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BANK DIVIDENDS.

DEDUCTION OF EXCHANGE. BANK OP NEW SOUTH WALES ANNOUNCES! 'KATE. The following statement ■ has been supplied by Mr 0. Garrett, manager of :the -Christchurch branch, of the-.Bank of New South Wales:- —

. - "Tor information of those concerned we have to advise' that dividend payments due February 26th by this .bank will be paid on the basis of our selling rate between New Zealand and Australia which stands at £IOO New Zealand equal to £lO4 10s Australia. That is to say that tho - dividend paid - will be nine shillings' per share in' Australian currency and eight shillings seven and one-third pence. New Zeajand currency. "We particularly desire, to point; oit that this is the first announcement made by the b.ank in regard to exchange actually to be charged, and that the rate could not be* announced until the lowest rate possible had been approved by head office." •

ADVICE TO SHAREHOLDERS. PULL DIVIDEND CLAIMED. I . 1 Following the statement by the manage/ of the Christchurch branch .of the Bank of New South Wales that only. 4$ per cent, would be charged on the payment of the dividends, Dr. A. C, Sandston, chairman of the committee set up at a meeting of Christchurch shareholders in the Bank of New South Wales held last Monday, has made a statement on behalf of the committee. The statement reads: "At a meeting of the Bank's 'shareholders held in Sydney, in May, 1924, the deed of settlement was altered and reads in nexion with dividends, 'And all. dividends hereafter to accrue on the shares standing on the several separate, share registers shall be payable only at the office of the company where such-sep-arate ! registers shall be kept respectively/ " The committee has considered the clause and is of opinion that the bank must pay dividends in full, and requests shareholders sot to accept any less sum than 9s per sharo dividend. 1 'Thecommittee is still negotiating with the head office in Sydney; on the; matter,-and is ; co-operating with other stock' exchanges in the' different 7 New Zealand-centres in their endeavour to complete the matter,"- .< 1 AUCKLAND. SHAREHOLDERS' PROTEST.

(PBBSS ABSOCIA.TIO* TXUCGKAV.) AUCKLAND, February 25. _ A meeting -of shareholders- : in, the Banft of JSew South Wales, convened by the Stock Exchange, was held this afternoon to consider the decision of the directors to pay dividends in Ansiialian euriency. ~. . \ „ ....... The chainnaa orthe Stock" Exchange, 2£r-Q. G. Creagh;,read"adviee 1 that the, deduction ,sjigfctfv m.**. """■ft? *•."»« f . . injg " ; s tfais^< , -we.ti»g r . Vol •'< shareholders in Bank of New South, ittW* on recqrfl its} strong protest -against the .action the directtjjM-'of' tbenbjßnk,, in, deciding to pajr their New, Sfealand ; .sbarehoitlers lit' - AtlsfraHan currency. Thai this protest jii. raised, inter alia, on two, f - . ■ • "(1) The method of payment » a departure from the { tom'jsf ( the and of other'oycrseas' jcoinpanies' hUv*ng> a ter 'in this ?quntrj% 1 - * f ,(2) The is doing a largo business , in Now Zealand,' and its profits in New Zealand; Whip t*re~4naie out of New Zettfanft >/ jbe paid' out by fprfcy of'dividends to New Zealand shareholders . in.' tho- a&me " t?nrrenc'y. \* i J n T7* ( ( ' .y Z't ■ • ■ > - * ;l\"}' ' SUBSTANTIAL DIVIDENDS. ■ , t V \t"n/.^Wv'T'W'f^)»y>; A.t * ?k J w i * " *$ £l. ( i Jhe English hanks ' —Midland, wfrtminatef and .Bsrclay.'a~de; clared their final dltidendsi early Jtanu«y." All" three maintained theiifdlvidwds,- though , they suffered a shrinkage in-i net profits. w , , ijie Midland. » \ The ' neti profits of the Midland' were , £2,316;fi89, a drop Of on. the preceding year.' The amount [. brought forward was £859,258: • Tha dividend';<tess. tax) de-, clared for the year yas 18> tier cent., and £851,287 was carried forward. • ' .v ' > f 1 * *>t < ' s ' ' l 1 * J- 1 , i " . 1 ,?' » L* . f ' The Westminster net profit wa» £1,821,888; and brought forward * #508,8114., The, shrink 1 age in profits yrap £BBB,OOO. The dividend on £4 shares was 20'* per cent, and on £1 shares per cent. < s ■> ~~ Barclay's, , , ' Barclay's profits ■were £1,821,2(JJ, and \ brought forward The ,''profits,, showed 1 a shrinkage of £510,000. s Th» dtvi- \ dends 'were 10 per Oent. on - 4 'Ai v apa l* per cent, on *'B" jand "C"* Shares, " ' ' ; ' 1 "l fSn"' i 'Provincial Bank of Ireland. „ * A. dividend at the rate of 14i W cent! j per annnm is bein^ 1 paid 'by ' the Provincial Bank of Ireland, for Aha half-year t? December 31st l%st..- Thfe - rate has- bfen diatxi' , buted for many years past. i ■ .-■ ; V ■ TftE HIDES MARKET. IMPROVEMENT AT HOME. ~ 1 v , . s "Writing of - the leather and hides - ntarVet. m Britain, as at Jaunary 10th, a < cofres-' pondent of '"The 1 Times" #ays;— • . "A rather steadier tone was apparent 'at the auctions for JildeS and calf skins hbld at Manchester 'this week, the only alteration in regard to ox and - beiilg «' reduction of id' iter lb on the two top weights. ,Both classes of cows in the BQlb and up weight were 'id per lb,dearer, while bulls apd 'calf skinß mado last week's prices. Supplies coming inao the markets ire not. large for the time of 1 thfr' year,, and this fact probably eccounta for the steadiness. Although the actual turnover in foreign hides , shows no appreciable improvement, a better tone pervades "the' market,' and' hopes are entertained that there, will he an ex--pansion in the demand. Already there rre bi -b of greater interest in" hides, particularly at certain centres' o( origin;'' for instance, during' the past tyeek bbth European conntries and the United States of America have been interested, in the'trigorifico market, and" the business reported has amounted to a 1 fair aggregate. On the other hand, several' other producing centres are unable, to .announce any improvement in tiirnover," , TALLOW, MARKET. Dateety and Company,, Limited, Ohrist« .church, hjye received"* cable from their S? office, > dated Pebruarir "I ' ' Tallow—l£ there is any demand atf mortem a sale we expect a fall in nrioea offully Is. > r - , LONDON 'BUTTJSR MARKET. >sl Dalgety and Cojapaoiy, church, hive received' from Samuel Pati London, the followins mesaaeo. ,Dat?3 j /February 24tb:-T Butter SMarket—Prices are 2a 'to per <■» a M-aagSm

Permanent link to this item
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https://paperspast.natlib.govt.nz/newspapers/CHP19310226.2.103.6

Bibliographic details
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Press, Volume LXVII, Issue 20172, 26 February 1931, Page 12

Word count
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1,001

BANK DIVIDENDS. Press, Volume LXVII, Issue 20172, 26 February 1931, Page 12

BANK DIVIDENDS. Press, Volume LXVII, Issue 20172, 26 February 1931, Page 12

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