BANK FAILURES.

Press, Volume LXVII, Issue 20351, 25 September 1931, Page 12

BANK FAILURES.

UNITED STATES RECORD. 932 IN NINE MONTHS. (CITITED PRESS ASSOCIATION —BT ELECTBIO TELEGRAPH —COPYRIGHT.) (Received September 24tli, 5.5 p.m.) WASHINGTON, September 23. The Federal Reserve Bank has announced that during August there were 154 bank failures of which 26 were national institutions -with deposits aggregating 226,000,000 dollars; also that 932 banks failed during the nine months' period in 1931, with total deposits of 098,000,000 dollars.

100 PER CENT. DIVIDEND.

AUSTIN MOTOR COMPANY. (UKITED PRESS ASSOCIATION —BY ELECTKIC TELEGRAPH —COPXBI3 "dT.) LONDON, September 23. The Austin Motor Company has paid a dividend of 100 per cent, oil ordinary shares and 20 per cent, on preferred ordinary shares. The company had a record year.

CURRENCY REFORM.

STUDY CIRCLE FORMED. A meeting was held last night of the New Economics Discussion Circle, the purpose of which body is the dissemination of information and literature showing the need for monetary reform, and the holding of meetings for the discussion of currency and allied matters. The meeting was convened _by Mr D. C. Davie, interim organising secretary. ~ , Mr F. L. Hutchinson presided. Mr Davie explained in some detail the ideas of currency _ reform as advocated by Major Douglas, and by lrofessor Frederick Soddy. The underlying idea is to increase the currency to keep pace with production, so that consumers can purchase the increase products. Mr Davie said that inclined to agree with Professor Soddy that if one tried to work ol i fc a schemc of currency reform, one would find it practically impossible to work out a worse system than that existing day. Mr Davie said that he was only a student, and did not claim to be an aU After i: several members of the audience had spoken, it was- decided to form a circle to study currency reform matters, and the following committee was set up to consider ways and means: Messrs W. H Winsor, L. C Walker. C. L. Rollo, G. Simpson, and t\ fi T)avio« Between twenty and thirty persons were present and the majority enrolled as members of the, circle. "

quill, morris, ltd. ANNUAL REPORT. The, annual report and balance-sheet of Quill, Morris, Ltd., has been issued tor the year ending June 30th, 1931. It is as follows: — y • It is to be regretted that the year s trading has resulted in a loss of £2659 6s 4d, but in fac<J of tho unprecedented difficult times we have been passing through this was not unexpected. This loss, after making provision for tlis usual writing off of preliminary expenses, depreciation ot plant, buimings, etc., etc., has been transferred to appropriation account, absorbing the balance at credit of this account, plus a: trnnsfer of £377 13s Id from credit of property realisation account. Referring to the cordial and aerated water branch of ' our business, it is satisfactory to state that, in spite ot the. reduced spending power of the people, this • department has been the least affected, and your "directors are confident this branch will ultimately prove a very profitable one. ■ It may interest shareholders to know that in open competition with all Australia at the Royal Agricultural Show, Melbourne, this company was recently awarded first, second, and third prizes for its Coronet brand aerated waters. The following are items in the bal-ance-sheet : . Liabilities —Subscribed capital, £82,247; bills payable, £l4lß lis 3d; sundry creditors, £70,863 7s 9d. Assets—Cash in hand, £295 9s 9d; sundry debtors (current accounts), £32,598 18s 4d; advances (secured), £46,824 5s Id; stock in hand, £22.037 10s 2d; freehold property, plant etc., £37,734 14s Bdgoodwill, £16,250.

