COMMERCIAL.

Dominion, Volume 2, Issue 526, 5 June 1909, Page 8

COMMERCIAL.

THE SHARE MARKET.

. ■'■':{.:''A .sale of Wellington Trust and Loan at .£7 only business recorded yesterday. -1n- :.,. .vestment; shares were quiet; Bnnk of New Zea'^V'land, buyers' £9 Is.; sellers* M 2s. G<l.; Na- '£.:; -.' liohnl Blink, sollofsiCS 7s. 6d ; ; Equitable Buil- :■■■■■■'' ding, eellers. £9.-4s. 1 6d.; Wellington Trust and ,•. V Loan, buyers £7,- eellera £7 2s. 6(1.; Wellington i-:' Deposit; eollors is.* 6d.; /Wellington Gas, £10 .- ..; paid, .buyers. £18,- sellersi'£lß. 10s:; £6 paid,. ■•'<'"".-■ eollers ..614 i i Christohuroh Moat, buyers,: £10 :■''• ■■'.■/■'■lOsv; Gear .Mcat, : £4-paid,'sellers. £10 2s. 6(1.; '.■'■■'•■■■■'il paid, seller's.£2. 125.; Meat Export,'■Jβ! paid. :: y': BJ>\\zTs'Mi,'£2 12s. 6d., sellers £3'ls'.; New Zea- ■■•'.'■/'-' land Insurance, sellers. £3 145.; Standimlln- ■"'■'■ .euranc'o, buyers .£1 25., sellers £1 Bs/; Welling':r!:'.:.'".: ton Woollen,.buyers £2 195., sellers £3. Is.; .■"/■'■ Wostport Coal, sellers' £6 9i; Kauri Timber,. ' '■'?■'■■ 6ellers'lss.;-Leyland-O'Brien Timbor, buyers'£l '!■■■■. : ; : 2s.;';seller;© £1 25..6 d.; Now Zealand Portland .■■■,.'■■ Cement,.buyers .£2 os. 9d., sellers £2 25.; Tara- ' : .: naki Petroleum, , buyers -55., 'sellers 75.--" , ; . ;■':/;:,■■;' i- : /'the mining. : ,markbt.;; :;'; ' ' '.. V- At thaitnqrhing call salea of Waihi ConsoK- ■£;-• : dated at" 2s. v 6d. ( 'and Watchman at Is. 3d., were .made "on 'Change,; and salea of' Talisman at ■■•-•■. ;£2 lls.Gd.; and. £2. 125. 3d. were reported. . In . the aftornoon;'sales"of Watchman, at Is. 7d. f>;. and Talisman at; £2 ills. 3d. , were' made on : ; -'Change, , and sal'es : of-Waihi Extended' at 6s; , •:;:■; 5d., Waitangi "at is: Bdi, Watchman.at is. id.-. V and Is. Bd., and Alpine, 10s. pnid,: nt Ss. :.: ,6d. and'Bsj9d..wcre;reported. Tho quotations;. • '. -.with tho;last recorded'.sales;were as unflor:-f : ,■,. .'. :" ;■ ':■. ;'.'■;"■■■-■■''-•.:'■■ •-.■.... Bnyers. Sellers. -.'Sales.- ,■■■■.■■■:■-:■ ■'.'.■;::,■ £ 5.d.,, £s.d. £e.i. ' Waihi Grand June- <• - . . ;: ■' "tion ' ...' V 2 svO 26 0 :•— '■ '■■■:': Waihi Extended ■ ;.. ,0 '6 '5 0 66 .0.6 5 >•■•'■-. WaiW-:;;.- , ----"-.;: , . : ...- 9 10. 91 V 6; • : ■■:'■■ ■.Waihi.: Consolidated ,0, ; "2 e 0 72" 9 0 "■&'■' 6 ■•-.■ . ... -'• -.„ 0 4 -Sy'O 4-9' .0 4 8 . - Watchman- ,, ;..■"; -.i.'OM' GO-1 '8 '■ O/1'.7 ■V : Talisman V ■';;.". ■";;;.'2 11 9 212 0: 211 9 ■.'.-. N.Z. Crown-■'.;.:■■ ■:. ...o> 5 4, -.-.—.- :... —.'■ ■~".', Bason w ;•...;;: ..V-'OU 31. 0 2sO .. - . i . Kuranm Caledonian o'lo 0 13 — - ." .' S T ew Alpine , ,,los.paid; .:','— ••..■ 089. -.:; ,Dpn. Goldfields. >;...'0 16 6^.;-.