COMMERCIAL.

New Zealand Herald, Volume LXI, Issue 18862, 10 November 1924, Page 5

COMMERCIAL.

LONDON MARKETS.

BANK- OF ENGLAND RETURNS.

Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON. Nov. 7.

The Bank of England returns for the week ended November 7, as compared with those for the week ended October 80, are as follow:—

SHORT LOANS AND BILLS. Short loans, 2} per cent., same as last week; three months' bills, 8 11-16 per cent., compared with Si per cent, last week. FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day, compared with the cabled Quotations on November 4 and par:—

The mark is quoted at 19} billions to the * sterling, same t,a on November 4. CONSOLS ANXj COLONIAL STOCKS. The following table gives quotations for consols and color.ial inscribed stocks, compared with those of October 80:—

FROZEN MEAT. Australian and N.Z. Cable Association. (Reed. 5.6 p.m.) LONDON, Nov. 8. . Sheep.—New Zealand, ewes 6Jd; Argentine, light, B}d; medium, 8d; heavy, 7d; ewes, 6}d. Lambs.—Canterbury, light, 13d; medium, 121 d; heavy, 12} d; seconds, 12|d; selecteds, light, 12} d; medium, 12Jd. North Island, firsts, 12} d; Beconds, 12} d. Australian, firsts, Victorian, 12} d; others, 12|d; seconds, Victorian, 12Jd: others, 12id; thirds. 121 d. Argentine, light, 12} d. Frozen Beef.—New Zealand, fores, 4}d; hinds, s}d. Australian, crops, 4}d; hinds, 6}d. Argentine, fores. 4}d; hinds, sjd. Uruguay, fores, 4}d; hinds, sd. Chilled Beef.—Argentine, fores, 6d; hinds, 7}d. Uruguay, fores, 4}d; hinds, 6}d; others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) Cotton.—December delivery. 12.94 d. Rubber.—Para, 18d (17jdJ; plantation, 17ld (17} d). Jute. — November-December shipments, £42 7s 6d (£43 7s 6d). Hemp.—November-January shipments. £43 10s (£44). Copra.—October-November shipments, £30 7s 6d (£3l 6s). Linseed 0i1.—£45 (£45 15s). Turpentine.—s9s 6d (60s 3d). BHEEPSKIN SALES.

At the sheepskin sales, 5410 bales were offered, and these were mostly sold. Merinos were at par to 5 per cent, above September prices. Fine crossbreds advanced 5 per cent, and medium and coarse 10 per cent.

WHEAT, FLOUR AND PULSE. Wheat.—Liverpool futures, 12s Bd. Cargoes are firm owing to adverse Argentine weather and reports of threatened floods in Australia. Sellers put up prices Is to 2s. Buyers are cautious. Lots by the Ben Mohr are quoted at 63s 3d, by the Radnor and also by two unnamed steamers in January at 635. Parcels are in good demand at 9d to Is up. Parcels by the Port Napier and Port Wellington sold in London at 62s 6d; by the Runic at 61s 9d; by the Port Napier an<L Port Albert at 68s 6d. Port Napier bulk loaded is quoted at 635. Parcels by the Aeneas are quoted at 62s 9d, by the Ceramic (bags) at 62s 6d to 63s (bulk). 62s 6d; all at Liverpool. ... . . Flour.—Quiet. Australian, ex store, is quoted at 46s 6d to 47s 6d. Oats.—Rather firmer. Peaß and Beans.—Steadily held. Quiet. Sugar.—Granulated, 37s l}d.

E. S. AND A. BANK.

DIVIDEND OF 12* PER CENT.

