QUEENSLAND NATIONAL BANK

Dominion, Volume 28, Issue 254, 24 July 1935, Page 12

QUEENSLAND NATIONAL BANK

Dividend Rate Maintained The Queensland National Bank, Ltd., reports a net profit of £69.692 for the year ended June 30, compared with £67,411 the previous year. The dividend is maintained at 4 per cent., and requires £70,000, and £18,787 is carried forward against £19,095 brought forward. The dividend is free of Queensland income tax and without deduction in respect of Federal income tax payable by the bank.

The report states that a slight improvement in the demand for accommodation has taken place during the year The directors hope that it will continue and enable them to use to better advantage a portion of the funds now temporarily invested in Commonwealth loans. Total deposits have increased by £509.740, fixed deposits being higher by £10.679. mid current accounts higher by £493.0(11. During the year £39,489 of the interminable inscribed deposit stock was purchased ami cancelled. Referring to the breaking of the drought in Queensland, the report states that provided the sheep am] cattle men are allowed to carry forward their loswes for taxation purposes, with perhaps temporary relief in rentals, together witli low interest rates, their industry should revive as it has- in the past. The bank does not anticipate making capital losse.-i of any magnitude.

Year ended June 30. 1933. 1034. 1935. £ £ £ Net prSlits .. 73,03!) 07,411 69,092 Dividend, p.c. 4* 4 4 Div., amount 70,000 70,000 70,000 Forward 21,084 19,095 18,787 LIABILITIES— Capital .... 1,750,000 1,750,000 860,000 1,750,000 800,000 Reserve fund Interminable de 860,000 posit stock 3,015,095 2,854,478 2,814,988 Bills payable 302,531 280,042 305,362 Deposits ASSETS— Coin, bullion, 7,872,213 7,941,295 S,451,035 Australian notes & cash at bankers C’wealth Trea1,522,70S 1,673,481 1.766,172 sury bills (short dated) 1.130,000 690,000 Govt. secur 1ties ■ [-1,372,885 '[1,456,387 42,370,560 Cash balances Bills remitted 91,229 88,525 99,510 & in transit Money in Lon--170,089 567,165 570.201 don at call & short no25,000 15.000 Advances, discounts, etc. 8,094.760 8.701,367 8.860,448 Premises 519,252 516,983 547.273 t Under market value.