AUCKLAND SAVINGS BANK.

Press, Volume LIX, Issue 17742, 19 April 1923, Page 10

AUCKLAND SAVINGS BANK.

A RECORD YEAR. (special to "the pbess.") AUCKLAND, April 18. A most satisfactory state of affairs was revealed at the annual meeting of the trustees of the Auckland Savings Bank. The vice-president (I\lr Oliver Nicholson),-who" was; in the chair, in moving the adoption of the balancesheet, said that the financial year ending March 31st last was a memorable one All previous records have been exceeded. During the period of depression, (as far as this bank is concerned; from December, 1920. until February. 1922, the withdrawals have exceeded the deposits by an amount equal almost to one-tenth of the total deposits. During February, 1922, however, the Savings Bank Act was amended, authorising trustees to pay interest on sums up to £2OO. The effect of this amendment was a largo increase in deposits, amounting to £459,540 (exclusive of interest allowed to depositors) at tho end of the financial vear. The <rross income for the rear'was £157,4C0 2s 4d. Of that sum. £134.200 os Id has teen credited to depositors as interest, and charge* absorbed £15,153 7s. The net profit is, therefore, £33.046 10s 3d, to .which has been added the amount hroucht forward, £4(549 3s 7d. The net profit is £7078 better than last year, and' the total is also a record for the Bank. The total funds, now amounting toi £3,788,005 9s lid, are equal to approximately £lO7 19s per cent, of the liability to depositors. Thr> result of tb« year's transactions, as disclnspd by the profit and loss account, and the totals evidenced on tho balance-sheet, fOnstitute a record in the history> of tho bank. CONTROL OF DAIRYING. CONFERENCE OF WAIRARAPA INTERESTS. (press association telegbam.) MASTER-TON, April 18. The conference, convened by the Masterton Dairy Company, of delegates representing thirteen dairy companies situated between Pahiatua and Featherston, held to-day, marks another progressive move in the dairying industry here. A proposal to form a controlling association for the whole of the Wairarapa and Bush Districts was referred to a later meeting at Carterton. Mr J. G. Blechin, director of the National Dairy Association, spoke on uniformity of advances to suppliers and control of shipping, and the subjects were thoroughly discussed. He explained tTie attitude of the Association on the matters pertaining to dairy control, and urged the conference to push ahead for better conditions, to place the industry on a sound footing. The conference decided to affirm the principles of the Dairv Control Bill, and pledge eupport to the measure. THE BUTTER MARKET. DECLINING VALUES. (special* to "the-pbess.") AUCKLAND, April 18. Prices for butter on the London market are still declining. Information was received yesterday by cable that the ruling quotations were now 164 a to 165s per cwt, a drop of 9s to 10s per cwt within the last few days. It was stated that the decline was due to heavy stocks having accumulated, and that a further reduction was anticipated.

Discussing the position, an expert in the dairying industry said that during February, when prices were in the vicinity of 200s per cwt, it was stated from London that butter was being bought in anticipation of a shortage occurring in March and April. Apparently the anticipated shortage had not occurred, and this, combined with the restricted consumption owing to high retail prices, had caused a sudden and substantial drop in the market. As to how low the market was likely to fall within the next few weeks, the information available was too meagre to enable one to form a reliable opinion. Last year, in April, when the market quotation was about 174s per cwt, a decline took place, and at the end of May New Zealand butter was quoted at about 160s. At the beginning of June the position began to improve, and before the end of thaimonth the quotation had risen to 236s per cwt. In view of last year's experience, added the expert, there was. reason to hope that the present downward trend would cease very shortly. ' , . ~ Referring to the local market, the speaker said that, in view of the further deeHne in London, no doubt the companies supplying butter for _ local consumption would reduce the price to London parity. In the case of a sharp decline, such as had taken place, it was somewhat difficult to establish parity till the market stabilised. Tliero had also been a demand for New Zealand butter from Australia, at about Is 8d per lb, f.o.b. The prictfnow 'quoted was Is 7d,'and this no doubt bad helped to maintain local values. A reduction o£ Id per lb had already been made in Wellington and Christchurch, and the Auckland would probably adopt a similar course.

"Tkere should soon be a reduction in the retail price of butter, " said Mr Jurtfee FrLer during the hearing of +lm dairv workers' dispute by the Arofeat oYcourt at Auckland on Jtadg evening. His Honour had referred U the most recent movement on the London market, and said he had noticed that oiir retail price did not go down in sympathy with the Home market so rapidly as it went up. • Later in the hearing the employers were trying to So" Shy it w4 necessary.to provide for a 60 and 65 hour week in the outter and cheese factories, when his Honour said: "Surely you are not Romg to tell us that the bottom has dropped out of the butter business." Counsel for the employers denied any such intention, but said that the majority of the suppliers were farmers, and the bottom, had fallen out of farj;*.ig. "Yes, through land speculation, _ was the Judge's rejoinder. An official of one of the large concerns said that a fair season was expected, but that conditions were not too rosy for the farmers.