ISSUE OF 150,000 SHARES:

Australian and N.Z. Cable Association. (Reed. 6.30 p.m.) LONDON. Nov. 8. The thirty-first annual report, for the year ended June 80, of the English, Scottish and Australian Bank shows net profits amounting to £502,502. The directors propose to transfer JE2OOiOOO to the reserve fundi to pay a dividend of 121 per cent., free of income tax; to transfer £10,000 to the officers guarantee and provident fund; to apply £62,500 to the purchase and cancellation of deferred inscribed deposit stock; and to apply £26,000 to premises account. This will leave a balance of £180,102 to be carried forward. The directors propose to issue 160,000 shares of £5 each, of which £8 will be called up. They will be offered in the first instance to shareholders, in the proportion of one new share for every fc*tr held, at the price of £5 each, including a premium of £2 a share. This premium will be applied to paving up 10s of the present uncalled liability of £2 10s on the existing 600,000 shares, thuß bringing all shares up to £8 paid with £2 uncalled.

Following is a summary of the bank's profits and appropriations for the last three years:— ■ 1922. 1923. 1924. £ £ £ Brought forward y 102,604 107,094 112.600 Net profits v. 845,475 470,848 602,502 To reserve .. .. 160,000 151,860 200,000 Provident fund w 15.000 86,000 10,000 Bonus to staff •.«■ — 40,500 — Dividend, p.c ..■ 10 12$ 12} Amount .. .. 181,989 178,494 187,500 Purchase of stock . 43,996 69,498 62.500 Premises account . — — 26,000

Carried forward .. £107,094 £112,600 £180,102 Last year, in addition to the appropriation from profits, there was added to the reserve fund £18,150, premium on issue of new shares. With this year's addition the reserve fund will be £1,820.000.

Nov. 7. Oct. 80. „ . £ £ Com ,, 136.663,000 126,661,000 Reserve .. k . 24,897,000 24,012,000 Note issue . . , . 128,847,000 123,592,000 Govt, deposits .. 16,406,000 18,989,000 Other deposits .. 109,852,000 110.982,000 Govt, securities .. 40,458,000 41,788,000 Other securities . . 78,592,000 76,204,000 Proportion of re- , serve to liabilities 19.39 19.73

„ Nov. 7. Nov. 4. Par, New York fdol.) .. 4.561 4.64j 4.866 Montreal (dol.) , . 4.66} 4.54* 4.866 Paris (fr.) .. 87.40 86.60 25.225 Brussels (fr.) .. 05.80 94.25 25.225 gome (lire) . ,. 105| 104J 25.225 Stockholm (kr.) .. 17.05 17.06 18.159 Ghnstiania (kr.) . . 31.57 81.62 18.169 Copenhagen (kr.) .. 28.20 26.22 18.159 Calcutta (pence) . . 17J 18 24 Hongkong (pence) .. 27i 28J — Yokohama (pence) . 20i 20| 24J

Price. Variation. £ £ Consols, 21 per cent 681 i* British 81 p.c. war loan .. 95J 1* British 5 p.c. war loan .. 100 I* British Conversion 81 p.o. .. 791 it New Zealand 3 p.o., 1946 . . 761 1* Commonwealth 51 p.c., 1922-27 1001 Commonwealth 6 p.c., 1981-41 1061 J* N.S.W. 4 p.c., 1933 .. .. 93 1+ N.S.W. 3 p.c., 1925 .. .. 82* it N.S.W., 31 p.c., 1930-50 .. ..781 it N.S.W. 61 p.c., 1922-32 .. 101 8. N.S.W. 61 p.c., 1930-40 .. .. 108 S. N.S.W. 6 p.o., 1930-40 .. .. 1031 it Victorian 61 p.c., 1930-40 .. 1021 J* Queensland, 4 p.c., 1924 . . ,. 921 — Queensland 3 p.o., 1922-47 .. 71J — Queensland 6 p.c., 1930-40 .. 105J It S. Aust. 31 p.c., 1930 . . . . 85 it S. Aust. 3 p.c., optional .. .. 63f 1+ S. Aust. 61 p.c., 1930-40 .. 105J 21* tHigher. 'Lower. S. same. —Not quoted last week. +Ex interest.