COMMERCIAL

Evening Star, Issue 19326, 12 August 1926, Page 2

COMMERCIAL

Pres® Association —By Telegraph—Copyright AMERICAN WHEAT CROP. WASHINGTON, August 10. r J T hc Government estimates the winter wheat crop at 026,482,000 bushels and the spring wheat at 21.3,000,000 bushels.—A. and N.Z. Cable. BANK DRAFTS AND TRANSFERS. LONDON, August 10.

The Associated Australian and New Zealand Banks announce that as from August 12 the selling rates on New Zealand drafts and mail transfers wiU be 2s Gd per cent, discount and cable transfers 2s 6d premium. The rates for purchasing documentary bills on New Zealand will be as follows: Sight, 22s 6d per cent, discount; dO days, 33s Dd; 60 days, 455; 90 days, 56s 3d.—A. and N.Z. Cable. THE FRANC DROPS. Press Association —By Telegraph—Copyright LONDON, August 10. (Received August 12, at 1.30 a.m.) The French franc opened at.]7sJ and closed at 178.—A. and N.Z. Cable. MUTUAL MONEY CLUB. ANNUAL MEETING. The annual meeting of tho Dunedin and Suburban Mutual Money Club, Ltd., 'was held yesterday afternoon, Mr R. Farrant presiding. Tho annual report stated; —ihe balance-sheet was a sound one, as the endeavor of the trustees had been to- ; wards building up tho reserves of the ! club, in order to strengthen its_ posi- ■ tion. Those now stood at £1,360 12s i Oil, just over 11 per cent, of the members’ deposits. The amount of loan money granted during the year_ was ■ £7,087 10s Bd, an increase of £1,859 5s 9d over the previous year. Tho deposits showed an increase over withdrawals of £339 Is 2d, and, considering the past rear, these were considered very satisfactory. Tho expense ratio of the club | was slightly smaller than last year, land, as deposits increased, this, it was ' stated, would continue to get smaller. During the year a dividend of Is 4d in the £ had been credited to sharehold- - ers’ accounts, equal to 6$ per cent, per annum-—a good rate for money at call. The profit and loss account showed a ■ I profit for the year of £909 8s 6d, out of which the trustees had placed £l9O , j to tho interest of tho reserve account. The adoption of the report w:is moved i by tho chairman and carried. 1 Tho following Committee of Manage- • ment was elected: —President, Mr R. Farrant; committee, Messrs J. S. His- . ■ lop and W. Speight; auditors, Messrs : , G. Blyth and Co. A vote of thanks was passed to the . members of tho staff for the competent ; and painstaking way they bad carried out their duties.