AUSTRALIAN FINANCE.

Auckland Star, Volume LXI, Issue 217, 13 September 1930, Page 12

AUSTRALIAN FINANCE.

COMMONWEALTH BANK.

CONCLUDES PROFITABLE YEAH

DISPOSAL OF FUNDS,

SYDNEY, September 12,

The Commonwealth Bank profits for tlio half year to June 30 totalled £777,751, of which £24G,281 is from , tho general banking department, £491,272 from the note issue,, and £40,193 from rural credits. The total profits exceededJast year's for a similar period by £47,000, and are allocated thus: — Half the general banking profits to a reserve fund, making it £868,808; half i;o the national debt sinking/fund; half from the rural bank department to its own reserve ■ fund, : which becomes £89,608: iiiiiJ half to a development fund now totalling £67,168.

Of thenote issue profite, three-quarters go to the Commonwealth consolidated

revenue, one.quarter to the rural credits department capital account, making it £1,308,292.

The • directors announce that they expect they will have to consider the shipment of more gold overseas at an early date to; build up the gold exchange reserve. The bank's gold reserve against note issue amounted to 44.38 per cent. Under the powers conferred last year for the acquisition of gold held in Australia, the bank had transferred £12,000,000 Avorth overseas. With the amounts shipped by trading banks, the total sent overseas was £16,650,000 during the six months .and £26,500,000 -for the whole year.