FINANCE AND COMMERCE

Taranaki Daily News, 29 November 1930, Page 7

FINANCE AND COMMERCE

BANK OF NEW SOUTH WALES.

REVIEW BY THE CHAIRMAN.

By Telegraph—Press Assn. —Copyright. Rec. 8.45 p.m. Sydney, Nov. 28. The Bank of New South Waler,’ net profit for the past year was £734,699, or £260,126 less than in the previous year. A dividend at the rate of 10 per cent, was paid for the first three-quar-ters and 9 per Cent, in the fourth, absorbing in all £731,250, while £166,928 was carried forward.

The president, Mr. T. Buckland, in the course of his address at the annual meeting, denied that the banks were “pegging” the exchange rates at a point above the true lev§l of the Australian pound. He said that the rates quoted by the banks were those at which the banks were prepared to- do business. It seemed to be generally overlooked by those who asked for higher rates of exchange that every additional one per cent, of discount to which the Australian pound dropped involved additional taxation in Australia amounting to £360,000 annually. "This was the added exchange cost to the Australian Governments of providing interest in sterling on external loans. Mr. Buckland declared that as a result of procrastination on the part of the legislatures to face the position confronting Australia the economic position was rapidly becoming worse. On the other hand, the present serious trouble could have been avoided by cutting costs 10 to 20 per cent., and possibly within a period of three to five years the Commonwealth would have emerged from the depression;

SHAREMARKET TRANSACTIONS. Auckland, November 28.—Sharemdrket sales: Auckland City, 1940, 5J per cent., £95 (2 parcels); Inscribed Stock, 1936, 5i per cent., £99 ss; Bank of New Zealand, 555, 54s 6d; Union Batik, £9 12s; Leyland, O’Brien Timber, 22s 9d (lain tale Thursday); Farmers’ Trading, 7s 3d (two parcels); New Zealand Breweries, 435; Bank of New South Wales, £3O 10s. Christchurch, November 28. —Sales on Exchange: Commercial Bank of Australia, 16s lOd; Union Bank of Australia, £9 13s; New Zealand Breweries (cum. div.), 43s 6d (3); British Tobacco, 3ls 7d; Mount Lyell (cum. div.), 19s 9d. Sales reported: Union Bank of Australia, £9 12s Gd; New Zealand Breweries (cum. div.), 43s Gd; Staples’ Brewery, 40s (2); New Zealand Refrigerating ( £1 paid), Ss 9d_