NATIONAL FINANCE

New Zealand Herald, Volume LXXI, Issue 21698, 13 January 1934, Page 7

NATIONAL FINANCE

PART PLAYED BY BANKS EXAMPLE IN AUSTRALIA LONDON CHAIRMAN'S COMMENT A reference to the part played by the banks during Australia's period of acute financial difficulty- was made by Sir. Andrew Williamson, who presided at the annual meeting of the English, Scottish and Australian Bank in London toward' the end of last year. By maintaining credit through taking up Government Treasury bills the banks had materially assisted in preventing an even more severe fall in prices in Australia, Mr. Williamson claimed. The modest dividend of 5 per cent free of United Kingdom tax, ho said, was on the paid-up share capital of £3,000,000, whereas with tho reserve funds and tho balance carried forward to profit and loss account tho shareholders' funds employed in the business of the bank amount to nearly £6,50Q,000. Yet there were people who talked of tho excessive profits made by the banks and inveighed against them as a form of capitalism injurious to the welfare of the nation. How unreal such talk was a few sentences show.

"The trading banks of Australia, with capital and published reserves amounting to £68,500,000, arc not owned by a small number of so-called capitalists, but are essentially democratic institutions owned by some 71,000 members of the public, whoso averago holdings are between £SOO and £600,". Mr. Williamson said. "Further, the main resources of tho banka are their deposits, which they receive from the public at large and which amount approximately to £274,000,000. These large funds have been entrusted to the banks not by a limited number of wealthy people, but by over 755,000 depositors, representing an average amount of deposit of under £370. The manner in- which the banks have been managed in the past and tho way in which reserves, both published and inner, have been built up, together with the conservative lines on which profits have been distributed, have been very fully appreciated by the public of Australia, who, during tho dark and testing days of tho most serious crisis Australia has yet been called upon to face, have shown unwavering confidante in tho banks. "Nothing throughout the crisis has stood out more clearly than this, and is in striking contrast to what has happened in somo other countries. I venture to say that nothing has had a more reassuring and steadying effect on the whole moral of the Australian nation during recent years than their calm confidence in their banking system. The prudent conduct in tho past pursued by the banks and their consequent inherent strength have enabled them on their part to be a tower of strength to the Commonwealth and tho various State Governments. Unless the Commonwealth Bank and the trading banks had been in a position to find tho necessary money to finance the deficits of the Budgets the Governments could not have carried on."

THE CITY MARKETS HEAVY SUPPLY. OF POULTRY EGG PRICES ADVANCE Larger supplies of apples were available at the City Markets yesterday and prices for cookers showed a reduction. Peaches also were fairly plentiful, best varieties selling up to 10s a tray, a fall of 2s. Strawberries, which are now nearly finished, sold at unchanged rates. There was an easing in price for tomatoes, principally outdoor varieties, which came forward in increased amounts.

Additional supplies of potatoes were available, but prices were steady at 3s to 5s a bag. Pumpkins dropped in price owing to the supply increasing. Green peas and beans sold freely at slightly firmer values. Onions were dull of sale at current prices. Thq supply of poultry was the largest for some years. The demand was fair, but prices were reduced considerably. Eggs were in somewhat shorter supply and prices rose by Id a dozen. Prices were:—

FRUIT Apples, Albany Beauty, 5s to lis a casn; Stunners, Hawke's Bay, 10s to 13s: Gravenstein, choice coloured, 6s to 7s Gd; oiherß, 3s to -is; Ited Astrakan, 3s to 8s; green cookers, 3s to ss; pears. Beacon, 4s Gd to 5s Gd; apricots, 4s to 9s; black currants, lis Gd to Gs; peaches, extra choice, coloured, in trays, 8a to 10s; others in trays, 5s 1o 7s; in cases, 2s 9d to 4s 3d; mushrooms, 12s to lGs a tin; strawberries. Captain Cook, lid to Is Id n chip; Marguerite, 8d to lid; Helennlea Surprise, 9d to lid; oranges, Californian navels, 32s to 355; lemons, cured, 10s to 12s; others, Gs to 9s; raspberries, Gs Gd a tin; grapefruit, Californian. 28s (o 30s a case; tomatoes, hothouse. 4d to 7d a lb; outdoor, choice, ripe, 4d to 4!d; others. Is Gd to 3s 6d a case; bananas. 15s io 21s u case; plums, Sultans, extra choice, 4s to 5s a ease; others, 2s to 3s; Embanks, 2s to 3s; Hales, 2s Gd to 3s Gd; cape gooseberries. 4d a lb: grapes, hothouse, Is to la 5d a lb; cocoanuts, 14s ft snck. FIELD PRODUCE Potatoes. 3s to 5s a bag; swedes, 2s to 33 3d: onions, 2s to 2s 9d; cabbage, 2s to 4s n. sack; on borsches. Is to 3s a dozen; cauliflower, on benches, Is to 3s a dozen; pumpkins, new season's, Bs. to 10s a cwt; cucumbers, Gd to 2s a dozen; carrots. 4d to 7d; parsnips. 9d to Is: beet, Gd to 8d: turnips, 3d to sd; radish, Gd; spring onions, 8d to Is a bundle; spinach, Gd ft dozen; green peas, 2s Gd to 7s it bag; French beans. 3s to'ss a bag? marrows. Is to 3s 3d a dozen; lettuce, Is to 4s Gd a case: celery. Is 3d to Is 9d n bundle; rhubarb, 9d to 2s a dozen. rOTJLTRY Cockerels, heavy breeds, .prime, Is 9d to 3s 9d; not prime, Gd up; light breeds, prime, Is to 2s; not prime, 4d up; fat roosters, heavy breeds, prime. Is to Is Gd; light- breeds, 9d up: fat hens, heavy breeds. Is Gd to 2s 3d; light breeds, 3d to Is; pullets, heavy breeds, best, 3s to 4s Gd; smaller. Is up; light, breeds, 3s to 4s Gd; smaller. Is up; drakes, young, prime, Is Gd to 2h; smaller, Gd up; old, 0d to Is; ducks, young, Is to 2s Gd; old, 9d to Is. DAIRY PRODUCE Hen egge, first quality. Is lid a dozen: B grado. Is 05d; C grade, 11 jd; duck eggs. Is Old, lljd, lOJd; farmers' butter, Gd to Bd,

WELLINGTON PROPERTY SALE

J. H. Bothunc and Company will offer nt, auction at their rooms, Peatherston Street, Wellington, on "Wednesday, January 24, at 2.30 p.m.. a centrally situated block in Wellington. The Mock has front acres of 62ft. lOin. to Manners Street.; Oft. 2Jin, to corner: 237 ft. to Parish Street; 04ft. to Bond Street; 10ft. GJin. to corner; and 024 ft. to St. Hill Street,