^-.■.;. '—".'; :'■•'■ Customsirovenue collected at AVellington yes- :': :to". £2itO\!ii,,'ii. \- ... :r :v;.fv : >'?GOLD ;EXI'ORT.V ; '';.'■■':'[ ■ h '■: ; ;:'.!Iv::";R%PENS.I , -'% ■■/;-_ : : .■,' The quantity of gold exjorted from, -the Dp-- - : '■'.'".- minion during 'May was 46,5250zi, Talued at ..-'. iC185,271, as compared with 45,0170'z., ; .va18ed at ■ :£l79,is7,.f6rNaj of the preceding' year. The ; jxport- of. silver • was . m>95802;. , , , -valued - at ■:• £17,492, as against ie4,6350z., valued at ,£IG,G7O, ;;■■■; bf-May, 1908.," .: -.r,: " ~ rl ]~ ': -.-'> v '■/ " : Details.'of,the. gold export are',as follow:-^;'' ■--.-. V;-.:=: '.v-.i ! .'^:".,:.:- r v%-'-; : ':oi: : ' ! - , -";^ , ■■■■'-■:•■ "Audrland",;.- ■ "iV; " : ', j.V 29,421 ■' 176,7U :'':. ': -■• 313 ■■•- 1,248 ■ ■■";"■ , .Groymqufh;;.„.:;>:..;''.G,S34 27,108 v-:-'-: Holcitika. ; :..iv:: .»■ -..i; : -■ 4,757 ', ;■; - Dunedin.-...'■•.'....:'.:.. .■ 5,675 '; 23,034 ■;"; ;.".,.':.'■/; Invercargill;;;:;..;;/(...;;; 3,030 '■;' 12,360 'There is a'decrease: for the first-five montlis ■:;■'■■ of 1909 of 15,4850z;. of gold, valued at i55,15i;-' .... but an increase 'of : ?0,0490z. of silver, valued at ;'.!;;■ "J87302, as.'.compared, with the 'corresponding .period of. la3t.,year. .V, ..;/. . ■ . V '": ; :-i;.K'. ;SALES.'-.V, ■'■r. :} : r : , . llessra. -Dalgety and, Co., Ltd., report .tieir •'■' fortnigatly;isale. at- Eketahnna yestecday. ; ■ Tho ,-.■.'■ report ■ states:—Wβ.'had a large entry of' both .■:'.■"; Bheep and,'cattle.'Sheep were well represented ■:.■'. classes;but there seemed to be-a limited ■■'■•■. domandi Howevor, we' were able, before the; ,? day to. dispose of the whole of our, ■'.■: entry.'.' Cattle ,sold at,advanced prices., ,We .quote:—Wethers,, from' fls.,7d. to 11s,' Id.-and "v 11b. 9d.'; lambs; from 6s. to Ss.' 6d.; ewes in ■> ■ lamb,' 9s. '.5d.,' 95. , M., :i and 10s. Id: Cattle':'. '■■'.' '2J-year steers,, ,£3/.10s ; .; fat and forward coirs) i, '475. to. £2'-10si-}\ fai.;cows, £2 17e. : to £3 '55.; : .>■■ good mixed,- '., weariers,'3ls.: Mr.' Eassmussen'e :/.-■ dairy cows;,ranged; in prices from £3 '-lOs; ■ : ;,,:to'--£&:6a:jy ; ./;: .'■ v■.;■/■■'•■■■'■■■: ,-■.; . .;■; ,The*. Ne,w'--Zealand Loan and "Mercantile :.-Agency..Cp. ) :;Ltd. > ;!stock; reports; for week end- :"., : ing June "4; areVairfpllow.-rAt. Kimbpltpn, on : Tuesday,"-there; was'-,only avsmall yarding "of .; .;stock.' Wβ quote'r.l'.m. ewes in lamb, ,6s/ lOd. : ;..to Bs, Bd.; good mixed 'aged .ewes,' 12s. 6d.; .: :■'■ .email. lambs; 25.. 3d. to 4s.'.' 6d. j empty cows, ! '•■'■:.£3~is. ,: At'Feilding yesterday we had -a heavy , ; ■;■ yarding'bfcish'eepi'jinda;.good entry of cattle.