BANK OF ADELAIDE

New Zealand Herald, Volume LXXIII, Issue 22421, 18 May 1936, Page 5

BANK OF ADELAIDE

LONG TERM LOANS NEEDED HELPING PRIMARY PRODUCER The need for adequate long-term loans for primary producers was emphasised by Mr. H. B. Lloyd, chairman of directors of the Bank of Adelaide, at the annual meeting recently. By the nature of their business, trading/banks were precluded from granting these loans which were required by primary producers in their present clifliculties. "We have lent back to the Australian public," Mr. Lloyd continued, "practically pound for pound of the money borrowed from it. Cash requirements, reserves, and our share in Governmental finance, have been found almost entirely from shareholders' funds, as have also the amounts necessary for the purchase of wool, wheat, ami other export bills. These figures, and the fact that during the past 10 years our advances in Australia averaged 97 per cent ol Australian deposits, show that this bank's policy has not been one of restriction." The directors had hoped, added Mr. Lloyd, that it would have been possible to increase the rate of dividend, but decided it would be better to continue the policy of safety first. Although 4 per cent might be disappointing and small, compared with many industrial enterprises, that policy would undoubtedly be for the ultimate benefit of shareholders, and would enable the bank to play its part in the recovery of the State. GISBORNE GAS IMPROVEMENT IN BUSINESS Earnings of the Gisborne Gas Company, Limited, for the year ended March 31, were £ll2O, against £2086 in the previous year. The result is considered satisfactory, in view of the expenditure incurred in the return to shareholders of £9925 preference capital and in other non-recurring items. Sales for the year showed a substantial improvement. In addition to the usual depreciation allowance, £IO2O is appropriated from profits for obsolete plant. The directors recommend that the same dividend be paid as last year, 3d a share, or 2J per cent. SYDNEY STOCK EXCHANGE SATURDAY'S BUSINESS SYDNEY, May 16 Sales on the Sydney Stock Exchange to-day included- £ b d Howard Smith . . . . . . 017 1) Tooths Brewery . . . . 2 13 3 Anthon.v-Hordern 0 18 9 Associated News . . 12 0 Australian Glass 4 10 0 Broken Hill Prop. . . 3 fi fi Ditto (10s paid) . . . . 1 18 3 Dunlop-Perdriau . . . . 0 1(> H G. J. Coles 3 17 3 Commonwealth bonds:—l 947, 3 7-8 per cent, £IOO 10s: 4 per cents, 1938, £lO2 15s; 1911, £lOl 2s Cd; 1914, £lOl 13s 9d; 1917, £lO2 Is 3d; 1953. £lO3 ss: 1961. £lO2 2s 6d. FOREIGN EXCHANGES FLUCTUATIONS IN LONDON (Received May 17, 5.5 p.m.) British Wireless RUGBY, May 16 The following rates on foreign exchanges were current yesterday, compared with the cahled quotations on May 14 and par:—

(.Received May 17, 5.5 p.m.) LONDON, May 16 On the foreign exchange market today the following quotations ruled:'— New York, 4.96J dollars; Paris, 752 francs; Batavia, 7.31£ florins. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a New Zealand currency basis, subject to alteration without notice:— Selliner: United States Canada On demand . . 3.98% 3.90% T.T 3.98 3.99 Buyine: On demand . . 4.02% 4.03% Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. Thev arc subject to alteration without notice:

the poimrl sterling, and of the principal overseas units, on the latest quotations, is as follows: Present Price Par l (i s d Australia, pound . . 19 10.81 -20 0.00 London, pound . . 21 10.65 20 0.00 Fiji, pound . . . . 22 5.66 20 0.00 Tscw York, dollar . . 5 0.15 1 1.31 Montreal, dollar . . 5 0.00 i 1.31 Paris, franc .. .0 3.07 0 1.9° Berlin, reichmnrk .. 2 0.21 0 11.71 Copenhagen krone 1 1.33 I 1.22 Yokohama

