AUSTRALIAN EXCHANGES

New Zealand Herald, Volume LXX, Issue 21504, 30 May 1933, Page 5

AUSTRALIAN EXCHANGES

YESTERDAY'S BUSINESS REMARKABLE ACTIVITY (Reeived May 29, 8.5 p.m.) SYDNEY, May 29 Remarkable activity was displayed to-day on the Sydney Stock Exchange. There was the usual demand for gold shares. Indeed, all sections of the mining market showed distinct gains. Pastoral and company shares wore much firmer. Banks were steady but Commonwealth bonds were quiet.. This morning's sales included: Australian Gas, A shares, £7 Is 6d; Golds-brought-Mort, 255; Dunlop Perdriau, 18s 3d; Toohey's Brewery, 22s 6d; Tooth's Brewery, 37s lid. Sales this afternoon included: Bank of New South Wales, £3O 2s 6d; Commercial Bank of Sydney, £l6; Colonial Sugar, £SB ss; Mercantile Mutual Insurance, 18s 3d; Burns, Philp, Ms; Associated Ncwb, 8s 6d; ditto, preference, 19s 4sdj Australian Gas, A shares, £7 2s; British Tobacco, 35s 4jd; Tooth's Brewery, 37s 4Jd; Toohey's Brewery, 22s Gd; Goldsbrough-MoVt, 255; Winchcombe, Carson, 25s 10id; Wilcox Mofflin, 7s; Morris Hedstrom, 17s 6d; Greater J. D. Williams, 6s 9d; Electrolytic Zinc, 19s; ditto, preference, 31s 9d; Broken Hill Proprietary, 32s 10Jd; South Broken Hill, 54s 9cl; Norths, 78s 9d.

Melbourne sales included: National Bank (£5 paid), £6 is; Commercial Bank of Australia, 15s 4d; Metropolitan Gas, £l3 4s; Dunlop Perdriau, 18s 4d; Electrolytic Zinc, 19s; South Broken Hill, 54s 6d; Norths,' 795. BANK PROFITS HIGHER NATIONAL OF AUSTRALASIA HEAVY FALL IN TAXATION The accounts of the National Bank of Australasia, Limited, for the year ended March 31, discloso a net profit of £291,944, an increase of £15,105 on the previous year, but £269,261 lower than in 1930-31. The result, which is arrived at after allowing for the deduction of all expenses, including taxation of £93,221, represents a return of only 3.4 per cent on paid-up capital and reserves, compared with 3.2 per cent in the previous year, and 6.7 per cent in 1930-31. With £125,951 brought forward, £417,895 is available. Interim dividend at the rate of 5 per cent per annum, paid in November, absorbed £125,000, and it is recommended, sis announced in the Hkrald on April 22, that a final dividend at the same rate be paid on May 31. The sum of £20,000 is allocated to reduction of bank premises, leaving £147,895 to be carried forward.

The extent to which stagnation of trade and the reductions made in advance rates have affected profits in the period under review is indicated by the fact that although taxation is £92,101 lower, and expenses have been reduced by £28,755, the increase in earnings is only £15,105. Only partial relief has been obtained from the reductions in deposit rates, many deposits carrying rates as high as 5J per cent still being current, and as the last reduction was made in January, it will be 20 months before the present rate basis is reached. Following is a comparison of the bank's results and appropriations for the last three years:— 1931 1932 1933 Brought forward . £102,907 £149,112 £125,951 Net profit .. 561,205 270,839 291,941 ' £724,112 £425,951 £417,895 Reserve fund . . 100,000 Premises account 50,000 Dividend .... 8J d 5 Amount .. . . 425,000 300.000 250,000 Carried forward . £149,112 £125,951 £147,895 Paid-up capital is unchanged at £5,000,000, as are the reserve fund at £3,000,000, and the exchange adjustment reserve at £300,000. Deposits total £33,062,198, and are lower on the year by £950,805. There is an increase of £276,326 in interest-bearing deposits, and a decrease of £1,233,191 in free money. On the assets side, cash and bonds (including £4,750,000 of Commonwealth Treasury bills, all of which are held in Australia, and are rediscountable on demand at the Commonwealth Bank) total £12,470,935. against £13,748,701. The percentage of liquid assets to the total call liabilities is higher, on the 12 months' comparison, at 22s 8d to the pound. Advances at £29,500,678 have increased by £411,916. This contrasts with a decrease of £2,522,043 shown in the previous accounts.

