BANK INTEREST RATES.

Press, Volume LXVIII, Issue 20491, 9 March 1932, Page 12

BANK INTEREST RATES.

REDUCTION IN AUSTRALIA. INCREASED FIXED DEPOSITS. -VJfITZJJ Pfit'.SS ASSOCIATION —-.BY BLZCTBIC TELEGRAPH —COFXBIGHT.) SYDNEY, March 8. The trading banks announce a iurtlier reduction in interest rates on fixed ucpofcits, beginning to-day, namely: Per cent. L'hree mouihs ••• ••• 2^ ■Six months ... ... 3 Twelve months ... ... 3^ Twenty-four months 4 The tendency in the past two yours I as, been for liquid funds to yo into ; lie banks in the shape of fixed deposits, the owners seeking security for their < -tpixal and some return thereon. Thus t xed deposits have risen by nearly £i,WX),CHX) to £181,206,000, while curunt accounts have dropped by nearly £10,000,000 to £87,251,000. This is described as indicative of the stagnation in business and industry, as ;• result of which many people are .ifraid to risk their capital in private «-nterprise, because it is uncertain how ir will be affected by political policies. WHEAT TRADING. CARGOES, PARCELS, AND FUTURES. i/rWED I'RESS ASSOCIATION—BY ELECTKI'J TBLBGRAPH— COPXMGHT.) LONDON, March 7. Wheat cargoes, influenced by bettor week-end foreign advices are steadier, sellers occasionally asking an advance r.f threepence. Buyers are not inclined to follow, owing to the increase in the Argentine crop. Futures are quoted as follows: — * London — Per quarter, a. d. June 26 11 September ... ... 27 6 . Lirerpool— Per cental, s. d. March ... 5 5| May 5 8 July 5 10* October ... ... 6 0| CHICAGO WHEAT. (Received March Bth, 5.5 p.m.) CHICAGO, March 7. Wheat, futures are quoted:— Per bushel. Cents. March ... ... 571 May 601 July ... 62} September ... ... 74° New York, cash 70J cents. J. STAPLES AND CO-. 5 NET PROFIT, £37,162. The annual report of J. Staples and Co., Ltd., for the year ended Decem- " ber 31st, 1931, states that revenue s tTom rents and leases of properties, inr \estmentsr etc., at £64,121, shows a drop of £19,427 on the previous year. Reductions of £6092 in rates and taxes, and £3662 in depreciation less an increase of £726 in management expenses anil provision for bad debts, left the net profit at £37,162, which works out at approximately 10.6 per cent, on the paid-up capital against 13.6 per, cent. was £53,732 available for distribution. Dividend rate was reduced from 10 to gu per cent., which took £29,750, the turn of £SOOO was added to general jeserve, making it £95,000, and £18,982 was carried forward. , Total balance-sheet figures show only a slight increase. Properties are £28,221 higher at £179,798, sundry ; hotel assets are £2196 lower, and de«>- ' tow and cash together show a shrmk- * aim of over £19,000. The company w in a strong position, with outside »#- : bilities of only £2487. ~ . i Liabilities and assets are as follows. LIABILITIES. Capital •• 2*487 Sundry creditors •• •• Taxation reserve account •• General reserve account •• »0.000 Balance profit and lobs account .. £514,719 ASSETS. freehold and leasehold properties 179,798 * Sundry hotel assets 7,624 Office furniture and equipment _.. 200 ''' Sundry debtors on mortgages, bills of sale, and current accounts .. 85,225 Investments • • 329.0G7 Cash at bank and at short call .. 12,805 £514,719 The following are the figures for the . past four years:— :: 1928. 1929. 1920. 1931. '* Revenue . 73,473 84,675 83,548 64,121 ; Set profit 48,850 55,030 47,561 37,162 *.. Div. p.e. p.a. 12} 121 10 . Si .< tHr. amount 43,750 43,750 35,000 29,750 - Reserves 82,728 64,008 106,570 113,982 a! AMALGAMATED WIRELESS V. (AUSTRALASIA). The Board of Amalgamated Wireless V' (Australasia), Ltd., has declared an interim dividend at the rate of 7 per. cent, per annum on paid capital in respeet of the six months ended December := 31st last. Such dividend is payable on March 23rd. The share transfer r books will be closed from March 9th r to 33rd inclusive. HIGH COMMISSIONER'S REPORT. 1 The . Department of Agriculture has received the following cablegram, dated March s tlx, from the High Commissioner for New Zealand. London:— TALLOW. Quiet demand at auction; 1012 casks nSered, of which 184 were aoldy with no material change in values. Present spot quov; latioca 'are:—Mutton, fine 25s 6d to 265, . dark to dull 21s 6d to 22s 6d; gut, etc.. 19s " to ~fl. Others unchanged. *■ ■ , HEMP, i Market easier under freer offers. "EL" ; grade for Mirch-May shipment sold down to JEU 9s 6d. . gjul—|£»rkefc quiet and easier. Closing " vslti* No, I fair average quality for March- *«■. luCfrT MS. ' Jwr; continues dull and v., uwifngpd, with no first-hand sd«s reported. . ■