March 31, and also twenty per cent on preferred ordinary and ordinary shares on June 13. This means the company pays its first dividend on preferred ordinary, and resumes the dividend on ordinary issues after a lapse of eleven years. IMPERIAL SMELTING. Registration of the Imperial Smelting Corporation, Ltd., of London, as a foreign company has been effected in Melbourne. The corporation has a nominal capital of £7,500,000 in £1 shares, and its agent in Victoria is Sir Arthur Robinson. . The chief object of the corporation is to take over all shares of the National Smelting Corporation, Ltd., which was formed in 1923 to acquire, among ptlier assets, 4,0UU,000 shares in the Burma Corporation, Ltd., and zinc smeltrs and sulphuric acid works at Avonmouth and Swansea, lne new corporation proposes to develop mining, smelting, acid, chemical, and allied industries, especially within the Butish Empire, and it will increase its zinc smelting capacity in Great Britain. Shares l Imperial Smelting Corporation are held b> North Broken Hill, Ltd., Bioken Hil South Ltd., Zinc Corporation, Jjtct., Electrolytic Zinc Company of Australasia, Ltd., with representatives of these com panics on the board. TRANSACTIONS ON 'CHANGE. COMMERCIALS ADVANCE. OTHER LINES UNCHANGED. The chief feature of the proceedings at the first call of the week was the sharp advance registered in J^ s - I t„" g «hX« iced 2 /i started at £1 1/10, »"<> parcels changed ; hands at the hguies quoted. Buyers then dropped to £1 M, W ifanks did not share in the advance. Bidding generally was rat^ r tame^ Buyers for Electrolytic Zmc ordinaues advanced their offers to £1 o/• Government stocks £97 was offered f oi the 4%'s, and £99 lor OV2 s, with no declared sellers. The Noon Call. At the noon call Commercials again changed hands, but this time at the reduced figure of £1 2/. ih^ T "' /"f section seemed tairly steadj. Nevi Zea lands had two sales at last week s figures. £2 16/0, while buyers of Australasia at £12 4/ and of Australian Commerce at £1 4/10 increased their former limits. Booth Macdonakl and Co. were quoted ex dividend, with sellers at 5/9. Interest Rates. The return to the investor on his outlay, based upon the latest dividends and in the case of loans and debentures upon redemption at maturity, works out as follows for the latest sales:— PER CENT PER' ANNUM £ s. d. ■ Commercial Bank of Aus. .. Gl7 4 Bank of New Zealand u 1 JJ Auckland .Gas (con.) 7 1 & CALL AND DIVIDEND LIST. DIVIDENDS. Due. Huddurt-Parker, final, ord. 5 p.c., \ pref. 3 p.c. Now Dunlop Perdriau, Interim, cum pref. 5 p.c., ord. 3 p.c. , Mar. 28 British Tobacco, ord shares, 3 p.c., interim Mar. 31 Hume Pipe, interim, at 8 p.c. p.a. Mar. 81 O. L. Innes, interim, pref., 4 p.c. Mar. 31 Pukemiro, interim, 'J./ a share .. Mar. 31 Bank of Australasia, final, 7 t»c- . April 4 Howard Smith, interim, cum pref., C p.c. p.a April 5 Kempthorue Prosser, final, 0J p.c. April 8 Milne and Ciioyce, interim, ord., pref., and debenture stock, 8 p.c. p.a April 10 New Zealand Breweries, interim, of 75 p.c. April 14 ADVANCES TO FARMERS. RURAL CREDITS BOARD. (By Telegraph.—Press Association.) WELLINGTON, Saturday. During the monthly meeting of the Rural Intermediate Credits. Board, it was reported that the position, in regard to sums advanced by the board to farmers, either directly or through the intervention of, co-operative Rural Intermediate Credit Associations, was extremely satisfactory, the borrowers being up to date with their payments in practically every case. With regard to dairy farmers it was the usual practice to collect the requisite payments for interest and reductions of principal during the flush of the season, and in some districts of the Dominion the current year's payments had already been received in full in the majority of cases, thus making it possible for the borrowers to. receive their cream cheques in full during the winter months. It was reported that at a recent meeting of directors of the Waikato Association the directors commented very favourably on the class of application now being received by the association, indicating that the scheme is appealing to a good class of farmers, and that the operations of the board are becoming widely known and appreciated. , The commissioner stated that the formation of a further association, with headquarters at Whangarei, had been completed, and that the association would shortly, commence lending operations. With associations already in existence at Dargaville and Kaikohe, the farmers throughout the North Auckland district now 'had the requisite facilities for obtaining advances from the board upon their available farming assets. It was reported that the Rotorua Association had started lending operations. BRITISH BANKS' PROFITS. RESULTS IN 1929. As trading concerns the big British banks are unique. No matter what conditions in general may be they appear to be able to make substantial profits. The past year, for instance, remarks the London "Observer," has for most people been full of difficulties. There has been continual grumbling at the depressing conditions prevailing in trade, finance, and industry. " Yet the big banks, where figures are available,, show increases in profits. The profits for all the five big banks, compared with the previous year, are as follow:— » 1929. 1928.

All the banks are maintaining their previous rates of distribution. . Of the total net profits shown in the above table, which it should be noted are, in all "cases,, after making full provision for bad and doubtful debts, more than a quarter, or over £3,250,000 in all, is set aside for. various purposes, such as contingencies, pensions, premises, etc., while a further £3,200,000 is carried forward, just about the same amount as was brought in.

£ £ Barclays 2,331.579 2,301,285 Lloyds 2,54i!,0S4 2,528,143 Midland 2,665,042 2,656,554 Nat. Provincial .. 2,180,704 _,10S.0G4 Westminster .... 2,160,3S4 2,148,408