, CUSTOMS EXCHANGE RATES Kates of exchange ruling at the announced dates of departure of vessels named arc shown in the following table. They arc subject to confirmation by the Customs Department when the exact time of departure is learned. Finally declared rates are marked*:— Benholm. Canada, dollars .. .. *4.98 Ben holm, America, dollars .. .. *4.9-1 Cape Horn, America, dollars . *4.94 Monterey, America, dollars . . *4.91 Monterey. Canada, dollars .. . *4.97 Canadian Britisher America,'doMa I '* '4.94 Canadian Britisher, Canada, dollars *4.95 Port Huon, Canada, dollars . *4.9(5 Port Huon. America, dollars . *4.91 Melbourne Maru, Japan, yen . . lid Golden Cloud, America, dollars . . *4.91 BRITISH WAR LOAN British Wireless RUGBY, May 15 War loan, 3J per cent, is quoted today at £lO5 18s 9d, compared with £lO6 5s yesterday.

May 15 May 14 Par Montreal, dol. .. 4.97% 4.97% 4.806 New York, dol. . 4.96% 4.90'%, 4.800 Paris, fr. 75 y„ 1 5%a 124.21 Brussels, belga . 29.32 29.30'/, 35.00 Geneva, fr. 15.32 15.29 25.22 Amsterdam, fl. . 7.33% 7.33 12.10 Milan, lire 03% 63% 92.40 Berlin, r.m. 12.31 Vi 12.30'/, 20.43 Stockholm, kr. . 19.39% 19.39% 18.159 Copenhagen, kr. . 23.37'/, 23.37% 18.159 Oslo, kr. 19.90V, 19.90% 18.159 Vienna, sch. 20% 20% 34.585 Prague, kr. 119% 119% 104.25 Helsingfors, mark 007 227 193.23 Madrid, pes. 3l>%« 30%, 25.221 Lisbon, escu. 108% 108% 110 Athens, dr. 526* 520* 375.00 Bucharest, lei. . 672* 673* 813.0 Rio de Janeiro, mil. 4%d 4%d 5.899d Buenos Aires, dol. 35d 35d 47.619d Montevideo, dol. 39%d* 39% ,d 51 d Bombay, rupee . 18%d 18%d lSd Shanghai, dol. . 14%d 14%„d — Hongkong, dol. . 15 3 4d 15%d — Yokohama, yen . 14%«d 14'/,«d 24.58d Batavia. fl. 7.29 % 7,31% 12.10 Belgrade, din. . . Warsaw, zloty 218 219 276.31 •Sellers. 20.37 43.38

T.T. On Demand To £1 N.Z. Currency Selling Buying Selling U.S.A.. del. 3.97% 4.02% 3.9S% Canada, dol 3.99'/I 4.04 3.99V1 Austria, sch. 20.77 — 20.79 Belgium, helga 23.413 23.424 Czechoslovakia, cr. 95.13 — 95.18 Denmark, kr. . 17.893 18.263 17.903 France, fr. . . 60.16 60.20 Germany, r.m. . . 9.821 — 9.826 Holland, fl. . . 5.845 — 5.849 Java, fl. . . 5.801 — 5.805 Norway, kr. . . 15.892 16.242 15.902 Sweden, kr. . . 15.4S7 15.842 15.467 Switzerland, fr. . . 12.206 — 12.211 Noumea, fr. . . 58.79 — 58.85 Papeete, fr. . 58.91 — 59.00 N.Z. pence to— Hongkong, dol . . '20 V, p 18™Ai 20%, India, rupee .. 22»/„ 22'/„ 22 57-64 Ceylon, rupre .. ?2 J %, 22'/,22 57-61 Shanghai, dol. . . 13 l %, I <V"/ 3S 18 33-04 Singapore, dol. .35 31-64 34 15-64 35'%, The cost in New Zealand currency of