AUSTRALIAN BANKS

Hokitika Guardian, 1 August 1932, Page 3

AUSTRALIAN BANKS

A CUT IN DIVIDENDS

(Australian Press Association.)

■SYDNEY, July 29

The Commercial Bapk of Australia, Limited, for /the year 1930-31, pa.d a dividend on the ordinary capital at the rate of lli per cent. rdr tile period ending June 30 last, it is ' intended to pay a dividend of on’.y five' per cent., which will account for £IOO,OOO out of £265,000 that is available for appropriation. The net profit at £199,670 for ,1931-32 contrasted with the 'profit of £308,450 in the piev.ious year. The preference dividend, which is on the basis of four percent., will absorb £84,694. The deposits are shown at £21,707,607, which is ail increase of £847,822. Tlhe Commercial Banking Company of Sydney, Ltd., earned a net profit of £253,866 for the year ended June 3Jth last, compared, with £441,816 in the previous year, and £637,619 in 1929-30. An interim divided at the rate of six per cent, per annum was paid last January, and a final disbursement was approved to-day which is on th e 'basis of five per cent. per annum, making ithe return for the year 51 per cent. The Chairman, Mr G. J''Cohen, remarked that the profit (o; 1931-32 represented « n 'y two P oint eight per cent, on th e combined capital and reserves, which' was an effective answer to those who were contniuniUy charging the banks with making unconscionably large profits at the 'expense of the" trading and producing public.