JOINT STOCK BANK.
Sydney, this day,
The half-yearly meeting of the Joint Stock Bank was held to-day. Tbe report was adopted. The profit was .£23,264, inclusive of brought lorward. No dividend was proposed. £2,066 were added to the reserve and the balance carried forward. The Chairman explained that since 1893 Liabilities of the old bank had been reduced by .£5,653,000, but there still remains over five millions of old deposit bearing 4j< interest. In consequence of this heavy burden and contraction of returns, the directors consider it prudent to conserve the profit, and while giving assurance of a determination to do their utmost to meet depositors' claims, indirectly appeals to them to consider whether they could not see their way to come forward and accept a lower rate of interest, as the present high rate places the bank at a very great disadvantage compared with other banks.
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Bibliographic details
Auckland Star, Volume XXVII, Issue 179, 31 July 1896, Page 5
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147JOINT STOCK BANK. Auckland Star, Volume XXVII, Issue 179, 31 July 1896, Page 5
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