AUSTRALIAN BANK MERGER.

Press, Volume LXVII, Issue 20334, 5 September 1931, Page 12

AUSTRALIAN BANK MERGER.

PROPOSAL EXPLAINED. THE FINANCIAL OUTLOOK. I (UHITZD PRSSS ASSOCIATION —BY ILICTEIO . 'I'KLSORAPH COPTHIQHT.) ' SYDNEY, September 4. The Australian Bank of Commerce has issued a circular to shareholders which declares that the proposed merger with the Bank of New South Wales was arrived at "owing to the general j outlook, as we saw it, and owing to the reduced turnover in all financial transactions which is likely to operate ■ for the next few years, these factors precluding the likelihood of substantial profits on shareholders' funds." The Board also took into consideration the benefits to be derived by the abolition of overlapping in banking facilities in places where the two banks were established. The terms of merger will be submitted to. separate extraordinary meetings of the shareholders of these banks on September 15th. MILBURN LIME AND CEMENT CO. ANNUAL REPORT. [THE FSESS Special Service.] DUNEDIN, September 4. The annual report of the directors of the Milburn Lime and Cement Company, Limited, states that the profit and loss account, after writing off depreciation and making provision for income tax for the current year, shows a credit balance of £26,133 6s 3d, including the sum of £3002 9s 6d carried forward from last year. An interim dividend of 3} per cent, was paid on March 10th, 1931, amounting to £7500, leaving a balance of £18,633 6s 3d to be dealt with. Tho directors recommend that this balance should* be appropriated as follows: — £ s. d. To add to Reserve Account .. 1,000 0 0 To add to Employees' Provident Fund .. 1,000 0 0 To add to Doubtful Debts Reserve .. ] ,500 0, 0 To payment of dividend for six months ended , July 31st, 1931, at rate of 6£ per cent. .. 12,500 0 0 To balance to be carried forward to next year 2,633 6* 3 The following is a comparison ot' /he past two yearns' operations:— 1930. 1931. v £ £ Net profit .. 21,154 23,131 Dividend, per cent. ... 10 10 Amount .. 20,000 20,000 Reserves .. 22,002 23,002 Employees' fund .. 10,800 11,800 Balance forward .. 3,002 2,633 I GENERAL MERCHANDISE. GROCERIES. Luxury lines are now as much neglected as ever they were, -whereas ordinary everyday necessities are selling fairly well. Outside these lines business is quiet. Eggs. This market, has slumped earlier than /was predicted in this column recently. The "Wellington market has held up better, and ,on Wednesday the retail- price there was- la - 2d. Local retailers are getting lOd in most cases, bnt 8d is . the. retail price ,in country towns in North Canterbury. Cream Tartar. This article has fallen in London, and is now standing at the lowest price lor years. The .superior grade. 99-100tb in London, this week was down to. below 84s. Gream tartar prices usually advance about this season of the year, and the present low valups are a surprise. . Peanut Kernels. • This line is still very short in New Zealand, and what stocks are available are' very firmly held, holders demanding and obtaining up to 4s per cwt over prices previously ruling.- Quotations .were issaed this week for Java kernels, but the arrival will be not earlier than November. Prices are low and good business must result, as the niarket is so bane. Christmas Packet X<lnes. The JTurban Company of London is putting out quite n number of packet linesy for the Christmas trade. These oomprlse Jordan almonds and muscatels in 80s and 16oz cartons, 4o? and 80s muscatel almonds, and hazelnuts, also 3os packets, of raisins and peanuts. Further packet lines are stuffed dates, these lines being dates stuffed with such additions as Brazil and walnuts, jellies, raisinß, etc. Most of these lines are to be packed in cellophane packets, and being in handy sizes they shobld meet with a substantial demand this coming Christmas season.' Dried Nuts. ' Ciilifornian prunes, large sifes, . such as 30-40 and 20-30, still command very high prices, and this will militate against many - being imported in better sizes than 50-60. The standard' 60 : 70's are low, and this size being the usual one imported here, -will command most of the business. The new' Crop should be ready, for shipment from San Francisco" about the end of the present month. . Seeded raisin prices in California are still Well above values quoted some months ago, and a 'careful estimate places, the retail price, to the publio of the new crop l's seeded ra'isins at not under 6Jd per packet. This is an advance on present prices. Thompson seedless raisins, old crop, are being, shipped from America, and are due to arrive early. Prices are the'same as new c.'op figures, and provided retailers can carry on till ithe end of -October, the new fruit - arriving- then will, b'e far better buying. . . Golden : bleached raisins are advancing, and Is 3d per cwt was required >y way of ad/vance'this week before some lines could be confirmed. There are indications that this line will hold its level or . advance until the Christmas demand is exhausted'. Golden bleached raisins present the finest type of. converted sultanas that California produces. This is. the cause of the heavy demand and high prices Many retailers are not aware of the base of this fruit. ■ It is converted from the well-known Thompson's blue seeded raisins. . Some. outside lines of prunes are being offered, such -as Northerns, . Oregons, ptc. Care should be taken in ordering some ■ of these strange packs, as occasionally they are not quite' suitable for local trade. Northerns, for instance, are some seasons .too sour in taste. Nuts and Almonds. The Sicily almond market is weak,. but as all booking has been done this news is not -interesting to the trade at present. . Valencia almonds, new crop, can now" be ordered to arrive for the Christmas trade at' prices very close to Sicily almonds. The difference between these two types- is os pef cwt, Valencia* being,the higher.-At this small difference Valencias would be by far tlie_ better buying, as they are a superior article to the Sicilian line. French walnut halves, new season's, will be ready for shipment in v October, 'at 8s 'per cwt over the November'"dispatch. .It will be necessary to order the October dispatch to enable the line to be here in ample time French walnut, halves, new season's, will surprise retailers, as values 5n France are well. up for the new crop. Brazil nuts are still standing at about previous levels, and/th&y were Tow enough to; attract " considerable business, whilst Brazil iternels are well below' opening prices last season. .'Barcelona kernels are again being offered, but are not meeting with: much demand outside manufacturers.. It is no doubt the price asked that stops the sale of these' kernels. They are bringing" within 6d per lb 'of the price 'of Braz\l kernels, and at this difference tho; public'prefer the Brazils: . MELBOURNE MARKET, MELBOURNE, September 4. - . Wheat—2» 3d to 2s od per bushel.