TRADING BANK’S RETURNS

Press, Volume LXXXVI, Issue 26126, 31 May 1950, Page 9

TRADING BANK’S RETURNS

DEPOSITS AND ADVANCES IN APRIL

After an interruption during March because of demands of income tax payments, trends in banking resumed their normal course last month. Average deposits during April more than recovered the previous month’s set-back to reach a new peak, while advances, which stood at a record level in March, contracted under lesser demand.

Aggregate deposits during April stood at £216,723,089, an increase of more than £13,000,000 over the previous month, and £3,394,670 above the previous record level attained last February. Compared with the corresponding figure five years ago, the average has increased by nearly 47 per cent. Advances, on the other hand, were £4,894,472 lower than the March record at £91,176,244, but exceeded those of last year by £6,000,000. Overseas funds of the trading banks reached a new peak during the month, rising by £4,137,402 to £30,643,947. The increase was principally due to a rise in London funds of £3,226,598 to a record of £26,270,456.

The principal items in the return of assets and liabilities of the six trading banks at the close of business on Wednesday, April 26, are compared with those at March 29 in the following table:— April. March. £ £

COMPANY NEWS WILSON’S CEMENT "The Press” Special Service AUCKLAND, May 30. Because of the sharp increase in sales, the net profit of Wilson’s (N.Z.) Portland Cement, Ltd., for the year ended March 31 increased by £13,537 to £60,727. Tms profit, w’hich is the company’s high™n^ llce 1932, was struck after providing £2097 more for depreciation of £27,635, and £16,739 more for taxation of £83,121. Dividend has been increased from 6d to 7d_ a share (5 5-6 per cent.),'and requires £35,000 The dividend rate is the best since 1941. when 7J per cent, was paid. The sum of £48,704 is transferred to general reserve, which, with the inclusion of plant depreciation reserve, is shown in the balance-sheet at £200,000. These appropriations exceed the net profit by £22,977, and the carry-forward is reduced trom £71,233 to £43,256. Profit from the sale of cement and lime, after providing for depreciation and all expenses except taxation, increased by £33,772 to £116,394. Other income, including interest, dividends, etc., was £3496 lower at £27,454. British Tobacco.— The declaration of the interim ordinary and B ordinary dividends of the British Tobacco Company (Aust.), Ltd., has been deferred. The directors, in making the announcement to shareholders, state that the declaration of further dividends on the shares will be considered at the ’’appropriate time." A quarterly payment of 2 per cent, has usually been made at this time of the year. The yearly dividend on the shares has been 9 per cent, since 1940-41. Increased production costs and lack of permission to advance prices of some of the subsidiary companies’ products were given as the reasons for the decision. The directors point out that application was maae to the jarice fixing authorities last December, but after a long delay advice was received that it could not be approved at present, but would be further considered alter examination of the current year’s accounts.

Dental and Medical Supply.—An annual dividend of 6 per cent, (unchanged), plus a bonus of per cent., is payable on June 22, ex May 30.—(P.A.)

Eurns, Philp.—Wholesale and retail business was now the most important concern of Burns, Philp and Company, Ltd., but the company had no intention of going out of the island shipping trade or any other shipping trade, said the chairman, Mr James Eurns, at the annual meeting in Sydney last week. The company was being squeezed out of the island shipping trade because of high running costs, and must retain sufficient liquid assets to meet these commitments when they became necessary in the future. tn a ?s r ?ur no ver for the last year reached on which the net profit of £0L2,734 was equal to* 1.23 per cent. In spite of the increased sales volume, little oenefit resulted because of heavy workoexwensesr> Vessels running to Singapore, Hong Kong, etc., were now spendfron-> 40 to 60 days in Australian ports each trip. Imperial Chemical Affairs.—Turnover of JaPn 501131 Chemical Industries group toi 1949 was a record at £5tg174,600.000. £stslO < 34S4;w fit -r f b- 1 by £st g-U4§-’O4 to Thls compared with consolidated sales of £5tg164,000,000 in 1948 tn^ht^ 7 ’ 000 ’^ 00 in - 947 * A ma ’°r factor >?■ ln ea . rr, mgs was the contraction li selling prices abroad, more cspecals Iy Thp e ri Or a . ]kalis and general chemicals. The directors state that, while the devaluation of sterling had improved the whX an t?X C T Pe l itiVe - ability markets theie was American competition it areas! In°lK' y re , SUlt . in a in! chases Th»s i° f raW 'Material pur--00i a J es ' 1 These higher costs would not only make it necessary to increase the selling price of certain products but would also increase the working c’anital e 2,y ire ™ for the same volume of business Tip Top i ce Final.-The Tip Top i ce Company (Auckland). Ltd is re--lof lo 1 ncr in epr.? n incr ® ased fi nal dividend ing a mtai o. rd mary shares, mak(RA ) 1 1 1 distributl °n of 15 per cent.—

