BANK OF SOUTH AUSTRALIA.
THE LOSSES.
IPRKS3 ASSOCIATION.}
[nV E-ECTRIO T___GKAPII—CO.VYRIGHT.T.
London, October 6.
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 assets will also have to be written down to a safe point. It is proposed to appropriate .£IOO,OOO of the reserve, to reduce the capital to £600,000, and appropriate £37.700 (the half-year's profits), along with £10,000 previously brought forward. In all other respects the bank is perfectly sound. The profits for the last four years have averaged _£60,000, and there is every likelihood that the same rate wi!l 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 the last four years.
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Bibliographic details
Auckland Star, Volume XXII, Issue 239, 8 October 1891, Page 9
Word Count
157BANK OF SOUTH AUSTRALIA. Auckland Star, Volume XXII, Issue 239, 8 October 1891, Page 9
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