FINANCIAL JOTTINGS.

Press, Volume LXV, Issue 19508, 3 January 1929, Page 10

FINANCIAL JOTTINGS.

Reviewing conditions in the -United rtifi jo mid-N oTtmber, tht National Buik of Commerce in New York states that a gradually rising volume of busimm thia year hu culminated in a surpriaogif high lertl oI activity. New records for the month and in some rases for all months were reported in October in many different directions, each as export trade, steel production, robber consumption, copper deliveries, cotton goods sales, and building contracts awarded. In point of volume of production the year 1928 promises to ba the best that the country has erer kaown. Tho gold won from the Bendigo (Victoria) feAd during 1928 totalled 14,6190 c, the highest since 1924, and wm increase over that of 1927 of 467505t. The gold won since the opentag of the ricld in ISSI totals 20,576,03fc*. A Loodoii cable messages states that the Australian Pastoral Co., Ltd., has declared for its past trading year a dindead of 8 per cent, free of United Kingdom income-tax. Sew Zealand export of batter to America would appear to be favoured by the prohibitive tariff placed on imported Australian butter, due to the operation of the Paterson scheme in the Commonwealth. The position was exemplified by a letter received by a Melbourne merchant the other day. It stated that the American dnty had recently been raised from 12 cents to 15 cents a lb. This was prior to the latest announcement of an increase in the tariff rate to compensate for the increase in Australian export bounty payable in 1929. The letter pointed oat that this high rate of duty eliminated imports of Australian butter, as Latter tram Denmark and New Zealand would be preferred by American bayers because of the lower rate of daty payable on it. The writer stated that he had been hoping to do business with Australia this winter, but the change in tariff had made this impassible. Stocks of butter in America on November Ist were comparatively light at 105,904,0001b, compared with 118,679,0001b on November Ist, 1927. It is estimated that 315 vessels will be required to lift this season's Australian it heat. Of this number 120 bare already been chartered, including 63 which will load for India. In contrast with previous years, when a large proportion of the yield was shipped to Europe under sail, no sailing vessels have ■ yet been chartered, though it is probable that several sailers will cater lor the late harvest. Most of the vessels already chartered fly foreign Jags, this being attributed to the low lretght rate* quoted by such lines. Accord lag to tlie manager of the Vic- I torian Wheat Growers' Corporation, which conducts the voluntary wheat pool, and has already done the bulk of die chartering, the estimated yield for Victoria is 40,000,000 bushels. Much of this wheat, probably 20,000,000 bushels, would be exported to India, which had in previous seasons exported • large quantity of her own wheat. India had already purchased 10,500,000 bushels of Australian wheat for mistag purposes. As a sequel to the recent "graft" c*aes in the Sydney City Council the Judge in bankruptcy has made an order for the compulsory sequestration of the estate of Silas Young Maling, formerly deputy general manager of Um» Council's electricity department. Tha petitioning creditor was the Commissioner of Taxation, who applied for the sequestration of Maling's estate on the ground that he had failed to satisfy a Supreme Court judgment for £1703, income tax assessment", : and casts. '.

Prices for new flour have been announced by the Victorian Millowners' Association at £ll 7s 6d for 20001b Melbourne basis, with a cash discount of Si en orders" for three tons or more, tferdaey millers have also fixed prices St £ll a ton for new floor, and £6 5s m ton for offals. In Victoria bran and pollard prices are unchanged. The new prices are based on present quotations for wheat at 4s 8d a bushel.

The National Council of Wool Selling Broken of Australia announced tb« other (lay that, having made exhaustive enquiries throughout the variooa States, it finds that figures indicate that the estimate arrived at in Jane last year of 2,462,000 bales of wool anticipated to be received into the brokers' stores for offering in Australia. dptfiafc .the' 1928r29 : season will iMTi «BopflAad by approximately 115,000 balm. The Council also states that a&lea for the 1929-30 season will commanee in Adelaide on September 6th a»d in Sydney on September 9th, 1929.'

A aotivenir of the head office prejßttea of the National Bank .of Australasia has been issued by the management of the bank. The vork contains u account of the foundation and suheefuent career of the organisation, tlw preliminary meeting of those interested in the formation of the bank vh held in Melbourne in October, 1867, sad a year later the first office vm opened. In Adelaide at the same time stem had been taken to establish • local bank, and it was decided by the promoter)! to join forces with the National Bank. Accordingly the Adelaide branch of the National Bank was opened in December, ISSB. The bank ako was represented at an early stage la Wert Australia, so that it was veil established in that State at the tine of the gold boom. Since then it has extended its business to the other State* a* well as to London. At December, 1858, paid-up capital amounted to £90.363. Five years later it was £400,000, and in 1887 £1,000,000. In the early 90's the balance-sheet total was £12,000,000. but a setback occurred at the time of the collapse of the land boom, and it was not until 1906 that assets again reached £lO,000,000. Daring subsequent years the beak amalgamated with the Colonial Bank of Australasia, and by Requiring the business of the Bank of Queensland la 1922, a widespread range of branch oftcesin that State was obtained. Now tile paid-ap capital is £5,000,000, reserve £8.000,000, deposits £35,500,000, liquid assets £16.000.000, and adranee*. etc., £28.000,000.

The extent of the operations of the N«r Zealand and Australian Land Co., Ltd.. in Australia, was disclosed by 3#r R. A. Murray, chairman, at the recent annual meeting of shareholders. - Daring last season there was a slight • increase in the lambing, but owing to (trooghty conditions, sheep stocks sufiex»ci somewhat. Despite the losses, on Marefc Slat the oompany owned 1,112,471 skip and 60,612 cattle. Mr Murray says that, although the comKf obtained for its clip £3O la 9d a i, as compared with £27 3s 9d a hale lor the previous season, there had hem a great increase in working easts. It was calculated that these

Ind ii—fly doubled within the last 15 yean, wide at the same time there . had "also been a very huge addition to taxation. The company had transferred HMW> baa* of cattle from Queensland fc» Keir South Wales for fattening •ad marketing. That was about double I iMMt* ItiUßbWe I

* At a meeting of shareholders of Home Steel, Ltd., held in Melbourne recently, the chairman of directors, Mr h. J. Clifford, said that the outlook of the company was bright. He expected that the company would be manufacturing in New South Wales in February. Hie managing director, Mr W. R. Hume, would begin a world tour in February with the object of establishing Hume Steel companies in other parts of the world. In the next few years he expected to see the establishment of 200 branches in many parts of the world, with a capital of many millions of pounds. The recommendation of the directors that a dividend at the rate of 10 per cent, a year be paid on "A" and "B" preference shares waa adopted.