BANK BONUS

New Zealand Herald, Volume LXXV, Issue 22935, 13 January 1938, Page 7

BANK BONUS

UNION OF AUSTRALIA ■ \ CENTENARY PAYMENT FINAL DIVIDEND 4/ A SHARE LONDON, Jan. 11 The directors of the Union Bank of Australia, Limited, have declared a final dividend of 4s a share, making the .year's total 7 per cent, also a bonus of 2 per cent from the centenary fund. According to advice received by the Auckland office of the bank, the dividend will be paid less United Kingdom income tax, which is the procedure to be adopted in future, by the bank. However, the amount of the tax is not yet known. The final dividend of 4s a share compares with a payment of 3s a share tax-free last year, when the dividend for the year was f>J per cent, tax-free. The total distribution for this year is D per cent, including the bonus, but allowance for English income tax has to be made. The interim dividend of Ms a share paid in July was subject to income tax of os in the pound, less Dominion r.ebate of Is 8d in the pound, making .'ss 4(1 in the pound. This amounted to (id on the dividend of 3s a share, making the actual payment 2s 6d a share.

The annual general meeting of the bank will be held on January 31. The bank celebrated its centenary in September -when a staff bonus of 7J per cent of salaries was paid.

BUOYANT TRADE AUSTRALIAN ACTIVITY

WHOLESALE PRICES FALL BUTTER PRODUCTION UP Internal activity continues at a high level in Australia, according to the review of business conditions made by the December Statistical Bulletin issued by the Commonwealth Bank. It is shown that production in general has increased and industry has steadily expanded.

The building industry was still very active, although in Perth and Brisbane the value of building permits had been lower during the few months before Christmas, than in the corresponding period of 19:36. Permits for Melbourne also were slightly lower in November than in November, 1936. There was no sign of slackening in either Sydney or Adelaide. During the year a feature of activity had been the increasing number of new houses erected. In December city building was active in most capitals, and the outlook for this and general construction work in the new year was considered good. Freight carried and earnings of railways again recorded steady expansion. The fall in unemployment continued. Retail trade statistics for Sydney showed a large expansion over figures for the previous year. The fall in wholesale prices evident in September and October, due to the fall in prices of rural products, became more marked in November. The latest available estimates suggested that wool production in 1937-38 would probably slightly exceed that of 1936-37, which was about 3,216,000 bales, adds the bulletin. Some damage to crops from unfavourable weather in December led to a reduction in estimates of wheat production, which now ranged from 161,000,000 to 165,000,000 bushels compared with 151,000,000 bushels last year.

After an unfavourable opening of the season, butter production was running at high levels, particularly in Queensland and New South Wales.

SUGAR PRODUCTION INCREASE AT CAIRNS i SMALLER QUANTITY OF CANE Because of the excellent season and the high degree of sweetness in the cane, three Cairns sugar mills, Mulgrove, Hambledon and Babinda, have in the last 12 months produced 2944 tons more sugar than in the previous year, although the tonnage of cane crushed was 44.000 less than in 1936. A total of 122.426 tons of sugar was produced by the three mills from 850,412 tons of cane, the value of production being estimated at £2.000,000. At the Mossman mill 14-9,915 tons of cane were crushed for 23,577 tons of sugar. The remaining six sugar mills in the Far Northern district crushed the following tonnages: Mourilyan, 192,-361; South Johnstone, 273,744; I'ully, 293, (iio; Macknade, 255,750; Victoria, 312,935; Goondi, 196,483. Good conditions similar to those in i:he Cairns district have prevailed throughout the Northern area. Indications .for the forthcoming season, apart from the possibility oL : flood, grub or cyclone damage, are good.

BUTTER IN LONDON GUARANTEED PRICE LEVEL MARKET AT 112/- PER CWT. LONDON, Jan. 11 The butter market is steady. Choicest salted Now Zealand is quoted at 112s per ewt.; unsalted, 11.1s to 114s. Australian salted and unsalted is Ills. Current values for Now Zealand butter are the sanio as they were at the close of last week. The London price is the approximate landed equivalent of the New Zealand Government's basic guaranteed price of 128s 8d per cwt., or 13.25 d per lb. F. W. WOOLWORTH PROFITS RECORD FIGURES ESTABLISHED LONDON, Jnn. 11 The annijal accounts of F. W. Woolworth and Company, Limited, show a net profit of £G. 490,000, which is a record. Tho distribution to shareholders is maintained, at 60 per cent. Tho earnings are £657,558 higher than total of £5,832,442 earned in the, previous year, and compare with £4,799,950 in 1935. NEW GUINEA GOLD SHARES LONDON, Jan. 11 On the mining market to-day New Guinea Gold shares sold at Is ljd.