COMMERCE AND FINANCE

Otago Daily Times, Issue 21365, 19 June 1931, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE On the Dunedin Stock Exchange yesterday a sale of Bank of New Zealand shares was reported at 48g 4d, This was the figure demanded by sellers later when 48s 2d was offered. A parcel of Wnlhis changed hands at 15s 3d. A further offer of 15s Id failed to attract a seller. Mahakipawas were dealt in at Bd. The final offer of 7Jd found sellers Arm at Od. There was a fair demand in all sections Sales reported.—Banks of New Zealand, 48s 4d (cum div.); Waihi, 15s 3d; Mahakipawa, Bd. The following are yesterday afternoon’s buying and selling quotations, which arc subject to the usual brokerage:— BANKING. Bank of Australasia—Sel £9 10s. Bank of New South Wales —Buy £24 10s. sel £25. Bank of New Zealand—Buy 48s 2d, ■el 48s 4d. Commercial Bank—Sel 14s 3d. Commercial Bank (pref.)—Buy fo ss. E. S. and A. Bank—Buy £3 16s, sel £4. National Bank of New Zealand —Sel £7 • 19s. Union Bank —Buy £7 Bs, sel £7 15s. INSURANCE. National Insurance Co.—Buy 12s Cd. Standard Insurance Co. —Buy 49s 6d, ■el 51s. SHIPPING. Huddart, Parker (pref.)—Buy 17s 9d, Union Steam Ship Company (pref.) Buy 19s Gd. COAL. Kaitangata—Sol Is 6d dis. Westport Coal Co. —Sel 245. LOAN AND AGENCY. Dalgety and Co.—Buy £5 10s, sel £0 Cs, Goldsbrough, Mort.—Buy 18s. National Mortgage—Sel 50s. National Mortgage (“B” issue) —Sel 28s MEAT PRESERVING, New Zealand" Refrigerating (paid)— Buy 11s, sel 11s 9d. New Zealand Refrigerating (cont.) — Buy 3s 7d, sel 3s lOd. MISCELLANEOUS. British Tobacco —Buy 23s Gd, sel 24s 6d. Brown, Ewing (pref.)—Sel 20s. Bruce Woollen Co. (pref.)—Sel 19s. D.I.C. (pref.)—Buy 19s 6d. Dominion Rubber—Sell 12s 6d. ■ Eclipse Petrol—Sel 10s. Kaiapoi Woollen (ord.) —Buy 7s 6d. Milburn Lime and Cement —Buy 30s, ■el 31s. Mosgiel Woollen Co. —Buy £6 Bs. M'Leod Bros.—Buy £l9 10s. National Electric—Sel 10s 3d. New Zealand Drug Co.—Buy 495, sel 51s. New Zealand Milk Prods, (debs.)— Buy 20s. New Zealand Paper Mills (ord.) —Sel 18s. Otago Daily Times—Buy 495. sel 51s Smith and Smith (pref.)—Sel 18s Wilsons (N.Z.) Cement—Sel 38s Cd. BREWERIES. New Zealand Breweries, Ltd. —Buy 325, sel 345. MINING. Waihi—Buy 15s Id. Waihi Grand Junction —Buy 3s 3d, sel 3s 9d. Mount Lyell—Buy 16s 3d, sel 16s, 9d. Mahakipawa—Buy 7id, sel 9d. Kildare —Buy lOd, sel Is Id. Okarito —Buy 8s Id, sel 8s j4d. Paddy’s Point —Buy 2s 3d, sel 3s. Cornish Point (paid)—Sel lOd. Golden Progress—Sel 30s. King Solomon—Buy 2s 7d, sel 2s lOd. Golden Point (10s paid)—Buy 10s. WAR BONDS, 4J per cent. Bonds, 1938 —Buy £9B. i 41 per cent Bonds, 1939—8uy £9B. 44 per cent. Bonds, 1941 —Buy £OB. 4J per cent. Inscribed, 1938 —Buy £9B sel £9B 10s. 54 per cent Soldiers’ Bonds, 1933 —Buy £99.“ 54 per cent. Soldiers’ Inscribed, 1033 Sel £99 10s. . 5i per cent. Inscribed Bonds, 1941Buy £95. 54 per cent. Inscribed, 1936 —Buy £99, eel £99 10s. 5| per cent. Inscribed, 1933 —Buy £9B. NORTHERN EXCHANGES. (Per United Press Association.) The following business was done on 'Changes yesterday:— Auckland.