■..Buyers, were..present Waikato; - and ■.■.;;■ other outside competition, -was .-:■.keen,lamb^.of,all/classes: being in particularly . : good demand.;. :Cattle"also sold wall." 'We ... quote:—Sheep: Cull lambs;"2s. Id.; mediuinj ,6s. ■ , Id.;. g'ood,*Bs.;3d:';t6,BsV7d.; ,; forward.eivea,,'Bs/' .-: :6d.; cull ewes,: 53.: 10d;; falling ewes' in lamb," •; 65.;2d. to 73. 6d.; a.m. .ewes.Ss. ?d. to 10s. 3d. . and.lls.-'fld;; and - ',a;..lin^: , .bf:626;'f.nii.;,e.\v^' : at , ■.. 12a. >6d.; Bolder '. Leicester ewes in ■' lainb,-.16s ;•.:■ Bd.y inferiorj.weth'ers, 10s. Sd. to lbs.' Bd. Cattle i' ~,;.Weanera,- 15s. '6d; to'23s.''6d,; 20-month heifers ..;. ~ in,:calf,v4?,.6s.'-.'.to 12s:;empty -heifers, 395.' j. :6di-to i≤B2> 125.;.-forward-cows,• £2 to £2 '11s.; :. k V-aged cows;-229.6d.;. cows'in light fat cows,. M 4s. ■:■ '■'-'' ■. ' ■ ' •■•.:■,' ■■•;,' .-■■■■

;..; WELLINGTON' MAEKBT/EEEOETS., .'; Messrs. .Laery;and Co.,' Ltd.,. Wellington,'report wholesale prices iuiing. on tho market':— . Wheat,, fowl, 4s. Bd. to 4s". lOd.; feed oats'i , 23. 2d.'t025..!1d.,; dun oats,' 2s. 2d. to 2t id.': •::. Beed -oats, -2s; • 4d. -.to ;-.25. 'Bd'.; ' Algerian 'seed : / oats, ■ 25.; 6d. to 2s/ Od.'r maize, . 4s. 6di" 10 ■ . # -Ss. ;"■;: crushed ■ raalt:-.' Bs;'' 9d.; Cape 'barley, : . 85.;... f owl •• 2s;,'' 9d.' ■to - ■ 3s;; = 'horse '..beans, .-,4s. ■■■:-M.-h (all' : >atv ■ 'per-:'. bushel); : ;Ticemeal, £stp£s:'ss.;flonri New Zealand, £11 , 10s. to £12; bran, £s'to £5 55.; pearl barley, £16 j .-■' peas, partridge 4s. 3d., Prussian blue ss. 3d. to ss. „• fid., fowl peas ,4s. 3d.,", £17 10s.; bone..dust, £C;.superphosphates. ; £s^to £5 5 55.;. ppl--lard .£6 10s. -to .£6,lss'.;.guano; "£i"los.-; chaH , (oatensheaf), £3 ss. to £3155. j oatmeal, £10 ss. to . £1010s.; potatoes, £4 to'£slos; j seed potatoes, £5 ■to £7; ' fied,. Up-to-Dates; *£7 to £7 10s.; onions,' £sto£7; molasses fodder, £5; bacon; factory;sides 73d.. liams.Bd., rolls Bid ; butter,bulk,7d. to 10d. 'Ponltry-rHens,' 3s; ; ducks, ,49. to 55..; turkeys,.gobblers .Ua to 125., •hens 9s. to 10s.; fresh eggs, ,Is. lOd. to 25., nre- : served 15..5c1. to ls.'6d: per dozen; oheese,6£ to ■j 6}d. perV lb.; . loaf 7d. to : 7{d.', per ■ lb.; ■ Akaroa!:.' machino-dressed ■ cocksfoot, 7Jd. •'.:• to ,Bd.j farmers' dressed,- sdi to 6d. per lb.; ryegrass, '35. ; 3d. to 4s.' 6d. per bushel; Italian •-.ryegrass, 3s.'6d.' to 4s..ed.bnshel; white clover, ..703. to'7ss. cwt.; .red clover,-655. iCwt.j con ..grass, 655, cwt; alsike,,B2s. 6d..cwt.; mustard, : 40s. cwt.; trefoil, .375.:6aV cwt.; rape seed,' 20s. •cwt.; timothy, 325., 6d..civt.;'"swedo and turnip : seed, .60s. cwt. ' '.': !" :. :. : -- ; ; : ■■*■■*..;".■.

