BANK OF SOUTH AUSTRALIA.
(BY ELECTRIC TELEGRAPH. —COPYRIOIIT). London', October 6. The directors of the Bank of Smith Australia do nut propose to pay a dividend this yeir but recommend that i'li per share bo written off, and that the whole of the reserve fund be appropriated to meet loss. In a circular to the shareholders, the directors of the Bank of South Australia regret that several advances made in Melbourne are unsafe. They were made by a former manager, and it is necessary to place the assets there on a sound foundation. The Adelaide asset.- will also have to be written down to a safe point. It is proposed to approp-iata £100,000 _ of the reserve ; to reduce the capital to £(508,000 ; and appropriate £37,000, tho half-year's profits, along with tho £10,000 previously brought forward. In all other respects tho bank is perfectly sound. The pmfits for the last four years have averaged £(i!J,000, and there is every likelihood that the same rate will be continued, which will enable them to resume paying dividends, and build up a new reserve fund. There have been no losses in South Australia for tho last four years.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/WT18911008.2.14
Bibliographic details
Ngā taipitopito pukapuka
Waikato Times, Volume XXXVII, Issue 3001, 8 October 1891, Page 2
Word count
Tapeke kupu
194BANK OF SOUTH AUSTRALIA. Waikato Times, Volume XXXVII, Issue 3001, 8 October 1891, Page 2
Using this item
Te whakamahi i tēnei tūemi
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.
Log in