COMMERCIAL.

New Zealand Herald, Volume LIX, Issue 18175, 22 August 1922, Page 5

COMMERCIAL.

LONDON MARKETS. A. and N.Z. LONDON. Aug. 19. FROZEN MEAT. Mutton.—Now Zealand ewes, 4}d per lb; South American, light 63d. heavy s|d; Patagonian. light ssd. heavy 4Jd. Lamb.—Canterbury, medium Hid. light lOd; Southland, lOJd; South American, light 10j,d. henry 91d. Frozen Beef. —New Zealand fores *3d; Australian 3jd; Argentine, foree 3}d, hinds sld; Uruguayan, fores 3d, hinds 4{d. Chilhjd Beef.—Argentine, foree 3}d. hinds 7}d; Uruguayan, none offering. Other meat unchanged. HEMP, COPRA. RUBBER, ET£,Last week's prices in parentWje*,) Cotton.— September, 12.57 d. Rubber.—Para, 10id (lOJd); plantation, and smoked. 7d (7Jdl. Jute. —September an^"October, £31. Hemp.— £33 (£3l 10s). \ Copra.—A ague*.-"to October, £24 2s «& (£24 7s 6d>. * *',„„, Linseed OS.~-£ll (£44). Turpriiine.—£4 16s 9d IM l?<s-6d); -"' WHEAT. Wheat cargoes dull, following on weakness in America-and Canadian advices. Quotations aro 3d to 6d lower. NATIONAL BANK OF N.Z. REVIEW OF THE YEAR. The fiftieth ordinary general meeting of the National Bank of New Zealand was held in London on July 7. The Hon. William Pember Reeves presided. The gross profit of £596,000, he said, showed a reduction of £49,000 for the previous year's figures while the- net profit of £213,000 compared with £327,000. The reduction reflected the diflicult general position of the past 12 months. In the previous year their profits were exceptional owing to the extraordinary conditions that prevailed and the unprecedentedadvances they were obliged .to make to meet the requirements of the Dominion. Considering all (the cdrcumstapces, and the heavy taxation, they felt that the result of the trading in the year under review was quite satisfactory. Though their profits were exceptionally high in the previous year, no extra distribution was made; it was olear that the phenomenal business of 1920 vould not continue, but must be followed by a reaction, and they therefore conserved their extra profits to strengthen their position. They proposed to carry forward £142,000. as compared with £116,000 for 1921. This might seem to shareholders a large figure, but the direotors considered _it wise to have a large carry forward in uncertain times like the present. One common note had been struck at all recent bank meetings—falling values, financial stringency, widespread unemployment, trade depression, and heavy losses. In New Zealand wool values were depressed below cost of production, frozen meat fell below pre-war values, and butter and cheese failed to retrieve the position "as was hoped To-day the general feeling was distinctly brighter. They had been free from labour conflicts, and he had great faith in the working classes in New Zealand, refusing to believe that they would let their country down by holding up industry in a year of trial such as tho present. Only an unjustifiable pessimism would suggest that prosperity would not return. The worst was possibly past, the work of recon.ttr-iction was in progress, and continued effort, tempered by caution, should result in ecuaomic stability and support continued growth. Speaking of the interest charged on loans, the chairman pointed out that in rates and taxes the bank had to pay a sum equal to 1} per cent, on their advancee, and therefore the public should not expect cheap tioney. In the past year they had had to pay £114.000 in rates and taxea in New Zealand and £62,000 for income tajc in London, making a total of £206,000.