NATIONAL BANK OF N.Z.

New Zealand Herald, Volume LXVII, Issue 20604, 1 July 1930, Page 7

NATIONAL BANK OF N.Z.

NET PROFIT OF £282,917.

SMALL REDUCTION SHOWN.

[BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON, Monday.

Cabled advice has been received from London by the general manager of the National Bank of New Zealand that the net profit for the year ended March 31, after providing for bad and doubtful debts, and after paying a bonus to the staff, amounted to £282,917. Ibis, with £155,154 brought forward from the previous year, leaves available for distribution £438,071. This it is proposed to allocate as follows:—In payment of dividend at the rate of 12 per cent, per annum, £240,000; to premises account, £10,000; to pension and gratuity funds, £13,900; the balance to be carried forward being £174,171.

Following is a comparison of the bank s profits and appropriations lor the last three years:— 1027-8. 1023-0. 1929-30: Brought forward £175,709 £105,572 £150.10' l Net profit .. 289,803 £405,572 £150,151 £436.071 Pensions fund . 10(100 11,000 13,900 Premises account 10,000 10.000 10.000 Dividend p.C. . 11 Amount . . 250,000 250,000 210,000

Carried forward £1G5,5"2 £155,154 £174,1 < 1 The decision of the directors to restrict the dividend to 12 per cent., withholding the usual bonus of 2 per cent., was published last Thursday. The net profit is £7665 less than in the previous year; the amount is actually the lowest since 1924-25, when a profit of £279,826 was disclosed. In 1925-26 the bank made its record profit, £333,083. Tho balance carried forward is now nearly as much as the amount of undistributed profits, £175,769, three yea s ago. SYDNEY STOCK EXCHANGE. BUSINESS VERY WEAK. MORE TAXATION FEARED. SYDNEY, June 30. Business on the Stock Exchanges is stagnant or decidedly weak, for as the balance-sheets come in it becomes more evident how profits havo been depressed by the unfavourable trading conditions in Australia in the past sir: months. Shareholders are being warned in two notable instances not to expect generous distributions in the coming year. The fear of increased taxation is the worst bugbear, but the response to tho pew loan of £10,000,000 for the Commonwealth is most satisfactory.

TAXATION IN AUSTRALIA.

DOUBLED IN TEN YEARS

In the course of comments on the heavy taxation burden in Australia a Sydney correspondent says Figures prepared by experts show that during tha last 10 vears taxation, Federal and State, has doubled. Whereas taxation 10 years ago aggregated even then so many millions as to bo hardly comprehended by the ordinary understanding, the sum now is r.lmost twice as much. Taking these fact s into consideration, in conjunction with heavy municipal and allied levies, some people wondei' whether it is any use struggling fur'iher. " A statement published by one thus hard hit stirred the city. He has a business which employs 20 hands, and lor years he has not drawn more than a member of his staff, though ho has worked longer hours and borne the worries of ihe° business. He says that he is 'through.' The figures he gives of Federal and State taxation as affecting him, of municipal and Water and Sewerage Board and Main Roads Board rates, and other incidentals, show that he has been working, not for himself, but for Governments and local governing authorities. " The levy of 3d in the pound imposed bv the State to relieve unemployment, which is not vet payable, is the last addition to the burden that justified this man in 'quitting.' "

SOUTH AFRICAN GOLD

FREIGHT ON THE ORE,

[from our own correspondent.] CAPETOWN, April 30.

The Scots' saying "many a mickle mak's a muckle" was exemplified by Mr. John Martin, President of the Chamber of .Mines, in tho,-course of a review at Johannesburg of the gold-mining industry. In reply to a request by the Chamber of Mines for a reduction of railway rates, the South African Railway Department stated that tho 25 per cent, reduction, asked for would represent a saving of only 2d a ton of ore milled by the, mines. But it omitted, said Mr. Martin, to recall the fact that some years ago a reduction of 20 per cent, on the railage rates was estimated to save the mines a sum of no less than £200,000, and to-day a saving of 2d a ton of milled ore would mean in the aggregate a saving to the industry of a quarter of a million pounds.

AUSTRALIAN GLASS. LTD

CONDITIONS IX AUSTRALIA. Addressing shareholders of Australian Glass Manufactures Company, Limited, at the annual meeting in Melbourne last Wednesday, the acting-chairman of directors, Mr. 11. W. Grimwatle. said the accounts for the year ended March 31, covering the company's activities in Melbourne, Sydney, Adeiaido, Brisbane;, Perth and Auckland, showed a total profit of £187,168. " In common with all manufacturing concerns," Mr. Grimwado added, " the company, more especially since the commencement of tOoO. lias liccn adversely affected by tlie depressed conditions provailing throughout the Commonwealth The effect of these conditions is reflected in the figures of orders and production for the, final quarter of the financial year, and althnueh we continue to pay our dividend and honus similar to last year, indications aro not so assuring for tho coming year, for we are, in common with other industries, feeling the existing trade depression " Tinder the direction of our general manager and director, Mr, W J Smith, we have improved our processes in tank construction and fireclay work, thereby considerably reducing our maintenance costs from this activity. We continually look forward to further advancement. Our resident technical representatives abioad keep us in touch with research work in other countries. Australian Window Glass Pty., Limited, has been registered, and although progress has been delayed somewhat owing to tho difficulties ia sGcuriiip; raw material for construction, due to the unfortunate Newcastle coal strike, this difficulty has been overcome, and good progress lias now been made with the erection of building plant, etc., on the site selected in Sydney."