Items in this and last year's balancesheets compare as follows: — 1930. 1931. Liabilities — £ £ Capital ... 82,247 82,247 Bills payable ... 4,983 1,418 Sundry creditors 81,701 70,863 Assets — Cash in hand ... 566 295 Sundry debtors ... 49,217 32,598 Advances ... 45,776 46,824 Stock in hand ... 27,859 22,037 Freehold property, etc. ... 31,543 37,734 DUNEDIN HORSE PARADE. (PRESS ASSOCIATION TELEGRAIt.) DUNEDIN, September 24. At the Dunedin horse parade to-day the championship and the Wright, Stephenson Cup were both •won by J. Lockic's Scotland Superb.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. There was a bettor tone on call yesterday, and a good volume of business WHS recorded, with Commercial Banks, Mt. Lyells, and gold-mining stocks the most active. Transactions, exclusive of vestibule business, included: £IOOO N.Z. Govt. 4* per cent. Inscribed, 1938. £3OO N.Z.• Govt. 5} per cent. Bonds, 1937. 700 Comm. Bank of Aust. 17 Bank of New South Wales. 300 N.Z. Refrig. (103 paid). 100 New Zealand Breweries. 200 Staples Brewery. 100 Tooths Brewery. 900 Mt. Lyell. 3300 King Solomon 3300 Golden Point (Is paid). New Zealand Government 4} per cent, tax-free stock due 1938 had dealings at £93 15s and £93 17s (id, buyers staying in at the higher price, sellers at £94 2s 6d. Buyers of the 44 per cent. Bonds due 1938 moved up to £94 7s 6d without attracting sellers; 5' per cent. 1937 Bonds realised £95, sellers staying in at that figure, buyers at 1 £94 15s. Commercial Bank of Australia shares changed hands at 12s lOd and 12s 9d, and more were offered at 12s 9d, buyers at 12s 7d. Buyers of Australian Bank of Commerce moved up to 13s, sellers at 14s 3d. Bank of New South Wales had dealings at £25 2s 6(1 and £25 ss, market closing £25 2s 6d buyers, £25 10s sellers. Bank of New Zealand were stronger with buyers at 41s 9d, sellers at 425.

Miscellaneous. Buyers of Goldsbrough, Morts advanced their offers to 19s 6d (a rise of lg Gd on Wednesday's business), sellers at 21s 3d. New Zealand Refrigerating 10s paid shares were firm at 3s Sd and 3s 9d, market closing 3s 8d buyers, 3s 9d sellers. New Zealand Breweries moved up to 29s 3d, buyers staying in at that price, sellers at 29s 9d. Staples Brewery shares realised 22s 4d, closing quotations 22s buyers, 23s 3d sellers. Tooths Brewery shares were fractionally firmer at 16s 7d, and more were wanted at 16s Bd, sellers at 19s 9<l. British Tobaccos were stronger on buyers' offers 21s 9d, sellers at 22s 6d. Mfc. L.vells hardened to business on the morning call at 16s 4d and on the afternoon call at 16s 4d and 16s lid, closing at 16s 9d - buyers, 17s 9d sellers. King Solomons were weaker with dealings at prices ranging from 2s 3id to 2s lid, and further sellers at 2s ljd, buyers at 2s. Golden Point Is paid shares were active at Is 0 Jd, sellers staying in nt that price, buyers at Is.

YESTERDAY'S SALES.

CIVIL SERVICE STORES, A SYDNEY ENTERPRISE. Importing on the progress of the liquidation of the Civil Service Co-operative Society of N.S.W., Ltd., the liquidators' state that it appears that do distributions will be received by unsecured creditors. Realisation of assets amounted to £88,542, including £73,433 for stock, plant, and book dobts, purchased by Anthony Hordern and Sons. The expenses amounted to £22,097, leaving a balance of £66,444, of which £62,760 was duo to the Commonwealth Bank under its equitable mortgage. Of the balance, £SOO was placed at fixed deposit with the Commonwealth Bank for a Customs guarantee, and £3183 was transferred to the credit of the liquidators' account. . The claim of the. Commonwealth Bank was settled in full. One unrealised asset, the freehold property r-ii»t. George street, is costing £373 a week';ininterest' on- mortgage rates, land tax, ans other charges. The liquidators hold that no good purpose would be served by retain'' ing this property. ahd ; the mortgagee entered into possession of it, no steps being taken to contest this action. MINING. GOLDEN PROGRESS RETURN. The secretary of tho Dunedin Stock Exchange has received advice from the secretary of the Golden Progress Quartz Mining Company (Oturchua, Central Otago) that a return of 397 ounces of retorted gold has been obtained from 290 tons of quartz. THE CORNISH POINT G.M. CO. The" mino manager reports as follows: Sinco my last report tho looso gravol and sand have run out, nnd tho bottom is dipping well to tho soutb, with tho wash making in the face again. I may have to go back and bring up more fall, but I will know after driving another five or six feet. The face is looking much bettor." AUSTRALIAN PRODUCE. SYDNEY MARKETS. (united rnr.sa association— bjt electmo • TELEGRAPH—COPYRIGHT.) (Received September 24th, 8.35 p.m.) SYDNEY, September 24. Wheat—Quotations, ex trucks Sydney, about 2s 3d a bushel; at country stations Is 7id. Flour—£lo. Bran and Pollard —.£4. Potatoes—Tasman up to £11; Victorian up to £7 10s. Ouions —Victorian, £4 10s. Oats—White and Algerian 2s 6d. Maize—3s 4d.