VEGETABLES AND FRUIT u,? ai } anas , made a welcome appearance in the shops last week, and are still in sun Ply. Poorman oranges and lemons X JncluriT 1 ! 11 ’ 1 su P ply> Stocks of lemons n clude a consignment from Australia which arc cheaper and of better oualitv than the New Zealand-grown fruit apples are also on sale Retailers’ Prices !? ma |£ an) ’ 10d per lb ' aPPles, iJV? sert , 6d , per lb ; cookers, 4d per lb(each) 6 6ri a tn } 9 4d i u d: cauliflowers (each), 6d to 2s; rhubarb (bunch), 6d to L, onions, per lb. 4d; carrots, per lb, 4d, drumhead cabbage. 8d to Is eachnernaih h (b P n . ch >’ £ d ; tomatoes, 2s to 3s npr m.’ potatoes > 2d per lb: walnuts. 2s per lb, green peas, 8d to Is per lb; spring tn lO i^ S lb \’ ncb) ' ~4 d to 6d; cucumbers, 6d yL eacb ? hothouse cucumbers, Is 3d rrt r a ll n ra ? lsh ’ 4d to 6d bunch; beetroot, ba a bunch; vegetable marrows, 6d to Is each; pumpkins, 4d to 5d per lb; grapes, 5s to 7s 6d per lb; bananas. 7£d per lbpears Ud per lb; passion fruit, four and six a Is, kumeras, lOd per lb; celery. 6d ™ ad i>. PlC m al° n ’ 4d Per lb; quinces: lOd pei Ib. garlic. 2d an ounce; Cape gooseberries. Is (id per lb; pickling a i ls ’,y russals sprouts. Dd to Js p ei lb; leeks (bunch). 3d and Is; tree tomatoes. Is 3d per lb; chestnuts. Is 6d per ib; Southland swedes. 2d per lbChinese gooseberries. 2s to 2s 6d per lb : marmalade oranges, Is 3d per lb; lemons', is 3d per lb. JAPAN MILLWORKERS FORM UNION On the question of Japanese competiJ annu al report of the Amalgamated Weavers’ Association, Manchester, says:—“There is no doubt that the Japanese threat to our markets in British colonies appears to be growing. Something like 250,000 Japanese millworkers have formed themselves into a textile workers’ union, and there seems some hope that this organisation will help to raise the level of wages and working conditions and exercise some influence upon commercial trading policy."

Circulation .. 44,949,768 44,301,862 Free deposits .. 176,921,631 164,591,394 Fixed deposits .. 39,801,458 39,043,178 Advances .. 91,176,244 96,070,716 London assets 26,270,456 23,043,858 Notes of the Reserve Bank held as till money on April 26 were valued at £9,562,817, compared with £8,894,210 a month earlier. The issue and active note circulation at the end of April for the last five years have been:— Issue. Circulation. £ £ 1946 .. 44,731,419 37,889,950 1947 .. .. 47,139,260 40,056,868 1948 .. 48,311,618 40,319,775 1949 .. .. 50,834,333 42,020,824 1950 .. 54,512,585 44,949,768 A comparison of the aggregate deposits, advances, and excess of deposits in April returns since 1946 is as follows:— Deposits. Advances Excess. £ £ £ 1946 . 147,697,355 57,841,709 89,855,646 1947 . 164,843,969 75,318,538 89,525,431 1948 . 178,297,906 92,964,229 85,333,677 1949 . 189,746,390 85,134,376 104,612,014 1950 . 216,723,089 91,176.244 125,546,845 Fluctuations in the value of assets held abroad on account of New Zealand business as shown in April returns in the last five years have been:— London. Elsewhere. Total. £ £ £ 1946 . 11,231,563 2,113,904 13,345,467 1947 9.285,120 4.284,636 13,569.756 1948 . 20,785.091 3,390,255 24,175,346 1949 . 19,421.235 3,082,121 22,503,356 1950 . 26,270,456 4,373,491 30,643,947