DOMINION INVESTMENT ASSOCIATION

Sun (Auckland), Volume II, Issue 418, 28 July 1928, Page 12

DOMINION INVESTMENT ASSOCIATION

OPERATIONS SHOW BIG INCREASE DIVIDEND OF 7 PER CENT. Despite the trade depression, operations of the Dominion Investment and Banking Association for the past year are considered entirely successful, states the second annual report of that association. After meeting all expenses and writingoff £l2O of the preliminary expenses and £3O Is 5d of the office furniture and fittings. the net profit amounted to £8,297 7s 6d. The directors recommend payment of a dividend of 7 per cent, on the A, B and C shares, absorbing £7,490 11s, and the transfer of £SOO to the reserve account. This will leave £306 I6s 6d to be carried forward to next year. All branches of the association’s operations showed a substantial increase. The ° f A shares issued increased from 50,420 to 143,025. the B shares from 2,710 to 5,020, and the C shares from 590 to 894, bringing the total number of shares issued to 145,939. A satisfactory featuie was that theer was an increase of approximately 100 per cent, in the savings bank deposits. These, with fixed deposits, totalled £45,944 8s Bd, an increase of £12,687 16s 4d. Advances made amounted to £181.425 9s 6d, representing the large increase of £IOO,OOO is 6d ?^ er tl ? e total amount advanced last year The advances were all made on fir;--t mortgage, and only lirst-class securities were accepted. The balance sheet shows assets amounting to £192,299 14s Id, comprising the following items:—Advances. £181,425 9s 6d; preliminary expenses, £480; furniture fittings, etc., £151; fixed deposits, £5,034 4s lid; deposits at call, £4,080 16s 2dbalance at bank, £1,128 3s 6d. The liabilities include paid-up capital £137,557 17s lid; fixed deposits. £19,293 16s 10d; savings bank deposits, £26,650 11s 10dreserve account, £SOO. The retiring directors, Messrs. J. A. Warnock and G. Winstone, jun., are eligible for re-election. The annual meeting will be held on August 9. During the nine months’ operations of the association’s initial year a profit of £2,004 was made. This was disposed of by payment of a dividend of 7 per cent, on all shares, absorbing £1,457, and transferring £SOO to the reserve account, leaving £47 to be carried forward to the ensuing year. LONDON MARKETS BANK OF ENGLAND RETURN (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association.) (United Service) LONDON, Thursday. The Bank of England returns for the week ended July 26, as compared with those for the week ended July 19, are as

to liabilities .. 50.40 48.40 Short Loans and Bills Short loans, 3J per cent., same as last week; three months’ bills, 4 1-16 per cent., compared with 4 3-32 per cent, last week. Consols and Colonial Stocks The following table gives quotations for consols and colonial inscribed stocks, compared with those of July 19:— Varia-

Foreign Exchanges The following rates on foreign exchanges are current to-day, as compared with the cabled quotations, on July 23 and par:—

The Metal Markets (Quotations on July 19 in parentheses.) Copper.—Spot, £62 15s .7£d (£63 Os 71d); three months, £63 3s (£63 6s Electrolytic Copper.—Spot, £6B 15s (£6B 15s); three months, £69 5s (£69). Wire Bars.—Spot, £69 5s (£69 ss); three months. £69 5s (£69 ss). Lead.—Spot. £2O 18s 9d (£2O 13s 9d); three months, £2l 3s 9d (£2l 2s 6d). Spelter.—Spot, £24 15s (£24 7s 6d); three months. £24 17s 6d (£24 7s 6d). Tin.—Spot, £221 (£2lB 2s 6d); three months, £2lB 7s 6d (£213 12s 6d). Silver.—Standard, 27 7-16 d (27 1-Sd) a ounce; fine, 29 5-8 d (291 d). Wheat, Flour and Pulse Wheat.—rln sympathy with American closing declines cargoes are dull and neglected at 3d to 6d cheaper. Parcels are quiet at 6d easier. Liverpool futures: July, 9s 1 5-8 d per cental; October, 9s sßjd; December, 9s 7 3-Sd. Spot trade weak and irregular. Australian exship, 50s 6d. Flour.—Dull. Australian ex-store, 36s to 375. Barley.—Dull. Australian Chevalier, ex-store, 58s to 655. Peas.—Quiet. Tasmanian Maples, 84s to 90s; Partridge, 70s to 80s. P. and O. Shares P. and O. deferred stock is quoted at £239. Bradford Tops The market is slack and quotations are easier. 64’s are quoted at 4s 4!d a lb; 60’s, 4s 2£d; 56’s, 3s sd; 50’s, 2s 7£d; 46’s, 2s 2d; 40’s, 2s ljd. The Price of Gold Gold is quoted at 84s an ounce.

July 26. July 19. Note circulation £ . 136,016,000 £ 135,891,000 Coin . 176,020,000 175,944,000 Reserve . 59,754,000 57,013,000 Govt, deposits . 11,537,000 16,388,000 Other deposits . 106,838,000 106,992,000 Govt, securities . 28,279,000 31,389,000 Other securities . 48,418,000 50,240,000 Prpportipn of reserve

Consols, 2i per cent. .. Price. £ s. d. tion. s. d. 55 17 6 2 6+ British, 5, War Loan . . 102 0 0 5 Of Conversion Loan, 32 77 17 6 2 6* Com'wealth, 52, 1922-27 98 7 6 7 6t Com’wealth, 6, 1931-41 . 103 5 0 Same New Zealand, 4, 1929 .. 99 13 D Same New Zealand, 32, 1940 .. 87 12 6 7 6t New Zealand, 3, 1945 .. 79 16 3 6 3t New Zealand, 6, 1936-51 106 15 +Higher. *Lower. 0 1 3f

July 26. July 23. Montreal, dol. . . 4.86 1-16 4.87 1-16 4.866 New York, dol. . 4.85 11-16 4.86* Brussels, belga . 34.90* 34.90 5.045 Paris, fr 124.05 124.06 Stockholm, kr. 18.25* 18.16 18.159 Oslo, kr 18.19* 18.19* 18.159 Copenhagen, kr. . 18.19* IS. 19 18.159 Berlin, r.m. . , . 20.34 20.361 20.43 Rome, lire . . . , • 92.84 92.84 25.225 Prague, kr. . . . 163 15-16 Calcutta, pence . 17 29-32 17 7-8 Yokohama, pee. . 22 9-16 22* 24* Hong-Kong, pee. 24 9-16 24* Amsterdam, fl. . . 12.07 ‘ 12.08.1 Batavia, fl. . , . 12.10 12.10 12.10