The New Zealand Farmers' Co-operatiro Dia-' :;...-:... tributing -. Company. Ltd., report ; as.'■ follows:— ...Maize, ss. 3d.'; /.wVoa.t,..'whole' fowl, <Is. 9d:; , : barley, Cape seed,v3s. Gd.;,barley. feed, ; 3s., ; to : : , es.; 3d.j barley meal, >£G 10s. pe> ton; oats, 2s. .■.-.: 3d. to 25.'.4 d.; oats, seed,, sparrowbills, gartons, ■..duns, Algerians,, 2s. 8.(1.; oats,-crushed,'29. ,7d ; .'per bushelr.hay, prime, '.£3 lOs." to : £i< 10s. per- .: ton; straw, 55.; 6aten,\£2 2s; ,6d" , -perton; bran, .£5 ss. to iCo 10s.; pollard, £6 lss to ■ '"'-*.<B7;Bncosine,'2oo's*ie7, : loo's£7'ss.:per'.ton;linseed'' ■ "I 1 c . a K e, jf enui nfV Ms. per cwt.; prime oaten-..-.;sheaf chaff,' £3 £3. 105..per- ton; potatoes ■■ ■. -i £b to £5' 10s., 'selected Canterbury Up-to-Date .-.'. ..seeds; -'■..Sβ.-, 10s. per.;,' ton; onions, i,CS ; per, ton; butter, separator ' OJd.,. 'dairy Bd. ./■ to.Bd.por lb;; eggs, fresh, 2s: per doz., weaken-ing,-preserved Is. Sd; to Is. 6d. per dozen; ;". honey,'• fiO's:4Jd., Id's 5d.; beeswax-, Is. 6d.; ,; -pngus, 4Jd.; walnuts, 5d.; cheese,.best factory : mediums, 6d.; bacon,; factory,' sides. Bd., rolls Bd., haras Bid. per lb., porkers, 70's to SO's"43d.; ,:.'•'; SOe to 100*8; : 4.id.;'. baconers Id. to 4ld. ; heavy ..-, pigs, 3d.-to 35d.,per.1b.; cabbago, Is.- to Is. ~. ■ Ed.; , parsnips, 2s. 6d.; carrots, table, 2s. fid.; marrows, -Is.;- cauliflower',- Bs.; pumpkins; 39.' per, sack; ..swedes, 255. pqr. ton;,apples, dessert, ~■.,'-,78. -6d. ; ,t0".95. per case; apples, cookers, 4a. t>a..pef:case; choice tomatoes,,9s. 6d; per half -.; case; pears, ■ dessert 7s; 6d.;,pears, cookers, ss. ■•per case. '/Poultry.—Table roosters, is.,' cock- • :.■■■ erols is.tp «s.i:taWe;'hens.33. 6d.; ducks, ss. Od. ,:• i°' 6s ''' a , U &^W Mi- Turkey gobblers 10d:, .-■■/ tens .'B}d.\ per 1b.;,:...:;. .-■•'■■ :..-/■ ■;.. ,;■ CANTERBURY GRAIN MARKET. ' : : : : -..■'. •■; ■■';. (by nitaaiva— pkess issopuTiotl.'. ■• . '_/'■••, . '"'■ : ChristchuTch, June.4. ■:.'■-.', ■Iμ-local wheat market remains ■ stagnant,' >«ry little, business beins traiieaoted, and prices ■■",' ; remain unohangeu, though there is a muck better .tone in-oats..' Market sales hare been made :, : at' Is. Cjd. f ?r Gartens. and. Duns,' and' Is. 9d. ; .,for.Algerian's.at,country stations. -Special in- ;. .-.; qiury is ebingiexperieiicnd for Italian ryegrass, / , and lints Tiave been sold locally at Is! 9d. and . 25., Contrary to expectations/stocks in Southland are somewhat , scarcer' and seed has been /..;. placed there -this 'week at equal to 3s. -on .;. ..trucks. : at Invercargill. .. . •:.-. ... V■;/■;;;;. ; : ,-/SAiE i .;oi , ;SHAEEs.;. ;■■■■■__ : ;\: ■'•'.■■■■ iBTiTELEGRArH—PBISSS.ASSOCIATION J .'/ -■-'"-',■•'■'_ '/ ! ' "; .. Auckland, June 4. .... iThe trustees.in .the estate,.of, Mrs; Elizabeth' Knox have accepted •tenders-for 1030 Bank of ■".,-:. »ewZealend { '-'48()0 New Zealand Insurance Company, 1000.Nott Zealand and Eiver.Plate, and 2268 old, and 1184' new issne of Auckland Gas ,ehares. The tenders total the total • amount tendered" being'.£l24,l62. ■ Average prices ~ were:-Auckland Gas, old- issue, .£U Is. 3d.; v . new,J93. Bnnk of New Zealand, £i .:•• -las. 10d. . New -Zealand Insurance, \£3 14s -3d ■ ;'Eiver' Plate; £1-. Us.. 6d, ■ , - - ~ - v ■. ■ '-~'

