AUSTRALIAN BANKS.

Press, Volume LXVI, Issue 20083, 12 November 1930, Page 12

AUSTRALIAN BANKS.

quarterly returns.

•13X1TCU V RZS3 ASSOCIATION—Sn EI.BC TiiO * TJETLWRA-PH —COPTCIOHT.)

SYDNEY, November 11

Tlie Australian Banks' September quarter returns show total liabilties amounting to £330,636,000, including £305,409,000 in deposits. The assets total £396,378,000, including coin £3,689,000, notes £40,691,000, and Government securities £43,414,000. During the year th® banks transferred £21,386,000 worth of gold to the Commonwealth Bank, and acquired ait additional £16,367,000 worth of notes. AUSTRALIAN STOCKS. VALUES FIRMER IN LONDON. (Ui"iV£2> riSXS 3 ASSOCIATION— Li.EC'I'JSIC; MLB onA*K CO FTAIGS.T.) LONDON, November 10. Mr J. H. Scullin's statement ha 3 resulted in an all-round firming of Australian stocks. There are sellers of Commonwealth 5 per cents, at £B3. AMERICAN MARKETS. FALL IN STOCK AND WHEAT VALUES. (*T3iY£D re.L3U AE3OCIA'rrO2—K2 ELXCTZiO TELEoaApa—copraioHT.) (Received November ljtli, 6.5 p.m.) WASHINGTON. November 10. The stock market in New York and the wheat market in Chicago continued the downward trend to-day, the stocks losing from one to eight points and wheat declining four cents. Standard Oil of New Jersey sold !>elow 50 points, and United States Steel dropped to 133 points, despite a moderate increase in the unfilled orders of the United States Steel Corporation. The suspension of Monroe and Company, bankers,' and the announcement of a reduction in the initial payment by the Canadian Wheat Pool tvore reflected in the miarkets of the United States. N.Z. AND AUSTRALIAN LAND COMPANY. YEAR'S LOSS, £104,796. (rSITJED PRE! J ASSOCIATION —BT EZ-TCiilC TELEOatPK —COFTaIOHT.) LONDON, November 10. The New Zealand and Australian Land Company reports a year's loss o£ £104,796. The directors have transferred from the contingency fund £120,000. A dividend of 4 per cent, for the year was declared, and £6246 carried forward. In 1929 the net proiit of the company was £250,106. The ordinary dividend ■was 8 per cent., involving the distribution of £140,666, after deducting income tax. The sum of £74,486 was placed to reserve, which stood at £BIO,180.

SALESMANSHIP, ■

WHEN TIMES ARE HARD.

''When business is harder to get than normally, no forward-thinking business executive would consider weakening his sales force. At such times greater sales effort is needed. It must be recognised that the advertising pound has a harder job to do, that it must do more work to accomplish the same result. However, the lacto are that more intensive effort, applied when many competitors are shortening eail to 'ride out' the depression, turns e. difficult situation to advantage. Gains made in the face of adverse business conditions, even at a temporary sacrifice in profits, establish tne basis for tremendous future returns.

"The timid advertiser and the executive who considers this year's preiits of primary concern are prone to inaugurate short-sighterf economies, and one of "the moat harmful of these is a drastic _ reduction in advertising; Such a policy may show a favourable relation between volume of sales and profits during th©_ period of depression, but it automatically places the concern in a relatively unfavourable position to take advantage of the period of expansion immediately following. ' _ "In _most highly successful organisations' it ig a fixed to exert the greatest efforts toward increasing business during such ueriods when many concerns feel satisfied to hold their •own, or even to accept a less powerful position."--John HI. Dunham. WHEAT QUOTATIONS. (WKU) PRESS ASSOCIATION—BI Ei-ECrHO uxuoxArß—corY4iaß.a\) (Received ' November 11th, 5.5 p.m.) LONDON, November 10. Caxgoes are dull and sellers are inclined to accept lower rates. Parcels are inactivei and prices occasionally are 3d easier owing to weak Argentine reports. Futures are quoted: London—December, 24a lOd per quarter. February—2os Id per quarter. Liverpool—December 5s 6Jd per cental. March—ss 6d per cental. May—Ss 62d per cental. SHOWING OF OIL. j TARANAKI BORES. j t ivs.lss ASSOCIATION UHat4l£.j I NEW PLYMOUTH. November 11. | Coal Oil (New Zealand), Ltd., rej j>ort that number one bore at OraatA has been drilled *to 2917 feet in shale, with a persistent good showing of oil and gas. Moturoa Oilfields on Saturday lost the drilling bit in the well, but special fishing tool was made! and the bit was recovered to-night. The wefl is drilled to 3143 feet in sandy shale, and later mudstono. The drill struck more salt water, which can be controlled. During the week the drillers baled _ twenty-two barrels of oil from the 2"Coft horizon, and a few barrels have Sowed between the two siaes of casing at 2300 feet. The company is now drilling lo" test the horizon nt 330 D feet.