E. S. AND A. BANK

New Zealand Herald, Volume LXIX, Issue 21345, 21 November 1932, Page 5

E. S. AND A. BANK

FURTHER FALL IN PROFITS

REDUCTION OF £118,938

(Received November 20. 6.35 p.m.) LONDON. Nov. 19

The accounts of the English, Scottish and Australian Bank for the year ended June 30 disclose a profit of £147,719. The amount brought forward was £297,134, making £444,853 available. The directors propose to add £15,000 to reserve and £SOOO to the officers' provident fund. After payment of thelinal dividend of 2 per cent, the balance to be carried forward will be £274,853.

Following is a comparison of the bank's results for the last three years: — 1930 1 1931 1932 Brought forward £347,741 *£305,477 £297,134 Net profit . . 5|2,73S i 266.657 147,710 Z £590,477 (£572,134 £441,853 To reserve . . 80,000 30,000 15,000 Contingency n/c 70,000 Provident fund . 10,000 5.000 5.000 Bank premises . 50.000 Dividend, p.c. . 12J 8 5 Amount . . 375,000 240,000 150,000 Carried forward £305,477 £297,131 £274,853 The declared profits register a reduction of £118,938 upon tho earnings in the previous year and are by far the lowest since the war. An interim dividend of 3 per cent,, tax free, was paid in May last and a iinal dividend of 2 ger cent was declared earlier this month,jfaaking 5 per cent for the year, as against 8 per cent in 1931 and 12£ per cent in 1930. Prior to that for eight years the bank had maintained an even rate of 12J* per cent. Profits touched their highest level in 1929 when £601,263 was declared, last year's earnings representing a fall of £453,544 in three years. The bank's paid capital is £3,000,000 and with the present addition the reserve fund will be £3.205,000.

LONDON DAIRY VALUES

PRODUCE BOARD'S REPORT

The New Zealand Dairjf Produce Board has received the following market report from its London office, dkted November 18, prices for the previous week .being given in parentheses:—

Butter.—New Zealand: Salted, 89s to 925, ex. 94s (90s to 965); unsalted, IOCs (104s to 108s); 89s to 92s equals approximately 9 l-8d f.0.b.; deliveries, New Zealand, 1432 tons; in store) 1285 tons.' Australian: Salted, 87s to 88s, ex. 91s (87s to 90s); unsalted, 80s to 82s (83s to 88s). Deliveries, Australian, 1650 tons; in store, 1175 tons. Argentine: Unsalted, 86s to 90s, ex. 92s (86s to 88s). South Africa: 80s to 82s (83s to 88s). Danish: 100s f.o.b. (104s); 122s spot (1225). Dutch: Unsalted, 126s to 128s (124s to 1265). Siberian: 82s to 84s. The market is slow. Retail prices unchanged, Danish, Is 3d, New Zealand, Is. Empire Marketing Board's estimated stocks of all butters, 472,754 boxes (compared last year 578.467 boxes). The new import duty under the Ottawa agreement commenced to operate on November 16. The duty on Irish butter increased to 40 per cent. German import quota commenced to operate November 15. New Zealand quota to end of 1932, 12 tons; to end 1933. 97 tons; on basis of average imports for three years 1929-1931. Cheese.—New Zealand: White, 60s to 61s (5 7-8 d f.0.b.), (63s 6d to 645); coloured,. 57? to 59s (5 5-8 d f.0.b.), (59s to 61s). i Deliveries, New Zealand, 14,000 crates; in store, 11,266 crates. Australian: White, 59s to 60s; coloured, 57s to 58s {sßs to 595). Canadian: White and coloured, 64s to 69s (65s to 70s^; c.i.f., sts (58s). Deliveries, Canadian, 15,000 boxes; in store, 159,000 boxes. The market is qiiiet. New Zealand retail price, 9d. The board has afco received the following advice from its agents in Canada : Butter: New York, 23| cents; Montreal, 20| cents.