.. BANK OF ENGLAND RETDEN. . (BI TELEORArH—mESS ASSOCIATION —COPTBIOHT.) •■■■'•:- ■'•'.' : London, June 3. v The ißank of England return issued for tho week onding Wednesday, Juno 2, is as under:— .-■■•. ( , . ISBOT DWABTInSHT. Kotalssat ... fM,103,C00 GO7.Beonrit!c»£ll,ols,D(]o : - ■ ... ■. Olher wcnrl' : ■ ...- '■■■■■■'.':■ ties ... 7,«i.oM' > ... ', ■ , . ; Sold .„ 35,719,000 ; : -- . ''..■■ /M,XSB,OOO ■"'.. . «),ICB.COO . ••':-. : .DAJOusaDupabivunt. . . ■ v rroprlntors'. .■. ■ Got*, leonrl- ■.-.- capital fH.563,000 ties .... i15.369.00J rnblio do- Other socuti- .- posits ... 13.4C2.0C0 ties ... 33,^71,000 Otber.de- . ' . - , . ■ . posits ... M 3.870.000 Nofes . „ 21.600,001) Best, r-cTay . ■ • ' -■'• »ud other Coin ... 1,655,0W bUIB ... _ 3,n9,C00 ■ .-'-. i".- £75,0M,C00 ; , ; i£75,pW,000 The leading items "of the Bank of Eegland return afford the following comparison:— ■,-•■.■.•.■ ... Tliis week, iaei week. Lastye&r " ■■■ : ".•■■■' .£ ' £ ■ . £ 8u11i0n..., „.- 95,749.000 86,535,000. 36,693.000 • Beserve... ~ .... i.G,IM,OCO 27,219,000 M.SEO.OOO : Note circulation SO.CSGXOJ 29.374.0C0 29,10ii,00a . '■ Public Deposits 13.462.00J 1J,51R,W.0 ' 0>107.000 Olhor Deposits . 43,471.000 42.552.000 44,1i35,000 . ,I'roportion of •-...■• •' : -reserve to . ' v :.'•■"; '.UabiUUu ..._; :.. «.t3 ■ 47.61 60.62 .- :The proportion, of reserve .to .liabilities has been multiplied in."transmission, and tbe figures' given, .45.63 per cent, , are our own calculation.:. ■ •■ ; '..■ -■,■'■; ''■■.'.-.' ;- ' The following are the latest qnotationa for Govornmeht securities, with: a compariEos of 'thoieiruling last.week:— . ... - ''"'-., ■'' . "■' '■ .- '.. '.' ■■" ■■ ■' . Variations " ■.;;-,■■;■; - ,-.• .-■ ■..,-■ Price •' e f^ d 'I '■ : - ' : ■ ' • ' '■ ■' ; '-- '■ last week. Console... ... Ui 0 17s6a.lower i. „' N.S.W.IMEJaa.-July .... lots 0 0'- 40s. lower H.,,N.5.W.1918J10jr-Sepl .. ... 0910 0' 1-s.hieher S „ N.B.W. 1935 Apl-Oct. ... 83.6 O , 7s 6<l. lower Ji"v- C, SJ?=°? 1 - Ju , ly - '■••• I W'U"O- 4Cs.lower SS „ Vic. l!Ml-6J&u.-Juiy .... S)8 u 0 4Cs. lower t ~Vic.li.«Majan.yuiy v ,;. 6510 0: lOa.lowor t4,;b.A.'lW(iJiai.-July ..... 69 10 0 Unchanged •? ••&,u^ ) ,t^-' Juli ' •■'••• ■''* ° ° Unclianged 4 ~QTdI9IS-21Jau.-July ... 103 15 0 Slower ".a* »;<j;raig4-30J»n.-July'- ;... 0610 0 Ms.lower .8 ... QTaIM3-47Jan.-July ...; 35 "U 6 27e id lower 4 .:,,k.Z. IMMay-Kovr ■..; 103 i 5 0' is.lower ij ~N.Z.IWWan.-July. /... Ms 0.0 3Cs.lower 3; „ K.iS. IMo April : oct. .; .„ b7 10 0 . TJncbanSed hi ,;W.A.l9io4ojiiiy-N6v ... iOSIO 0 Unchanged 3 ..W.A.IWS-Salfay-Soir ... 