—Sales: War Bonds (1939), 44 per cent., £9B 10s; Commercial Bank of Australia, 14s Id; South British insurance, 50s (two parcels); King Solomdn (late*sales Wednesday), 2s lid, 2s 10jd; to-day, 2s 9d; Waihi, 15s 3d (two parcels); Grand Junction, 3s 3d; Mount Lyell, 16s lOd; Gisborne Shcepfarmers, £75. ", Wellington.—Sales reported: New Zealand Government 54 per cent. Stock (1933), £99 2s 6d; Bank of New Zealand (cum div'). £2 8s 3d (three parcels); Colonial Sugar Company, £34. Christchurch. —Sales: New Zealand Government 5J per cent. Inscribed (1932), £99 12s 6d (two parcels); Christchurch Drainage 5| per cent. (1073), £99 (two parcels); Commercial Bank of Australia, 13s lid; Bank of New Zealand (cum div.), 48s 3d (two parcels); Goldsbrough, Mort. (cum div.), 19s Id (two parcels), 19s 2d; New Zealand Refrigerating (10s paid), 3s Bd, 3s 9d; Australian Glass (cum div.), 22s 9d; Cornish Point, B£d; King Solomon, 2s lOd; Mahakipawa, 7d (seven parcels). Sale reported: Christchurch Drainage, 5J per cent. (1973), £O6. MINING OKARITO REPORT. The latest information from the Okarito Five Mile Beach Gold Dredging Company states that the dredge is running steadily, and everything is going well. The paddock is being extended seaward, and the handling of the dredge during the present week will be tomewhat awkward owing to the confined space. The prospects, are good. INSURANCE DEPOSITS Commenting upon the proposal of J4lr Lang, that insurance companies in New South Wales should deposit large sums in cash as a fidelity guarantee, the Australian Mutual Provident Society, in the Mutual Provident Messenger, states that the principle of requiring guarantees from life insurance companies is sound, and it supports the idea of the lodgment of guarantees with the Commonwealth Government. “There is need for policyholders and investors to be protected by precautionary legislation,’’ says the “ Mutual Provident Messenger.’’ “ and no reputable life insurance office would deny the justice of a claim for a bond that would insure the honouring of contracts entered into by companies It should be the duty of a life office to afford proper security to those effecting contracts with it. but it is no part of the duty of a company to provide funds for any Government which may find itself in financial difficulties, and precluded from floating loans in the open market by reason of its disfavour with investors In other States of the Commonwealth and in New Zealand, where deposits are called for by the Legislature, they are accepted either in cash or debentures, stock. Treasury bills, or securities provided by the Government. In no case is cash insisted upon, and it is optional for the office to make the deposit in cash or its equivalent in approved securities. In seeking, therefore, the enactment of a measure which insists upon the deposit being in cash, the New South Wales Government would appear to have for its object, not so much the professed concern for the welfare of policy-holders hs the urgent need for obtaining loan money at a low rate of interest when it is not possible for the Government to obtain the funds in the usual way.”

