UNION BANK PROFITS

New Zealand Herald, Volume LXIX, Issue 21245, 27 July 1932, Page 7

UNION BANK PROFITS

DIFFICULTIES OF THE YEAR CALL MADE ON RESERVES IMPROVEMENT IN OUTLOOK LONDON, July 25 Speaking at tho annual meeting of the Union Bank of Australia, Ltd., tho Hon. Edmund W. Parker, chairman of directors, said the bank had had a year of exceptional difficulty and anxiety, during which it was impossible to conduct banking normally, or, in view of political happenings, to form a sound appreciation of tho course of events. Alterations to exchange in the middle of the exporting season, and the enforced reduction of interest charges, without an immediate corresponding reduction in interest allowances, had unfavourably affected the profits. During recent months there had been an appreciable improvement and the political situation in Australia had reacted favourably upon the economic and financial position of that j country. The announcement of the declaration by the directors of the bank of a final dividend of 2s a share, free of British income tax, making 4 per cent for the year, was made in the Herald on July 7. A message from London published in Australia on July 11 stated that after making a temporary transfer from the reserve for contingencies to profit and loss account (which transfer will be reversed in due course), and after making appropriations for doubtful debts and other contingencies, the bank showed a profit of £160,953 for tho year ended February 28. The full year's dividend .absorbs £160,000, thus the distribution requires practically the wlrolc of the actual net profit, phis the unspecified amount which has been taken from reserves. The report and balance-sheet has not yet reached New Zealand. In the previous year the bank earned a net profit of £283,019 and in the preceding year, £525,655. GOLD AND SILVER I QUOTATIONS IN LONDON (Received July 20, 5.5 p.m.) LONDON, July 25 Gold is quoted to-day at £5 15s 9d an ounce, compared with £5 15s lid on Saturday. Silver is quoted at 17d an ounce spot and 17 l-16d forward, compared with 17 1-16(1 and 17 l-Bd. on Saturday. The quotation for silver at per standard ounce is 17(1, and at per fine ounce 18 5-16 d, same as on July 21. QUOTATIONS FOR WHEAT _ » LONDON AND LIVERPOOL LONDON. July 25 Wheat. —Cargoes are firm. Parcels are in spasmodic demand at an advance of 3d. Futures. —London: September, _ 23s Id a quarter; December, 23s 3d. Liverpool: July, 4s lOfd a cental; October, 5s O^d; December, 5s lJ,d. TALLOW MARKET INACTIVE SOME MOVEMENT IN HEMP The Department of Agriculture.has received tho following cablegram, dated July 23, from the High Commissioner for New Zealand, London: — Tallow.—The market is inactive and little is offering either on spot or for shipment. Spot quotations are nominally unchanged. Hemp.—The Manila market is quiet but' firm. "K" grade for August-October shipment sold at £l7 15s. llie output from January 1 to July 11 was 466,000 bales, against 668,000 for tho same period last year. Stocks in the United Kingdom at June 30 were 28,980 bales, against 18,989. at the same time last year. Stocks in Manila at July 1 were 106,000 bales, against 114,550 bales the same time last year The Sisal market is firm, with a fair demand for No. 1 fair average quality for July-September shipment at £ls, and for August-October shipment, £ls ss. Tho New Zealand market is quiet with small business reported at slightly firmer rates. Closing values for July-Sep-tember shipment, higlipoints, £ls 10s, and fair, £l4. Stocks in London at Juno 30 were 163 tons, against 15 tons at tho same time last year. Eggs. —English, national pack, 12s to 14s; ordinary pack, 12s to 12s 6d; Danish, 9s to lis 9d. Fruit.—Tho apple market is practically confined to fruit irom store ex Port lluon and Rangitata consignments. Condition is generally sound, with fair demand at higher prices. Current prices are: — Granny Smith, 12s to 16s; Dougherty, JOs to 12s; Rokewood, 9s to lis 6d; Sturmer, Ballarat Seedling and Scarlet Nonpanel, 9s to lis; Delicious, 8s 6d to lis; Tasma, 9s to 10s; Statesman, Salome and Rome Beauty, forward condition, 8s to 10s. Pears: The balance of pears is practically cleared at the last rates quoted, when in good condition. SOLOMON ISLANDS COMPANY DIVIDEND PAYMENT RESUMED A net profit of £1134 for tho year ended March 31, compared with £869 for the previous year, is disclosed in the accounts of tho Solomon Islands Development Company, Limited, Sydney. brought forward, there is £2804 available, from which tho directors recommend tho payment of a dividend of £2 a share, requiring £2OOO, leaving £BO4 to be carried forward. The decline in the prices of copra again reduced tho company's earnings. The capital of the company is £95,000, in £IOO shares paid to £95. No dividend was paid in 1930-31. NEW COMPANIES AUCKLAND REGISTRATIONS The following companies have- been registered in Auckland : PUBLIC The Dalnat Rotary Windscreen Company, Limited, to manufacture and exploit tho invention known as tho Dalnat rotary windscreen. Capital, £25,000, in £1 shares. Subscribers: 11. Nattrass, R. A. Dalley, T. A. Fnltou, J. D. Henning, M. C. Edgar, A. J. Parker and W. 11. McKinney, 1 share each Antimony (New Zealand), Limited, antimony miners, to operate at Endeavour Inlet, Marlborough. Capital, £20,000, itl 40,000 shares of 10s each. Subscribers: W. J. Ilockin, 200 shares-; A. S. Henry, N. H. E. Ilockin, C. T. Manning, 11, E. Fischer, IT. E. Goodwin and A. B. Wyman, '1 share each. PRIVATE W. B. Young, Limited, Hamilton, builders and contractors, etc. Capital, £IOOO, in £1 shares: Subscribers: W. B. Young, 950 shares; Lilian Young, 50 shares. W. Richardson, Limited, Rotorua, bakers, confectioners, and grocers. Capital, £IOOO, in £1 shares. Subscribers: F. L. Richardson, H. J. Richardson, L. Richardson and Flora Richardson, 250 shares each. Henry George, Limited, capitalists, etc. Capital. £IOOO, in £1 shares. Subscribers: E. E. Halford, 900 shares; W. J. Hillson, 100 shares.