8715 0 6s huiher .8i,.1M.iU03»n.-July---. '... SBIO o' 200.10w0r B ,'ln.ltfA)-» / Jtn.J ß ly ~,.-.. t7 op ,80a. lower ..■■, : .0;.-:'L"'.:.THE.MppTMAEkET. .: -' ; The. Bank of England discount rate is 21 per oenf.,' to ;which it was reduced •oh April 1. .;;. Short'loans are \ higher af 2J per cent. ■"Thioe months' bills are quoted in London at 1 11-ieth'per , cent.; in Paris : at 1| per cent.; and. in Berlin at 2} percent..' ■-'. . ■ ; COLONIAL./AND OTHEE PRODUCE. ■ Sugar!—. German beet," 88deg., 10s.. Bd.; first mark granulatod, f.o.b. Hamburg, 13s, Bd. per CWt.v'V: •;. .'■■< ■■■ ,- .-' ." : ■■>■■.:■,': .■■:.,.•■■ ■ Bradford Tops.—The market is firm and unchanged. ..- ■;'•.■."■ ■. ■" '■ ■;•..■ /. 1 Wheat—The, markets have been, 1 quiet: since the: holidays. There is a rather firmer tono owing to tho advance in America and unfavourable weather reports from Argentina. Cargoes are firmly held; one cargo sold at 435.- 3d., while 445. Gd. is asked for January-February shipments,;-435. 6(1. for April shipments, and 41s. "3d.- for.'steamers' parcels now. due. There '. is i good" inquiry for .'.Australian epot at 475. to 475., 6d. : There is no New Zealand wheat here. The American visible ;■ supply is .81,084,000 .bushels.",'.", ..'.",,: ■■■. ■'■.'■■"' ,' ' .' Butteiv-Thd'.market is very. dull. Danish, 1095.' to'll2s. Colonial is neglected, and is nominally about 2s. decline. ; Continental and Home suppliea;are increasing.' s ■ ... ';. ■■'.■.•:;.-.•■■ }%■■ ;. THE METAL MAEKETS. '';: "' ; ~ Cbpper.—Spot,'l3. 3d. higher at ;ECO ISs. 9d.; three ■'months,: Gs»v:Bd. "higher at electrolytic, unchanged at £62 10s. per ton. ■■■■■Tiiir^-Spbf;/275. r '..'6d. ; lower at X 132 ss.'; three •months, 7s. Cd. higher at JEI33 12s. 6d. por ton. Lead, Is. 3d.: higher at JGI3 53. per ton. Pig-iron,.2d. higher at 495. per ton. . • Spelter, .£22 per ton. ' . .... • , • - ..■ V: THE BANK OP NEW ZEALAND. t'ftTKe balance-Sheet'ofrthelßaiik of New Zealand for fho year, ended 'March 31, 1909, issued I last, evening,- , is-a, decidedly satisfactory document.' The-grosS'profits for'the year totalled .£603,296.0s. 1 7d.,'as compared with 12s. 2d.,' and iiyi expenses of management amounted j:tb,;£23s,l4s,7as;against:;.&iaU,oß7 in the previous iyear. The'*gross profits show an increase" of .£3296,: and the expenses an increase of so that the bank did just about as well as in the previous year. Tho net .profit/ after deducting interest (.£40,000) on. guaranteed stock, totals ~£328,150, and there was brought forward from the previous year '£51,098 "-'giving-an available balance of ,£382,248, and this has been allocated as follows:— : .. . •'; ' , ' ' ' ' ■-'.' -' ' ■ '£ ■ Dividend-on,preference shares ... ... 43,750 Dividend on ordinary, shares ... ... 50,000 Bonus on ordinary shares .:. .... ... 12,500 Added to"'reserve- fund ~.'