COMPANY AFFAIRS.
E„ S. AND A. BANK
PROFITS LESS THAN HALF.
DIVIDEND 8 PER CENT.
Provision for bad and doubtful debts and contingencies having been charged to contingency reserve, the gross - profit of the English, Scottish and Australian Bank, Limited, for the year ended June 30 was £1,275,825, against £1,587,758 for 1929-30. Expenses and management, including income and other taxes, absorbed £1,009,168, against £1,045,022 a year ago, and net profits declined from £542,736 to £266,657, as was stated in the cabled summary 'from London published in the "Star" on November 17.
In the latest balance-sheet, which has now come to hand, deposits have shown a further decline of £1,759,172, as against a lowering last year of £3,452,803. Deposits at interest have diminished by £1,430,159 and current accounts by £329,113 to £9,786,854, Advances and other assets, after deducting provision for bad and doubtful debts, and contingencies reserve at £25,699,023 are £3,168,844 below the 1930 total. The proportion of advances to total deposits is 91.3 per cent, as against 95.3 per cent last year and 87.7 per cent in the previous year. Bills payable have fallen by £314,028 to £1,552,930 and bills receivable by £582,215 to £2,097,482, compared with contractions of £1,023,866 and £3,231,472 respectively in the 1930 year: The sum of £1,585,000 has been allocated from the reserve fund to a. special reserve for depreciation in Australian currency. The directors consider that this will only be of a temporary character and that the amount will ultimately be restored to the general reserve fund. The total of the balance-sheet is £38,579,690, which is £2,280,048 below that of the previous year.
Following is a comparison of the bank's results for the last three years:—
1929. 1930. 1931. £ £ £ Brought forw'd 311,478 347,741 305.477 Net profit 601,263 542,736 200,657
912,741 890,477 572,134 To reserve 80,000 80.000 30.000 Contingency a/c 50,000 70,000 — Provident fund 10,000 10,000 5,000 Bouk premises. 50.000 50,000 — Dividend, p.c... 121 12J 8 Amount .... 375,000 375,000 240,000
Carried forward 347,741 305,477 207,134
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Bibliographic details
Auckland Star, Volume LXII, Issue 305, 26 December 1931, Page 4
Word Count
329COMPANY AFFAIRS. Auckland Star, Volume LXII, Issue 305, 26 December 1931, Page 4
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