HIGHER DIVIDEND

Dominion, Volume 30, Issue 264, 4 August 1937, Page 12

HIGHER DIVIDEND

Commercial Bank of Sydney INCREASE IN NET PROFIT The Commercial Banking Company of Sydney Ltd. cabled to the Stock Exchange Association that the balance-sheet and accounts and the directors report for presentation to shareholders on August 10 were issued yesterday. The directors recommend a final dividend at the rate of 7 per cent, per annum for the half-year ended June 30, 1937. An interim dividend of 3 per cent, was paid on January 29 last, which, with the final dividend of 3J per cent, now recommended, makes 64 per cent, for the year, as against 6 per cent, last year and 5 per cent, for the three preceding years. The company’s profit for the year ended June 30. 1937, was £342,041, an increase of £43,814 over that for the previous year. INCREASED PROFIT Wellington Investment Co. & The directors of the Wellington Investment, Trustee and Agency Company Ltd. in their fifty-first annual report state that the net profit for the year ended June 30, after providing for income tax, amounted to £3396/14/1. An interim dividend of 24 per cent, for the half-year was paid in December last, and there is a balance available (including £2350/8/3 brought forward from last year) of £4197/2/4, which the directors recommend should be dealt with as follows: Payment of a further dividend of 2} per cent, making 5 per cent, for the year), £1550; to carry forward, £2047/2/4. The retiring directors, Messrs. Will Appleton and R. H. Rowland, offer themselves for re-election. For the previous year an interim dividend of 2 per cent, and a final dividend of 3 per cent, made the distribution 5 per cent., as against 41 per cent, in 1935. Net profit of £3397 this year compares with £3176 last year and £2932 in 1935.