E. S. AND A. BANK

New Zealand Herald, Volume LXXIV, Issue 22694, 5 April 1937, Page 5

E. S. AND A. BANK

DIVIDEND LESS TAX NEW BASIS OF PAYMENT THE RETURN TO SHAREHOLDERS According to the announcement made in Australia, the English, Scottish and Australian Bank declared its half-yearly dividend of 3£ per cent, less English income tax of 8s 6d in the pound, and plus exchange payable on May 15. The announcement cabled from London to New Zealand and published in the Hehald on March 27 did not mention the fact that the dividend was less income tax, although in past years the bank has made its distributions free of income tax. Last year, shareholders received a total dividend of 5 per cent, interim 2£ and final 2| per cent, free of income tax. With exchange, New Zealand shareholders received £6 3s Gd per cent. Allowing for an annual rate of 7 per cent, New Zealand shareholders this year will receive, after income tax is provided for, £5 15s Gd sterling, which will yield £7 2s Sd per cent in New Zealand currency. On this basis the shares at £6 10s, which was approximately the market price when the Stock Exchange closed, will return £3 os lOd per cent. Tho face value of tho shares is £3.

Tho English, Scottish and Australian Bank is now the second of tho Australian banks with London head offices to pay dividends less British income tax, a similar course having been adopted by the Bank of Australasia in 1931. It iS possible that other banks may follow the lead, as there is a growing tendency for British companies to adopt this method. Only recently Courtaulds announced that its future dividends would be less tax. IMPERIAL CHEMICALS PAYMENT OF DIVIDEND In reference to the accounts of Imperial Chemical Industries, Limited, London, which were published in the Herald on Saturday, Sir Harold Beauchamp, of Wellington, director of Imperial Chemical Industries of Australia and New Zealand, Limited, has received the following cablegram from Sir W. Lennon Haws, managing director of that company, whoso head office is in Melbourne:—London advises that the board has declared a final dividend of 5} per cent on ordinary shares, payable on June 1, making a total dividend of 8 per cent for 1936. The annual meeting of shareholders is fixed for April 29.

PRICES OF METALS ALL-ROUND DECLINES LONDON, April 2 Following are to-day's quotations on the London metal market, compared

Quotations for other metals, with last week's prices in parentheses, are:—Pig iron: Home trade, £4 Is (£4 Is). Antimony: British, £BB 10s (£BB 10s); foreign, £67 10s (£67 10s). Molybdenite : £1 19s, nominal (£1 19s) a unit. Wolfram, £3 Cs (£2 19s) a unit. SYDNEY STOCK EXCHANGE SALES ON SATURDAY SYDNEY, April 3 Business on the Sydney Stock Exchange on Saturday morning included: £ s d Bank Australasia,. . . . . 13 4 O Wilcox Mofflin .. .. 0 14 0 Tooth's Brewery .. .. 2 l(i 3 Associated News. . .. 13 7% Anthony Hordern (prcf.) . . 13 0 G. J. Coles . . . . ■ . 5 3 6 Mark Foy .. ~ .. 10 6 Morris Hedstrom .. .. 130 0 Electrolytic Zinc .. .. 3 3 0 Ditto 3 3 0 Commonwealth Bonds.—i per cents, 1941. £lO2 12s Od; 1917, £lOl 15s. • GOLD AND SILVER QUOTATIONS IN LONDON LONDON, April 3 Fine gold is quoted to-day at £7 2s an oz., compared with £7 2s l|d yesterday and £7 2s Id on Thursday, Silver was quoted yesterday at 201 d an oz. spot and 20 10-10 d forward, same as on Thursday. The quotation for silver at per fine oz. yesterday was 22id, same as on Thursday. NEW CAPITAL ISSUES LATEST BRITISH FIGURES British Wireless RUGBY, April 3 New capital issues in Britain in March amounted to £11,257,125, compared with £10,671,858 in the previous month and £6,961,500 in March, 19<36. The total for the last three months amounts to £19,543,248. BRITISH TREASURY BILLS (Received April 4, 5.5 p.m.) British Wireless RUGBY, April 3 The total amount applied for this week in tenders for Treasury bills was £73,025,000. The average rate per cent for bills at three months was 10s IO.SOd, against 9s 11.36 d' a week ago.

CALL AND DIVIDEND LIST Dividends — «'V le , Bonds Hosiery—s p.c. p.a. .. An . 7 New Auck. Laundry—op.c. p.a. Apt. i Milne arid Choyce—int.. pref.. 0 p.c. p.a.: B pref., 7 p.o. p.a.: ord. and deb.. 4 p.c. p.a. . . • • - : A pi. 10 Amalgamated Wireless —int., 5 p.c. • • • • • • Amalgamated Zinc (De Bavays) —half-yearly, 2% p.c. .. Apl. 1.) David Jones —Int., ord.. 1.0 p.c. p.a.; Ist pref., <5 p.c. p.a.-, 2nd pref., 7'/ a p.c. p.a, .. Apl. 14 Yarra -Falls—int.. Is a share .. Apl. 15 G. J- Coles —quarterly, Ud a share •• •• •• Apl. 15 Woohvorths (N.Z.)— pref., int., ■1 /, p.c Apl. lft South British —int., Is 4d a sharo .. .. •• Apl. 'J'J Olcarito —4d a share .. .. Apl. '2i Associated Newspapers—lnt.. ord. and pref., '2 p.c. . . Apl. .SO North Kalßurfi—lnt., fld a sharo Apl. 30 E., S. and A. Bank —int.. XV, p.c. (sterling, less British income tax) .. .. .. May 15 Calls — . Wellington Alluviais—3d a share Apl. 21 Broken Hill Pty, (con.) —5s a share ... ... .. June 30

uith those of April 1:— April 2 April 1 Per ton Per ton £ s d £ S d Copper, stan.. spot 70 1 3 71 >1 3 Copper, stan., 3 iy a months 69 8 71 1 3 Copper, electrolytic 73 0 0 76 0 0 to to 75 0 0 77 10 0 Copper, elec., wire bars 75 0 0 77 10 0 Lead, soft, spot . . 30 8 » 30 17 0 Lead, soft, forward 30 8 9 30 17 6 Spelter, spot 31 7 0 32 6 3 Spelter, forward . . 31 13 9 32 12 ts 'Pin, stan., spot .. 284 15 0 290 o 6 Tin, stan., 3 mo3. 281 17 6 287 2 6