NET PROFIT HIGHER

Dominion, Volume 29, Issue 253, 22 July 1936, Page 12

NET PROFIT HIGHER

Queensland National Bank The Queensland National Bank, Ltd., reports a net profit of £71,148 for the year ended June 30, compared with £69,602 the previous year, and £67,411 for 1933-34. The dividend is maintained at 4 per cent., requiring £70,009, and £19,936 is carried forward, against £18,787 brought forward. The dividend is free of Queensland income tax, and without deduction in respect of i'ederal income tax payable by the bank. The report states that there has been a sustained demand for accommodation over the past 12 months, attributable to the requirements of industry following a continuance of stability in economic conditions.

Total deposits show an increase of £194,986, those bearing interest being £165,397 higher, am! those not bearing interest £29,589 higher. The pastoral areas of the State have, within the last six months, had useful rains, and given anything like good seasons for the next few years it should not be long before the natural increase in sheep and cattle again restores a reasonable degree of prosperity, provided that to assist rehabilitation a measure of relief from burdensome overhead expenses be extended in extreme cases of distress by all parties charged with the well-being of the industry. Prices for export commodities are in the main satisfactory, and the outlook for ebilled beef is reassuring. Generally, throughout the State, there has been a substantia]-' reduction in the total of funds available for investment, new issues of capital by public companies having been a material factor in making demands on the market. Interest rates have in consequence slightly hardened. During the veer the bank bought and cancelled £64.146 of its interminable inscribed deposit stock. Mount Morgan Production Colonel Eric Campbell, chairman of directors of Mt. Morgan Mine, announced in Brisbane that the new oxidised ore treatment plant would commence opera; tions in November, when 22,400 tons oi ore would be treated, and the sulphide mill will handle 30.000 tons. The open cut was yielding steadily increased tonnages of both sulphide and oxide ore. The sulphide mill was now practically completed, and the extension and reorganisation of the power house were well under way. A Swedish expert would commence on July 15 a geophysical survey of the five miles . of concession area adjoining the mine.