Business Gossip

Sun (Auckland), Volume I, Issue 130, 23 August 1927, Page 2

Business Gossip

Company Registration. Yesterday one private company was registered in Auckland. It was: Bridge Drug Store, Limited. Objects: To acquire the business of Bridge Drug Store carried on at 3 Karaneahape Road by 8. Barclay, chemist, etc. Capital: £2,5(W in £1 shares. Subscribers: Stephen Barclay, 1,500 shares; S. Sheaves, 1,000 shares. London Frozen Meat Values.—Under date August 19, the London house of the New Zealand Loan and Mercantile Co., Ltd., cabled as follows:—“New Zealand lamb, no change in the mar- | ket; last week the market averaged f B£d. Mutton, Jd a lb dearer; last week, ; light wether and maiden ewe, 5 T-M; heavy wether and ewe. 4 3-8 d: light ewe, 4 3-8 d; heavy ewe, 4 l-Bd. Market firm.” NATIONAL BANK OF N.Z. YEAR’S WORK REVIEWED SATISFACTORY PROGRESS In spite of a difficult year the an•ual report and balance-sheet of the 4ational Bank of New Zealand disposes most satisfactory progress, according to the chairman, the Hon. vV. Pember Reeves, at the annual meeting of the bank held in London recently. The paid-up capital remained unchanged at £2,000,000, the reserve fund being equal to that figure. Note circulation £1,059,000, showed an increase of £103,000 over March. 1926. Deposits and current accounts in London and New Zealand aggregated £11,283,000, an increase of £ 545,000. On the other hand, . bills payable and other liabilities had i decreased £721,000. Advances at the end of the financial ; year were £10,193,000, as compared with i £10,024,000 at March 31, 1926, an increase of £169,000. All advances had been carefully reviewed, and full provi- ; sion made for contingencies. The bank's j business continued to be conducted on i prudent and safe lines. PROFITS AND DISTRIBUTIONS I The net profit, was £312,275, a dfl- ; crease of £21,000, or, including the carryforward, a total decrease of £15,466, a* ! compared with last year, and this after paying a bonus of £15,000 to the staff. The same dividend and bonus would w paid as last year. With regard to the reduction in the net profits, Mr. Reeve* considered that in view of all the circumstances, and the heavy taxation the bank way called upon to pay, the result of the year’s trading was quite satisfactory. BANKING FIGURES It was recognised a year ago. or even earlier, that the fall in export price* must be met by a. reduction of imports, and in a somewhat dilatory fashion, tnerchants began to carry out this reduction. Unfortunately, as this went on, the prices of some of our main exports fe** still further. The result had been that while the value of imports during the year was reduced by £5,000,000, there was still an adverse trade balance o£ £2,500,000. The effect of this, and depressed business generally, was shown the returns of the New Zealand oftnKs of issue. The banks, therefore, have as a matter of financial necessity,^to insist upon a further reduction of unports, and also to restrict advances. Severe competition from private ana Government savings banks had constituted a drain on current accounts. REVISED FREEZING RATES EFFECTIVE FROM SEPTEMBER 1 Consistent with its policy of maintaining its freezing and killing as near as possible in favour of farmers who established it, the Auckland Farmers’ Freezing Company announces a further revision. The revised rates for killing, bagging, ing and placing f.o.b. from Septemnc 1 will be as follows: Southdown Moerewa % Works. Works, per lb. per ijpBeef in quarters .. 5-8 d 11-16 d Veal Id 15 Mutton 5-8 d „ Lamb 3d ?-W Boned beef Id .. JJ Pigs 7-8 d SOUTHERN EXCHANGES YESTERDAY’S SALES Wellington.—Commercial Bank 27s lOd and 28s; Wellington Gas (oral. 27s Christchurch.—Tolaga Bay, 6 perc ei, £; 1944, £102; Goldsbrough, Mort, 45S Commercial Bank of Australia, -j* (four parcels); National Bank oi■ | d Zealand, £6 15s; Bank of New Zeaian (D preference, 10* paid), 16s la, , burnia, 3s 6d; British Tobacco, 56s (two parcels), 55s 9d, 56s (two cels). Sales on Change.—Bank oi - South Wales (cum. dlv.), £44 15a, and O. deferred stock, £293; *** Woollens (pref. cum. div.). 13s (two P cels); Staples Brewery, 37s bd; Tobacco, 55s 6d; Mercantile Finance poration (5s paid, cum dlv.), (four parcels); Mount Lyell. 26s 11° i unl parcels); N.Z. Refrigerating (con., dlv.), 6s Bd. Z*»Dunedin. —National Bank of M land. £6 15s (two); New 1 £9s eminent Bonds, 4A per cent.. 10s (two); Bank of New Zealand U' sue), 6s 3d prem.