BANK PROFITS RISE

New Zealand Herald, Volume LXXIII, Issue 22424, 21 May 1936, Page 7

BANK PROFITS RISE

NATIONAL OF AUSTRALASIA INCREASE IN ADVANCES DECLINE IN LIQUID ASSETS ' The accounts of the National Bank of Australasia, Limited, for tho year ended March 31, show a neti profit of £291,405, an increase of £18,815. As stated in the Hebald on April 18,. a final dividend of 2'i per cent is recommended, making 5i per cent for the year. The dividend requires £262,500 and £30,000, against £20,000 in the previous year, has been allocated to premise? account, leaving a carry-forward of £159,414, against £157,509 brought into the accounts. Results for the past three years compare as follows: — 1931 1935 1936 Brought forward £117,895 £151,919 £157.509 Net profit .. 274,024 275,590 294,405 £121,919 £427.509 £451,911 Premises account 20,000 20.000 30,000 Dividend, p.o. . . 5 5 5t Amount . . • • 250,000 250,000 2G2,000 Carried forward . £151,919 £157,509 £159,414 Movements in the chief balance-sheet figures are:--LIABILITIES £ J Capital . • • • 5,000,000 Reserve fund .. 3,000,000 Exchange reserve .. 300,000 • Notes and bills .. 671,143 Deposits . ■ ■ • 37,769.620 +720.200 Interest accrued, etc. 215,995 -29,111 Du« to other hanks ... 243,006 -233,712 ASSETS £ £ Cash items . . . . 5,567,068 +129.653 Treasury bills .. 2,670.000 -555.000 Other securities .. 1,661,791 -1,433,769 Bills and remittances 3,575,414 +1,010,743 Due from other banks 218,004 +34.618 Premises .. .. 1,194,215 Advances, etc. .. 32,446,662 +1,263.689 The principal change is in advances, which are higher by £1,263,689. Total deposits have expanded The directors state that this position caused some depletion in the aggregate of liquid resources, but tho figures disclose a very satisfactory ratio to deposits and other liabilities to the public. In addition, balance* due to other banks are lower by £233,712. Liquid assets show a decline of £806,428, due mainly, to reductions in Commonwealth Treasury bills, and in Government, municipal and othpr securities* amounting to £555,000, and £1,433,769 respectively. Against these reductions, cash items have risen by £129,653, and bills and remittances in transit are higher by £1,010,743. Total assets stand at £47,496,677, the highest total recorded by the bank, and show an increase of £471,389 on the previous year. PARKER-LAMB TIMBER REALISATION OF ASSETS ONEHUNGA MILL RETAINED The report of the Parker, Lamb Timber Company, Limited, for the year elided March 31 states that attention has been given to the realisation of the assets of the Auckland mill, with a view of concentrating upon the Onehunga mill. During tho period the majority of the machinery has been sold and a block of bush and a section of Onehunga land disposed of, with resultant reduction in. tho amount owing both to the bank and to depositors. Further plant and machinery is still under offer, and it is expected that, with the disposal of this and of the leasehold equities in the Auckland mill and yard, remaining liabilities will be cleared. In view of tho prospective reopening of the Onehunga mill, the machinery has been kept in good order and lias been fitted with electric motors. The retiring director, Mr. H. Luke, is available for re-election. Tho accounts for the year show a net loss of £4123, against £11,221 shown in the previous year, which increases the debit balance in the appropriation account to £39,803. Fixed assets are now £13,601, against £29,333 in the previous year. Mortgages have been reduced by £470 to £6287 and sundry debtors are £222 lower at £2916. Stocks at £2060 show a reduction of £1761. Among tho liabilities, paid capital is the same, £52,500. Bank overdraft has been reduced from £17,143 to £2838 and creditors and depositors are £1568 lower at £7726.

BUTTER RISES AGAIN NEW ZEALAND UP TO 07/MARKET REMAINS FIRM London prices for butter continuo to rise, and New Zealand is selling up to 97s per cwt., an increase of Is. The market continues firm. Cheese values show little alteration, and the market is quiet. White is quoted at 57s 6d per cwt., and doloured at 55s 6d. Merchants have received, the following cablegrams, dated May 19, from their London principals:— Joseph Nathan and Company, Limited, from Trengrouse and Nathan, Limited. —Butter: 96s to 975. The market is firm. Cheese: White, 57s 6d; coloured, 55s to 55s 6d. The market is quiet. A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited. —Butter: Danish, 102s; New Zealand, salted, 965; Australian, 955. Cheese: White, 57s 6d: coloured, 55s 6d. Both markets are firm.

New Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand, 965; Danish, 105s. The market is firm. Cheese: White, 57s 6d to 58s; coloured, oss 6d. Tho market is quiet. PRICES OF METALS TIN DECLINES FURTHER (Received May 20, 7.35 p.m.) LONDON, May 19 Following are to-day's quotations on tho London metal market, compared with those of May 18: May 19 May 18

DEAL IN PROPERTY TE AWAMUTU BUILDINGS [from our own correspondent] HAMILTON. Wednesday The purchase of a block of shops in Te Awnmutu, known as Te Awamutu Buildings, has' been completed by Fowlers' Buildings, Limited, for £10,500. Four of the eight shops in the block are now occupied by the purchasers.

Per ton Per ton £ s d £ 8 d Copper, stan., spot 3(1 11 101 13 9 Copper, stan., 3 mos. 30 18 li 3A 19 41 Copper, electrolytic 40 15 0 40 15 0 to to Cop,, elec., wire bars 41 5 0 41 5 0 41 5 0 41 5 0 Lead, soft, spot 15 10 0 15 10 0 Lead, soft, forward 15 11 3 15 11 3 Spelter, spot 14 10 0 14 13 9 Spelter, forward 14 13 9 14 17 6 Tin, stan., spnt •200 7 6 203 0 0 Tin, stan., 3 mos. .. 195 12 6 198 0 0