NATIONAL BANK N.Z.

New Zealand Herald, Volume LXXV, Issue 23057, 7 June 1938, Page 7

NATIONAL BANK N.Z.

FINAL DIVIDEND HIGHER

LESS BRITISH INCOME TAX [BY TELEGRAPH —PRESS ASSOCIATION J WELLINGTON, Monday The National Bank of New Zealand has received cabled advice from London that the directors have recommended a final dividend at the rate of 5 per cent per annum, less British income tax at 3s 8d in the pound, for the halfyear ended March 31. An interim dividend was paid for the half-year ended, September 30 last at the rate of 4 per cent per annum free of income tax. The distribution for tho year is equivalent to £4 19s lOd per cent per annum in New Zealand currency. In declaring the dividend less British income tax, the National Bank of New Zealand has made a new departure and has followed the lead of the Bank of Australasia, the Union Bank of Australia, and the English, Scottish and j Australian Bank. The rate for the year is slightly higher. Last year a final dividend atj the rate of 4 per cent per annum free: of tax was declared, making, with the j interim dividend at the same rate, a total distribution of 4 per cent for the ] year. With exchange added, the return to the shareholder in New Zealand was £4 18s lOd for tho year. DOMINION BUILDERS LIQUIDATION PROPOSAL UNCERTAINTY OF FUTURE . Details of the proposal put forward by the directors recommending that the company should go into voluntary liquidation are contained in the report accompanying the annual accounts of Dominion Builders' Supplies, Christchurch. The directors state that, in spite of the fact that tho year had been satisfactory, owing to the uncertainty of the' future they consider that the assets of the company should be realised and the capital returned to shareholders. Accordingly, they recommend the passing of a special resolution placing the company in voluntary liquidation.

The proposal that the company should be wound up will be placed before shareholders on June 29. It is proposed that one of the directors, Mr. R. T. Tosswill, should be appointed liquidator. The directors state that net profit for the year, after provision for depreciation and bad debts, was £1997, which, with £206 brought forward, makes a total of £2203. The board recommends payment of a dividend of 5 per cent, which will absorb £1136. The company has a paid capital of £22,716. ATLANTIC SHIPPING CONDITIONS IMPROVING ( CUNARD-WHITE STAR OUTLOOK Speaking on the prospects for the immediate future of the shipping industry at he annual meeting of CunardWhite Star, Limited, the chairman, Sir Percy Bates, said that he thought conditions in both Europe and the United States were improving and that there was still time tbis year for good results to be secured in North Atlantic shipping. He had complete confidence in the ability of the company to secure a full sbare of the traffic. Sir Percy Bates stated that the contracts for the new liners Queen Elizabeth and Mauretania, both of which were "absolutely needed," were placed before the recent rise in prices. The book value of the Cunarcl-White Star shares remains unchanged at £9,181,777; the holding represents tho permanent stake of the Cunard in the North Atlantic. The company is concerned in addition with the Mediterranean trade and, through associated companies, with the Australian and Indian routes. The Mediterranean trade, although it represents only a comparatively small interest for the company, is improving. The earnings of Cunard-White Star in the North Atlantic last year also were much better. BUTTER-BOX TIMBER EXPERIMENTS WITH RIMU OVERSEAS SHIPMENTS MADE [by telf.graph—own correspondent] WELLINGTON, Monday Results of experiments on a commercial scale with butter-boxes made from sap rimu were referred to by the Commissioner of State Forests, the Hon. F. Langstone, in an interview. Ho said that several thousand boxes had been shipped to Great Britain with more or less success The latest report, which related to a consignment of 872 boxes shipped in February, confirmed the promising results of previous tests. Commercial shipments were being arranged for next season, when it was hoped some 20,000 boxes would be under observation on the overseas markets. "When it became evident in 1936 from numerous forest surveys and reconnaissances that tho available white pine forest resources were much smaller than previously anticipated, experiments with rimu butter-boxes, including commercial-size shipments to Great Britain, were made,'' said Mr. Langstone. "These tests included both the Saranac or wire-stitched boxes and the so-called sub-standard boxes manufactured from 3-Bin. timber. "Altogether, several thousand boxes have been shipped to Great Britain with more or less success. The principal les§on learned from these tests has been the necessity for manufacturing boxes which are only just sufficiently large to contain tho block of butter without any free air spaces, as, where such free air spaces occur, it is found that tho surface of the butter becomes tainted, probably as much tho result of oxidisation as of actual transmission of timber taint. White pine boxes give similar trouble. "With the sub-standard boxes, some trouble is also experienced in excessive splitting, but it is anticipated that, as ■« result of minor modifications in nailing and proper metal binding, a satisfactory container of this typo could be developed. A comprehensive series of tests designed to suit these modifications has therefore been authorised and will be undertaken immediately by tho State Forest Service. "In the meantime, -however, commercial shipments are being arranged for next season, during which it is hoped that some 20.000 boxes will be under observation on the overseas markets.' concluded Mr. Langstone. " The In* shipment upon which results arc available was one covering 872 boxes shipped by the Cumberland in February last, tho report on this confirming the promising results of all previous tests."