COMMERCIAL BANK OF AUSTRALIA.

Evening Post, Volume CXII, Issue 46, 23 August 1926, Page 11

COMMERCIAL BANK OF AUSTRALIA.

At the noth ordinary general meeting of the shareholders of the Commercial Bauk of Australia, held in Melbourne, the Chairman of Directors (Mr. ,T. L. Webb) said:

"With regard to capital, as you are aware, in January the halance of the unissued ordinary shares numbering 332,168 were offered at a premium of 10s a share to both preference and ordinary shareholders in the proportion of one share for every live shares held, the issue beiiis largely oversubscribed. Applicants for shares in excess of the proportion to which they were entitled to apply had such shares allotted to them, as in previous issues, in proportion to their holdings of shares, both preference and ordinary. At 30th June, 1926, the sum of £278,901 5s had been received on account of capital nud premium, leaving £103,258 15s still to he received from shareholders when due. When these sums have been received the ordinary capital will amount to £1,000,000.

"You will notice, the reserve fund now amounts to £1,000,000, having been increased during the period under review by £204,910 17s Cd from premiums received on new issues of shares and £110,083 2s Cd from profits. The substantial increase in the capital and reserve fund should be a source of gratification to all those interested in fche bank's progress and welfare. Notes in circulation have increased by £7167. This has occurred in connection with our issue in the Dominion of New Zealand, and bills payable, etc., have increased to the extent of £128,860. Government deposits have incrensed by £131.540. and other deposits by £817.223. It is gratifying to nntii'e the steady growth of the deposits, the totnl now amounting to more than .€20.000,000. ■ Turning to the assets, the coin, bullion, Australian notes, and other items as set out in the balance-sheet, though showing a Plight reduction as compared with last year, show an increase of £2,09 D,687 as compared with 30th June. 1024. and amount to ths substantial sum of .-60,380,302.

"Tho net profits show an increase of £12,171. as compared with last year, and -with favourable seasons further steady growth in the profits may • reasonably be expected. Though our earnings in the last year in connection with Tonrtnti run! foreign exchange have been adversely affected by the altered rates of exrli.ince involving the reduction in tho margin between buying and selling rates, on the other hand we have ohtaiupd additional profits in other directions, including increased advances.

... In connection with the fruit industry, Australia and New Zealand exnorted during the nresent senson upwards of 3.000,000 cases, being about 1.000.000 more than in any nrpvinus season. TTnfortun.itelv market conditions in London -were not favourable at the bßirin'iiner of tho season, and the strive made matters worse, resulting In disappointing monetary returns for the fruitgrowers." ing monetary returns for the fruit growers "