LOCAL AND OVERSEAS MARKETS.

DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company, Ltd., has received the follow'ing cablegram from its London house under date June 17: —Butter; New Zealand choicest salted, 110 sto Ills; market very slow. Cheese: No change; market is quiet. DAIRY EXPORT TRADE Notwithstanding adverse market conditions, the dairy export trade of the Dominion is well maintained, with increaseed production year by year. It is the premier export of the Dominion so far this year in the following order of values: — Dairy products ~ £6,403,691 Meat and by-products .. .. 4.162,657 Wool and skins 3,248,983 SHEEP RETURNS DECREASE IN BOTH ISLANDS. l l’eb United I’behs Association ) WELLINGTON, June 18. An interim return of the sheep in the Dominion on April 30. 1931, is given in 10-night's Gazette as follows, the figures (or 1930 also being supplied:— NORTH ISLAND. 1930. 1931. Decrease. Auckland .. 3,325,272 3,293,333 31,939 Gisborne and Hawke’s Bay 6,937,553 6,424,741 • 512,814 Wellington and West Coast 6,273,086 6,096,328 176,758 Totals .. 16,536,913 15,814,402 721,511 SOUTH ISLAND. Marlborough, Nelson, and Westland .. 1,526,516 1.468,830 57,686 Canterbury and Kaikoura .. 6,052,042 5,712,376 339,666 Otago .. .. 6,726,816 5,909,287 817,549 Totals .. 14,305,375 13,090,473 1,214,901 Totals for Dominion 30,841,287 28,904,875 1,936,412 For the year ended April 30 the export of mutton and lamb was as follows compared with the previous year:— 1930. 1931. Mutton carcasses .. 1.977,949 247,351 Lamb carcasses .. 0,128,930 7,127,104 TOBACCO WAR ENDS ' PRICES RAISED IN MELBOURNE. As the result of efforts made by a newlyformed retail tobacco sellers’ association, the price cutting which for some months has been carried on by a section of the retail tobacconists of Melbourne and suburbs definitely ended on Monday, June 8. The price cutting had been conducted with unflagging determination for eight months, during which period cigarettes and tobacco had been sold practically at wholesale rates. Naturally such a prolonged trade battle_ involved some serious business casualties. Many businesses were forced out of existence, and even firmly-established concerns had suffered severe losses. On several occasions efforts were made to settle the differences, but without success. Prices of tobacco, cigars, and cigarettes have now been restored to the levels ruling before the price-cutting activities developed. In all, 132 brands of tobacco, 53 brands of cigarettes, and 19 lines of cigars are affected by the decision. Cigarettes, which formerly sold at 5d per packet, are now being retailed at od, plugs of tobacco were increased from 3s 3d to 3s 6d, 2oz packets of tobacco from la Sd to Is lod, 2oz tins from Is 4d to Is Gd, and packets of tobacco from la lid to 2s Id, CONDITIONS IN CANADA In its monthly commercial letter the Canadian Bank of Commerce of Toronto states that the business record of the last three mouths was the most stable of the last year and a-half, even though commercial activity was well below that of a year ago. In other words, while the tide of trade was at low ebb there had been no further marked recession, but, instead, slight indications of a turn towards the flow. An upward trend was usual, however, at this time of the year, and it should be kept in mind that the comparative steadiness of the last three months might be accounted for largely by the customary seasonal swing. But accompanying this development had been a firmer tone in prices of the principal commodities; the decline in the general level had continued, but at a much slower rate than throughout the greater part of 1930. If this firming tendency in commodity markets continued over a sufficient period it should, with the aid of cheap money, bring about that confidence in prices which was essential to orderly commerce, and, in addition, hasten the readjustment between producers’ and consumers’ prices, without which there could be no substantial improvement in trade.

COMPANY BALANCE SHEETS BANK OF NEW ZEALAND.

* After deductins interest on punranteed stock. 4 per cent, eaclj year. When the gross profit of the past financial year is compared with that of the preceding year, the decrease is just over £4OO0 —a difference which, when the magnitude of the figures involved is considered, is insignificant. As the gross profit is not shown until certain provisions and allowances are made, and those under existing conditions are not likely to be smaller than usual, it may be assumed that the revenue of the bank is little, it at all, diminished. The hand of the taxgatherer has, however, lain heavily upon the past season’s results, an increase of nearly £87,000 being recorded under rates and taxes alone. When to that additional expenditure is added the normal increase in general charges associated with the development of the bank, the net surplus comes out at £845,814, or approximately £103,000 under that for 1929-30. The net return is equivalent to 13.27 per cent, on the paid-up capital, while the return for the prior year was 14,09 per cent. The proposed allocation of the profit involves the same amount for distribution as that of a year ago, but in this instance shareholders will receive almost 97 per cent., leaving under 3i per cent, to swell reserves. The rates of dividend, including bonus, in all classes of shares are unaltered. . On this occasion reserve fund receives its smallest increment for several years. The direct transfer of £25,000 looks almost negligible when compared _ with the transfers of recent years. It is a tune such as the present that reaps the benefit of the extensive provisions made in the past, which have rendered it possible to maintain the distribution on the former level notwithstanding the shrinkage in the net result. Reserve fund will be brought up to £3.575,000 and general reserves to £4.201,002, after the allocation is made. As the paid-up capital has not been affected during the past 12 months, reserves have slightly improved their relation to it. The annual comparison is as follows: — i General Paid-up

