THE BANK OF NEW ZEALAND

Otago Daily Times, Issue 23516, 2 June 1938, Page 10

THE BANK OF NEW ZEALAND

The shareholders in the Bank of New Zealand, who include the general body of taxpayers by reason of the fact that the State is itself the possessor of a substantial holding, may regard the result of the past year’s transactions with satisfaction. The earning power of all the trading banks has been affected—and that of the Bank of New Zealand most of all—through the operations of the Reserve Bank, but it will be seen by the directors’ report, which is published elsewhere in this issue, that the year’s profits of the Bank of New Zealand, though not equal to those of the previous year, are somewhat higher than those of any one of the three years prior to that and are almost exactly equal to an average of the past six years’ earnings. In the appended table the net profits of the bank for successive quadrennial periods prior to 1928 are averaged and those for each year subsequent to 1928 are separately shown: — 1901-4 (average) .. £210,890 1905-8 (average) .. 300,016 1909-12 (average) .. 318,497 1913-16 (average) .. 349,077 1917-20 (average) .. 427,291 1921-24 (average) .. 704,187 1925-28 (average) .. 855,198 1929 912,954 1930 948,534 1931 845,813 1932 587,023 1933 594,270 1934 573,032 1935 578,747 1936 565,181 1937 600,008 1938 583,209 These figures admit of a distribution on the scale that has obtained for some years past, and in the circumstances, the shareholders may be expected to regard the results with favour.

Bluff-Melbourne Service The opinion* that a smaller vessel carrying a limited number of passengers could successfully maintain the Bluff-Melbourne service during the off season was expressed by Mr W. A. Ott (chairman of the Bluff Harbour Board) at the annual meeting of the board. In pre-war days, he said, calls were made at Hobart, both going to Australia and returning to New Zealand. The trade between Melbourne and Hobart was a lucrative one and enabled the service between the South Island and Melbourne to be run successfully. Since the Australian" Navigation Act had prohibited the intercolonial steanjers from running passengers or cargo between Melbourne and Hobart, the service had been run at a loss. Burnside Stock Sale

All grades of cattle were included in the yarding of 403 head at the Burnside stock sale yesterday. There was not the usual outstanding quality found at Winter Show sales, but there was a fair proportion of high-grade bullocks, with the remainder mainly of medium quality. Prices were on a par with late rates at the commencement of the sale, but there was a gradual firming, with the result that values advanced by 10s to £1 a head. Extra prime heavy bullocks made to £lB 17s 6d; prime heavy, £l4 7s 6d to £l6 12s 6d; prime. £l2 12s 6d to £l4 2s 6d; medium. £9 12s 6d to £l2 7s Gd; and light and unfinished. £6 2s 6d to £9 7s 6d. Extra prime heavy cows and heifers brought to £l2 12s 6d; prime, £7 17s 6d to £lO 12s 6d; medium and light, £5 17s 6d to £7 7s 6d; and unfinished, £3 17s 6d to £5 2s 6d. Best ox beef was worth £2 2s per 1001 b, prime £1 18s, prime cow and heifer beef £2, and poorer quality £1 12s. There were 420 store cattle offered, four-year steers making to £8 17s 6d, and others from £5 to £6 10s for a pen of two-year-olds. The top price for dairy cows was £lO, representing a substantial decrease on recent values. The entry of fat sheep totalled 2622, including some prime heavy sheep of good quality. At the outset there was a decline of Is a head, and this increased later. Extra prime heavy wethers made to £1 18s 9d: prime heavy, £1 12s 6d to £1 15s: prime. £1 8s 6d to £1 11s 6d; medium, £1 3s 6d to £1 7s 6d; and light and unfinished, 18s to £1 2s 6d. Extra prime heavy ewes brought to £1 12s; prime heavy, £1 5s to £1 8s; prime. £1 Is 6d to £1 4s 6d; medium, 17s to £1; and light and unfinished, 10s to 16s. There was a medium yarding of fat lambs, only one or two pens showing good quality. Prices did not vary to any extent on recent quotations. Extra prime heavy lambs made to £1 13s; prime, £1 4s to £ £ 1 8s; medium and light. 18s to £1 3s; and unfinished, 10s to 15s 6d. Half the yarding of 143 fat pigs comprised porkers, and prices were firm throughout in a brisk sale. Baconers made to £4 10s and heavy porkers to £3 17s, while light and medium porkers brought £1 15s to £3 ss.

