FINANCE & COMMERCE

Dominion, Volume 37, Issue 5, 1 October 1943, Page 3

FINANCE & COMMERCE

TRADING BANKS

Deposits And Advances Rise

A rise in deposits, a further small rise in advances and a decrease in uet over seas funds are the main features. iu I o fatest returno of the trading monthly summary of assets aud as at Monday, August ot>, show the following figures in respect of the six banks.

(hli) Aggregate unexercmeq overdraft authorities £36,307,7iw Overseas Funds Decrease. Loudon funds on August 30 totalled £7.698,208, an increase of £1,072,b2- Overseas funds held elsewhere than in Loudon were £1,546,511, a decrease of £1,182,H0, total fundti being £9,244,719, a net decrease of £110.121. Against these funds were demand and time liabilities amounting to £594,202, thus making the banks net. overseas assets £8,650,517, compared with £8,805,417 on July 26. a decrease of £ 154,900. Increase in Deposits. Demand liabilities on August «0 were £75 501,989, an increase of £2,i92,006. lime liabilities were £29,190,057, an increase ot £4"3 89.'> The total of demand and time liabilities was £104.698,046, an Increase of £3 215.899. The total of demand and time liabilities elsewhere than in New Zealand was £594,202, tin increase of £44,739 The banks’ excels. of assets over nabillties was £19,161.990. a decrease of-£932,b7b. Keser ve balances of the six banks totalled £27,871,074, an increase of £2,568,uu4. Government securities held by the banks total £36,142,301, a decrease of £03,48. Other securities nt £1,811,998 show an increase of £205.125. ■ Klso ill Advances. Aggregate advances on August 30 were £42,066,841, an increase of £42,416. Aggregate discounts at £90,576 were £4462 lower. The total of advances and discounts was £42.157,417, a net increase of £3i.9.>4. The excess of demand and time liabilities over advances and discounts was £62,540,■ 629, compared with £59,362.684 on July 26 and £66,010,870 on June 28. The ratio of advances and discounts to total deposit® on August 30 was 40.266 per cent., compared with 41.504 per cent, on July 26. 38.898 per cent, on June 28. 37.100 per' cent:, on May 31. 38.741 per cent., on April 26, and 42."i0S per cent, on March 29. The aggregate unexercised overdraft authorities on August 30 amounted to £36.337.735. an 'increase of £81,221. The total of advances and discounts and unexercised ' overdraft authorities was £78.495,152. an increase of £119.178. The active note circulation on August 30 was £28.784,301, compared with £27.859,445 ou July 26. an increase of £921,856.

STOCK EXCHANGE

Sales In New Zealand

Dealings in stocks and shares recorded on New Zealand stock exchangee yesterday were as follows, the number of shares in each lot being shown iu the case of Wellington WELLINGTON.

Inser Stock 4 per cent., 1946-49, £]o4; ditto,-4 per cent., 1949-52, £lO5/5/-; ditto, 4 per cent., 1943-45, £lOl/o/-; Lank m NSW (2). £34/5/-; Union Bank, £< 13/6: N.Z. Insurance, £ 4 /'Y;>(3) £4/4/8: Farmers Auct., A pref-, £l/4/b; Abraham and Williams, 10/-: Devonport Steam, -1 9/-- Northern Steam (2). D/o; Kalapol Woollen, £l/3/-; Dominion breweries. £l/18/-, £l/18/3; Broken Hill Ity., --- 5/-; Bycroft, Ltd, £2/11/9; I''™™.™ Trading. S'li/3/3: Mt- Lyell, £l/10/ , Forest Products, 7/9. \CHRISTCHURCn.

Inter. Stock, 24 per cent, 1917, £97 5/-: ditto, 4 per cent, 1943-46, £lOl/2/6: Com. Bank ot Aust. (2), 16/6; B?uk- °t NZ £2/2/-; N.Z. Insurance, £4/o/-, Timaru Woollen, £l/0/9; Broken Hiß Ptv, £2/5/-; Macduffs, Ltd, 12/7, 12/8, Woolwortbs (Syd.),. 17/9; Kanieri Gold, 19/9. DUNEDIN. Inscr. Stock, 3 per cent., 15/1 2 / 5 3-3« (2). .C9S/2/6; National Insurance (2), £l/3/10; N.Z. Insurance, £4/4/9, £4/1/6. Gold Mining The Okarito return was Soz. 2dwt. for 100 hours from 0500 yards. Myer Emporium, Ltd. Including £19,955 over-provided for taxation last year, profit of Myer Emporium, ■Ltd. Melbourne, for year ended July oi, is £209,519. Provision for taxation is £145.000. and for deprcciaUon- £8.>,680. Previous vear’s profit was L 164,101. alter allowing £226,389 for taxation (Including £26,35‘.i short provided for 1940-11), and £105,673 for depreciatiou. Ordinary dividend is unchanged at 74 per cent, ing £129,375. Preference dividend of 9 per cent, absorbs £58,990.

