NATIONAL BANK OF N.Z.

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

NATIONAL BANK OF N.Z.

INCREASE. IN DEPOSITS ADVANCES WELL MAINTAINED [from our own correspondent] LONDON, Juno 29 The balance-sheet of the National Bank of New Zealand, Limited, for the year ended March 31, shows that deposits increased during tho year from £12,314,328 to £13,767,817, and bills payablo, etc., rose from £1,080,808 to £1,287,0-13. Notes in circulation amount to £1,019,477, against £961,152. Cash stands at £2,621,059, against £2,270,044; invostmonts at £4,924,334, against £3,303,914; and bills receivable at £1,523,294, against £1,469,634. Advances have declined from £10,186,729 to £9,855,609. The Financial Times comments: — "At such times as the present, tho pressure of circumstances enforces greater liquidity of banking assets, even if tradition and policy did not dictate exceptional regard for tho strength of tho protection available for the money of depositors. Thus the National Bank of Now Zealand, which has added £1,453,500 to its deposits during the past year, bringing them up to £13,767,800, records tho addition of £351,000 to its cash holdings, while New Zealand Treasury bills and a special loan to the Dominion Government account for £2,584,300, in piaeo of £691.700. Tho outstanding advances have been relatively well maintained, and at £9,855,600 show a contraction of 110 more than £331,100. "These figures give some slight indication of tho manner in which the earning capacity of tho bank must have been affected during tho period. It is necessary to bear in mind, too, that tho drastic reduction in local purchasing power, duo to tho fall in prices of primary products, has affected the whole business turnover. Tho general tendency has been toward a lower level of interest rates, and currency depreciation became a nioro powerful factor during tho period." Tho directors record with regret the death of their colleague, Mr. Leo M. Myers. -Details of the bank's profit, which declined to £116,400 from £177,800, and tho appropriations were published in the Herald on Juno 27. The dividend was reduced from 7 to 4 per cent per annum. LONDON BUTTER PRICES NEW ZEALAND UP TO 85s FIRM TONE OF MARKET New Zealand butter on tho Loudon market is quoted up to 85s and tho market is firm. Merchants have received tho following cablegrams from their London houses, dated August 1: Now Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand, to 85s; Danish, 101s. Cheese: White, '4Bs to 495; coloured, 51s to 525. Tho butter market is firm. Cheese is quiet. Joseph Nathan and Company, Limited, from Trcngrouso and Nathan, Limited. —Butter, 84s. The market is firm. Cheese: White, 48s fid; coloured, 51s 6d. The market is quiet. DOLLAR EXCHANGE WIDE MOVEMENTS MARKETS IN LONDON British Wireless RUGBY, August 1 During last week's wide movements of dollar exchange, there was a large turnover of business in London, but yesterday, when the fluctuations were still moro marked, tho volumo of business was small. On the London Stock Exchange business is meagre, with little change in values. British funds arc inactive. FOREIGN EXCHANGES DOLLAR A LITTLE WEAKER British \Vircless RIIGBY. Aur. 1 The following rates on foreign exchanges are current, compared with tho cabled quotations on July 31 and par:-

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by tho Now Zealand banks, are as under:— Buying Selling United Slates . . . . 4.57 4.37 Canada . . . 4.91 4.71 The cost in New Zealand currency of the pound sterling and of the principal foreign units, on tho latest quotations, is as follows: —

Those valuations represent the current. rates at which banks sell drafts payable on demand). CUSTOMS EXCHANGE RATES Rates of exchango ruling at the announced dates of departure of the vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked*:— Brisbane Moru, Japan, yen . . . . 15 l-32d Wnikawa, America, dollars . . . . 4.79 i Pinko. America, dollars . . . . 4.2G Canadian Highlander, Canada, dol. 4.G8 Port Fiemantle. America, dollars . . 4.535 Melbourne Maru, Japan, yen . 1413-lGd GEAR MEAT COMPANY PROPOSED CAPITAL REDUCTION [IJV TKLECJItAI'H —PRESS ASSOCIATION] WELLINGTON, Wednesday An extraordinary general meeting of shareholders of the Gear Meat Preserving and Freezing Company, Limited, will be held at the company's .offices on Wednesday, August 16, to consider the directors' proposals to reduce the canital of the company by one-half by the distribution pro rata among shareholders of £230,000 (face value) of Government 3J per cent stock. If the proposal is carried the nominal capital of the companv will be reduced from £460,000 t0.£230,000 and the £1 fully paid shares to 10s, fully paid. Details of the proposal were published in the Herald on July 14.

Aug. 1 July 33 Par. Montreal, dol. 4.825 4.81 4.866 New York, dol. . . 4.505 4.47 4.866 Paris, fr 85 5-32 85 3-32 324.23 Brussels, belga . . 23.835 23.875 35.00 Geneva, fr. 37.185 37.24 25.22 Amsterdam, fl. . . 8.24 8.25 32.30 Milan, lire Berlin, r.m. . . 63% o G3>; 92.46 33.9(5 , 13.95 20.43 Stockholm, kr. . . 39.375 19.375 38.159 Copenhagen, kr. . 22.40 22.40 18/159 Oslo, kr. 19.90 39.90 18.159 Vienna, ach. 301 301 34.585 Prague, kr. 332.25 3 32.50 164.25 Ilelsingfors. mark 226.50 22G.50 129.23 Madrid, pes. 89"/i, 39 ,5 / 14 25.221 Lisbon, escu. 330 310 330 Athens, dr. _ .. 587.50 587.50 375.00 Bucharest, lei. . . 565 505 813.6 Rio de Janeiro, mil. 4.25d 4.25d 5.899d Buenos Aires, dol. 4 2d 42(1 4 7.619d Montevideo, dol. . 31d t 34(lt 5 Id Bombay, rupee . . 38 3-32d 38 3-32d 18tf. Shanghai, dol. Hongkong, dol. . . 14 15 /iad 15'/„d 3(>7< 8 d 36 29-32d Yokohama, . 14%d 14»/ 10 d 24.58d Batavia, il. — 8.25 12.10 Belgrade, din. 245 245 276.31 ■(Nominal.

Present Price Par R d s d London, pound .. '24 11.68 20 0.00 Australia, pound . . 20 0.00 20 0.00 New York, dollar . . 5 8.(58 4 1.31 Montreal, dollar . . . 5 a.c>2 4 1.31 Paris, franc . . 0 3.51 0 1.93 Berlin, mark .. 1 9.47 0 11.74 {lopenliagrn. krone . . 1 1.:?« 1 1.22 Yokohama, yen . . . . 1 5.95 2 0.58