Frosty Moller’s Progress Advice has been received in Dunedin that the tug Frosty Moller reached Brisbane on Monday with the steamer Moruya and the tug J. A. Boyd in tow, after a rough voyage from Sydney. Strangely Assorted Pets

The majority of ships carry pets or mascots of some sort or another, but the French sloop Rigault de Genouilly, which arrived on a visit to Dunedin yesterday morning, has the distinction of carrying three pets of curiously-assorted types. They are a goat, a wallaby, and a small dog. The goat, which rejoices in the name of Jeanette, is an agile little animal which finds no difficulty in negotiating companion ladders, enabling it to explore various parts of the vessel, but the wallaby, named Charlie, which joined the ship at Brisbane, and Corporal, the dog, have not the surefooted skill of their companion and are usually content to remain in whatever portion of the vessel they are placed. All are perfectly at home on the sloop, and are thoroughly seasoned sailors.

North-East Valley Meeting “ Seeing my name mentioned as one of the organisers of a meeting held at North-East Valley on Tuesday night, I hasten to deny that statement,” said Mr R. S. Black yesterday morning. “ I rang up Mr Butler, who wished me to take the chair, and I told him I was not taking the chair. To help him, at 6 o’clock on Tuesday night I got him a chairman, who said he ‘would do his best,’ so I was surprised to find that he did not arrive at the meeting.” Cromwell Elections Inquiry Public interest in the election of a Mayor for the Borough of Cromwell and of two representatives of the borough on the Central Otago Electric Power Board has by no means waned. On June 13 petitions for inquiry into the conduct of these elections will be heard at the Crom\yell Courthousq by Mr H. J. Dixon, S.M.

Big-game Fishing Season With the capture of three striped marlin swordfish at the Bay of Islands yesterday, the first day of the 1938-39 fishing season, a remarkable big-game fish record was established. In no previous season (says our special correspondent) has a fish been caught before the middle of December. The first fish, weighing 2531 b, was caught by Mrs G. J. Hassall, of the Bay of Islands. Mrs Hassall later caught a slightly larger swordfish weighing 2641 b, but in the meantime another had been secured from a launch owned'by Mr J. Fuller, of Russell. A Real Anniversary Sunday was a real anniversary for the Rev. D. C. Bates, who conducted the memorial service held by Wellington South African War veterans to commemorate Vereeniging Day. Mr Bates, who was a chaplain-colonel to the forces, was at Vereeniging when peace was made, and conducted the service celebrating peace on the following Sunday. Rangatira for Overhaul The Union Company’s express service steamer Rangatira is to be withdrawn for her annual overhaul and survey on her arrival at Wellington on Sunday, June 26. The Maori, which has been laid up at the patent slip, is now undergoing an extensive overhaul to enable her to enter the WellingtonLyttelton service when the Rangatira withdraws. The Wahine, on her arrival at Wellington on Saturday. June 25, will remain in port over the weekend to enable her to take the Rangatira’s sailing on the Monday. The Maori will leave Wellington on Saturday in placo of the Wahine. Electrical Progress Considerable improvements to the electric power supplies to rural areas in the South Island arc at present being carried out under the supervision of the Public Works Department. Apart from the major undertaking, the erection of the power line from Lake Coleridge to the West Coast, a survey is being made in connection with the 33,000-volt transmission line from Southbrook to Culverden. This line, when completed, will supply the North Canterbury Power Board’s new area in the Amur! and Cheviot counties. Supply to Hanmer will also be given by this line. At the Halfway Bush sub-station additional steel work and switchgear is being provided to serve the 110.000volt supply line to Gore. A breakingdown station is also being erected at Palmerston to give supply to the Otago Power Board for its northern area.

School Teachers’ Benefit The Carnegie American Trust had done a great deal to assist teachers in the British dominions in seeing something of the cities of the older civilisation. declared Dr F. H. Spencer, an English visitor, when speaking to a Daily Times reporter yesterday. By means of grants, many teachers had been enabled to learn something of the conditions prevailing in other countries. he said. Dr Spencer, who is making his first trip to the Dominion on business, said also that he would like to revisit New Zealand for a holiday. New Number Plates

A statement issued by the Minister of Transport (Mr Semple) makes it clear that motorists must have the new number plates affixed to their venicles before they drive them out to come into the protection of the law. There would be no protection under the Third Party Risks Act after yesterday, he said, for drivers who drove their vehicles without having bought new number plates.

