E. S. AND A. BANK

New Zealand Herald, Volume LXXIV, Issue 22887, 16 November 1937, Page 5

E. S. AND A. BANK

PAST YEAR'S ACCOUNTS

PROFITS AGAIN INCREASED ADDITIONS TO RESERVES LONDON, Nov. K! A net profit of £270.126 is shown in the accounts of the English, Scottish and Australian Bank, Limited, for the year ended June 30, which is £18,660 more than last year. With a balance of £306,786 brought in there is £582.013 available for distribution. The directors propose to apply £17.1,9:}.'3 to paying a dividend, making 7 per cent for the rear, place £05,000 to reserves, £IO,OOO to the officers' provident fund and £30,000 to reduction of the bank premises account. This leaves ;i balance ol £305,978 to be carried forward. Following is a comparison of the bank's results for tlio past three years: • ID.'!,'. 11)30 10.' iT Brought forward £27.1,7H> X'20!»,.T2.1 £:to(>,7,s(i Not profit .. 1:5,57! i •_M7.l(il 270, I'-'li i.i.i 0,780 i,182,0ut To reserve .. 1.1,000 1.1,000 1.1,000 COIII injreni'.v .ic. .10,000 .10.000 .10,000 Provident fund 5,000 10,000 10,000 13 n nl< premises 2">,n(Jo 30,000 Dividend |ix. . .1 '• ~ Amount .. 1.10,000 1.10,000 171,0:11 Carried forward £200,'12.1 £ ill 111,786 £110.1,H78 The bank has a paid capital of £3,000.000. With the appropriations this year, reserves now stand at £3.280,000. The bank's profits touched their highest level in 1920, when £601,263 was earned. The profit, in ]932 at £l-17,719 was the lowest since the war. INSURANCE PROFITS SYDNEY COMPANY'S YEAR NO CHANGE IN DIVIDEND

Enrther improvement is shown in the annual report of the 1 nited Insurance Company. Limited, Sydney, for the year ended September 30. The accounts .show a net surplus of £<>l.oso, compared with £ 18,329 in the previous year and £38.569 in 1935. Tho dividend is maintained at 8 per cent. With £7419 brought forward, there is £58,-169 available. The year's dividend requires £36.000. A sum of £IO.OOO is transferred to general reserve, making it £20.").000. In addition. £SOOO is added to the reserve for equalisation of dividends, bringing it to £23.000, leaving £7409 to be carried forward Tu the profit and loss account, premium receipts are on this occasion separated from interest and rents. Net premiums amounted to £360,521 and interest and rents to £34,780, n total of £395,301, against £366.7<>4 in the previous year. Losses at £211,898 are £20,09;} higher. Administration expenses and taxation totalled £132.3,>2, an increase of £5732.

The principal balance-sheet movements arc an increase of £8312 in creditors to £132.584, and a reduction iu mortgages of £1854 to £126,809. ; Cash items and debtors aro now grouped under one heading. CLAUDE NEON LIGHTS HIGHER NET PROFIT NEW BUSINESS INCREASES The accounts of Claude Neon Lights of New Zealand, Limited, for the year ended September 30, show a net profit of £55(51. an increase of £336 over the previous vear. With £3419 brought iorward. there is £9013 available for distribution. An interim dividend of 4 per cent required £2212, and, as was announced in the Hkhai.ii on November 11, the directors propose to pay a final dividend of 4 per cent, making 8 per cent for the year, an unchanged rate. This will absorb £2522, leaving £4249 to lie carried forward. Additions to general and special reserves amounted To £2392, including the premium on the new shares allotted during the year. These reserves now stand at £7103. The directors' report states that new business has again increased considernblv over that of the past year, and is £27.000 in excess of the contracts received in 19:56. The total contract value on the books is now in excess of £153.000. Regret is expressed at the resignation from the board of Sir George Elliot. Mr. J. W. Tatters field was appointed to fill the vacancy. Movements in the chief items of the balance-sheet are as follows: — LIABILITIES jC £ Capital 70,010 +l-1.010 Current linbilitirs .. J4.IM Rentals in advance .. r>,sr>o +(>7<i lieserves .. 7,403 + 3J)'2 I'. and L. A/c . • 6,771 + i,osi ASSETS Plant 3.201 Debtors .. •• •• 1,0i3 +111!) Material and work in hand .. •• 77,021 +IB,OOO Talent licences and riplits 20,000 Samo The increase in the capital was the result of the creation of 40,000 additional £l shares, of which 14,010 were offered to shareholders at a premium of 2s (3d each, all being taken up. LAMBS FOR EXPORT

HEAVY GISBORNE KILLINGS SHIPMENT BY RANGITIKI [by telkgbaph—OWN cokrespondknt] .CISBOKNE, Monday The expectation that killings of Poverty Bay lambs for shipment to be sent forward this week by the Bangitiki would fall below the number required to fill the space allocation for Clisborne has not been realised. The killings for last week totalled 11,000 for the Rangitiki shipment, and the question now is whether the whole of this number can be taken by the ' vessel, which is due to load at Gisborne to-morrow. Early hist week it was stated that the allocation of space in the Rangitiki had been reduced from 8000 to 0000 carcases and that it seemed unlikely that this smaller space would be filled owing to-the withdrawal of many farmers from engagements made earlier. Poverty Bay farmers were reminded that complaints had been madcl last season regarding the lack of space in Home liners for early shipments from Poverty Bay and that it was advisable to make certain that the space now offering was filled. Whether this reminder had any effect or whether the improvement in the killings was due solely to the good weather experienced throughout the week, which gave a chance of topping off some lambs which previously had been doubtful, the works figures took a sudden turn for the better at tho end of the week. Due to bad weather in Auckland the Rangitiki is now one day behind schedule and it is unlikely that she will reach London in time to open up her cargo for tho pro-Christmas rush.

PROPERTY AUCTION Alfred Bncklnnd nnrl Pons, Limited, will offer at auction on the property at 11 a.m. to-day «in area of about 0/4 acres, at Melroeo Road, Mouut Boskill