BANK OF N.S.W.

Hokitika Guardian, 29 November 1930, Page 4

BANK OF N.S.W.

DIVIDEND LESS, (Australian Press Association.) SYDNEY, November 28. The Bank of New South AA’alcs net profit for the past year was £734,699, or £260,126 less than for the previous year. A divdend at the rate of ten per cent, was paid for the first three- -ges quarters, and at the rate of nine per' cent, in the fourth quarter, absorb-'Vc ing in all £731.2:0', while £116,928 were earned forward. The President, Air Buckland ) in the* course of his address at the annual meeting, doniecl that the hanks were pegging the exchange rates at a point above the true level of the Australian pound. He said that the rates quoted bv the hanks were those at,which the hanks were prepared to do business. Tt seemed to be generally overlooked by those who asked for higher rates of exchange that every additional one per cent, of discount to which the Australian pound dropped involved additional taxation in Australia amounting to £300,090 annually. This was the added exchange cost to the Australian Governments of providing interest in sterling on their external loans. Air Bucklatid declared that ns tile result of procrastination on the part of the Legislatures to face the position confronting Australia, the economic position was rapidly becom* ing worse. On the other hand, the present serious trouble could be avoid* ed by cutting costs ten or -twenty per rent,, and possibly within a period of three to five yeans the Commonwealth would have emerged from the depression.