UNION BANK REPORT

Evening Post, Volume CVI, Issue 48, 25 August 1923, Page 10

UNION BANK REPORT

The Union Bank of Australia, Limited, report to 28th February, 1923, as presented to shareholders in London on 23rd July, after provision • for doubtful debts and contingencies, exhibits a net profit for the year of £639,711 19s 2d, inclusive of £86,817 19s. brought forward from trio previous year. The interim dividend paid in January last at the rate of 15 per cent, per annum, equal to seven shillinps and sixpence per share, having absorbed £225.----000, the amount now- available is £4-14,711 19s 2d. From this the directors have made the following appropriation :—£loo,----000 as an addition to the bank's reserve fund, whioh now stands at £3.350,000. From the balance remaining, (£314,711 19s 2d) the direotors have resolved upon tha declaration of a final dividend at the rate of, 15 per cent, per annum, equal to seven 1 shillings and sixpence per share, making 15 per cent, for the year, free of income-tax. The final dividend will absord .£225,000, and leave £89,711 19s 2d to be carried forward. .

Since the last meeting a branch of.the bank, has been opened at- Bruthen, in Gippsland, Victoria.

The Hon. Edmund W. ' Parker and Mr. Henry P. Sturgis. directors, retiring by rotation offered ' themselves for reeleotion.