MONEY MARKET.
NING THE STRINGS . OE THE PURSE,
EFFECTS OF, THE DROUGHT,
By .telegraph—Press Association—- . Copyright, LONDON, March 27. The directors of 'tiie London Bank of Australia propose to reduce tb.S'eapital by £7 10s per share in order to make the fullest provision for-looses of stock and depreciation of properties. The profits for the year are £85,000. Alter paying interest, on transferrable deposits £IO,OOO is being carried forward.
Received 5.26 p.m., March 29i
LONDON, March.2B
At a meeting of the London /Bank the directors’ recommended that, owing to the disastrous effects of- the prolonged drought upon pastoral properties in Australia, it would be necessary and also be prudent to reduce tire capital.
The Financial Times says that the London Bank Board is wise in suggesting such a reduction, which .will greatly strengthen the position.
THE FALL IN CONSOLS. In the House of Lords Lord Hardwick stated that the fail in Consols was partly due to city financiers’ having one hundred and seventy-eight million pounds invested in South African gold stocks, which, owing*.’ to the insufficiency of labor, was not easily realised. ’ Tile first s-ign of an improvement in the labor supply would cause a large rise in Consols."
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Bibliographic details
Gisborne Times, Volume IX, Issue 853, 30 March 1903, Page 2
Word Count
198MONEY MARKET. Gisborne Times, Volume IX, Issue 853, 30 March 1903, Page 2
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