FINANCE.

Hawke's Bay Herald, Volume XXXIX, Issue 12869, 22 September 1904, Page 2

FINANCE.

WOOL. LONDON, September 20. Tho wool sales have opened with a brisk upward tendency. September* 21. The catalogue at the wool sales comv prised 9,619 bales of an indifferent 1 selection. Merinos were largely secondhand lots transhipped from Continental combing mills. Ten thousand bales of these will be offered during the series, raising the total available to about 85,000 bales. There was a good attendance of buyers and splendid competition in all quarters. Everything was very firm. Finest crossbreds from par to 5 per cent, above July closing rates. The New Zealand Loan and Mercantile Agency, Limited, have received the following cablegram from their London office, dated the 20th instant:— “Wool.—Sales opened at level of last , and there is a good general demand.” ' ' Dalgety and Co., Limited, have re ceivod the following cablegram from their head office;—“ Wool sales opened. Fair selection; largo attendance of buyers; competition animated. As compared with closing rates of last scries, good merino wools and crossbred wools, any change in prices is in favour of sellers. For other description of article mentioned, market is firm without any change in prices.”

WHEAT. LONDON, Setpcmber 20. There is good business in Australian flour at Glasgow, the price being 27s 6d to 28s 5(3 ex quay. A shipment of 14,000 quarters of Australian Augnst-Scplcmbcr wheat sold at 345, and 12,000 quarters Sep-tember-Octoher at 34s 3d. SHARES. LONDON, September 20. Dalgety and Co.'s debentures are quoted at £lOl. PRODUCE IN AUSTRALIA. SYDNEY, Wednesday. Wheat 3s sid, chick 2s 6d to 3s Id; flour £8 15s to £9, Manitoban £l2 10s to £l3 10s; Oats, Tasmanian inferior Is 6d, prime 2s to 2s 2d, Algerian Is 7d to 1s Bd, New Zealand 2s 4d, Tartarian 2s sd, local prime short feeding 2s Id; barley, Cape 2s Id, malting 3s 3d to 3s 4d; maize, 2s Id to 2s 4d; bran, to 6^(1; pollard. 7,1 (1; peas, Prussian Blue, 4s to 4s 3d; potatoes, £2 5s to £3; onions, Victorian, £4 to £4 £s; butler, 9d; cheese, 5^(1; bacon, 5d to 6d. MELBOURNE, Wednesday. Wheat, quiet, 3s 6d; oats, Algerian Is 3d; barley, Cape Is 7d to Is lid; maize, Is lid; potatoes, £2 15s to £2 17s 6d. ADELAIDE, Wednesday. Wheat, 3s 5d to 3s 6d; flour, £8 10s; oats, Algerian la 4d; bran and pollard 7id. LAND SALE. Two sections at Taradale, belonging to the estate of the late Mortimer Quinn, were sold by auction by Messrs Baker and Tabu loan in their rooms yesterday. Part of suburban section 52, Moanee district, containing 1 rood 6 porches, with four-roomed cottage, was knocked down to Mr G. W. Dickinson for £126, and the other lot, a subdivision of suburban sections 52 and 53, Meanee district, 1 acree 2 roods 12 perches, with four-roomed cottage and outbuildings, was purchased by Mr T. W. Harper for £240. The auctioneers also offered section 18 in En-licld-road, Napier, containing 35 perches of freehold land, upon which is erected a seven-roomed dwelling and outbuilding, but it was passed in.

r UNION BANK OF AUSTRALIA. e At. the annual meeting of the pro--0 prictors of the Union Bank of AusD tralia. held on July 25th last. r the Chairman. Mr Arthur Fowler, * ill moving the adoption of the ' report and accounts, said: On a com- *•' parison of our present balance-sheet * with that, of six months ago, you will 1 notice that while our deposits at the 1 present, lime show an increase of some I £450,000, our hills discounted and adI vances in Australasia and Loudon also 1 show an increase of some £650,000. * This bears testimony to the elasticity ' of our business, and, considering the ; care exercised in the acceptance of fresh business, must, be regarded as 5 a satisfactory feature. Our liquid and ? readily-available resources arc as fol--1 lows: —Specie on hand and cash bal--1 Alices, .£2,641,000; bullion and ad- ; vances on bullion, £240,000; money ’ at call and short notice m Loudon’, 1 £250,000; Investments, £1,489,000; balance of remittances and drafts in

1 transitu. ami liills receivable at- Louj dou office. £2,720,000; total, £7,340,000. This, after deducting £1.000,000 investments specially allotted to the reserve fund, represents some 6s 10d 1 in the £ of all our liabilities in Australasia and in London under the following heads;—Circulation, £464,000; bills payable, £2,130,000; deposits, £15.990,000; total, £18,504,000. Such fluctuations as arc shown in the various items are merely those incidental to the season of the year to which the accounts refer. The increase of £IOOO noticeable under the head of general expenses is accounted for by the fact, (hat the bonus to (he staff referred to at our last meeting amounted to some £940 in excess of the £15,000 provided for that purpose out of the results of last half-year. I am glad to say that our most recent reports from Australia indicate favourable seasons ns prevailing there at present, both for pastoral and agricultural interests; and prospects generally for the future of our business may, I think, lie described as decidedly encouraging. I should like to say a few words concerning our inscribed stock deposits, which will, I am sure, bo of interest to you. The bank, as I think you arc aware, hold some £750,000 under this head, and this amount matures on January Ist, 1905. The directors have, therefore, recently

been making arrangements for its reVssiift, ,or re-payment, at maturity. They have decided tn limit the re-issne of such stock to £600;000, which amount has been arranged for among present holders of inscribed stock and depositors, at the same rate of interest as formerly, via., 4 per cent., maturing on July Ist, 1915. You will notice from our report that the directors have allotted from this half-year’s profits a sum of £IO,OOO in reduction of the amount at which the bank premises and property in Australasia stood in the bank’s books. This, I know, is a proceeding always properly appreciated by the shareholders. You will also notice an appropriation this half-year of £25,000 as an addition to our reserve fund, which, I am sure, you will consider to ho a step in the right direc- ] lion. While on the subject of this' reserve I should like to express' clearly the directors’ views concerning it. Our reserve fund of £1,000,000 is, as you are aware, invested in the' names of trustees in a manner speci-: tied in our balance-sheet. As to the' addition to that fund, it is not the! directors’ present intention to propose *“ if be specifically invested, so that while the volume of our investments will probably continue to ex- : cced considerably the £1,000,000 held on account of the reserve; fund, none of such investments will be; regarded as specially allotted to the portion of the reserve fund exceeding i £1,000,000. This, I think, will re- 1 commend itself to you as a reasonable and wise decision. It is a matter of great satisfaction to the directors, ns, I am sure it will also be to our shareholders, that we should have been able ; while continuing the dividend at the rate of 10 per cent, to further strength- i cn the bank’s position by the sub- : stantial provisions in the way of bank ' premises and reserve fund to which I 1 nave alluded, I