FOREIGN EXCHANGES FLUCTUATIONS OF STERLING British Wireless RUGBY, May 27 Tho following rates on foreign exchanges aro current, compared with the cabled quotations on May 26 and par:—• May 27 May 20 Par Montreal, dol. .. 4.51 4.475 4'.866 New York, dol. . .".OR 1t.005 4.800 Paris, fr. .. 85 11-16 85.75 124.21 Brussels, belga . 24.225 24.245 05.00 Geneva, fr. .. 17.45 17.475 25.22 Amsterdam, fl. . 8.07 8.075 12.10 Milan, lire .. 05 05 92.40 Berlin, r.m. .. 14 10-32 14.425 20.4,1 Stockholm, kr. . 10.50 19.-15 18.159 Copenhagen, kr. . 22.45 22,45 18,159 Oslo. kr. .. 19.75 19.70 18.159 Vienna, sch. .. 3H 311 34.585 Prague, kr. .. 113.25 113.25 104.25 1 lelsingfors, mark 227 220.50 129.23 Madrid, pes. .. 89 15-32 39.50 25.221 Lisbon, oscu. ..110 110 110 Athens, dr. .. 500 500 375.0 C Bucharest, lei. .. 570 572.50 813.0 Rio de Janeiro, mil. 4.75dt 4,75 d + 5.899 d Buenos Aires, dol. 41.75 c! 41.75 d 47.010 d Montevideo, dol. 34d1 ,14dt 51d Bombay, rupee . 18 5-04 dlB 5-04 d IPd •Shanghai, tnel . 14 15.-1 fid 16.50 d 1 longkong, dol. . 16 9-i6d Yokohama, yen . 14.75 d 14.75 d 24.58 d Bntavia, (1. .. Belgrade, din. . . ■(Nominal. 'Pence to American dollar. NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by tho New Zealand banks, are as under, compared with previous quotations: — U.S. Dollars to £1 May 15 May 18 May 22 May 27 May 29 Buying . 4.07 4.01. 3.97 4.00 4.06 Selling . 3.87 3.81 3.77 > 3.80 3.80 Canadian Dollars to XI Buying . 4.00 4.59 4.54 4.59 4.01 Selling . 4.40 4.39 4.34 4.37 4.41 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on the latest quotations, is as follows: — Present Price Par s d s <4 London, pound .. .. 24 11.58 20 0.00 Australia, pound ~20 0.00 20 0.00 New York, dollar .. 6 5.64 4 1.31 Montreal, dollar . ~ 5 7.02 4 1.31 Paris, franc ~ 0 3.49 0 1.9S Berlin, mark .. 1 8.80 0 11.74 Copenhagen, krone .. 1 1.35 1 1.22 Yokohama, yen . . . . 1 6.42 2 0.58 These valuations represent the current rates at which banks sell drafts payable 011 demand. CUSTOMS EXCHANGE RATES Rates of exchange ruling at tbe announced dates of departure of the vessels named aro shown in the following table. They are subject to confirmation k> the Customs Department when tho exact time of departure is learned 011 arrival of the vessels in New Zealand, finally, declared rates being marked*: — Canadian Cruiser, Canada, dollars 4.14 City of Tokio. America, dollars . . 3.4 H Canadian Challenger, Canada, dollars 4.41 Melbourne Maru, Japan, yen . . . . Niagara, Canada, dollara ~ %■■ 4.43J j