BANK'S BETTER RESULT

New Zealand Herald, Volume LXX, Issue 21560, 3 August 1933, Page 5

BANK'S BETTER RESULT

COMMERCIAL OF AUSTRALIA INCREASE IN PROFIT LARGER SUM TO PREMISES An improvement in business is reflected in the accounts of the Commercial Bank of Australia, Limited, for tho j car ended June ."0. Tho net profit amo'unted to £213,634, an' increase of £13,904 in comparison with Iho previous year. As announced in the Hkuai.d on July 8, tho ordinary dividend is being maintained at 5 per cent, requiring £IOO,OOO. The dividend on tho 4 per cent preference shares absorbs a further £84,694. A sum of £20,000, in comparison with £IO,OOO in tho previous year, is placed to tho reduction of premises account, and the balance, £8940, added to £70,311 brought in. provides £79-,251 to be enrriod forward. Dividends are in Australian currency. Following is a comparison of tho bank's results and appropriations for the last three years:

The increase in business is shown in an addition of £645,627 to deposits at £22,347,234. and of £888,004 to advances at £20..'i00,762, together with an increase of £560,876 to £1.486,505 in the holding of bills receivable in l<ondou. Cash items arc lower by £356,610 at £3,233,293. The item money at call and short-notice in London and Treasury bills which stood at £170.000 last year, has disappeared, whilo Commonwealth Treasury bills in London aro not now held and this accounts for at least part of tho £252,141 reduction in the item British war loan stock, etc., which appears in the latest bal-ance-sheet at £201,191. Holdings of Australian and New Zealand Treasury bills aro £682,248 lower at £2,040,918, but Government and local government securities havo increased by £605,02;' to £1,534,347. Tho bank's capital remains at £4,117,350, comprising £2,117,350 in 4 )>er cent preference shares of £lO each, and 4,000.000 fully-paid 10s shares. The reserve fund, £2,000,000, and the exchange adjustment reserve of £250,000, which was created last, year, remain unaltered.

SUN INSURANCE COMPANY'S 418 TH DIVIDEND Tho Sun Insurance Office, Limited, London, which claims to bo the oldest insurance office in the world, founded in 1710, shows that net premiums in its fire account for the year 1932 were £2,352,322, ngqinst £2,454,739 for 1931. In tho accident department net premiums decreased from £1,473,881 to £1,460,283, and in tho marine department they increased from £567,209 to £608,034. The profit and loss balance brought forward from 1931 was £1,081,301, and after payment of dividends, less tax, £839,634' remained. This by the year's operations was increased to £1,315,704, from which £50,000 has been carried to pension fund, and £175,000 transferred to a head office premises account. The dividend less income tax is 2s 8d per £1 share paid to 5s each, the paid-up capital being £600,000. Tho dividend for the second half of tho venr is tho 418 th paid by the company, and leaves tho funds at £7,237,336. comparing with £7,031,514 a year earlier.

MELBOURNE STEAMSHIP CO. ORDINARY DIVIDEND RAISED ; The directors of the Melbourne Steamship Company, Limited, have declared final dividends of 3 per cent on both preference and ordinary shares, making 6 per cent on both classes for the year ended June 30. The previous year's dividends were G per cent preference and 5 per cent ordinary. STAPLES' BREWERY INTERIM DIVIDEND UNCHANGED J. Staples and Company, Limited, brewers, have advised the Stock Exchange Association that an interim dividend of Gd a share was paid yesterday. The dividend is equal to 2J per cent, which is the same rate as last year's interim distribution. WALLAROO-MT. LYELL A dividend of 4 per cent has been declared by Wallaroo-Mount Lyell Fertilisers, Limited, of Adelaide, for the year ended June 30, payable on August 8. The rate is unchanged. The Mount Lyell Mining and Railway Company, Limited, -has a holding in the fertiliser company, which has an issued capital of £336,900 in £1 shares. HENRY BERRY PREFERENCE The directors of Henry Berry and Company (Australasia), Limited, declared for payment on August 1 a dividend at the rate of 7 per cent per annum to preference shareholders, for the half-year ending July 31, 1933. By authority granted under ' the Income Tax Act, 1931, the further tax of 2s in the pound on income from property will be deducted from' this dividend. WHEAT PRICES RISE WINNIPEG AND CHICAGO WINNIPEG. Auk. 1 Opening with an outburst of buying and dosing with an impressive upward flourish, wheat futures in Winnipeg today soared from 9 cents to 9J cents. At the last minute there was advico of good export business, combined with reports of frost, and the market generally was bullish. » The weather, and Chicago's action in halting further downward movements of prices, had an important hearing on prices. October futures closed at 89 cents, December at 90J cents and May at 912 cents. Prices soared in Chicago also.

CALL AND DIVIDEND LIST Dividends— Due Staple's Brewery—interim, Gd r / u share • • Now Christchurch Gas—interim, 3 p.c. To-morrow Com. Bank Aus.—final, old., 5 p.c. p.a., pref., 4 p.c. p.n. Aug. 10 Dom. Investment nnd Banking—A, B and C shares, 4] p.c. Aug. 10 New Zealand Insurance—final, Is a share - Aug. 15 Bank of N.3.W.—quarterly, 5s a share (Austral'n currency) Aug. 30 Elder Smith and Co.—final, i p.C* p. ft. . • . . • Sept. L Standard Ins.—final, la 3d a share Sept. N.Z. Farmers' Fertiliser—s ■- p.c. p.a Sept. -.0 Broken Hill South —ls a share Sept. 22 Gillespie's Beach —final, 3d. a share ... .••• •• dn y Golconda Mines, Ltd.—ld a share •• Aug. "Waitnlm—final, Ckl a share , . Aug. 10