BANK OF AUSTRALASIA.

New Zealand Herald, Volume LXIX, Issue 21118, 27 February 1932, Page 7

BANK OF AUSTRALASIA.

HEAVY FALL IN PROFITS. DIVIDEND OF 9 PER CENT. (Received February 26, 5.5 p.m.) LONDON, Feb. 25. Tlie Bank of Australasia has declared a final dividend of 4s a share, subject to income tax, making 3s 9.1 d a share net. A sum of £2,000,000 of the reserve has been specially allocated to cover the depreciation of Australian assets in relation to sterling. The directors have provided for bad debts and investment depreciation out of contingency funds and have transferred .£85,000 from the exchange adjustment account to the profit and loss account. A sum of £151,063 is being carried forward.

The preliminary announcement of the bank's results for the year, which ended last October, indicate a fall of £336,000 in net profits to £279,036, which is the lowest amount since the war. The dh'idend is reduced from 13 per cent, to 9 per cent., an interim dividend of 5s a share, less English income tax of 4s 6d in the pound, having been paid in September last. This is the first year that the bank has paid its dividends subject to income tax and this fact has to be taken into account When a comparison of profits is made. For four years previous to 1930 a dividend of 14 per cent, was maintained. Following is a comparison of the results for the last three years:— 1929. 1930. 1931. Brought forward . £139.760 £161,913 £192,027 From reserve . Net profits . . 677,ia3 G15.084 279,036 £816,943 £777,027 £556,063 To reserve . . 25,000 Dividend p.c. . . 14 13 9 Amount . . 630,000 585,000 405,000" Carried forward . £161.943 £192,027 £151,063 "Subject to income tax. The capital of the bank is £4,500,000 and by the present appropriation of £2,000,000 to cover depreciation of Australian assets the reserve fund has been reduced to £2,475,000. THE CITY MARKETS. YESTERDAY'S AUCTIONS. LOW VALUES FOR FRUIT. Low prices again ruled for most l'nes of fruit at the Auckland City Markets yesterday. Apples sold at exceptionally low rates. Firm lines of Bon Chretien pears were practically the only saleable classes. Bananas improved slightly in value, but the price's are still not payable to shippers. Hothouse grapes eased in value and were hard to quit. Only the choicest quality tomatoes are being sought. There are practically no dessert peaches on the market at present and there is a scarcity of plums.

The field produce section was heavily supplied with new potatoes, green peas, cabbage and pumpkins. There were good stocks of cauliflower, beans, celery and other seasonal vegetables. A fair demand existed for most classes.

