AUSTRALIAN NEWS

Hawke's Bay Tribune, Volume XXII, Issue 193, 30 July 1932, Page 8

AUSTRALIAN NEWS

BANKS’ REDUCED EARNINGS ANSWER TO CRITICISM. SMALL PROFITS MADE. Sydney, July 29. The Commonwealth Bank of Australia, Ltd., for 1930-31 paid a dividend on ordinary capital at the rate of 11J per cent. For the period ending June 30 last it is intended to pay only five per cent., which will account for £lOO,OOO of the £265,000 available for appropriation. The net profit was £199,670 for 1931-32, contrasted with £308,450 in the previous year. The preference dividend on the basis of four per cent, will absorb £84,694. Deposits are shown at £21,707,607, which is an increase of £847,822. The Commonw-ealth Banking Company, Sydney, Limited, earned a net profit of £253,866 for the year ended June 30, compared with £441,916 in the previous year and £637,619 in 1929-30. An interim dividend at the rate of six per cent per annum was paid last January and the final disbursement approved to.day is on the basis of five per cent, per annum, making the return for the year 51 per cent. The chairman, Mr G. J. Cohen, remarked tl|at the profit for 1931-32 represented only 2.8 per cent, on the combined capital and reserves, which was an effective answer to those continually charging the banks with making unconscionably large profits at the expense of the trading and producing public.

TIN HARE LICENSES. METHOD OF SECURING THEM. Sydney, July 29. At the hare inquiry William Mathews explained his efforts to obtain a mechanical hare license for Broken Hill. The member for the district, Mr Horsington, sent him to Swindell, who was advising tho Government on the issue of licenses.

Swindell duly told Matthews that he would have to pay something into the Labour Party’s fighting fund and suggested £2OOO. He also suggested that 5000 shares each be given to Mr Horsington and Mr Davidson, another Parliamentarian.

Later Matthews saw Swindell, who told him he had seen Mr Mark Gosling, then Chief Secretary, and Mr Horsington and that they stood pat for £2OOO and 1000 shares. Jack Munro, recalled, said that the potential value of 12,000 Australian Coursing Company shares and 5000 Greyhound Coursing Association shares which were given to Swindell was about £40,000. The hearing was adjourned.

GOVERNMENT BONDS FIRM BANK SCRIP EASIER. Sydney, July 29. The Stock Exchange showed increased activity. Bonds maintained their position, but bank scrip was easier. Sales.—Bank of New South Wales £29, Commercial Bank of Sydney £l5 17/6, Colonial Sugar £46 18/-, United Insurance £8 15/-, Adelaide Steam 19/3, Burns Philp £2 4/6, Millaquin Sugar £1 6/6, Victoria Nyanza 17/-, Australian Gas B £l6 9/6, Toohey. 19/9, Tooths £1 9/3, British Tobacco £1 1/19, ditto pref £1 5/-, Dunlop Perdriau 12/8, Broken Hill Ppy. 17/-, South Brokens £2 3/6, Taranaki Oil 1/2.

Bonds.—Four per cent. 1938 £9B 3/9, 1951 £9B 2/6, 1944 £9B 2/6, 1947 £9B 2/6, 1950 £9B 5/-, 1953 £97, 1955 £96 12/6, 1957 £96 10/-, 1959 £96 15/-, 1961 £96 17/6. Melbourne.—Commercial Bank of Australia 15/6, Goldsbroughs (ex) £1 4/9, Australian Glass £2, Dunlop Perdriau 12/9, Herald and Times £2 10/9, Zinc. Corporation £1 4/101, Mount Lyell 19/-.

MAIL TRAIN DELAYED. ALARM, BUT NO INJURIES Sydney, July 29. A trail derailment occurred at Fassifern, in the vicinity of Newcastle, owing to a broken rail, five passenger coaches on the North Coast mail bound for Sydney leaving the rails, ploughing up the permanent way, throwing passengers off their seats and causing alarm.

The mishap probably would have been attended by serious consequences had not the driver slowed down just before at a point where repairs to a culvert were under way. No one was injured.

N.Z. GOLD AT SYDNEY. ALLEGED EVASION OF DUTY. Sydney, July 29. Percy Wince, described as a ship’s steward, was before the court to-day charged with evasion of duty payable on the export of gold from New Zealand and was remanded till August 5. Hail was fixed at £5O. It was stated that Wince arrived a few days ago bringing 350 sovereigns and £650 worth of broken jewellery for delivery to a Sydney firm of metallurgists.

The gold was seized by the Customs authorities and the police subsequently took possession of the gold, intending to ship it back. Wince’s principals ex-

plained that they were willing to pay the New Zealand duty, but the police were insistent on shipping it back To-day, however, Mr Justice Harvey, at the instance of Wince’s principals, hurriedly granted an ex parte injunction at the Equity Court restraining the Commissioner of Police from <xporting the gold to New Zealand.