The reserve held against taxes remains at £426,000. If a withdrawal from that account is justifiable, the past year, when rates and taxes have made so large an increase, would appear to have been the occasion. The fact that reserve for taxes remains intact indicates that such a demand was deemed unnecessary, and reserves are the stronger in consequence. Among the liabilities, the miscellaneous group has fallen to £4,331,328. The assumption is that bills payable are responsible for the drop of over £500,000, as the tendency of provisions to meet contingencies would probably be to rise. As there are doubtless other units in the group, it is impossible to tell all the causes contributing to the general effect. The longterm mortgage debenture stock has advanced to £607,050, the market having evidently been considered favourable towards increasing the issue, while incidentally the demand for that stock has been demonstrated. As the long-term mortgage capital plus the debenture slock exceeds the loans in that department, a balance of £42,366 appears as a liability for the unemployed portion. Notes in circulation are a fluctuating item. They stand at £3,679,057, or under their figure at the bank’s closing date for several years. The contraction in the amount outstanding in notes is possibly a sign of the times, and a movement that may be accentuated as time goes on, A comparison of notes with the coin group comes

1031 .. .. 3,070,95: 7,100,408 51.78 The coin group has reverted to something like its previous aggregate, which gives it a marked preponderance over the notes in circulation. As the chief liability, deposits show a drop of over £1,500,000. Concurrently, advances have fallen some £130,000, after their excessive rise during 1929-30. The increasing demand for accommodation by customers has thus stopped and has been replaced by a slight reduction, but the sum released in that manner falls some £1,450,000 short of the amount required to meet deposits uplifted. Consequently there has been a further demand upon the liquid funds to that extent, while advances in their ratio to deposits are larger than at any closing date in recent years. The relations between the two have been as follow: —

The positions now ruling arc similar to those of 1920-21 and 1921-22. The volume of money concerned is rather smaller now than it was 10 years ago, while the share' holders’ funds in the interval have increased over 80 per cent. The reduction of the margin to a greater extent than formerly is thus well counter-balanced by the greater security behind it. It is noticeable that during the post-war period, the increase has been almost entirely on the side of the advances, the movement on the part of the deposits having been comparatively small. The revenue will have derived the benefit of -the larger sum lent out on interest.

New Zealand Government securities are the section of investments that shows the greatest difference. They have been reduced to £3,467,202, or by some £540,000 Apparently chosen to meet part of the drain arising through the withdrawal of deposits, the realisation of New Zealand Government securities has seemingly been regarded as attended with more advantage than the sale of other securities. Australian Government securities have increased to £3,548,443 in spite of the possibility of their market value having been adversely affected during the past year. Municipal and other local bodies’ investments have fallen some £75,000, but money at call and short notice and London securities have decreased only about £45,000 The greatest alteration is seen in bills receivable, in which nearly £BOO.OOO has been released, while from bills discounted almost £OOO,OOO has been made available. It can be said that comparatively little change has occurred in the liquid assets, and that such as has happened has nor affected their relation to outside indebtedness to any appreciable extent. The fixed assets group has followed its usual course by rising to £600,759. No direct transfer from the surplus has been applied towards the reduction of premises for some time. Evidently that method of adding to reserves has been discarded as unnecessary. Although capita] expenditure of over £20.000 has taken place, it is not improbable that the margin between the book value and the market value is greater than it was at the beginning of the year. When the large amount of property that is held in New Zealand by the bank is considered, it is seen how great is the extent of land and

buildings of which the institution is the proprietor, and how widely-spread the districts are in which it is interested. In the great majority of cases the value must lie steadily appreciating. The total sum allotted for dividend is £817,969. Out of that amount the New Zealand Government receives £245,312, and it may be assumed that the greater part of the balance is held in New Zealand. The effect of releasing such a volume of money throughout the Dominion within 12 months must be felt throughout the whole land, and the reduction of the rate of distribu tion on the ordinary shares alone by 1 per cent, would react prejudicially upon the purchasing power not only of shareholders but of the general community. The position of the Bank of New Zealand and the weighty influence it exercises in the country of its origin must surely be unique among banks. When the prosperity of the bank and the Dominion are bound so indissolubly, it is reassuring to find t that, thanks to the wise and steadfast policy in the past, the financial depression has not so far been able to check the measure of the distribution meted to its proprietors.

WHEAT AND FLOUR EXPORTS FROM AUSTRALIA. Figures relating to exports of wheat and flour from the Commonwealth disclose that for the week ended June 4 shipments were on a much larger scale than in the previous two weeks. The aggregate of both products represented an equivalent of 4,150.610 bushels of wheat, of which 2.126.726 bushels were shipped to countries other than Em >pe. To date this season Australia has exported an equivalent of 103,036,773 bushels of wheat, so that the surplus production is diminishing rapidly. This promises well for the new season, for, from a market point of view, it is generally an advantage to carry as little wheat as possible over from the previous season. This is the most disturbing influence in the international wheat position at present, as both the United States and Canada will enter the new season with a heavy surplus of unsold wheat.

