COMMONWEALTH BANE.

Dominion, Volume 7, Issue 1874, 7 October 1913, Page 4

COMMONWEALTH BANE.

— 9 STILL AT 'A LOSS. DEBIT BALANCE OF £32,030. , State banking in Australia continues to work out on the wrong sido of tho ledger. The baliince-shcet of tho Commonwealth Bank for tho half-year ended Juno 30 shows that a loss of £32,030_85. Bd. was sustained during that period. In tho last account tliero was a balanco on tho wrong sidfe of £14,606 3s. lid., making a. total loss of £46,636 12s. 7d. Tho assot3 total £5,008,744 175., tho principal items being; Coin, bullion, and oash balances £1,712,835 6s. 4d., Common wealth notes £28,257 10s., money at short call in London £700,000, 'investments British, Colonial, and Government securities (face valuo £1,350,333) £1,312,991 18s. lid, Commonwealth securities and fixed deposits of other banks £730,000, bills _ receivable in London and remittances in transit, £24,486 Bs:., bills discounted, loans ana advances to customers, and other sums duo to bank £458,705 14s. 9d.," and ■bank promises £32,753 9s. Liabilities amount to £5,055,381 9s. 7d., including: Deposits, accrued interest., and rebate, £2,176,820 4s. lid.; hills payable and other liabilities,, £173,073 Is. 7d.; and savings bank department depositors' balances, with interest accrued, £2,694,773 13s. Id. Tlio Auditor-General in a report on tho balance-sheet states that tho existence of tlio assets claimed have been fully verified. Tho balance-sheet exhibits tho bank's affairs in accordance with tho entries in the hooka of tlio bank, and in his opi'nion it is correct, subject to tho qualification which follows. For tho greater part tho balancesheet deals with actual cash transactions only. Tho liabilities do not include amounts outstanding, such as that duo to the Postmaster-General for services rendered up to the end of the half-year. This'sum amounted to £6268 os. 9d. The government of the bank explains thai) as tho bank is still in its' formation process and the amount duo to tlio Postmaster-General was not ascertainable at the time tho balance-sheet was made up, it was thought advisable to omit tho item, but in future the bank itself can determine tho liability without waiting for tho claim in order to provide for, tho same' in tlio halfyearly balance-sheet and inclitdo it in the profit and loss account. Tho assetsdo not includo amounts duo to tho bank, such as rentals which wore temporarily held I>v tho Treasurv. Theso amounted to £882 3s. 4d. Tlio wholo cost of furnishing and equipping tho bank offices lias been charced out ns current expenditure and debited to tlio profit and loss account. Thcso charges are exclusive of stationery, amounting to over £13,200. Tho threo _ amounts mentioned if included as liabilities and assets respectively ,in open _ accounts would havo reduced tho debit balance of profit and loss by over £7800.

The growth of the Farmers' Union movement in the Auckland; provinco ia forcibly illustrated by the fact that during tho last six years tho number of branches has increased from half a dozen to 71. It is further interesting to noto that a majority of the existing branches have been formed during the past three years. With tho exception of about fivo branches all are in the southern portion of the provinco, and it is anticipated tluit when tho districts north of Auckland are organisod, the total will bo materially swelled. Tho latest application for tho formation of a branch conios from Omahini, near Mata Mata. During tho first month of tho co-opera-tive egg and poultry movement sot going by the Auckland Farmers' Union, a tolal of 7000 dozen eggs passed through tho depot in Auckland. The average price realised for both duck and hen eggs was Is. Old. ' Messrs. E. Johnston and Co. have been instructed by Mr. Staples to soil the contents of No. 90 The Terrace by auction. The sale will lw held on Thursday and Friday next, ooin;nencing at 10.30 o'clock each day. Entries .received for Messrs. Dnlgetv and Co.'s Levin stock sale are advertised in this issue. The sale is to take place on Friday, October 10. Messrs. Abraham and Williams, Ltd., will hold their Palnierston North liorso sale on Saturday, October li. Splendid entries aro indiwtod by adyortiwwont jelsawliaroi J