Trans-Tasman Tourist Travel “ There can be no clash between the two countries,” stated Mr W. J. H. Wilcox, New Zealand manager of the Australian National Travel Association, who has come to the Dominion in an effort to foster transtasman tourist traffic. He said that the attractions in the two countries were quite different. While Australia had no thermal regions or glaciers, no fiords and few exinct volcanoes, the Dominion had no barrier reef or coral island, no tropical jungle or winter surfing, no vast and fascinating desert lands. More than 20,000 people crossed the Tasman last year, he added, and with improvements in transport and a better appreciation and knowledge of the beauties of both countries that number should grow. Call on Public Purse

“This has been a bad year'for the Dominion so far as disasters are concerned,” said the Minister of Public Works (Mr R. Semple), addressing a deputation at Wanganui. “There has been a pretty severe call on the public purse as a consequence, and it is impossible to estimate correctly the amount of money necessary to return things to normal.” Mr Semple said the Government was facing tremendous liabilities in Hawke’s Bay. The cost of putting the damage to rights after the Kopuawhara flood would be about £IOO,OOO, and it was impossible to estimate the cost of repairing recent flood damages in 9 the province. Damage to public works was greater than the damage caused to them by the earthquake. The cost of repairing roads and railways alone would be £300,000. /

The General Election With several months still to elapse before the efficiency of their organisation is finally tested —at the general election—political party machines have already completed much of the preliminary work leading up to the selection of candidates for the 80 seats in the House of Representatives. There are now 113 approved candidates, the great majority being the representatives of either the Labour Party or the National Party, between whom the contest again will mainly lie. The Labour Party has already selected 64 candidates, against the National Party’s 42. Also in the field are six Independent candidates, one Independent National candidate, and one Country Party candidate. All the candidates but one are men, the only woman (Mrs Catherine Stewart) being the Labour Party’s choice for the new Wellington seat.

A Sketch Club Formed At a well-attended meeting of-the working members of the Otago 'Art Society held in the society’s club room on Tuesday evening a movement was launched to revive and establish on a strong basis a former activity in-the group study and practice of sketching. Miss Ivy M. Copeland presided, and the outcome of a discussion which revealed considerable enthusiasm among those present was the formation of a Sketch Club. Miss Copeland was elected president and a strong committee appointed, with Miss D. Lusk as secretary. In the scheme of regular work contemplated, it is hoped that country members of the society may be encouraged to participate on a basis which they will find helpful. The Sketch Club should prove a , most stimulating organisation within the society’s ranks.

The Reserved Englishman The Englishman of to-day was not nearly so, reserved in his manner as formerly, said Dr F. H. Spencer, an English visitor who is at present making a tour of inspection of New Zealand technical schools, during the course of an interview with a Daily Times reporter yesterday. Generally speaking, the stiffness of manner was only on the surface, he said. When people from the dominions wept Home they were given a good time, and when it was known that they hailed from Australia or New Zealand they got “put in the front row.” Dr Spencer also remarked on the fine reputation that sporting teams from New Zealand left behind them in England.

Admitted to Probation Charged on remand with shoplifting, Mabel Davidson and Helen Margaret McPhun appeared for sentence before Mr J. R. Bartholomew, S.M., in the City Police Court yesterday. Davidson, against whom six charges of theft and three of receiving were preferred, and McPhun, who was charged on three counts of theft, had been remanded in custody for a week pending a report from the probation officer. On the first charge, each of the accused was admitted to probation for 12 months, a conviction being entered on the other informations. Mr G. T. Baylee appeared for Davidson, and Mr F. M. Hanan for McPhun. A Giveaway Teachers at one of the Christchurch schools (says the Star-Sun) are chuckling at the typically childish giveaway of a small girl pupil. A class was told to write an essay on how they spent their holidays. One little girl told the story of how she and her daddy had gone shooting rabbits on a certain property. They had failed do find any rabbits, but instead daddy had shot a sheep and buried the skin and taken the sheep home. The teacher was a relative of the owner of the sheep. : ' Tenders are invited by the Public Works Department for the following:— Three-ton hand-operated pulley block, 11,000-volt fuse mountings, centrifugal pump and valves, cupboard and drawer locks, bare h.d. stranded copper cable, batteries and connector clamps, woodworking machinery, emery wheel and grindstone, steel stairs, hatches and ladder rungs. Details are published in this issue. Electric Radiators, Buy radiators far winter comfort. Barth Electric, Ltdhave on show Radiators from 11s CIS to £ll 10s to suit all tastes and purser Inspection invited.—Barth Electrife Ltd.. 36 George street. Dunedin.—Advt Eye Strain.—For eye comfort or bet. ter vision consult Stunner and Watson. Ltd., opticians. 2 Octagon, Dunedin.— Advt. A. E. J. Blakeley and W. E. Bagley, dentists, Bank of Australasia, corner of Bond and Rattray streets. Telephone 12-359.—Advt. i