PREFERENTIAL DUTIES

Sun (Auckland), Volume I, Issue 304, 15 March 1928, Page 15

PREFERENTIAL DUTIES

DOMINIONS BENEFIT By Cable.—. Press Association.—Copyrigh LONDON, Tuesday. The Parliamentary Secretary to th Board of Trade, Mr. H. T. William; said in the House of Commons, tha the benefits of the preferential dutie granted by the Dominions could not b fully stated in terras of cash. The figures for 1925, the latest avail able, showed that Australia’s import from Britain of articles subject to pref erence were valued at £63,850,000, an the aggregate preference rebate o them was £7,800,000. The corresponding figures for th other Dominions were: New Zealant £20,000,000 and £2,860,000; Canad; £23,150,000 and £2,470,000; Sout Africa, £3,850,000 and £375,000. —J and N.Z.

FORTUNES WIPED OUT EXCHANGE SENSATION By Cable.—Press Association. — Copyright. NEW YORK, Tuesday. It has now been disclosed that Mr. Michael Meehan, a comparatively unknown speculator, by his unaided efforts, created a corner on the Stock Exchange in the Radio Corporation stock, resulting in gains to himself of approximately £3 a share in the last two days, the total being many hundreds of thousands of pounds. It is believed that several millionaire speculators, who heavily oversold, are short in this stock, and had their fortunes wiped out in the past 48 hours.— A. and N.Z.

HUDDART PARKER LTD. NET PROFIT OF £143,006 For the year ended December 31, 1927, the Huddart? Parker Co., Ltd., paid a dividend of 10 per cent, and a bonus of four per cent. With the appropriation from profits and the transfer of the surplus from the disposal of several assets, the addition to the reserve fund is £IO,OOO making it£3Bo,ooo. The insurance fund is £285,904, an increase of £8,750, and the reserve for contingencies £380,212, an increase of £16,069. The company’s steamships, plant, properties, and shares in other companies are shown in the balancesheet at £1,078,007, and Government stocks and other investments at £1,410,871. Following is a comparison, of the company’s results and appropriations for the last three years:—

COMMONWEALTH BANK THE YEAR’S PROFITS The half-yearly report of the Commonwealth Bank shows a total profit in all departments for the period ended December 31, of £870,741. To this profit banking business contributed £322,810, the note issue £534,561 and the rural credits department £13,369. Of the last half-year’s banking business profit £161,405 was added to the reserve fund, making that fund £1,379,155, and £161,405 was transferred to the national debt sinking fund. Of the note issue profit, three-fourths (£400,921) was transferred to the Commonwealth Treasury, and one-fourth (£133,640) to the capital account of the rural credits department, making that account £693,737. Of the profit of' the rural credits department one-half was transferred to the reserve fund of the department, and one-half to the development fund, making those funds £19,684 each. Following is a comparison of the halfyearly returns for the last three years, showing net profits, ordinary deposits and advances, Including loans and bills discounted:— Profits. Deposits. Advances. £ £ £ June, 1925 .. 200,943 35,155,565 14,168,832 Dec., 1925 .. 251,445 31,463,836 10,098,071 June, 1926 .. 215,875 36,729,307 11,240,621 Dec., 1926 .. 263,982 28,075,330 12,958,836 June, 1927 . . 336,979 32,277,337 16,194,993 Dec., 1927 .. 336,179 33,504,978 17,781,012

BUTTER-FAT PAYMENTS Payments to suppliers for the month follows’!— ar! '’’ IS2B, are announced as Te Aroha Dairy Co., Ltd.: £10,130 at the rate of Is 4d a lb for butter-fat coin - pared with £9,225, at the rate of Is id year *° r the corrcs P° ndin e period of last Co- nperative Dairy Co.: £l,j°o, at the rate of Is 3Jd a lb for hSi* er ~» a i - or butte r and Is 4£d for butter-fat for cheese. TatUiinut Dairy Co.: £4,022 10s, at the cheese” 13 5d a ib f ° r butter -fat for

SOUTHERN EXCHANGES TO-DAY’S SALES Puiedin.—Reported: E, S. and A. Bank, P 2a; National Insurance, 15s 7d; Auckland Gas, 22s Cd. Wellington.—Reported: National Bank of New Zealand. £6 ISs 6d; Waihi, 9s lOd.

Brought forward Net profit .. 1925. £29,290 123,866 1926. £29,406 141,063 1927. £18,888 143,006 £153,156 £170,469 £161,894 To reserve .. 1,581 7,877 Dividends— Pref., 6 p c. 30,000 30,000 30,000 Ord. rate p.c 12i 16* 14 Amount 93,750 120,000 105,000 Carried forward . . . . £29,406 £18,888 £19,017 •Includes jubilee bonus of 5 per cent.