STUDHOLME STOCK SALE. At the monthly stock sale at Studholmo yards, there were but moderate ontries in all sections. Tho cattle section comprised tho usual collection ot milch cows, young cattle, and fat cattlo of medium quality and weights. Tho cattle sale was very dragging, prices, <f anything, being a shade easier. This might be accounted for by the poorness of the quality offered. Jn the sheep section fat sheep wero represented by only two pens, one ot heavyweight wethers and one of hoavy-Woight owes. Tho store sheep section saw a nice pen of two-tooth ewes, which were "sold at 14s lOd, and a small lot of owo hoggot.s, which brought 9s iid. Wethers suitable for farmers' home consumption made from 9s to lis Gd, and ewes and lambs, all counted, the first of the season, 3s. The attendance was poor. Tho following prices wore realised: — Fat Sheep—Six wethers at 21s 3d, 9 wethers at 10s. Storo Sheep—Ten wothers at 10s, 23 at 9s, 20 at "13s, 15 at 12s lOd, 100 two-tooth ewes at 14s lOd, 47 hoggets at Gs, .58 owo hoggets at 9s 3d, 147 owes and lambs at 3s. Fat Cattle—Cows at £5 and £6. Store Cattle—Springing cows at £6 ss, .£2 10s, £3 ss, £5 ss, £5 17s Gd; springing heifers at> £2 10s and JE3; empty cows it £2 15s, £2 ss, £3 10s, £3, £3 2s 6d; cow with calf at £7; steer at £5 10s; bulls at £2 5s and £2.

SALE OF CLYDESDALES. [THE PRESS Special Service.] BUNEDIN, September 24. At the conclusion of the horse parade today Messrs Thomson, Ltd. (Wairongoa), disposed of their three entires by public auction. No reserve -was placed on any of tlie- horses, all of which were sold at values which can only be regarded as highly satisfactory. >n view of tho ruling conditions. British Brilliant, the second prize three-year-old, was sold for 160 guineas to Messrs R. and Tj. A. Colep, of Greendale, Canterbury; Royal 'Risque, tho third prize aged stallion, now. five years old, was bought for 145. guineas by Jtr R. Tisdall. of Middlemarch; and King of Kintyro, a six-.vear-old stallion by Shanter (imp.) out of Lady Brilliant, was disposed of at 725 guineas to Messrs \V. Casey and Sons, of Punedin. SHEEPSKIN SALE. Pyne, Gould, Guinness, Ltd., held their weekly sale yesterday. - Prices remained about on a par with last week. No dry skins were offered. Values were for:Butchers' abattoir skins —Halfbred Is 4d to 3s 9d ; threo-quarterbred, Is 3d to 2s 9d; crossbred, Is 3d to 2s 3d.

