COMMERCIAL ITEMS

Dominion, Volume 12, Issue 14, 11 October 1918, Page 8

COMMERCIAL ITEMS

INVESTMENT SHAKES. . Sales of Wellington Investment shares at Ids Bd. and Huddart-Parker (ordinary) shares at 41-3. 9d. wore made on 'Change yesterday. The quotations were as follove— „ „ Buyers. Sollera. £ s. d. £ s. d. National Bank 613 6 • & 15 ° Bank N.Z. (old) « « J Union Hank 58 10 0 - Equitable BuildiDg ' * 2 _ Metropolitan Building ... 11 1 0 ~ National Mortgage , • ~ „ Well. Investment 010 7 010 9 Well. Gas (£10) - " 15 ° National Insurance 3 J 6 . — JM. insurance - *» *" " 6.8. Insurance ~ J l ' ' Standard Insurance - ill Meat Export (£5 50 0 55 0 Meat Export (£4) 40 0 410 Meat Expert (525. 6d. ... - . 211 3 Huddart-Parker (ord.) ... 21 « .220 P. and O. Def. Stock ..,39 0 0 401 0 0 Kaiapoi Woollen (0rd.)... 715 0 718 0 Well. Woollen (ord.) - 7 16 0 ■""-11. Woollen (pref.), ... 416 0 — Westport Coal 111 3 — Westport-Stockton - "• " : ,v,.i Tin,i.,.r Uss.) 012 9 Levland-O'Brien ill ~ Taringamntu Totara 1 0 6 — ii iC. weffrenc" 1 0 J ~ N.Z. Con. Dental I*o - NSI. Drug Co 213 n — N.Z. Paper Mills 13 0 JJ S Wilson's Cement — ■ C 17 o Customs duties collected at t.'ie port, of Wellington yesterday amounted to £3ffl u Us.-lOd. '■•■■"

NATIONAL BANK. The .report'of the directory of i the National Bank of New Zealand for the year ended March 31, 1918, submitted to the forty-sixth ordinary general, meeting of proprietors, held in London on July 24, states that the net profit. • after providing for bad and doubtful debts and including .£42,763 19s. 4d. brought forward from tho previous year, amounts .to, £191,749 14s. 9d. Tho 'interim' dividend at the rate of 12 per cent., paid in January last, absorbed £15,000. The sum of £10,000 hue been placed to premises account, £10,C0O to reserve for depreciation of investments, and £8600 appropriated to pay a bonus, to the staff, leaving available for distribution £118.149 14s. 9d„ -which has been allocated as follows:—In payment of a dividend at the rate of 12 per cent, per annum for tho half-year ended March 31. £45.000, and a bonus of 7 per cent., £7500; to reserve fund, £15,000, making that fund £730,CC0; to pension and uratiiity funds, £5100; and the balance of £45,549 14.3. 9d„ to be carried forward. The paid-up capital is £750,000; reserve fund £715,000; notes in circulation, £1.702.381; deposits and current accounts, £5.655,903 9s. 4d.; b'llß payable and other liabilities. £1,0C3.236 lis. 9d.; profit and loss account, £118,149 14s. 9d.; total, £9,945,670 15b. Wd. The assets comprise coin and bullion. £1,193,440 lis. 10d.: cash at bankers, etc., £294,452 15s. 4d.; investments in Home, foreign, and colonial securities,. £356,554 65.; British and New Zealand Government war loans and Treasury bills. £1,961,131 165.; bills discounted, £5J0,C06 13s. 3d.; bills receivable, £442,415 ob. 4d.; advances, £4.939,664 in.; landed property,' premises, and furniture, £158,005 10s. Id.; total. £9.945,670 15a. lOd.

T[ie chairman of Hie bank (the Hon. \V. ,P. Beeves), in his speech in moving the adoption of the report and balance-sheet, said: "If we look to the results of the year shown iu the trade and revenuo of New Zealand there is on the whole good cause for satisfaction. It is true that we are confronted with a fall in the value of exports, and a larger, fall In that of imports. But the sum total of the two amounts to about £51,500,000. a value still far about anything reached before the war. Moreover,, this ■ year's-set-back is more than accounted for by transport, difficulties and particularly by the amount of colonial produce infilling shipment. This amount, lnrge in the year under review, is said to represent now over £24,000,000. Serioiiß as this embarrassment, is, we may remember that (he sale of this produce "has been effected or is assured, ana mat a good deal of it has been actually paid for. ' We- may, therefore, regard the delay in shipment as only a temporary trouble.. The public , revenuo of the Dominion has been buoyant enough in tho recont official financial year to provide a surplus of rathei more than £4,250,000, and to enable the Government to increase its reserve fund, now lying' in London investments, to £8,500,000. Very large war ftians, moreover, have been provided out of tho resources of the Dominion. * All this is to the good. At the same time it is necessary not to .be blind to certain special features of the position.. Tho high trade - figures are due not iu the increase of production, but' to the war domand and war prices. Increased revenuo is not bo much the. result of increased wealth as of heavier taxation, a taxation wlrich-per head of tho population—has been rather more than doubled in th 6 last three years. The creation of the .reserve fund is a statesmanlike and praiseworthy precaution, but substantial as it, is, we cannot shut our eyes to the growing -magnitude.- of our war debts. What yo may safely claim is this: NewZealand has sent something like 10 per cent, of her population into Vn<; field, and that tho most vigorous and cfiicicnt portion, yet, in spite of this drain on our labour supply production lias been maintained. Heavy again as is taxation, our people have been able to' bear it without suffering and without injury to industry."