UNION BANK'S YEAR

New Zealand Herald, Volume LXXI, Issue 21844, 5 July 1934, Page 7

UNION BANK'S YEAR

UNCHANGED DIVIDEND CONTRACTION IN PROFITS LONDON. July 3 The directors of the Union Bank of Australia, Jjiinited, luive declared a, final dividend vj'or the half-year ended February 28 at the rate of' 6 per cent per annum, making 5 per cent for the year, tax free, payable in Australia and New Zealand at the current rate of exchange on August 1. The amount to be carried forward is £101,032. The year's dividend, which is at the same rate as that of the previous year, requires £200,000, and as no other appropriations have been cabled, the amount of dividend has only just been covered by tho year's earnings, which are evidently £203,509, a reduction ,of £60.30. On this basis the bank's profits and appropriations for the last three years compare as follows:

The bank has an issued capital of £1,000,000 in £5 shares. Prior to 1931-32 tho bank paid 7 per cent in 3930-31, 12,1 per cent in 1929-30 and 15 per cent over a number of preceding years. AUSTRALIAN EXCHANGES YESTERDAY'S BUSINESS (Received July -1, 5.5 p.m.) SYDNEY, July -1 On the Sydney Stock Exchange today the investment market was generally steadier and retained a strong undertone with increased inquiry. Banks and Government bonds were quieter, however. This morning's sales included:—Commonwealth bonds, 3J per cent, 1947, £lO7 ss; 4 per cent, 1938, £lO4 13s 9d; 1941, £lO6 ss; 1947, £lO9 ss; 1950, £llO 2s Gd; 1957, £llO 3s 9d; 1961, £lll 2s Gd. Bank of Now South Wales, £3O 2s 6d; Union Bank; £9 15s; Australian Gas, A shares, £8; Toohey's Brewery, 27s 9d; Anthony Hordern, 14s lid; Associated Nows, 22s 10£ d; Broken Hill Proprietary, 45s 3d; Dun-lop-Pcrdriau, 17s 10£ d; GoldsbroughMort, 30s; Wilcox-MofFlin,. lis 8d; inchcombe-Carson, 30s.

Later sales included:—Bank of New South Wales, £3O; Commercial Bank of Sydney,. £l7; National Bank (£5 paid), £6 Is; Union Bank, £9 15s; Bank of Australasia, v £ll 17s 6d; United Insurance, £10; Colonial Sugar, £G6 12s 6d; Associated News, 22s 7>Jd; ditto, preference, 23s 3d; Australian Gas, A*.shares, £8; British Tobacco, 37s 3d; Toohey's Brewery, 27s 9d; Australian Glass, 495; Dunlop-Perdrian, 17s lid; Henry Jones, 31s 9d; Fairymead Sugar, 37s 6d; David Jones, 40s; Adelaide Steam, 25s 4Jd; GoklsbroughMort, 30s; Bulolo Gold, £7 ISs; Kuala Kampar, 16s 9d; Rawang, 8s lOd; Euratha Gold, lis Sd; Tullamore, Is Dd. Melbourne sales included: —National Bank (£5 paid), £G; GoldsbroughMort, 30s; Mount Lyell, 21s. GOLD AND SILVER QUOTATIONS IN LONDON (Received July 4, 7.35 p.m.) LONDON, July 3 Fine gold is quoted to-day at £6 17s 7sd an oz., compared with £6 17s lOd yesterday.. Silver is quoted at 20 13-16 d an oz. spot, and 20 15-16 d forward, compared with 21d and 21 l-8d yesterday. The quotation for silver at per lino oz. is 20 13-16 d, compared with 22 11-16 d yesterday. FOREIGN EXCHANGES DOLLAR FLUCTUATION

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by the Neiv Zealand banks, are as under:— Dollars to .£1 Buying SelliliK Uniled Stales . . 5.14 4.94 Canada . . . . ">.l)0 -1.89 Tho 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 8 <1 s <1 Australia, pound . . . 20 0.00 20 0.00 London, pound .. .. 21 11.58 20 0.00 ■New York, dollar . 5 O.fili 4 1.31 Montreal, dollar .. .. 5 1.20 t l.lil Paris, franc . . . . 0 :).!)! 0 1.08 | Berlin, mark . . . . 1 10.0 1t.74 i Copenhagen, krono .. 1 1.:t8 1 1.92 j Yokohama. yen . . . . 1 f>.7:) 2 0., r 7B | Theso valuations represent the current values at which (he banks sell drafts payable on demand.

CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of the vessels named arc 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*: — Canadian Challenger, Canada, dollars 5.05 Sydney Mnru, Japan, yen . . ..11 9-32 d Tapti, America, dollars .. .. 5.045 Wairuna Canada, dollars . . . . 4.09J • Niagara, Canada, dollars . . . 4.08} Mariposa, America, dollars . . .. 5.031 < TIN STATISTICS LONDON, July 3 The statistical position of tin at the end of June, compared with April and May, was as follows:

April. May. Juno. Tons, Tons. Tons. Visible supplies . . 17.'.21!> 10,788 10.730 Straits' carry-over .. 2.1395 T,R/|2 I,l'. 13 Supplies 5.048 7.13.1 7,386 Deliveries . . ~ 8,«0<; 7,564 7,444

DOMINION RUBBER €O. [by TELKGIIAPJI —I'IIESS association] Wednesday The Dominion Rubber Company, Limited, has received a cablegram from the estate, Malay States, advising that the crop of rubber harvested for Juno was 52,0001b.

JC250.9G i-t 1*300.523 £30<1,032 Dividend, p.c. . 4 5 S Amount . IGO.OC

British Wireless RUGBY, July 3 The following rates changes aro current, the cabled quotations on foreign excompared with on July 2 and pui ; — Montreal, dol. .. New York, dol. . Paris, fr. Brussels, belga .. Geneva, fr. Amsterdam, fl. .. Milan, lire Berlin, r.in. Stockholm, kr. .. Copenhagen, kr. . Oslo, kr. Vienna, sch. } Prague, kr. j Helsingfors, mark | Madrid, pes. i Lisbon, esc/u. ! Athens, dr. 1 Bucharest, lei. .. | Rio do Janeiro, mil. | Buenos Aires, dol. j Montevideo, dol. ! Bombay, rupee .. Hongkong, dol. . Yokohama, yen . Balavio, fl. Belgrade, din. .. July 3 5.01% s.orz/a 70% 21.65 15.54 7.45% 58 15 /,„ 13.22% 19.4(7 22.39/4 19.90/2 27 121"% 220% 37 110 52li* 505 4v;«i* 3G%d* 38%d* 18Viftd 18d 14 7-32d 7.42 222 July 2 4.99% 5.04% 7G°/ 10 21.52 7.44/a 58% 13.27% 19.40 22.39% 19.90% 27 121% 220% 3G ls /i« no 527* 503 4Vjd* 3G%d* 38%d*.. 18%cd 14 7-32d 7.42 ' 221 Par. 4.8GG 4.800 124.21 35.00 25.22 12.10 92.4G 20.43 18.159 18.159 IS.159 34.585 104.25 129.23 25.221 110 375.00 813.G 5„899d 47.G1.9d old 18d 2i.58d 12.10 270.31 Sellers.