THE COMMERCIAL BANK.

Taranaki Daily News, 22 August 1922, Page 6

THE COMMERCIAL BANK.

. PROFIT OF £228,080. Net profits amounting to £228,080 were made in the past year by the ComBank of Australia, Ltd., the annual meeting of which was held recently. After appropriations had been allowed for, a balance, of £105,897 was left, and £42.208 of this will be carried forward to next year. The remainder will be distributed to shareholders—as a six months’ dividend on preference shares, and £21,341 as a dividend on ordinary shares. Interim dividends of £42.347 and £16,432 respectively are included in the appropriations. Mr. J. L. Webb, the chairman, mentioned in the course of his review of the bank’s affairs that the paid-up capita! on June 30 amounted to £2,453,942, which will be further augmented to the extent of £14,934 in connection with the last issue of ordinary shares. “We feel,” said Mr. Webb, “that this is an important stage in the bank’s history, and are pleased with the substantial progress .made. It is interesting to, note thdt for the first time the total of the balancesheet figures exceeds £20,000,000. ' s ‘LQ9kift£ hade pver the comgarative-

ly short period of five years, our deposits during that time have increased from £8,085,900 to £16.187,721. and our advances from £4,990,257 to £11,294,940. The profit for the year has increased from £134,692 to £228,080.”