BANK OF NEW SOUTH WALES

New Zealand Herald, Volume LXIV, Issue 19807, 30 November 1927, Page 9

BANK OF NEW SOUTH WALES

PROFITS TOTAL £1,226,247. DIVIDEND OF 12i PER CENT. (Received November 29, 8.45 p.m.) A. and N:Z. SYDNEY. Nov 29. The annual tneeting of tho Bank of Now South Wales was held to-day. The report for the year ended September 30 showed that tho net profits, after the deduction of various charges, were £1.226,247, to which is added the undivided balance at September 30, 1926, £171,925. Interim dividends at the rato of 10 per cent, per annum, paid for the quarters ended December, March and Juno absorbed £515,625, leaving a balance oi £882,547. The directors recommended payment of u dividend at the rate of 10 per cent, for the quarter ended September 30, absorb ing £185,586 and a bonus of 10s a share, absorbing £185,586; augmentation of the reserve fund by £340.760, leaving a bal ance to bo carried forward of £170,615 For the third year in succession, the bank is paying a dividend of 12£ per cent During the past year, its capital has been increased from £6,000,000 to £7,500,000 As from March 28, it absorbed the Western Australian Bank, whiqh had a paid-up capital of £700,000 Its shareholders received 43,750 fully-paid £2O shares, £87t),000, in the Bank of New South Wain* ip respect of which a divi dend of 20s was paid in May. Shortly afterwards, the bank issued 31,250 £2O shares at par to its existing shareholders, including those brought in by the amalgamation. Payments for these shares were due in July, October, January and April, and they ranked pro rata for subsequent dividends. Net profits exceeding £1,000,000 were shown by the Bank of New South Wales for the first, time in its history last year, the actual amount being £1,099.559. For its last complete year of independent operation the Western Australian Bank showed a net profit of £116,180 and paid a dividend of 16| per cent.

THE LONDON MARKETS. FOREIGN EXCHANGES. (Received November 29, 5.5 p.m.) ' A. and N.Z.-Sun. LONDON, Nov. 28. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on November 24 and par:— Nov. 28. Nov. 24. Par. Brussels, belga .. 3-1.91 3-1.94 5.045 Paris, fr 121.02 124.03 25.225 Stockholm, kr. .. 18.10 18.10 18.159 Olbo. kr 18.33 18.35 18.159 Copenhagen, kr, .. 18.20 18.19 18.159 Berlin, r.m. .. 20.43 20.42 20.43 Rome, lira .. .. 89.67 -89.55 25.225 Prague, kr I(>4J 10-14 24.02 Calcutta, pence .. 18.00 18.00 24 Yokohama, pence 22 5-8 22 9-16 241 Hongkong, pence ,24 7-I'fi 21J Montreal, dol. . 4.87 5-16 4.86 15-16 4.866 New York, dol. 4.87 13-16 4.87 11-16 4.866 Amsterdam, fl. . 12.071 12.07 3-8 12.10 Batavia. fl. .. 12.08 3-8 12.08 5-3 12.10 • THE METAL MARKETS. (Quotations on Nov. 24 in parentheses.) Copper.—Spot, £59 6s IOAd (£SB 18s l^d) ; three months, £59 10s 7£d ( £59 3s 1^). Lead. —Spot, £2l 12s 6d (£2l 7s 6d). three months, £2l 18s 9d (£2l 13s 9d). Spelter.—Spot, £26 15s (£26 lis 3d); three months, £26 6s 3d (£26 3s 9d). Tin Spot, £267 Is 3d (£265 17s 6d); three months, £265 lis 3d (£263 17s 6d). Silver.—Standard, 26i|d (26 9-16 d) ; per oz; fine, 27 l-l&d (28 11-16 d). WHEAT. Wheat.—Cargoes are dull and prices not changed. Parcels are in moderate demand at a decline of from 3d to 6d. Ex City of Windsor, 52s 9d. Liverpool futures: December delivery, 10s s£d per cental; March, 10s 4|d; May, 10s 3id. P. AND O SHARES. P. and 0., deferred stock, is quoted at £267. AUSTRALIAN SUGAR CROP. QUEENSLAND'S HIGH OUTPUI The production of sugar-cane this sea son m Queensland, according to estimates received bv the director of sugar experi ment stations, will be 3,576,092 tons. This amount, when crushed, should give an output of about 483,000 tons of raw sugar. which will be the highest production for the State, with the exception of 1925. The total sugar production in Australia this year is estimated at 518,000 tons.. PRODUCE IN LONDON. KEEN DEMAND FOR WOOL. The Department of Agriculture has received the following cablegram, dated November 26, from the High Commissioner for New Zealand, London:— Tallow.—The market is quiet and prices are the same as last quotation Eggs.—Supplies are moderate and de mand is stoady Present quotations are; English (nominal), 25s to 30s per toiler 100; Dutch, French and Danish. 17s to 28s 6d ; Belgian, 18s 6d to 24s 6d: Australian, 20s to 22s 6d: South African. 14s (o 20s. Argentine. Russian and Polish 10s 6d to 16s 6d Wool. —Sales continue to be well at tended with I'ompetit.ion brisk, and open mcr rates fully maintained Hemn.—Manila declined early this week and "J" urado November-December ship rnents sold at £4O ss. The market was firmer at the close and Januarv-Marcb shipments sold at £4l. Sisal: The mar kefc is dull, with small sales at reduced rates Closing values No. 1, November Tnnuarv shipments. £35 10s to £36. and No. 2. £1 less. New Zealand > Smali inmiiry for fair and common afloat Closing values. November-.Tanuarv shipments, hiirhnoints. £34; fair, £32; and common. £3l. , TARANAKI OILFIELDS. [BY TELEGRAPH. —PRESS ASSOCIATION. 1 GISBORNE. Tuesday. Taratiaki Oilfiolds reportWaiapu, No. 2 Well: Depth, 2650 ft., in grey shale; B|in. casing to 2619 ft. Gisborne. No. 1 Well; Testing water shut off to-day. Gis borne. No 2 Well: Road construction and preparation of sito in hand. SOUTHERN EXCHANGES, [BY telegraph.— press association. 1 WELLINGTON Tuesday The following sales took place on the Stock Exchange to-day:—Bank of New Zealand, 60s: Union Bank. £l4 lis. CHRISTCHURCH, Tuesday Fho following sales took place on the Stock Exchange to-day;— New Zealand Government Inscribed Stock, per cent.. 1933, £lOl ss; English'. Scottish and Australian Bank, £7 12s 9d; National Bank ot Now Zealand, £b 17s 6d. South British Insurance, 56s 9d; National Bank of Australasia (£lO paid, cum div ), £l7 LOs; National Bank of Australasia (£5 paid, cum div ), £8 13s; Dalgety and Company. £l3 (two); New Zealand Refrigerating (£1 paid), 17s Id; New Zealand Refrigerating (con.), 8s 3d; Christchurch Gas (now, 5s paid). 6s 7d; Electro. Zinc (pref.), 31s lid (two); Bank ot Adelaide, £8 12s 9d; Bank of New Zealand, 60s 3d; Wellington Gas, 27s 5d (three). DUNEDIN. Tuesday. The following sales took place on the Stock Exchange to-day:—Waihi, 21s 9d, 21s 8d (two), 21s 7d; Union Bank (old), £l4 10s; New Zealand Breweries, 425; Dominion Rubber, 46s 6d.