BANK OF ADELAIDE

Dominion, Volume 30, Issue 174, 20 April 1937, Page 12

BANK OF ADELAIDE

Increase in Net Profit DIVIDEND RAISED Nel profit of the Bank of Adelaide for the year ended March 29 was £61,337, in increase of £3364 on the profits for the previous year. With the payment of a final dividend of 5 per cent, per annum the dividend for the year is 44 per cent., compared with 4 per cent, the previous year. The year’s dividend accounts for £56.250, aud. against £36,970 brought forward, £42,057 is carried forward.

Specie, Australian notes, and cash with the Commonwealth Bank amount to £625,835, an increase of £10,725. Money at short call and Commonwealth Treasury bills have increased by £105,000. The holding of Government aud other securities is lower by £153,884, the amount due from other banks has decreased by £44,995. and bills receivable and all other advances, after provision for eoutingencL q have declined bv £28,991. Remittances in transit and bills receivable in London, at £1,286,256, are higher by £628,612, reflecting to some degree the better prices for primary products. Total assets amount to £9,703,987, compared with £9,188,598 the previous year. Liabilities, other than to shareholders, amount to £7,380,680, against £6,876,6'lB, most, items having increased. Deposits are higher by £352,147, the amount due to banks is £136,384 greater, and bills arc up £9292, LUSTRE HOSIERY LTD. Handicapped by Building Delay Mr. W. G. Forsyth, chairman of Lustre Hosiery, Ltd., said at the annual meeting recently that the company’s new building, which was to have been completed in the early part of May last year, was not completed until about the middle of October. Because the biggest demand for the company’s products was in the summer season, the delay of five mouths operated in an unfortunate manner upon the company’s affairs. As a result, it was impossible to reap auy benefit from the building during the last season, but: since the building had been completed and new plant installed, work had been proceeding satisfactorily. Mr. Forsyth said that the company had been compelled to leave its old building before the new building was finished, and, in the meantime, it carried on in temporary premises. Coming at a time when the operations of the mill were at their maximum, the change-over handicapped the company’s activities. "Since the new manager has taken charge in New Zealand,” Mr. Forsyth said, when referring to the company’s losses in that country, “there has been a very substantial improvement, but a fair portion of last year was lost before he could be considered responsible for the work there.” Since the balance-sheet was made out, there had been increases in tlie prices of practically all the raw materials used by the company. He hoped that, as the company had bought fairly substantial supplies in advance, objectionable pricecutting would be eliminated from the sales policies of competitors. INCREASE OF CAPITAL Lysaght’s Newcastle Works Pty. Lysaght's Newcastle Works Pty., Ltd., has increased its nominal capital from £1,000,000 to £2,000,000, by the creation of 1,000,000 new £1 shares. The. new capital, when eventually issued, will be used’for plant extensions. Although the nominal capital has been increased, this will not be followed immediately by an addition to issued capital. It will, however, be taken up fpr issue in the future, and, when'issued, will be used purely for such extensions. It was announced last year that the company had. begun the manufacture of galvanised iron at sheet mills at Port Kembla, purchased a few months previously from Australian Iron and Steel, Ltd.*, and that it was proposed to erect new works there to accommodate plant twice the size of the existing plant. At Newcastle, the company has 13 mills producing 1100 to 1300 tons black and galvanised steel sheets weekly, using sheet bar from the Broken Hill Proprietary Co., Ltd., steel works, which its plant adjoins. The Port Kembla mill was stated at the time of the purchase to have a capacity of between 20,000 and 30.000 tons of galvanised iron a year. The Broken Hill Proprietary Co.. Ltd., has, it is understood, a substantial minority holding in the company. BUTTER AND CHEESE London Markets Firm The London butter market closed firm last week, says a cabled report supplied by the Primary Products Marketing Department to the Dairy Board. The retail price of New’ Zealand butter was increased to 1/1 a lb., that of Danish remaining unchanged at. 1/2. Deliveries of New Zealand butter last week were 2498 tons, the quantity in store being 5471. tons, as against 2379 tons a year ago. Deliveries of Australian butter were 1679 tons, the quantity in store being 5956 tons as against 3114 tons a year ago. The Imperial Economic Committee’s estimate of stocks of all butters in store is 623.831 boxes, compared with 401,538 a year ago. Friday’s closing quotations for butter, with those for the previous week in parentheses were as follows:— New Zealand salted, 106/- to 107/(100/-, 102/- up to 10-1/-; a year ago, 86/- to 87/-) ; unsalted. 106/- to 107/(102/- to 104/-; a year ago, 87/- to 88/-). Australian salted. 105/- to 106/- (100/to 102/-, up to 103/-) ; unsalted, 106/(103/- to 104/-). South African, 100/- to 104/-. Dutch unsalted, 102/- to 104/- (97/to 98/-). Danish. 93/- f.0.b., 115/- spot (114/to 115/- spot). The cheese market is firm. Friday’s closing quotations, with those for the previous week in parentheses, are as follows:—

New Zealand white and coloured, 6S/6 to 69/- (66/- to 67/-; a year ago, 52/6 to 53/-A. Australian white mid coloured, 66/(o 67/- (63/- to 60/-T.

Canadian white, 75/- to 76/- (74/-) ; coloured. 75/- io 76/- (74/- to 75/-). English finest farmers, 89/- io 96/(89/- to 96/-). South African white and coloured. 65/6, 66/-. Deliveries of New Zealand cheese last week were 19.61 S crates, the quantity in store being 84.208 crates, as against 7!),210 crates a year ago. Canadian deliveries last week were (i 486 boxes, the quantity in store being 65,620 boxes, as against 77,615 boxes a year ago.

The Bank of New South Wales has received the following report from its London office, dated April 16: — , Mutton: Ewes. 3Jd. to 4sd.; wethers. 4 1-Bd. to s|d. Lamb, 6 3-Sd. to 7 3-Sd. Beef, 3d. to 44d. Pork, 6 l-Bd. to 64d. Butter, 106/-. Cheese, white and coloured, 69/-

Year ended Mar. 25, Mar. 30, Mar. 20. 1035. 1930. 1937. Net prolit 55,201 57,973 61,337 Dividend, p.c. . 4 1 *1 2 Dividend, amt. 50,000 50,000 56,250 To reserve ... . 125,000 — — Carried fwd. . 28,997 36,970 42,057