Australian Banks.

Feilding Star, Volume XVIII, Issue 27, 31 July 1896, Page 2

Australian Banks.

(Per Presß Associaton). Brisbane, Thig Day. At a meeting of the Queensland National Bank the chairman stated the directors felt it impossible to continue to pay 4£ per cent, on deferred deposits, au.d at the same time to continue to sueI cesßfully compete with the other banks I which were obtaining money at consid- | erably lower rates, and jt was intended to ask the depositors to consent to a reduction of rates. He also indicated there was a probability of a further reduction in the lending rates of the bank, Sydney, This Day. Mi ihfi half-yearly meeting of the Joint Stock Ban£ the report was adopted. The profit was jG2§,264, inclusive of £2635 brought forward. N.o dividend was proposed, £2000 was added to the Reserve and the balance carried forward, The Chairman explained that since 1893 the liabilities of the old bank were reduced by £3,653,000, but there still remains over .£5,000,000 of old deposits bearing 4\ interest, and, in consequence of this heavy burdon and the contraction of returns, the directors considered it prudent to conserve profits while giving assurance of a determination to do their utmost to meet the depositors' claims. He indirectly appealed to them to consider whether they could not see their way to come forward and accept a lower rate of interest, as the present , high rate placed the bank at a very great disadvantage compared with others.