STOCKS OF WOOL In a recent summary of textile activities, the Textile Mercury, of Manchester, commented upon the fact that the statistical position of wool was sound. The journal said the surprising feature was that in spite of this depression—which had its parallel in practically every consuming country of the world—there was no excessive accumulation of wool supplies. The clip was not quite of record dimensions, but it was only slightly less. Yet at the end of 1030 stocks of wool, though abnormal in crossbreds, were by no means threatening. They were no larger than might have been expected as a result of the persistent policy of stock reduction at every stage of the industry. This unusual result was due to the fact that the cheapness of wool caused the industry to use less cotton, artificial silk, and reworded wool. KIRKCALDIE AND STAINS. LTD. (I’eb United Press Association.! WELLINGTON, June. 18. The directors of Messrs Kirkcaldie and Stains, Ltd., Wellington, will be making a statement shortly to shareholders respecting negotiations that have been proceeding for some time for the acquisition of a controlling interest in their company by a large London investment trust. NEW PLYMOUTH OIL WELLS (Peb United Press Association.) WELLINGTON. June 18. ' The Stock Exchange Association has received the following weekly report from New Plymouth (N.Z.) Oil Wells, Ltd.: — Depth, 2240 ft: we were shut down for four days replacing stay tubes in boiler; we recommence drilling to-morrow. AUSTRALIAN MARKETS (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, June 18. (Received June 18. at 8 p.m.) Wheat: Ex trucks, Sydney, 2s 3d; country stations. Is Bd. Flour, £lO 10*. Pollard, £4. x Bran, £3 10s. Potatoes: Tasmanian, £6 10s; Victorian, £4 10s. Onions: Victorian, £5 10s to £6. Oats: White. 2s fid; Algerian, 2s 3d. Maize, 3s lOd. PRICE OF FINE GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, June 17. , Fine gold is quoted at £4 4s lOJcl per oz. GOLDSBROUGH. MORT. AND CO. Net profits earned by Goldsbrough, Mort, and Co., Ltd., in the year ended March 31 amounted to £117,476, compared with a profit of £209,041 in the previous year. The profit was struck after providing for payment of debenture interest and taxes and for depreciation. The gross profit earned was £630,714, compared with £795,751 earned in 1930. With a credit balance of £llO,lOl brought in to the accounts, £227,577 was available for distribution, and the directors recommended payment of a dividend of Is i share, requiring £120,000. After transferring £2500 to the provident fund. £105,077 remained to be carried forward. In their report the directors state that the business of the company has been well maintained, but profits have suffered because of the low prices ruling for pastoral products. The report briefly traces the course of the wool market for the season. The total number of bales of wool handled by the company for the season was £339,730, compared with 234.903 bales in the previous season. The amount of wool handled constituted a record fee the company. On March 31 14,244 bales were held in store unsold, compared with 76.154 held at balancing date last year The carry-over at all Australian selling centres on March 31 was 182,680 bales, compared with 703,493 bales hold at the corresponding date last year.

NEW LIVE STOCK COMPANY Registration is reported by the Mercantile Gazette of Associated Live Stock Auctioneers, Ltd., private company, Palmerston North. Capital, £25,000 into 25,000 shares of £1 each. Subscribers; Wellington—Abraham and Williams, Ltd., 4020: Dalgety and Co.. Ltd., 6475; Johnston and Co., Ltd., 200; Levin and CoLtd., 2126; Murray. Roberts, and Co., Ltd.. 921; New Zealand Loan and Mercantile Agency, Ltd.. 5121: Wright, Stephenson. and Co., Ltd.. 3207. Masterton— Wnirarnna Farmers’ Co-op Association Ltd.. 2330. Objects: Buying, sellings, and dealing in live stock for customers and clients in and throughout the Woodviiio county in the provincial district >f Hawke’s Bay and the whole of Wellington provincial district, except that pait thereof north of the township of Raurimu, to carry on, develop, and extend the said businesses. DAIRY EXPORTS TEN MONTHS’ BUSINESS. The Dairy Board reports exports fox the 10 months ended May 31 as follows: BUTTER. Ten mths.. Ten mths., 1930-31. 1929-30 Tons. Tons London 07.435 56.242 West Coast U.K. .. 9.501 5,213 Vancouver .. •• 1,414 4.608 Halifax and Montreal 75 14.838 Honolulu 308 436 Panama 386 146 Other countries .. 440 693 Total tons .. .. 79.568 82.170 Decrease for current .season, 2608 tons, CHEESE. 1930-31. 1929-30. Tons. Tons. London 04.096 03.292 West Coast U.K. .. 12.683 8,886 Australia 3 10 Vancouver .... 10 146 Other countries .. 48 71 Total tons .. .. 76.834 72.411 Increase for current season, 4423 lons.

