FINANCIAL AFFAIRS.

Otago Daily Times, Issue 10418, 22 July 1895, Page 2

FINANCIAL AFFAIRS.

Press Association—By Telegraph—Copyright. Losdon, July 19. - Mr t A. J. Fraser, chairman of the Ujtsion Discount Company,' in addressing the annual meeting, said that the value of produce is increasing in many lines, notably wool, and that he looked, with confidence fco an improved condition in Australia, New Zealand, and Argentine.

By the amended scheme for the reconstruction of the City of Melbourne Bank, ifc is proposed to divide the deposits equally— . J one-half as perpetual 4 per cent, debentures, and the remainder as.income bonds at _Vper cent. Mr Dallas, agent for the- Scotch ..depositors, has seat a cable . fco Melbourne asking for the iosertion of changes in tbe schema as suggested in London, and intimating that failing compliance ha wiU move the court. ! Stdsey, July 20. The half-yearly report of the City Bask shows a net profit of 'LIO.OOO, which, added to the balance from: last half-year, makes LIS,OOO available for distribution. Jt is proposed to declare a dividend of 5 per cent, and to carry forward LBOOO. The.cash held by tha bank is 28f per cent, of the total liabilities, and " deposits snd other! liabilities", show an increase of L32,G_,6.

MJ3I.BOUSNJE, July 20. The report of the Bank of Victoria shows a net profit for the half-year of LI§,SOO. A dividend of 4 * per cent, is recommended oa preference shares, bat none on ordinary shares.. The sum of L 16.500 is carried forward.