BANK OF AUSTRALASIA

New Zealand Herald, Volume LXXIII, Issue 22389, 8 April 1936, Page 9

BANK OF AUSTRALASIA

BALANCING TOTAL LOWER WITHDRAWAL OF DEPOSITS ADVANCES SHOW INCREASE The improved earning position of the hanks operating in Australia is reflected in the accounts of the Bank of Australasia for the year ended October 14, 1935. The profit, as stated in the Herald on February 22, was £273,857. an increase of £8770, and the year s dividend was raised from 7J- per cent to 71 per cent. The balance-sheet total shows a shrinkage of £2,600,000. This is accounted for on the liabilities side by a reduction of £3,000,000 to £23,895,133 in interest-bearing deposits. Current, accounts have risen by about £300,000 to £13,162,969. The chief movement in the assets is a reduction of £4,321,000 to £5,035,420 in cash items. Loans to customers have increased by £1,346,000 to £32,391,472. Speaking at the annual meeting in London recently, ]\lr. H. Peel, chairman of directors, said the shrinkage in the balance-sheet total was due mainly to the withdrawal of fixed deposits formerly held in. Australia by Lnglish exporters, who had tired of waiting for the exchange to move in their favour. Mr. Peel expressed the hope that the Royal Commission on Banking would not advise anything which would tend to check the activities of the banks. Ho also referred to the improving trade position of the Commonwealth and to the growing importance of goldmining in Australia.

QUOTATIONS FOR WHEAT LONDON AND LIVERPOOL FUTURES IN CHICAGO LONDON", April 6 Wheat. —Cargoes are easier and parcels are in small request and lower. Futures —London: May, 27s 10(1 a quarter; November, 27s Hid- Liverpool: May, Cs o|d a cental; July, 6s lid; October, 6s OJd. ■' CHICAGO, April" G Wheat. —May, 94J cents a bushel; July, 84£ cents; September 83J cents. BRADFORD TOPS MARKET VERY FIRM LONDON, April 6 The Bradford tops market ft very firm in spite of the absenqe of new business, and late rates were maintained to-day. Lower grades of tops hardened and yarns were firm.

LONDON MARKETS TALLOW CONTINUES QUIET The Department of Agriculture has received the following cablegram, dated April 4, from (the High Commissioner for New Zealand, London:— Tallow.—The market continues quiet on spot; more interest is shown for shipments. Spot quotations are nominally unchanged. Hemp. —In the Manila market irregular business h(is been done. "K " grade for April-June shipment, £2O 10s. Tone firmer at the close. The sisal market is quiet and easier. March-May shipment sold at £27 10s; April-Jime and May-July shipments valued at £27 15s. There is occasional demand for lower grades of New Zealand, but offers at competitive prices are difficult to obtain. Nominal value on the basis of highpoints is £2l. Fruit.—Dorset now discharging, Wairangi to discharge on Monday. Cox's Orange apples generally in good condition. Apples: The market is still sluggish. Pears: The demand is improving. The following- are the market values of sound-conditioned apples of the varieties mentioned, the range of prices generally representing the difference between the several grades And/or counts. Variable conditioned fruit of similar varieties proportionately less in value: —Gravenstein, 8s to 9s 6d; Worcester Pearmain, 10s to 12s; Alfriston, 10s to 12s 6d; Cox's Orange, 16s to 20s. TEXTILE INDUSTRY ACTIVITY IN ENGLAND Further evidence of recovery in the textile industries is provided by the monthly figures of raw (Vtton consumption and of rayon output in Britain. Spinners' consumption of raw cotton in January was 134,000,0001b., the largest monthly consumption by spinners in Great Britain for a considerable period. This compares with 111,000,0001b. in December and 125.000.0001b. in January, 1935. The recent high point was November of last year, when in the autumn trade revival spinners' takings amounted to 132,000,0001b. The output of rayon yarn and waste in January also shows substantial increase. Tl'io January output was 11,940.000!b., compared with 9,960,0001b. in December and 10,120,0001b. in January last year.

GOLD AND SILVER QUOTATIONS IN LONDON (Received April 7, 7.35 p.m.) LONDON,-April 6 Fine gold is quoted to-day at £7 Os 7jd an ounce, compared with £7 Os 7d on' Saturday. Silver is quoted at 19Jd an oimco spot, and forward, compared with 19 15-16(1 both positions on April 2. TJie quotation for silver at per fine ounce is 21 7-lGd, compared with 21 9-16 d on April 3. The following is a summary of the fluctuation in the price per ounce of fine gold this year:— £ b d Highest price, January 2 .. 7 14 Lcrtvest price, Feb. 4 nnd 10 7 0 6 March 31 .. .. ..709 April 1 7 0 8 April 2 . . . . ..707 April 3 . . . . .. 7 0 71 April 4 . . . . ..707 April 6 . • ■ • •• 7 0 71 NEW PRIVATE COMPANIES The following private companies have been registered in Auckland: — Solaglow Signs, Limited, dealers in advertising signs. Capital, £IOOO in £1 shares. Subscribers: J. C. Whitney, 175 shares; It. P. M. Manning, 125; K. McK. Rutherford and M. L. Walker, 100 each; V. J, Scanlan, 95; P. Adams, Doris L. Endenn, It. G. Painger, F. C. Menzies, V. J. Stewart, P. E, Cleave and J. N. Arnold, 50 each; V- W. Wilson. 30; Helen K. M. Dnrgnville, 25. International Distributing Company, Limited, merchants. Capital, £2OOO in shares of £1 each. Subscribers: F. K. Maseman, 1999 shares; E. J. Coleman, one share. •