BANK OF AUSTRALASIA

Evening Post, Volume CXXXIII, Issue 134, 9 June 1942, Page 3

BANK OF AUSTRALASIA

Mr. David J. Koberts, chairman of the Bauk of Australasia, in his. statement attached to the report and accounts, said that during the year under review the expansion, in ,the figures of the balance-sheet, noted -a year ago, has continued and the total had risen by £3,153,309 to the record figure of £62,519,266. On the liabilities side deposits at interest increased by £351,145 to £24,372,448 and current accounts rose by just under £2,000,000. but they had not resulted in an increase in net profit The bils payable was greater by £699,610. mainly accounted for by the longer time now taken by mails from Australia, .resulting in a larger amount In transit at any one time There was a reduction of £26,613 in profit ano loss account balance. Cash balances were 16.54 per cent., or at 3V»d in the "£> of total deposits—much Uu same figure as last yeaiS—but if Investments shown at below market value were added, tm percentage was raised to "48.88 per cent., oi 9s Od in the £, of total deposits, as againsi 9s Id last year. Advances are 75.35 per cent of total deposits. Since a large proportion o tho deposits in Australia and New Zealand wen fixed for long terms and therefore suitable fo; use in making advances to customers, this was not a high percentage for these countries and was in fact 5 per cent less than las Proprietors would be glad to know that' a the time of the outbreak of war with Japan the bank had no financial commitments with that country This extension of the conflict had brought a closer threat to the territorial integrity of Australia: Australians had proved their first-class quality and valour In (he battles' that have already taken place, and /no doubt they will deal suitably with any hostile invasion of their land. • ~

j STOCK EXCHANGE RALLY. (By Telegraph— Press Association —Copyright.) LONDON, June 6. The "thousand bomber" boom on the Stock Exchange brought a general advance. Interpreters of military hopes and fears gave a | conspicuous display of strength. i VALUE OF GOODWILL. Goodwill which had been built up by the expenditure of hundreds of thousands of pounds in advertising and by production of sustained high quality would be dissipated by the abolition of trade marks and brands, as had been proposed In Australia,- said the chairman of Lustre Hosiery. Ltd., Mr. W. *G. Porsyth, at the annual meeting. Goodwill would go to the stores which sold the. best quality goods, but the manufacturers would get no credit for their- efforts. The > possibility of. brands being replaced by numbers .meant nothing, he said, as It was ■ unlikely that advertising of the number in association with tho brand it was to replace would be allowed, and even if It were, it would probably have little effect. Lustre Hosiery has interests in New Zealand.