UNION BANK'S REPORT.

New Zealand Herald, Volume LXVII, Issue 20642, 14 August 1930, Page 7

UNION BANK'S REPORT.

BALANCE-SHEET CHANGES,; FURTHER GROWTH OF ADVANCES The demand for accommodation and tho shrinkage in the value of commercial transactions, owing to the fall in prices and the delay in marketing produce, are reflected in the accounts of the Union Uank of Australia for the year ended February 28, a copy of which has arrived by mail from London. A fummary of the report, disclosing a. reduction of £86,000 in the net profits, and confirming the reduction in dividend from 15 to per cent., was published on July 26. Th® gross profits were £1,487,050, showing a reduction of £49,900, and expenses increased by £36,377 to £961,395, the net profit being reduced by £86,277 to £525,655. The increase in cxpenfes comprised £13,049 ill salaries and allowances to colonial staff, £516.b89; £24,589 in general expenses in the colonics, £313,754; and £IBO6 in expenses in London, £71,565, the latter including £11.859 for directors' fees and income tax paid on them, this item being shown separately for the first time. Against thesa, increases there was a reduction of £3067 • in income tax to £59,387. The balance-sheet shows a contraction of £2,206,796 to £46,760,670—0n the one hand, in deposits and bills payable, and on the other, in the net of liquid assets, djiefly in remittances in transit. Total liabilities to the public are £37,573,678, which is £2,157,451 less than last year—deposits having declined by £1,059,833 to £34,584,516, and bills payable by £1,120,998 to £2,336,052. Note circulation at £603,109 is £23,3£0 higher. - Liquid assets have declined by £4,645,632 to £l3,4Bl,6sß—nearly six millions less than in 1928. Cash items at £6,973,314 arc higher by £600.170. Money at call and short notice in London, £583,500, is £470,500 less than last year. Investments—excluding £1,000,000 on account of the reserve fund—have increased by £130,601 to £1,553,800. Remittances and drafts in transit and bills recciveablo in London total only £3,565,054, which is £4,905,894 less than a year ago. Liquid' assets represent about 7s 2d in ; the pound of total liabilities to the public, as against 9s lgd last year. Bills discounted and other loans total ! £32,894,851, an increase of £2,440,421. I Speaking at the annual meeting last year, I the chairman said the growth of advances I then disclosed, £2,853,000, had occurred toward the close of the year, and a risintr tendency had continued since February. The increase in two years has been £5,300,000. The ratio of loans to deposits is now 85.4 per cent., as against 16.6 per cent-, k'sfc year. MEAT EXPORT TRADE. FIGURES FOR PAST MONTH. 4 MAIN PORTS OF CONSIGNMENT. The total shipments'of meat from New Zealand during July are shown in a return furnished by the Meat Producers' Board. According to this return 14,432 quarters of beef, 311.729 carcases of mutton, 909,588 carcases of lamb and 21.488 carcases of pork were exported. The main shipments of frozen meat have been to English ports, London being the main port of consignment. The figures .for July are as follows: — Beef Mutton Lamb Quarters. Ca-cases. Carcases. London . . 4,37S 2f0.408 691,950 Southampton Liverpool . . 7,575 £:6.49S 110,230 Glasgow . . 1 ."2-10 4,744 2,o'Jii Avonmouth . 1,235 S.9OS 55,53 - 2 During July the total number of cai- • cases <of polk exported was 21,488. of which 7505 went to London, 6888 to Liverpool. 2536 to Glasgow and 4359 to Avonmouth. The chief consignment of boneless beef in bag? during the month was to Glasgow, which took 9351 out of total shipments of 14.839 bags. NORTH AUCKLAND FARMERS FULL PREFERENCE DIVIDEND. :l NET PROFIT OF £7:187 SHOWN. A net profit of £7357 12s 9d for the year ended June 30 is shown in the 28th annual report of the North Auckland Farmers' Co-operativo, Limited, to be presented at the annual meeting of shareholders at Whangarei on September 5. The net prpfit is £94 greater than vras earned the previous year, and in the face of the conditions that existed during the latter part of the company's year the directors considered this a satisfactory result. As was expected, earnings were not so high, but the charges against them were consideu&bly lighter. Including the balance' brought into the accounts, the amount now available is £9273, out of which the directors again recommend payment of a dividend of 6 per tent, on preference shares, absorbing £4398. Income tax, which last year was £2262,_i* to be provided from the balance, £4875, and the remainder is to be carried forward. The report states thai lh« paid-up capital of tho company is unchanged at £97,197 16s. As indicated in last year's report, an appeal was arranged to farmers for more ordinary share capital, but although some applications were received for shares, the directors had the misfortune of having choseri. a season when t'he revenue of the farmers was considerably curtailed by the reduced values of ' wool and stock. As a result no allotments had been made. The goodwill of. . the farmers, it was felt, had been earned,. » and it was believed that they : would honour their promises to subscribe capital in the near future. Tho retiring directors, Messrs. D. J. Fintavson, J. J. Eraser and J. W. .-McAulr.y, offered themselves' for re-election. Of the company's capital, preference 1 shaves represented £73.315. The gross ! profits were £44,125, as against £46,211 in the previous year, while expenses were ; £30.732, as against £32,711. Depreciation ' allowance was £6006, as against £6207. \ Properties at £40,300 were £4215 lower. Following the reduction of ordinary capi- , lal, the company earned net profits of - £3536 in 1926-27, £5315 in 1927-28, £7293 in '1928-29, and for the last year £7387. t Income tax and preference dividends hnvo 3 been paid out of these sums. s • PEDIGREE STOCK PRICES. L RUAKURA STATE FARM SALE, t 1 [bv tf.lec;turn.—own cokkespoxdest.J t • HAMILTON, Wednesday. 3 There was a large attendance of buyers from all over tho Dominion ;;>< ,<,ho sale oi r pedi-roe dairy stock and rigs held on behau - of tho Government at tho Ruakura farm of • instruction t<vday. Tho a took were in eplen--1 did condition. Eighteen Shorthorn bull* sold ut an average of 83 l-3gns., tho highest price. CGpns., paid by Mr. 11. G. Finlay, of Miranda. Fourteen Jersey bull* were disposed of at an average of 20Jgns . Signs., the highest price, being paid by Mr. J. Bent, of To Awuinutu. Sixteen guinea* was the average price leceived for 12 | Ayrshire bulls, 4Cgns. being the beat price paid, the purchaser I3eintr Mr. A. A. T'otts, of Matamata. Seven Shorthorn heifers 1 brought an average of 33mis„ (lit) be?( price. ! 53gns.. being paid by Mr. JJ. Hardy, of Whangarei. Mr. W. S. Smith, of Kie Kio, l paid 28gns. for a Jersey heifer, the best > of a lino of four, which averaged lnjgn*. i Five Ayrshire heii'ers wore sold for TOgns., i '.!, c best realising lSgns. Pigs sold well. COLOMBO TEA SALES. ' COLOMBO. August 12. 3 At this week's tea auction 1.000,0001b. : were catalogued. The quality was fair. ? and the market dearer generally, with _fcho . exception of thin liquoring typos. Next " week 2,100.0001b. will be offered.