BANK OF AUSTRALASIA

New Zealand Herald, Volume LXX, Issue 21426, 25 February 1933, Page 7

BANK OF AUSTRALASIA

LOWER DIVIDEND FOR YEAR PAYMENT SUBJECT TO TAX [BY TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Friday A final dividend of 4s a share, less British income tax at 5s in the pound, has been declared by the directors of the Bank of Australasia, Limited. With the interim dividend of 3s a share, less tax, the distribution for the year equals 7 per cent, less tax.

The dividend has been declared after making a transfer to the credit of the contingency account, out of which provision for all bad and doubtful debts has been made. It is payable on March 31 at the current rate of exchange. The sum of £169,783 is carried forward, compared with £151,063 brought into the accounts.

The return to the shareholder in New Zealand will bo approximately 3s 9d. Last year a dividend of 9 per cent was paid. The distributions for the two previous years, when the dividends were paid free of tax, were 13 per cent and 14 per cent respectively. DAIRY PRODUCE PRICES IMPROVEMENT IN VALUES REPORTS OF MERCHANTS After a marked easing in the middle of the week, the price of New Zealand finest butter on the London market has advanced 2s. to 3s per ewt. to 75s to 765. The demand is more active at the rise and the Continental position has improved.

Merchants have received the following cablegrams from their London houses dated February 23: A. S. Paterson and Company, Limited, from J. and J. Lonsdale and Company, Limited.—Butter: Continental market is stronger and there is more demand after the improvement. Danish, slightly easier, 105s. The colonial market is generally better in tone and more active. New Zealand, 765; Australian, 745. Cheese: The market is firm in consequence of small stocks; white, 43s to 445; coloured, 47s to 48s.

Joseph Nathan and Company, Limited, from Tr'engrouse and Nathan, Limited.— Butter, 755. Cheese: White, 43s to 445; coloured, 47s to 48s. Rather better feeling in both markets. Dalgety and Company, Limited, from Samuel Page and Son.—Butter: New Zea land, finest salted, 74s to 755; Danish, 100s to 102s; Australian, finest, unsalted, 72s to 745; salted, 71s to 735; general average quality, 68s to 70s. Cheese: New Zealand, white, 425.t0 435; coloured, 47s to 48s; Canadian, white and coloured, 60s to 68s. Both markets are 'Steadier.

Mr. L. McCartney, from Henry A. Lane, Limited.—Butter: New Zealand, 755. Cheese: New Zealand, white, 435; coloured, 48s. Both markets are firmer after the decline to 73s in butter, and 42s and 46s in white arid coloured cheese respectively. Norden and Company, Limited, from R. | and W. Davidson, at Glasgow.—Butter: New Zealand, salted, 74s to 75sunsalted, 74s to 765; equivalent to 8.36 d arid 8.41 d f.0.b., respectively. Tho market is improving. Cheese: White, 435; coloured, 48s; equivalent to 4.44 d and 5.07 d a lb., f.0.b., respectively. The market is steady with more inquiry. Mr. W. W. Bowker, from A. J. Mills and Company, Limited.—Butter: New Zealand, finest, 73s to 755; Danish, 102s to 104s; Australian, 72s to 735. Sales have been made during the week at 735. There is a better tone now. Cheese: New Zealand, white, 42s to 435; coloured,' 46s to 475; Canadian, white, 64s to 665; coloured, 65s to 675. Both markets are steady. NEW COMPANIES SOUTHERN REGISTRATIONS The following public company has been registered in the South;— N.Z. Investments Trust, Limited (Wellington), to carry on the business of an investment company. Capital: £200,000 in 20.000 shares of £lO each. Subscribers: Wellington, D. J. McGowan, A. W. L. Gibson, D. L. Irwjn, E. W. Hunt, J. H. Turner, L. H. Heslop, G. Springhall, Culverden, L. R. C. Macfarlane, all 1 share each. INCREASES OF CAPITAL Manchester Importing Company, Limited (Auckland).—Capital increased from £SOOO to £IO.OOO, being 2000 ordinary and 8000 preference shares of £l'each. N.Z. Hosiery Mills, Limited (Wellington) : Capital increased to £45.000 by the creation of 20,000 preference shares of £1 each. MINING NEWS REPORTS OF MANAGERS «. Long Trail (Colville). —No. 3 leader, low level, was extended to 143 ft., making 7ft. driven for the week ended February 18. As this level has reached the desired point, the men weitf shifted and an intermediate level started. This was advanced to 6ft. The leader was opened out, "to 20in v and the ore is very good grade. No. 2 leader was opened up 100 ft. west, of the surface tunnel on same, and during the week the ore tested by the dish gave high values. A crosscut has been started to cut this leader west of where it junctions with No. 3 leader; both leaders carry very good values.

Red Trail (Colville). —The tunnel toward Red Trail south reef was advanced 22ft., and a strong flow of water was intersected in the face. The country rock is interlaced with quartz veins, which indicate that the reef is close at hand. Ore is being delivered to the mill/ and this will lie crushed next week.

Mataki (Murchison). —Since the launching of the dredge pontoon on January 31 good progress has been made. Given fine weather, further good progress can he expected.

KINO SOLOMON DEEP LEAD WASH-UP OF 760 Z. FOR WEEK [liY TELEGRAPH —PRESS ASSOCIATION] INVERCARGILL. Friday The wash-up at the King Solomon Deep Lead Mine (Gore) for the week totalled 760z. AUCKLAND SCOW SOLD WHANGAREI PURCHASERS The scow Seagull, which is one of the best-known of the smaller vessels trading out of Auckland and one of the very few scows which still carries a full sprea.d of canvas, has been sold by A. W. Bryant, Limited, of Auckland, to John Carey and Company, of Whangarei. The vessel, which was built at Freeman's Bay by Mr. G. NiccOl, for the timber trade, and has recently been used for sand and shingle carrying, will probably be used by the purchasers for lightering.