DOMINION BANKING ASSN.

Sun (Auckland), Volume III, Issue 726, 27 July 1929, Page 12

DOMINION BANKING ASSN.

DIVIDEND OF 7 PER CENT. Another very satisfactory year is recorded in the third annual report of the Dominion Banking and Investment Association. After writing off £217 from preliminary expenses and office fittings, the net profits are shown at £11,696. The directors again recommend a dividend of 7 per cent, on the A, B and C shares, absorbing £10,243, and the transfer of £I,OOO to the reserve account, bringing it up to £2,000. This will leave £453 to be carried forward. The report of the chairman of directors, Mr. A. G. Lunn, states that the A capital share issue was largely over-sub-scribed and was closed during the year at 151,000. B and C shares had been issued to the number of 7,160, bringing the total number of shares issued to 158,160. An increase of over 100 per cent, had brought the amount on deposit with the association to £106,556. The amount advanced on first mortgage securities now totalled £256,310, and the fact thi?* in three years from its inception the association had made advances totalling £285,000 was evidence of the position the association had attained. Regret is expressed at the death of Mr. H. P. Caughey, a director. Mr. David Pollok, formerly managing director and secretary, had accepted an appointment with an insurance company and been succeeded by Mr. D. G. Commons. The retiring directors, Sir James Gunson and Mr. Edward Russell, are eligible for re-election, and Messrs. H. Bellam and F. M. Winstone have been nominated for the vacancies caused by the death of Mr. Caughey and the resignation of Mr. Pollok. Following is a summary of the company’s operations during the last three years (the first period covering nine months), showing the principal balancesheet items, as well as the profits and appropriations:—

FOREIGN EXCHANGE RATES British Official Wireless RUGBY, Thursday. The following rates on foreign ex-

changes are current today, compared with the cabled quotations on July 23 and par:—

1927. 1928. 1929. £ £ £ Capita! .. 58,195 137,558 153,565 Deposits . . .. 33,256 45,945 106,556 Mortgages 81,337 181,425 256,310 Net profits .. £2,004 £8,250 £11,389 Dividend, 7 p.c. 1,457 7,490 10,243 To Reserve . . 500 500 1,000 Car. forward £47 £307 £453

July 25 July 23 Par. Montreal, dol. 4.864 4.87J 4.866 New York, dol. 4.85 1-8 4.85 3-8 4.866 Paris, fr 123.7 123.855 124.21 Brussels, belga 34.10 34.92 35.00 Geneva, fr. .. 25.22 25.22 25.22 Amsterdam, fl. 12.094 12.095 12.10 Rome, lire 92.795 92.795 92.46 Berlin, r.m. .. 20.355 20.36 20.43 Stockholm, kr. 18.105 18.105 18.159 Oslo, kr 18.205 18.205 18.159 Copenhag'n kr. 18.205 18.21 18.159 Vienna, sch. .. 34.46 34.46 34.58J Prague, kr. . . 164 164 24.02 Hels’gfors, mk. 193 193 192.23 Madrid, pes. .. 33.25 33.28 25.22J Lisbon, escu. . 108.20 108.20 Athens, dr. .. 375 375 375.00 Bucharest, lei. 8184 818 25.224 R. de Jan. mil. 5 7-8 5 7-8 B. Ayres, dol. 474 474 47.57d Calcutta rupee 17 25-32 17 25-32 18d Shanghai, tael. 284 284 — H. Kong, dol. 234 234 — Yokohama, yen 22 27-32 22 27-32 24.58d Batavia, fl. .. 12.12^ — 12.10