NET PROFIT UP.

Star (Christchurch), Volume LXVI, Issue 20649, 25 June 1935, Page 7

NET PROFIT UP.

National Sank of New Zealand. ANNUAL ACCOUNTS. Per Press Association. WELLINGTON, June 24. Advice has been received from London by the National Bank of New Zealand that the net profit lor the year ended March 31. after making provision for bad and doubtful debts, and transferring £30,000 to the Exchange and Contingency Account, amounted to £102,949, which with £106,416 brought forward from the previous vear left available for distribution £209,365. It is proposed to allocate that amount as follows: £ Dividend at the rate of 4 per cent pei annum free of incbme tax 80,000 Pension and gratuity funds .. 14.000 Carry forward 115,365 The dividend, which makes 4 per cent for the year, will be payable in New Zealand on July 13. 1933-34 1934-35 £ £ Brought forward .. 114.742 106.416 Net Profit 95,674 102.949 210,416 209.365 Div. per cent 4 4 Div. amount 80.000 80,000 Pension fund 14.000 14.000 Premises acct 10.000 Carry forward .... 106,416 115,365 210,416 209,365 In the previous year £40,000 was transferred to the Exchange and Contingenc3’ Account.

MORRIS HEDSTROM

Increased Net Profit Shown. Morris Hedstrom, Ltl., an island produce trading company, reports a net profit of £45.140 for the year ended March 31, compared with £30,800 in the previous year. After meeting the 6 per cent preference charge of £13,150 a year, the profit, which remains equals 6 per cent on the ordinary capital. An interim dividend at the rate of 4 per cent per annum was paid on December 31, and the directors recommend a final dividend at the rate of 6 per cent per annum, making 5 per cent for the year, and requiring £26.020, compared with 4 per cent in each of the two preceding years. The directors state that, in addition to provision for normal depreciation, a substantial amount has been devoted to writing down the value of assets in copra districts. At the annual meeting, held at Suva." the chairman (Sir Maynard Hedstrom) said that the improvement in the net profit for the year was largely due to the fact that losses on produce and at sustained in the 1933-34 period had proved not to be recurrent. The financial position continued sound. The amount of cash on hand and in the bank, added to the value of Government stocks held by the company, was considerably in excess of the total liabilities of the company to outside : creditors. The accounts were kept in Fiji currency and the same steps were taken at the end of the year as were taken at the end of the previous year to adjust debit and credit cash balances in other currencies to terms of the Fiji £. The Fiji £ was lower in value than the English £ but higher in value than the currency of Australia, New Zealand, Samoa and Tonga. During the first nine months of the financial year, Sir Maynard said, prices continued at a very low level, but the market improved during the last three months of the period. The value of fixed assets showed a slight reduction. The outlook was better than it was 12 months ago- -a good crop of sugar was assured, and the copra market looked more stable. A considerable amount of money was being spent in Fiji in the development of the gold-mining industry.

WOOLWORTHS DIVIDEND.

Woolworths, Ltd., Sydne}’-, has declared an interim quarterly dividend of 2 per cent, payable on July 1. This is at the same rate as in the previous year, subsequent to the bonus issue of shares.

DOLLAR AND FRANC.

United Press Assn.—By Telegraph— Copyright. (Received June 25, 11.30 a.m.) LONDON, June 24. The United States dollar opened at 4.94 to £1 sterling, and the franc at 74g. Bank of New South Wales. The Bank of New South Wales quoted the following rates to-day;— Buying. Selling. London (£ N.Z. T.T. 124 124} to £IOO stg.) O.D. 123 J 124 7-16 Australia (£ A. T.T. 101 1005 to £IOO N.Z.) . O.D. 101 1005 Fiji (£ F. to £IOO T.T. 908 89 N.Z.) O.D. 908 89 New York (dol. to T.T. 4.00.} 3.965 £1 N.Z.) O.D. 4.013 3.97 Montreal (dol. to T.T. 4.00} 3.963 £1 N.Z.) .... O.D. 4.012 3.97} Austria (scb. to T.T. £1 N.Z.) .... O.D. Belgium (belgas T.T. to £1 N.Z.) . . O.D. C’slovakia (cr. to T.T. £1 N.Z.) O-. D.— 94.26 Denmark (Ur. t 6 T.T. 18.208 17.878 £1 N.Z.) .... O.D. 18.24 S 17.85 S France (frncs to T.T. 60.58 59.28 £1 N.Z.) ...... O.D. 60.88 59.33 Germany (r’m’ks T.T. to £1 N.Z.) .. O.D. Holland (fi. to £1 T.T. 5.964 5.714 N.Z.) O.D. 6.014 5.718 Italy (lire to £1 T.T. £1 N.Z.) O.D. Java (fi. to £1 T.T. 5.915 5.690 N.Z.) O.D. 5.965 5.694 Norway (kr. to T.T. 16.200 J 5.570 £1 N.Z.) O.D. 16.240 15.580 Sweden (kr. to T.T. 15.790 15.460 £1 N.Z.) O.D. 15.830 15.470 Switzerland (fr. T.T. 12.3 41 11.941 to £1 N.Z.) .. O.D. 12.416 11.951 Noumea (fr. to £1 T.T. 61.53 58.53 N.Z.) O.D. 61.93 55.58 Papeete (fr. to £1 T.T. 61.53 55.53 N.Z.) O.D. 61.93 58.58 Hong Kong; (N.Z. T.T. 33 11-16 343 d. to 1 dol.) .. O.D. 33 9-16 34 11-16 India and Ceylon T.T. 22g 22 23-32 (N.Z. d. to 1 ru.) O.D. 22} 22 21-32 Japan (N.Z. d. to T.T. 1 yen) O.D. Shanghai (N.Z. d. T.T. 23 13-32 24 23-32 to 1 dol.) .... O.D. 23 9-32 24 21-32 Singapore (N.Z. T.T. 54 9-32 35 7-32 d. to 1 dol.) .. O.D. 34 5-32 35 5-32

PRICE OF GOLD.

United Press Assn.—By Telegraph—

Copyright. (Received June 25, 11.30 a.m.) LONDON, June 24. Gold is quoted at 140 s 11 }d a fine ounce.