EMPIRE BANKING

New Zealand Herald, Volume LXXII, Issue 22205, 4 September 1935, Page 7

EMPIRE BANKING

EVENTS OF THE YEAR FORMING RESERVE CHAIN SOUTH AFRXAN DIVIDENDS Events of the past year in the'field of Empire banking were in one important respect a natural sequel to those of the previous year, says the London Times. The earlier period had been one of preparation for the final stage in forming a chain of central reserve banks to link the various Empire States together. In the past year these plans came to fruition in the actual creation and opening of reserve banks in New Zealand, Canada and India. The view has been long held by the governor of the Bank of England that such a consummation would prove of lasting benefit to the Empire States as individual entities and would at the same time strengthen the financial and economic ties between the various parts of the Empire. Australia and South Africa already possess reserve banks. Recovery has made further progress in the various Empire States, though the rate of recovery has generally been slow. In South Africa, however, the pace has been more rapid. There the remarkable prosperity conferred upon the Hand goldmining industry by the high sterling price for gold is stimulating activity in many other industries and greatly increasing the purchasing power of the community. Apart from the South African banks, which have been able to raise their dividends, no appreciable improvement occurred in the earning power of the oversea Empire trading banks, but indications that the demands of industry for banking accommodation are at length increasing render the outlook for the banks a little more promising. . BROKEN HILL SOUTH LARGE PROFIT INCREASE EARNINGS TOTAL £342,510 [BY TELEGRAPH —PRESS ASSOCIATION] WELLINGTON, Tuesday Broken Hill South, Limited, Melbourne, has advised the Stock Exchange Association that its net profit for the year ended June 30 was £312,510. This is an increase of £122,296 on the previous year's earnings and compares with £240,673 shown in 1933. The company advised recently that its first dividend for the current year would be Is 6a a share and a bonus of Is a share. In the past year four dividends of Is 6d a share each were paid. USE OF FERTILISER INCREASE IN WAIKATO [from our own correspondent] HAMILTON, Tuesday Returns made available by the Railway Department show a substantial increase in the quantity of fertilisers unloaded at stations south of Auckland during the 12 months ended March 31, 1935. The figures for Morrinsville, Matamata, Putaruru and intermediate stations on the Rotorua line show that a total of 35,805 tons was unloaded, compared with 31,083 tons for the previous 12 months, an increase of about 15 per cent. Stations on the King Country line from Frankton to Te Kuiti received 33,707 tons, against 26,707 tons for the previous year, an increase of Over 20 per cent. As the amount of fertiliser used by farmers is generally accepted as an indication of increased prosperity and productivity, the present tendency is viewed very favourably.

PRICES OF METALS AN EASIER TENDENCY (Received September 3, 5.5 p.m.) LONDON, Sept. 2 Following were yesterday's quotations on tho London metal market, compared with those of August 29: — Sept. 2 Aug. 29 Per ton Per ton £ s d fad Copper, fltan., spot .. 33 0 7) 33 3 li Copper, stan., 3 mos. 33 4 4J 33 10 l\ Copper, electrolytic . . 36 15 0 36 10 0 to to 37 5 0 37 0 0 Copper, elec., wire bara 37 5 0 37 0 0 Lead, soft, spot .. 15 11 3 15 15 0 Lead, soft, forward .. 15 12 6 15 15 0 Spelter, spot .. .. 14 18 9 15 11 3 Spelter, forward .. 15 5 0 15 13 9 Tin. etan., epot . . 220 10 0 221 7 6 Tin. stan.. 3 mos. . . 210 5 0 211 12 6 GOLD AND SILVER QUOTATIONS IN LONDON (Received September 3, 7.45 p.m.) LONDON,'Sept. 2 Fine gold is quoted to-day at £7 0s 3d an oz., compared with £7 0s lid on Saturday. The quotation for silver at per fine oz. is 31 5-16 d, same as on August 30. Silver is quoted to 29d an ounce spot and 28Jd forward, compared with 29d and 28 13-16 d on Saturday. The following is a summary of the fluctuation in the price per ounce of fine gold in 1935: £ s d Highest price, March 6 .794 Lowest price, August 27 .. 619 9i August 27 6 19 91 August 23 .. .. 6 19 Hi August 29 7 0 0 August 30 7 0 0 August 31 7 0 li September 2 . .. ..70S QUOTATIONS FOR WHEAT LONDON AND LIVERPOOL LONDON. Sept. 2 Wheat.—Cargoes are steadv. Parcels are steadier. Futures.— London: September, 24s 8d a quarter. Liverpool: October, 5s Gd a cental; December, os old; March, 6s 4 3-Bd. CANADIAN SUPPLIES UNITED STATES MAY NEED WASHINGTON. Sept. 2 The fact that supplies of Canadian hard wheat will be needed in the United States this season was dTsclosod to-day by the Secretary of State, Mr. Cordell Hull. He deprecated tho fears expressed in tho middle west that Canadian wheat would bo dumped into the United States, but said the Department of Agriculture anticipated a considerable need for Canadian hard wheat during the winter and spring. A message from Winnipeg says Canadian exporters believe 50,000,000 bushels of hard red spring wheat from the prairies may be shipped to the United States this year. BRITISH WAR LOAN (Received September 2. 10.55 p.m.) British Wireless RUGBY, Sept. 2 War loan, 2J per cent, is quoted today at £lO5 7s 6d, compared with £lO5 110 aon August 29^