Gross •Net Dividend. March SI Profit. Profit. Pref. Ord A. B. £ £ p.c. p.c. p.c. 1918 .. 1,100,441 330,000 10 15 15 1910 .. 1,217,133 388.021 10 15 15 1020 .. 1,370,838 419,046 10 15 15 1931 .. 1.844,017 777.255 10 10 13 1-3 1923 .. 1,800,265 032,042 10 10 13 1-3 1023 .. 1.540,041 653.030 10 10 13 1-3 1024 .. 1,709.288 735,831 10 10 13 1-3 1025 .. 1,775.323 819,280 10 ny. 13 1-3 1D2U .. 1.888.300 912,100 10 11.8 13 1-3 1027 .. 1,830.881 847,071 10 13.2 14 1-3 1928 .. 1,810.800 841.878 10 13.2 14 1-3 1929 .. 1,910,000 912,954 10 13.2 14 1-3 1030 .. 2,013,620 948,634 10 13.2 14 1-3 1031 .. 2,009.412 346,814 10 13.2 14 1-3

March 31 Reserves. Capital. Ratio. £ £ D.r. 1018 2 270,988 102.83 1919 2,400.221 2.279.088 100.48 1920 2.010,020 2,027,141 100.72 1021 1,880.275 3.004,088 48.30 1922 2.103,818 3,001,088 53.02 1023 2,216.057 3,904.088 57.04 1024 2.831,014 5,020.988 5(1.20 1025 3,038,200 6,020,083 01.40 1023 0,151.088 55.08 1027 3,GOO,950 0,529.180 55.28 1028 3,732,525 0.771,198 55.12 1020 4,042.501 0,858.111 68.05 10.10 4.173,157 0.858,114 00.85 103J 4.201.002 0,868.141 G1.2G

out thus: — March 31 Kotos. Coin. Cash .Balances, Deposits with Bankers. Batlo. 1019 £ .. .. 3.312.905 £ 5,500,383 P.c. 00.23 1019 .. .. 3.723,429 5. 018,455 02.09 1920 .... 6,705.337 8.371.535 08.87 1021 .. ,. 4,741,402 5,025.701 80.01 1022 .. .. , 4,294.230 7,427.410 67.82 1023 ,. 4.504,005 7,074.011 57.24 1024 ,. .. 4,072,101 7,100,347 50,59 1025 .. 4,108,814 7,050,810 69.08 1028 ,. .. 4,444,302 7,201,705 00.05 1927 .. .. 3.705,503 7,532,109 49,99 1023 ., .. 8,707.080 7,527,420 50.44 1929 ,. .. 4,200.703 7,142,140 00.08 1930 .. .. 3,751.948 0.703.002 56,52

Starch 31 •Advances, etc. Deposits. Ratio. £ £ P.C. inis .. .. 19.408.493 30,437.930 51.10 inio .. .. 17.380,787 31,7X0,333 54.83 1020 .. .. 17.029.015 37.001.010 47.01 1021 .. .. 27.725.874 34.475,055 80.42 1922 .. .. 23,312,130 28,070.003 81.29 1023 .. .. 17,740.713 30,003.020 59.14 1924 .. .. 18.787.101 30,501,719 01.59 1925 .. .. 19.320.180 30,070.282 04.20 1020 .. .. 20.034.611 31,121,288 67.46 1927 .. .. 22,402.052 29,064,024 75.72 1928 .. 30.339.033 70.71 1929 .. .. 21.505.380 33,930,051 63.36 1930 .. .. 27.415.030 33.897.009 80.88 1931 .. .. 27,287,253 32,324,085 84.42 * After deducting provision for bad and doubtful debts.