STABLE PROSPERITY

Sun (Auckland), Volume II, Issue 381, 15 June 1928, Page 12

STABLE PROSPERITY

DOMINION’S TRADE OUTLOOK BANK OF NEW ZEALAND MEETS iF%om Our Resident Reporter.) WELLINGTON, To-day. "The times are in flux; conditions are changing, competition has proved too keen for some; unemployment has been rife, but there are undoubted signs of better things to come.” The chairman of the Bank of New Zealand, Sir George Elliot, struck this optimistic note at the annual meeting of shareholders, held here to-day. Sir George also impressed upon shareholders the great financial stability of the institution. In reviewing operations over the past year, the chairman stated that the paid-up capital of the bank now stands at £6,241,210. The difference between this amount and that shown on last year’s balance sheet, £242.012, was explained by the payments made by shareholders on account of long-term mortgage shares. In addition to this capital, there was the guaranteed stock of £529,988. The stock would mature in 1934, and it was the present intention of the directors to pay it off at its maturity. The reserve fund, with the additions now proposed, plus £824 Is lid premium received on fractions and unallotted D long-term mortgage shares sold by tender, would amount to £3,150,000, and the balance of undivided profits, after payment of the dividend, would be £582,525. These items, capital, reserve fund, and divided profits, totalled £10,503,723. This large amount must bring to depositors and other creditors a comfortable assurance of the great stability of the bank. Commenting on the decrease in the non-interest bearing deposits held by all banks in proportion to interestbearing deposits, the chairman stated that while there had been an increase of interest-bearing deposits over the year of £1,279,604, non-interest bearing deposits held by the bank had fallen to the extent of £604,595. The chairman dealt extensively with the financial situation of the country, the wool production of the world, our markets in dairy produce and frozen meat, and also with the general overseas trade of New Zealand. He showed by comparative figures that the adverse tide of 1926-27 had turned, and the large excess of exports pver imports was slowly beginning to have a beneficial influence on the financial conditions of the country. “The period under review had not been free from difficulties. In business, particularly wholesale business, it had too often been found impossible to earn an adequate return on capital.” Sir George looked forward to better times, however. “In view of the fact that we in New Zealand depend for our material prosperity on our export trade in primary products,” he said, “taking into consideration the prices those primary products are now fetching on the world’s market, and seem likely to continue fetching, and with the know-

TRIBUTE TO DAIRY BOARD “WE have probably had less * trouble during the last nine or ten months with our shipping arrangements than for many years Space has boen efficiently allotted and everything has gene hke ' clockwork.” Thus, Mr. G. Tho mson, secretary of the New Zealand Co-operative Dairy Company, last evening, during the course of a lecture to commercial students at the Auck land University, when referring to the operations of the Dairy Produce Control Board in allocating and arranging shipping space. EXPORT LAMB PRICES Press Association. WELLINGTON, Thursday. The New Zealand Meat Producers’ Board advises that the following prices were being offered for fat stock for export on June 11, the rates being offered on June 5 being given in parentheses; Canterbury.—Prime woolly lambs, 3filb and under, 127. d a lb G2ld); 371 b to 4211>, ll?d (llid): 431 b and over, lljd (lid); second quality lambs, llid (llld). LONDON TALLOW MARKET The Bank of New Zealand has received the following advice from its London office under date June 13:— Tallow. —The demand is rather quiet. Current quotations: Good mutton, 41s 6d to 41s 9d a cwt; good beef, 40s to 40s 6d; good mixed, 3Ds 6d to 40s; gut, 35s to 38s.