A keen inquiry existed for heavy offerings of poultry and many lines showed a sharp rise in prices. Although supplies of eggs are not heavy the demand is .poor and the values dropped to Is a dozen for special grade eggs. Larger quantities of pullet eggs are coming forward and are selling at varying low rates. Prices for average quality lines ranged as follows: — FRUIT. Blackberries. 3d to 4ld a chip: tomatoes, firm, ripe. Is 9d to 3s a case; choice smooth, 3s to 5s Gd; others. Is to Is 3d: plums, 5s to 6s fid; peaches. Golden Queen, 3s 6d to 5s Gd; Ospreys and Lippiatts, 2s 6d to 3s Sd: apricots. 5s to 7s; nectarines, ex cooler. 13s to 14s; grapes, hothouse, Harnburgs. 5d to 9d a lb; Gros Moroc, Sd to lOd: Golden Queen. 7s to 9d; Colman, lOd to Is 3d; Muscats, lOd to Is 3d: Cape gooseberries, 4d to 4}d: pears. Bon Chretien, 2s to 4s a case; apples, Gravenstein, Is Gd to 38 Gd; Albany Beauty, 2s to 4s; Willie Sharps. 2s to 2s 6d; cookers, 2s to 3s; and small. Is 6d; bananas, No. l's, 8s 6d to 9s 6d; mediums, 6s to 7 s Gd; oranges, Australian, 12s to 16s; Californian, 37s 6d to 3Ss 6d; passions, 3s to Gs; lemons, 6s to 10s; mushrooms, choico qualify, about 6d a lb; others, various rates according to condition. FIELD PRODUCE. Potatoes, new, 2s to 33 a bag: onions. 3s 3d to 4s 3d; kumarae. local. l}d to ljd a lb; Tauranga, 9s to 10s Gd a cwt; cabbage, 2s to 6s a sack; cauliflower, 4s to 7s Gd; swedes. Is to 2s a bag; pumpkins, 3s to Gs a cwt: citron melons, 3s to 4s; green peas, 4s to 7s 6d a bag; beans, 3s to 7s; lettuce. Is to 3s Gd a case; cucumbers. 3d to Od a dozen; vegetable marrows. Is Gd to 3s Gd; water melons. 3d to Is each; rock melons. 2d to Sd; cabbage, loose, Is Gd to 3s a dozen; c.mliflower, loose. Is Gd loss; celery, Gd to 2s a bundle: rhubarb, Is to' Is Gd a dozen; spinach, 6d to Is; pumpkins, loose, 3d to Is each; radish. Is a dozen; spring onions. 4d to 9d a bundle; carrots, parsnips, beet and turnips, 4d to Od a dozen; leeks. 2d to 3d a bundle. POULTRY. Cockerels, heavy breeds, prir.u\. 2s Gd to 4s 6d each: not prime, la 6d upw«.d; light, prime. Is 6d to 2s 6d; not prime. Is upward : fat roosters, heavy, prime, Is 6dto2s; light, Is to Is 6d; fat hens, heavy, 2s to 2s Gd; light. Is 6d to Is 9d; pullets, heavy, best, Gs to Ss; smaller, 2s Gd upward: light, best, Gs to Ss; smaller, 2s 6d upward; drakes, young, prime. Is 6d to 2a 3d; smallei, Is upwardI old. Is 6d to 2s; ducKS, young, 3e Gd to 4s Gd; old. Is Gd to 2s. DAIRY PRODUCE. Hen eggs, special grade. Is 6}d a dozen: A grade. Is std; B grade. Is 3}d; duek egge, special grade. Is 6}d; A grade. Is ?jd; B grade. Is 4}d. Farmers butter, Sid to lid a lb. USE OF EMPIRE ROPES. TESTS OF AFRICAN SISAL. Extensive tests are being made by a number of shipping companies of the respective strengths and wearing qualities of East African sisal and Manila hemp with a view to deciding whether the Empire article is the more satisfactory tor commercial use. At the last meeting of the East African sisal producers' sub-section of the London Chamber of Commerce, attention was drawn to the fact that there was an increasing recoghition of the advantages of sisal over Manila as a result of demonstrations bv Admiralty, mercantile marine tests, and War Office trials. The question to which various speakers directed attention was that of how sisal from East Africa, where about 70,000 tons are produced annually, could replace the 50,000 tons of Manila hemp imported annualy. It. was announced that, at the instance of the Empiro Marketing Board, eight of 13 shipping companies approached had agreed to get into touch with their suppliers to carry out tests of sisal and Manila hemp ropes. A very important line, whose name was not disclosed, had made a most satisfactory report on tests carried out by them. They supplied one of their ships with two "si7.es of sisal ropo in June last. Since that time the steamer had made two voyages to the West Indies, and the rope had been in use continually from Juno as derrick purchase falls, guys, and accommodation ladder falls. Close examination of the rope in the middle of December revealed that, it, was in excellent condition, and in a far hetter state of preservation than the Manila rope used during the snmo period for similar purposes. It has been the custom of the line to renew the purchase falls after two voyages, but the sisal rope inspected was in such good condition that, they were putting it to use for another voyage. It was stated that there was little doubt that British makers and dealers would be prepared to meet the demand for Empiro sisal ropes when it was created.