LATEST QUOTATIONS, Buyers. Sellers. £ e. d. £ a. d. N.Z. Government Debentures- — 4£ per cent. Inscribed, 1938 93 17 6 94 2 6 4J per cent. Inscribed, 19S9 93 5 0 94 0 0 4J per cent. Bonds, 1338 94 7 6 — 5i per cent. Inscribed, 1933 — 9S 10 0 5> per cent. Inscribed, 1911 94 10 0 5J per cent. Inscribed, . 1933 — 96 15 0 5* per cent. Inscribed, 1937 ■■■" .. ... '.:• 6 95 6 0 5J -per cent. • Bonds, . . 1987 ■•• . '•■■ 9415 0 95 0 0 Other Debentures— Christchurch.' City, 5J per cent., 1964 — 98 0 0 Christchurch City, 5J per cent., 1955 .■96 10 0 98 10 0 Timaru Harbour, 5 per cent., 1936 94 0 0 — Waimakariri Hirer Trust, 5J per cent., 1976 _ 90 10 0 . Christchurch Trams, 41 per cent., 1934- .. 88 0 0: 94 0 0 Auckland City, 5i per cent., 1944 — 95 0 0 Booth, Macdonald, 6£ per cent., ,1932 .. 60 0 0 63 0 0 Banks— Aust. of Commerce .. 0,13 0 0 14 3 Australasia (cum div.) 7 1 15 0 7 19 0 Comm. of Aust.' 0 12 7 0 12 9 Comm. of Sydney 12 35 0 14 0 0 E., 8., and A. 3 5 6 8 9 0 New South Wales 25 2 6 25 10 0 New Zealand .. 2 1 9 2 2 0 Union of Aust. G 9 G G 12 6 Insurance — National 0 11 0 0 11 11 Standard 1 16 0 — Loan and Agency— Ualgcty and Co. 5 15 0 6 2 6 GoldBbrougn, Mort 0 19 6 113 N.Z. Guarantee Coipn. 0 4 10 0 S 3 United Building Society (cum div.) 0 14 10 0 15 3 Younghusbands 0 16 6 — Frozen Meat— Canterbury (ord.) 3 5 0 — N.Z. Itefris (£1 paid) 0 9 3 0 10 3 N.Z. Kefrig. (10s paid) 0 3 8 0 3 9 Shipping— Huddart-Paiker 0 19 3 1 1 0 Woollens— Kaiapoi (17s paid) — 0 7 0 Coal— Wcslport ... 1 1 7 13 0 Gas — Christchurch .. — 15 0 Breweries — New Zealand .. 1 9 3 19 9 Staples 1 2 0 1 3 3 Timaru — 0 12 6 Timaru (7s 6d paid) .. 0 4 6 0 5 9 Tooths 0 16 8 0 19 9 1 Miscellaneous — Australian Glass 1 2 0 — Amalgamated Wireless (contr., cum div.) .. 0 11 0 — Beath and Co. (yref., cum div.) 1 0 0 — British Tobacco (cum div.) 1 1 9 12 6 Dunlop Perdriau Rubber (cum div.) 0 7 1 0 9 6 Electro. Zinc (nref.) .. 0 12 10 0 17 6 Henry Jones Co-op. .. — 0 19 0 Mt. Lyell 0 1G 9 0 17 W N.Z. Drug Co. (ex div.) — 2 6 6 N.Z. Farmers' Co : op. (Gi per cent. Stock, 1940 and 1945) 44 0 0 — Quill, Morris — 0 7 0 United Pictures — 110 Victoria Nyanza Sugar — 0 16 0 Wilson's Cement 1 13 0 1 16 S Woolworths (N.Z.), prcf. 1 3 G — National Electrio — 0 10 6 MiningCornish Point 0 0 2 0 0 7 King Solomon 0 2 0 0 2 15 Mahakipawa 0 0 G 0 0 7 Mahakipawa (pref.) 0 0 7 0 10 Okarito 0 8 1 0 8 3 Waihi (cum div.) 0 15 10 0 16 1 Waihi Grand Junction 0 3 6 0 4 2 Golden Point (Is paid) 0 1 0 0 ( 1 Oh -Golden Point (10-5d pd.) 0 0 10J —

CHRISTCHURCH Sales on 'Change — £ 8. d. N.Z. Government 4i per cent. Inscribed, 1938 ... 93 17 6 C'omm. Bank of Ausfc. 0 12 9 0 12 10 0 12 9 N.Z. Ilefrig. (10s paid) ... 0 3 8 (2) 0 3 9 New Zealand Breweries ... 1 9 3 Naples Brewery (2) 1 2 4 Tooths Brewery 0 16 7 Mt. Lyell ... (4) 0 16 4 (2) 0 16 4 0 16 11 King Solomon ... (,3) 0 2 3* 0 2 2J 0 2 1* (2) 0 2 3 (2) 0 2 25 (3) 0 2 2 0 2 1* Golden Point (Is paid) (7) 0 1 0| Sales Reported— N.Z. Government, 4{r per cent. Inscribed, 1938 ... 93 15 0 N.Z. Government 5 per cent. Bonds, 1937 D<5 0 0 Bank of New South Wales 25 2 6 Mt. Lyell ... (2) 0 16 -1 AUCKLAND, Sales on 'Chango— d. 0 Bonds, 1937, 5J per cent. £ s. 95 5 Inscribed Stock, 1937, 6i per cent. 95 0 0 Commercial Bank of Australia 0 12 10 National Bank of N.Z. ... 2 10 0 Bank of New South Wales 25 2 6 Bank of Now Zealand 2 2 0 New Zealand Insurance ... 1 17 6 Wilson's Cement 1 15 6 VVaihi ... (2) 0 15 11 King Solomon 0 2 3 WELLINGTON. Sale3 Reported— £ s. d. Five and a half per cent. Stock, 1937 95 0 0 Union Bank of Australia, Melb. (reg.) 6 9 0 New Zealand Guarantee Corp. (ord.) (2) 0 5 0 Gear Meat Co. 1 3 6 Waihi (cum. div.) 0 15 10 Waihi Grand Junction 0 3 8 DUNEDIN. Sale oh 'Change— King Solomon £. s, 0 2 d. 4 Sales Reported— Hank of New Zealand ... 2 1 9 Goklsbrough, Mort 0 18 0 Mount Lyell 0 16 2