.' „. ...200,000 Written off premises and furniture ... ,15^000 ■•:• ■i : 'V : i,-V' : "' : ' v ; - ; - :•' '■ ' s 2l - 250 .;. -Carried; forward ..'.:::... ....... 60,998 '''■'■■ ■::£:.::. : :'"~-:vz7 : : ' '■. < ■-.■" Tho amount: -written;off- premises and. furniture .is" less than'in the previous year, the sum added to the reserve fund is the same, the dividend on the. preferred shares ie greater by .£6250,. and on the ordinary shares by, ,£12,500 the amount of the bonus. The reserve fund now amounts to .'£650,000, of whieh £568,705':has been added out!of profits, ■and ,the balance has been obtained by premiums on the issue of shares and debentures The reserve fund is still very small for a.bank doing such business and occupying the important-position that, the Bank of New Zealand does;. It is to be feared that the directors have been .: influenced by'market consideratons; and have been tempted to increase dividends. The • latter' course • is the popular one,- but building up the reserve is the more prudent one. Taking the- whole period from the time (1894) tbe State'came to the assistance of the bank to the .present date the profits earned and the distribution of same are shown in the tables'appended. In 1895 there' was a loss on the year's .business, bnt in , the following -year.' a-profit: was earned, and this has grown. practically .every '. year ■ sweo:~ , Tear ended'..:'.::'. .; •' \ ; . MaToh 31. ■'• '.•."■ -'.-..' £ :" ; '.S -■••• ■ ; "-/' -•••- ■■'•». -■ 35,709... - 1 ' } S nl ■•' '- ; -' : '■'- •". > : —' — 39,391 ■-■■■;™ •■•■-••• v-; ... .:;:. 85,033 ■ ■'- .■••■:•■■■•■:•■.' .... 93,920 . -■ S .■■-•"•■■■ ••• - •••■ ••" 21 °. CG5 ■• 1903 . ;,. • ~..;...;:.,.,.... 210,590 ■■■■'■ innV- ••••'.•••■. - - - 212,803 ..;...-1905.'.. ....,',.... ,-....- ... ... 268,930 . ' S ; :•" ' - .'■:'••■: 290,330 • : ■ ions -'"■"■• ■■■- - : ■•"■"■ -■ - 310.880 ' . ■■..1909 , ..... ... ■ ... „. . ... 328,150 ...- .'.:':■ .:■'.. ....'.. '~ -, £2,770,840 For, the fourteen years;.the profits have averaged nearly £200,000 a year, which must" be admitted'is. exceptionally good. The distribution oj the aboyo amount was as under: : ', '" .■. ..' •■. ' ■-■■ ■-■ £ ' Paid to ■ Assets Board ... ... 1,235,207 Written off :Estates .Co.'; assets 139,988 ' Debenture Conversion Account '■ Colonial Bank goodwill ... .„■ ' Bank premises and furniture. 147807 ~ -Written off Colonial Bank-pro- ' .' perty;,::....,. ~..;-.: ... ... 25000 ',', ordinary.,shares'."273*94s ; Dividend on Crown shares ... 168750 ■■■■• .Added to Eeserve Fund ... .... sea 705 ••■'.■• Grant • to' Provident ■ Fund ;.. 7'nflO .. Carried for-ward ... ... ■.;. 60^998 V ■'- ■ ■'•.:-■;".•■ ■• '■ • : .'£2,770,845 In / Tocont balance-sheets the grant "to tin Officers' Provident Fund has not been dil closed. The total, paid in dividends on ordmary and preferred-shares is"£4f2,C9s which is affair , amount, Beeing that only £568 705 has,been added.to the reserve fund.