New Australian Loan Australia’s Fourth Liberty Loan of £125 060,000 will open on October o and close’ not later .than November 9. the prospectus shows that the loan which will be issued nt par. will consist ot per cent, stock maturing in 1947-k8 anil 3t per cent, stock repayable in 19uO--iJ. Hie terms are similar to those for pr Gm s loans, and subscriptions may be maleby instalment. It is hoped to secure a. least 750,000 subscribers. Future Of Rubber In a statement, accompauying the full accounts of the Dunlop Rubber Co- (.reat Britain, Sir George Leharrell explained that, lust year’s fall in net profit from £3 186,000 to £2,433,000 was due tf> c» ' (ailment of business owing to rc B' ul , !i ‘ i0 t l 1 y and to lower margin ot profit on - rcat D increased proportion of business for - lied Governments. The ba auee-sbeet r.vealml stocks valued at or ludow cost fallen from £11.147,190 to £10.799.29i. Ou he question of rubber supplies. Sir George expressed the view that “the current year Xu Id see us nearer to ,the o-nnorary solution of this problem tliro K, ■ ” crease iu supplies of the synthetic llld ‘- , ial from the United States.” He viewed the future with confidence.

Dow Jones Averages (Dy ' Telegraph.—Press Assn.—Copyright.) NEW YORK. September 29. Dow Jones averages (1926 equals 1(H)) 20 Rail- 32 . Shares

liabilities. Demand liabilities In _NZ. •(b) Time liabilities in b.Z. -J,Uh,Um U) Demand liabilities elsewhere tlmu in N.Z., incurred in re- ... spent of N.Z. business .... (11) Titne liabilities elsewhere than in N.Z. incurred in respent of N.Z. business .... 01,Dio (in) New Zealand business —Excess of assets over liabiliLl e< W,.Lui, VW £124,454,238 'Including transfers from bank of tiew Zealand’s long-term mortgage fund of £40.905. ASSETS. (c) Reserve balance held in the Beserve Bank of N.Z. ...... lu,8i 1,07-1 overseas assets in respect of (f) N.Z. business — 11} In London 1,61)8,208 <g) Hi) (h) (.1) (k) (2) Elsewhere Subsidiary coin in N.Z. .. loa.AW Aggregate advances ill b.Z. •l_\UGG,b41 Aggregate discounts in N.Z. vo.uin Reserve Bank of N.'Z. notes l.aau.WSeeurities held in N.Z.— on, (1) Government oG,14.,,J01 (2) Other than Govt. .... 1,811,IW Value of land, etc., held in Z 1,V«j1,0J2 (1) Total £124,454,238

No. of Sale Price. shares'. .£ B. <1. £820 Inser. Stock, 3i p.e., ltk>7GO *100 5 O £1205 Ditto, Si p.c., 1053-57 (3) *102 15 O •104 7 6 ?,00 National Insurance »t » 10 200 N.Z. Insurance 275 Dominion Breweries ... •Late sale Wednesday AUCKLAND.

Dividends And Calls N Z. Newspapers. —mt. 8d. share Oct. ■1 Bartholomew Timber —linai. -« Oct. n.c. plus bonus 1 P.O. v" Felt and Textiles—half-year, first Oct. pref. 3 p.c.; final, ord. 5 p.c. United Building (Christchurch)— Bank .Vsia—int. 5 p.c. Jlunie J’lpo—33 p.c. pref.. 4 p.e. Oct. Oct. 1 4 Oct. 4 WoohVorl hs (Sy d.J I—int., 5 p.C. Oct. 15 Woolwortb.s < Vie.)—ini. 34 p.c. •Oct. 15 Wai rani |>a Farmers’—prol.d p.c. Oct. 4 Wool worths (N.Z.) — half-year Oct. 15 Howard.” Sniil'li— int., qr„ pref.. < lid. 7 Koiniilii 'lleefs—lid' a ts’hur Oct. IS < Ina ran too Corp. —lid. a share .. Oct. South Ofhgo Freezing—ord. 5 p.c. (let. Win. Cable— lot. prof.. p.c. y Nov. Electro Zinc—final, pref, and ord., 5 pc Dec. 81

r< Industrials, sold. 19+2 (high) .... 29.28 +19.71 ■— 1912 Sept. Sept. Sept. Sept. (low) 20 23.31. 92.92 1 11.75 1+1.19 1.098.0'NJ 713,000 22 35’20 31.93 111.01) ■1 lo.r.o 111.OS 601,000 667,001) 331.000 28 3150 1.39.27 607,000