QUEENSLAND BANK

Evening Post, Issue 20, 23 July 1935, Page 12

QUEENSLAND BANK

PROFITS INCREASE

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 c'«-|----derid is maintained at 4 par 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 £16,679, and current accounts higher by £493,061. During the year £39,489 of the interminable inscribed deposit stock was purchased and cancelled.

Referring to the breaking of the drought in Queensland, the report ! states that provided the sheep and j cattle men are allowed to carry fori ward their losses for taxation purj poses, with perhaps temporary relief !in rentals, together with low interest ,' rates, their industry should revive as !it has in the past. The bank does , not anticipate making capital losses f of any magnitude.