BANK OF NEW ZEALAND.

New Zealand Herald, Volume LXVIII, Issue 20851, 18 April 1931, Page 7

BANK OF NEW ZEALAND.

DIVIDEND MAINTAINED.

REDUCTION OF PROFITS. [BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON, Friday. An announcement has been made lay the Bank of New Zealand that, subject to audit, the bank will pay the same dividends as last year. An addition of £25,000 will bo made to the reserve fund. Tho profits for the year ended March 31 were approximately £IOO,OOO less than last year. The statement adds that losses to the bank by the Hawke's Bay earthquake should not exceed £IOO,OOO

The bank's net profits in recent years have been.—l 927-28, ' £841,878; 1928-29, £912,954; and 1929-30, £948,534. The total amount required for dividends at last year's rates is £817,968 15s, comprising £49,218 15s in respect of the preference capital in the long-term mortgage department; £231,250 on the preference shares held by the Government and £537,500 on tho ordinary shares. The transfer to the reserve fund of £2s,ooo—increasing it- to £3,575.000—wi1l make tho total appropriations £842,969, any excess of profits over that figure being added to the balance brought forward from last year, which was £623,156. Tho rates of dividend are as follows: — Preference shares, A (held by the Government), 10 per cent.; B (held by the Government), 13 2-11 per cent.; C (held by the Government), 6 per cent.; and D, per cent. The dividend on the ordinary shares is 14 1-3 per cent.

REVIEW OF THE WEEK. AN ERRATIC MARKET. PRICES EASE AT CLOSE. Business on the Auckland Stock Exchange this week opened after the Easter vacation with prices for most of the better class securities showing no material change from tho closing rates of early in the month. Prices held very firm up to Thursday morning, when buying support weakened, and a sagging movement set in in several sections. It was still evident when the market closed yesterday afternoon.,' The continued unsettled state of tho political situation in Australia has tended to undermine confidence in the immediate future for most financial and industrial shares in any way affected by conditions in the Commonwealth. As at most other times when confidence is lacking elsewhere, more attention has been paid to the gilt-edge section, and, supported by a steady demand spread over a wide range of securities, this section has hardened. Short-term loans have been the most favoured.

Buyers showed. slight uncertainty in placing firm offers in the banking group at the beginning of the week, but quickly gained confidence, and by Wednesday wore predominating, with the market showing, if anything, a rising tendency. Bank of New Zealand shares met with a rather erratic demand, the'market easing slightly during the'week, but closing 3d above Monday's levels. The insurance group has been quiet on a firm market, South British showing a gain of 6d over the period. Loan and agency shares have been practically neglected, reflecting more than any other section the uncertain state of Australian politics. Coals have shown practically no movement. Auckland Gas weakened slightly, the market for the ordinary shares closing only 3d above the lowest "levels for a considerable time. Devonporfc Steams touched the lowest levels for several years with a sale at 6d above par. New Zealand Breweries met a firm market early in the week, but sagged abruptly at the close. The miscellaneous group has been quiet, with British Tobaccos and Colonial Sugars the only shares attracting much attention. The market for Colonial Sugars moved up to the highest levels this year following news from Sydney that the market there had hardened on receipt of advico that the Commonwealth sugar embargo had been renewed. Wilsons Cements weakened slightly. Mining has been quietly active on a slightly erratic market.

THE CITY MARKETS.

YESTERDAY'S AUCTIONS. BANANAS IN SHORT SUPPLY. With the summer fruit crop finished, business in the City Markets is now con fined to fewer varieties, and there are not tho heavy entries at the daily auctions of early in the season. Outdoor grapes and apples are offering freely, but the demand for apples is not keen, owing to continued competition from hawkers in the suburbs, who are able to 'sell ungraded apples purchased at low prices in the orchards. Supplies of mushrooms are falling off as a result of the colder weather checking growth. In spite of this week's shipment* on the Tofua, supplies of bananas are still scarce, and good quality lots are bringing comparatively high prices. A small consignment of about 400 cases is due on the Niagara early next week. The Hikurangi leaves for Norfolk Island this morning under special charter to bring a cargo of bananas to Auckland. In field and garden produce the first of the southern potatoes for the season are selling at from 7s 6d to 8s a bag. Tho market for onions is a shade firmer. Heavy supplies of kumaras are now coming in and the market has an easing tendency. A further rise of 2d a dozen, making 6d for the week, has taken place in the egg market. Supplies are not plentiful. Prices for average quality lines in the City Markets yesterday ranged as follows : FRUIT. Apples, Cox's Oranse. 6s to 10s a case; Jonathan, -Is to (is Gd; Delicious, 2s Od to ■ls Gd; Ballarats, -Is to 5s Gd; Northern Spya, 3s Gd to 5s Gd; Munroes, 2s Gd to 3s Gd; pours, Louis Hon, 9s to 12s a case; Coles, 7s Gd to 9s Gd; small, 3s to 4s; Clairgenu, 5s to Gs; cookers and others, .Is to 5s Gd; tomatoes, half npo, -s (id to 4s a caso; No. 1, smooth, 2s Gd to 3s Gd; others, from Is 3d; grapes, hothouse, 1,0 l man, best. Is to Is 5d a lb,; others and No 2's, 9)d to lOJcl; 11 am burgs, Gd to 10, d; outdoor, To Knuwltata, Gs Gd to 9s a case: strawberries. Od to Is a chiplemons, lust irrade, lis to 17s Gd; others, 7» Gd to 10s, cape gooseberries, •ljd to old a lb.; oianscs. California!!, 27s to 80s a case; "a to 5s a case; persimmons,- 3s Gd.to 5s bp a case; mushrooms, according to conctition, best lines, 10s to 13s a tin; smaller packages, from 2s Cd; bananas, repacks, prime Quality, rip* 31s to 38s Od a case; No. 2's and mediums, 20s to 30s.

VEGETABLES. Potatoes, southern, 7s Gd to 8s a bag; local, 3s (3d to -Is fid; onions. Ss to Ob a cwt.; kumaras, Id a lb,; cabbage, 8s Gd to 10s a sack; cauliflower. 3s to 10s Gd a sack, swedes, Is Gd to 2s a has; pumpkins, 4s to 7s a cwt.; citron melons, 4s to 4s Gd a cwt.; green peas, la (o 4s a bag; beans, 23 to 4s Gd a bag; lettuce, Is to 3s Gd a case; cucumbers, 3d to Gd a dozen; vegetable marrows, la to '2a a dozen; water melons, 3d to la each; rock melons, Id to 5d each; cabbage, loose. -2s to 3s Gd a dozen: cauliflowers, loose, 2d to fid each; celery, fid to 2s a bundle; rhubarb. Is bd to 2s Gd a dozen; spinach. Gd to Od a doaen; pumpkins, loose, Gd to 2s Cd each; radish," Is a dozen bundles; spring onions, 6d to Is a dozen bundles; parsnips, beet and turnips, (id to lOd a dozen bundles. . DAIRY PRODUCE, Hen eggs, special grade, 2s 8d a dozen; A grade, 2s 7d; B grade, 2s 3d; C grade. Is lid. Duck eggs, special grade, 2s 7d a dozen; A grade, 2s Gd; B grade, 2s sd; C grade. 2s 2d a dozen. Farmers' butter. lOd to Is a lb.