LOWER BANK PROFITS

New Zealand Herald, Volume LXIX, Issue 21248, 30 July 1932, Page 5

LOWER BANK PROFITS

COMMERCIAL OF AUSTRALIA HEAVY FALL TO £199,670 SMALL SURPLUS,ON DIVIDENDS > (Received July 29. 7.5 p.iu.) SYDNEY, July 29 The net profit of the Commercial Bank of Australia, Limited, for the year ended .June 30 was £199,670, as against £308,449 in the previous year, a reduction of * £108,779. With the amount brought' in there is £265,005 available, of which the dividend of 5 per cent recommended will absorb £IOO,OOO, and the usual preference dividend of 4 per cent, £84,694. Deposits aro shown at £21,707,607, an increase of £847,822. Following is a comparison of tho bank'g results and appropriations for thp last three years:— J 050. 1331, 3932. Brought forward £94,190 £95,1549 £65,335 Net profits . . 559.84 1 308,-149 199,670 £454,031 £403,05S £265,005 To reserve . . 22,851 13,400 Bank premises . £O,OOO 20,000 Dividends— Pref., 4 p.c. .. 81,691 84,694 81,691 Ord 15 111 5 Amount .. . . 260,937 220.5G9 100,000 Carried forward £95,549 £65,335 £80,311 The announcement of the lower rate of dividend was made in the Heuai.d on July 9. Tho interim divended.on ordinary shares, usually paid in February, was passed, owing to the effect of exchange and other adverse conditions, and tho full 5 per cent, will be distributed to ordinary shareholders on August 11. Preference shareholders will receive a final payment of 2 per cent, an interim dividend of tho same amount having besn paid as usual in February. The dividend distributions will absorb all but £14,976 of the profits earned during tho year. Ordinary shares, fully paid at 10s each, number 4,000,000, and there are 211,735 4 per cent preference shares of £lO each, the total paid capital standing at £4,117,350. The reserve fund at the close of the 1930-31 year amounted t« £2,250,000. COMMERCIAL OF SYDNEY EARNINGS £187,850 LOWER COMMENT BY CHAIRMAN (Received July 29, 7.6 p.m.) SYDNEY, July 29 The Commercial Banking Company of Sydney, Limited, earned a net profit of £253,866 in the year ended June 30, compared with £441,815 in the previous year and £637,619 in 1929-30. An interim dividend at the rate of 6 per cent per annum was paid last January and tlio final disbursement approved to-day is on the basis of 5 per cent per annum, making .5£ per cent for the year. The chairman, Mr. G. J. Cohen, at the annual meeting to-day, remarked that tho profit for 1931-32 represented only 2.8 per cent on the combined capital and reserves, wliidi was an effective answer to those continually charging the banks of making unconscionably large profits at tlis expense of the trading and producing public. j Following is a comparison of tho bank's. ! results and appropriations for tho last ; three years:— 1930 1931 1332' , Brought forward . £71,508 £85.226 £124,225 | Net profits . . 637,619 441,815 253,866 £709,127 £527,041 £378.091 j Dividend, p.c. .. 10 81* 5§ j Amount . . 473,90 L 402,816 260.G45 I To reserve . . 100,000 Premises ac. .. 50.000 i Carried forward . £55,22G £124,225 £117,446 The paid capital of tho bank is £4,739,000 and "tho reserve fund £4.300,000. ' COLD AND SILVER . ' QUOTATIONS IN LONDON(Received July 29, 8.5 p.m.) LONDON, July 28 Gold is quoted to-day at £5 16s 7d an oz., compared with £5 16s 4d yesterday. Silver is quoted'at 17 l-8d an ofc. spot and 17 3-16 d forward, compared with; 17 l-16d both positions yesterday. The quotation for silver at per standard oz. is 17 l-Bd, and at per fine oz. compared with 17 l-16d and 18 7-16 d yesterday. STOCK SALES T TE AWAMUTU QUOTATIONS Dalgety and Company, Limited, Hamilton, report having held their usual stock eale at Te Awamutu saleyards on , Thursday. There was a email yarding ofsheep. Fat hoggets made 9s 6d: forward ewes, 5s 6d; ewes' in lamb to Southdown rams, 9s A fair yarding of fat cattla sold at top late rates. Good quality steers made up to £0 5s and £6: prime fat cows, to £6 4s; stove 2-year empty heifers, £2 10s; yearling heifers up to £2 sa; boners, 12s to 20s. There was a large yarding of pigs, mostly stores. Stores made 14s to Qls: weaners, 6s 6d to 9s 6d; sows and litters." £4. There was also a large yarding of dairy cattle, including a herd of 60 cows on account of Mrs. A. C. Pratt, which met with a good sale and averaged £6 23.. Also, on account Mr. V. Pollard. Ayrshire cows sold at up to £10; others at '£4 10s to £6 10s: choice well-grown Jersey heifers, to £8; small heifers, £4 10s to £5 10s. GISBORNE SHEEP VALUES [by telegraph—OWN correspondent] GISBORNE, Friday A very large yarding of fat sheep cam* ! forward at Mntawliero to-day. Tho sale war i dragging, with a downward tendency in prices. Best ewes made from 6s to 6s gd, but generally ewes sold between 5s an-d 6s. Lambs made 7s 9d and 7s 10d/ Second-graca ewes realised 3s 6d. Numerous pens were passed in. Tho bulk of the entry of store sheep sold at prices on a level with those ruling at the previous sale. Breeding ewes of good quality and condition and running with Southdown rams made 8s lOd and 10s; others, in fairly good order and young. 7s 4d. Good shorn hoggets made 6s 4d to 6s lOd; wethers, 8s lid to 9s 6d; empty ewes, not very attractive, 2s 9d to 3s 6ci. MELBOURNE PRODUCE MELBOURNE, July 29 Following are to-day's quotations on tho Melbourne "produce market: —Wheat, 3s sd. Flour, £8 12s 6d. Eran, £5 10s. Pollard, £5 10s. Oats, Is lid to 2s. Barley, unchanged. Maize, 4s lid. Onions, steady and scarce, £2l to £22.