NATIONAL BANK OF N.Z.

Dominion, Volume 29, Issue 229, 24 June 1936, Page 12

NATIONAL BANK OF N.Z.

Small Increase in Net Profit

DIVIDEND UNCHANGED • Cable advice has been received from London by the general manager of the National Bank of New Zealand, Limucd, to the effect that the net profit for the year ended March 31 last, after making full provision for bad and doubtful debts, and transferring £20,000 to exchange and contingency account, and £20,000 to reserve for depreciation of investments, amounts to £lO2, To this amount has to be added £115,365 brought forward from the, previous _year, making an available total of £217,959, The interim dividend at the rate of 4 per cent, per annum, free of income tax, paid in January last, absorbed £40,000, there has been transferred to premises account £lO,OOO, and to pension and gratuity’fuuds. £14.000, leaving £1u3,90J available for distribution. The directors propose to allocate this amount as follows: —In payment of a dividend at the rate of 4 per cent, per annum for the half-year ended March 31, 1936. making 4 per cent, for the year, free of income tax. £40,000j balance to be carried forward, £113,959. The final dividend, which is equivalent to £4/18/10 per cent, in New Zealand currency, will be payable in New Zealand on July 11, at any branch of the National Bank of New Zealand, Limited, at current rate of exchange for demand drafts on London on date of negotiation.

The net profit and the appropriations of the National Bnnk of New Zealand, Ltd., for the last three years compare as

For the year ended March 31,1933, the net profit was £116,449, and the dividend 4 per cent.. For the year ended March 31, 1932, the net profit was £177,836, and the dividend 7 per cent. For the year ended March 31, 1931, the net profit was £208,286, and the dividend was 10 per cent. For the year ended March 31, 1930, the net profit was £282,917, and the dividend 12 per cent., and for the year ended March 31, 1929, the net profit was £290,582, and the dividend 14 per cent.

London Stock Exchange

By Telegraph—Press Assn.—Copyright.

(ißeceived June 23, 5.30 p.m.) London, June 22.

On the Stock Exchange to-day the new account opened quietly, but with a firm tone. War Loan 3} -per cent, was quoted at £lO6/1/3.

Sterling Exchange Rates

(Received June 23, 5.30 p.m.)

London, June 22. Sterling exchange on New York is quoted at 5.01 1-8 dollars to the £, on Pans at 76 1-32 francs to the £, and on Batavia at 7.36 florins to the £. The price of gold to-day was £6/18/9.

BRISBANE WOOL SALES

General Easing in Prices v

By Telegraph—Press Assn.—Copyright.

Brisbane, June 23.

At the 'wool sales yesterday, prices ruled 5 per cent, lower for good quality lines, and 10 per cent, lower for average lines, and as much as 15 to 20 per cent, lower for faulty wools, when prices are compared with those of the April sales.

Bradford Tops Market Steady

By Telegraph—Press Assn.—Copyright

London, June 22.

The Bradford tops market is steady, but business is quiet. Topmakers are reluctant to make concessions.

Australian Metal Production

Production of principal metals, apart from gold, in 1 Australia during 1935 showed a steady increase upon the figures for 1934, the exception being lead, the production of which fell away by 8032 tons. Output of zinc was higher by 11,732 tonsj while a small increase was shown in the production of silver. Comparatively large increases were shown in 1935 in the production of copper and zinc. The following figures, compiled by the Australian Mines nnd Metals Association, gives a comparison for each metal over the last three years:— METAL PRODUCTION.

Upper Watut Gold Alluvials

The directors of Upper Watut Gold Alluvials, N.L., in their report under date June 16, state that they anticipate that sluicing operations will begin to scheduled time.. The company has acquired an option of purchase over the Mainka lease, contiguous to one of the other leases. The directors recall that an object in view when negotiations were entered into with Bulolo Gold Dredging, Ltd. (which has an option over 400,000 shares of 5/- each in the company) was the acquisition of further properties. Accounts for the half-year ended February 29 show net working expenses of £3634, making the total to date £7443. Development during the term cost £55,413, and the account stands at £06.267. At February 29 the company bad on deposit £7OOO. cash £7442. debtors £llBO, and creditors £8986. Preliminary expenses amounted to £11,362.

Overseas Wheat Markets

I’.v Telegraph—Press Assn. — Copyright Chicago, June 22. Wheat futures arc quoted as follows: July, 95 1-8 cents per bushel: September, 95 7 8 cents: December. 971) cents. London. June 22. Wheat cargoes to-day were firmer, and ireels were also firm. Futures: London. July. 27/Ui per quarter; November. 28/1; Liverpool, July, 6/0$ per cental; October, 5/11-1; December, 5/lli.

follow: — Net profit .. Brt. forward Year ended March 31. 1934. £ 135,674 114,742 1935. £ 132,949 106,416 1936. £ 142,594 115,365 Total available 250,416 239,365 257,959 Dividend — Amount .. 80,000 80,000 80,000 Rate, p.c. . 4 4 4 Premises a/c 10,000 — 10,000 Pension & gratuity funds 14,000 14,000 14,000 Exchange contingent a/c 40,000 30,000 20,000 Invest, deprec. OA AAA reserve 1 .1 - —- Carried fwd. 106,416 115,365 113,959

1933. 1934. 193.7. Lead, tons 221,889 229,82.7 221.793 Zinc, tons 123,703 130,700 148,492 Silver, fine oz. 10,817,102 11,357,091 11,502,373 Copper, tons 14,413 12.012 10,990 Tin, tons 2,810 2,980 3,130