FREEZING COMPANY'S YEAR.

New Zealand Herald, Volume LXVIII, Issue 20976, 12 September 1931, Page 5

FREEZING COMPANY'S YEAR.

SOUTH OTAGO DIVIDEND. [BY TELEGRAPH. —PRESS ASSOCIATION.] DUNEDIN. Friday. Tho directors of tho South Otago Freezing Company report a very successful year, and recommend the .payment of a dividend of 6 per cent, on the share capital. For tho 1929-30 year the company paid a dividend of 5 per cent. NATIONAL BANK OF N.Z. BALANCE-SIIEET CHANGES. An abstract of the balance-sheet of the National Bank of New Zealand as at March 31 is published in this issue. Addressing the annual meeting of share holders in London on July 14 the chairman, Hon. W. I'embcr Reeves, briefly reviewed the accounts. He said the bank's note circulation at March 31 was £940,000, slightly below normal, the average lor the year being £1,024 000. Liability under deposits and current accounts was £11,657,000, a decrease of £508,000 over last year's figures. Bills payablo and other liabilities were down by £576,000. On the assets side of tho balance-sheet, coin and bullion and cash at bankers were £1,873,000, an increase of £525,000, compared with a year ago. Investments had gone up from £2,450,000 to £2.533,000, but this year these are shown in the balance-sheet at market price at March 31. Bills receivable wore £1,388.000, or a decrease of £789,000, as compared with the previous year. It was only to bo exnected- that this figure would reflect the general decline in oversea trade, hut the bank had been able to retain its share of the British bill business of the Dominion. Advances had dropped from £11,248,000 to £10,639,000, a decrease of no less than £610.000. They were well spread and full provision had been made for bad and doubtful debts. Tho balance-sheet disclosed a strong and liquid position. Mr. Reeves added that gross profits were £646,000, or £50,000 down on last year's figures, and the not profits hac! decreased by £74,600. An increase in charges account of £24,500 was almost entirely accounted for bv increased taxation. which is £22.000 higher. The carryforward at £168.000 showed a small reduction of £6OOO. but remained at not far short of one year's dividend.