NATIONAL BANK OF N.Z.

Dominion, Volume 28, Issue 84, 3 January 1935, Page 10

NATIONAL BANK OF N.Z.

Interim Dividend on Saturday A STRONG POSITION The general manager of the National Bank of New Zealand, Limited, announces payment on Saturday, January 5, of an interim dividend at the rate of 4 per cent, per annum, free of tax, for the halfyear ended September 30 last. The above dividend will be payable in New Zealand, at any branch of the National Bank of New Zealand, Limited, at current rate of exchange for demand drafts on London on the date of negotiation. This makes the interim dividend equal to £2/9/5 per cent. This bank shows its capital and reserves as under: — £ Subscribed Capital 6,000,000 Paid-up Capital 2,000,000 Reserve Fund (invested in Government Securities) .. 1,000,000 Currency Reserve (invested in Government Securities) .. 1,000,000 Reserve Liability of Shareholders 6,000,000 • £10,000,000 And in addition there are undivided profits carried forward of £106,416. In the balance-sheet liquid assets stand at £12,289,000, which are equivalent to 6S per cent, or 13/7 in the pound of total liabilities to the public, and for every £1 of its own funds the bank is holding only £4/7/9 of the public’s money, which is an exceptionally strong position. A. P. ASSURANCE Dividend Rate Doubled Total premium income in the life department of the Australian Provincial Assurance Association, Ltd., for the year ended September 30 was £216,492, a reduction of £5961 on that of the previous year. Income from interest, rents, and dividends was £114,101, a reduction of £9BO. Total claims, at £196,661, increased by £17,459, a reduction of £23,393 in surrenders being more than offset by an increase of £37,021 in endowments matured. while death claims increased by £3719. With £3029 brought forward, and including £2570 from the accident department, £43,600 is available, compared with £39,673 last year. The directors recommend a dividend of 2} per cent, (compared with 1} per cent the previous year), requiring £8926, a bonus of £33,007 to policyholders, and the transfer of £lOOO to the Canberra leasehold reserve, leaving £667 to be carried forward. A strengthening of the actuarial reserve from a per cent, net premium basis to a 3} per cent, net premium basis has been effected. The bonus rate has been maintained at the same level as last year. Administration expenses, at £29.926, increased by £llB5, but depreciation and mortgage losses, shown together at £19,105. fell by £5630. ■ Capital is £3'57,028. Reserves, including land and income taxes and mortgages, are unaltered at £58,000. Assets are valued at £3,142,182, of which Government securities, at cost, represent £1,462,582, freehold properties £506,214, loans on mortgage £695.564, and loans on policies £144.945. Shares in other companies are shown at £229,559. and cash in bank and on hand at £25,451.

MINING IN NEW SOUTH WALES Best Gold Yield Since 1921 It is estimated that minerals valued at about £9,900,000 have been won in New South Wales during 1934, an increase of more than £1,000,009 compared with the yield for 1933. The estimate is based on advance returns of mining activities furnished to the Minister for Mines, who said last week that the marked improvement had been general in the industry, and that optimistic forecasts were made from most centres. Gold production during the year is estimated to amount to about 34,2300 z., ’valued at £291,000 in Australian currency. This is the highest yiehl for New South (Wales since 1921, and is approximately 5000 oz. (£42,000) in excess of the 1933 yield. Mr. Vincent said that the interest in gold-mining was well maintained, and reports indicated that the output would be further increased next year. The Minister said that coal still made the most important contribution, the output for the year being estimated at 7,700,000 tone, valued at £4,690,000, an increase of 580,000 tons, and £383,000, compared with the output for 1933. The '■oke production was estimated.at 641,000 tons, valued at £727,000, an increase ot about £214,000 on last year. Broken Hill Output. It is estimated that about 1,256,000 tons of crude ore will be raised from the Broken Hill mines, an increase of 55,000 tons, compared with 1933. It is estimated that the value of lead and zinc concentrates dispatched from Broken Hill will be about £2,200,000. The tin-min-ing industry was assisted by enhanced prices. The production should reach 1360 tons, valued at not less than £312.000, an increase of 225 tons, compared with 1933. Several promising deposits were developed during the year, and 28 dredging plants were in operation in the northern part of the State. The Minister said a pleasing feature, reflecting the improvement in the building trade, was a marked advance in the quantity of cement manufactured. The production was 231.000 tons, compared with 177.000 tons in 1933. Notwithstanding that the price was reduced during the year, an increase in the value, of the production of £148.000 was anticipated. Union Bank Dividend ' The Union Bank of Australia has declared a dividend for the half-year ended August 31 last, of 2/6 per share. The sum of £111,030 is carried forward. LONDON EXCHANGE Associated Banks’ Rates The associated banks trading in New Zealand have adopted the following rates of exchange on London as from August 1:— NEW ZEALAND ON LONDON.

Basis £lOO London. Consequent upon the above adjustment in London exchange rates, the following rates between New Zealand and Australia were adopted as from August NEW ZEALAND ON AUSTRALIA. Buying Rate. Selling Rate. £lOl £lOO 10 0 Basis £.lOO New Zealand.

Buying. Se Hing. £ s. <1. £ d. 124 0 0 T.T. 124 10 0 123 10 0 Dernau d 124 7 6 123 0 0 3 days 123 0 0 30 days 124 <> 0 123 0 0 60 days 124 2 6 122 15 0 00 days 124 0 0 122 10 0 120 days