BANK OF SOUTH AUSTRALIA.

Temuka Leader, Issue 2265, 10 October 1891, Page 2

BANK OF SOUTH AUSTRALIA.

London, Oct. 6, l The Directors of the Bank of South s Australia do not propose to pay a : dividend this year, but recommend that 1 £6 per share be written off, and that thu whole reserve fund be appropriated to ‘ meet losses. In a circular to the shareholders tli© , Directors of the Bank of South Australia • regret that several advances made in Melbourne are unsafe. They were mad© by a former manager, and it is necessary to place the assets therej on a sound foundation. The Adelaide assests will also have to be written, down to a safe point. It is proposed to appropriate a hundred thousand of the reserve, to reduce the capital to £(508,000, and appropriate £37,000 (the half year’s profits) along with £IO,OOO previously brought forward. In all respects the Bank is perfectly sound. The profits for I the last have averaged £69,000, and there is every likelihood the same Tate will be continued, which will enable them to resume paying dividends and build up a new reserve fund. There have been no losses in South Australia for the past four years. ENGLISH MARKETS. London, Oct. S. Dalgetty and Co. have declared A dividend of 8 per cent, per annum £IO,OOO have been added to the reserve fund, and £SOOO carried, forward to next year’s account. The total quantity of wheat and'flour afloat for the United Kingdom is 920,000 quarters, and for the Continent 2,480,000 quarters. At the wool sales prices were irregular, hut were a Id above the lowest prices obtained at present sales. The series of sales which closed to-day were spirited; * compared with the July closing good merinos wdfce from par to 5 jr d r cent, lower; inferior from 5 to 10 per cent, lower; crossbreds, at par; faulty 5 per cent, lower, 42,000 bates were carried over to next series. The estimated American visible supply of wheat is 36,500,000 bushels. The imports for the last month show a decrease of £1,360,000, and the exports a decrease of £1,970,000. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following 'cable advice from their London office, dated 6th October: — Wheat—Market is steady, and there is a fair demand. New Zealand wheat, f.a.q,, is worth c.i.f. to arrive 40s 9d per 4801 b. New Zealand wheat, average and longberry, are worth 41s 9d and 44s per 496!b>, [Further commercial news will bo found on our fourth page. ■