P. AND 0. BANK

Evening Post, Volume CXXII, Issue 13, 15 July 1936, Page 14

P. AND 0. BANK

_ The directors of the P. ana O. Banking Corporation submitted the audited oalance-sheet as at March 31, 1936, together with profit and loss account for the year ended on that date, to shareholders, m London, meeting on July 3. The net profits for the year, after providing for taxation, bad and doubtful debts and valuing investments at or below market rates, amounted to £111,610 9s 3d, which, with £55,142 15s 3d brought forward from last year, gave a balance available for disposal of £166,753 4s 6d. The directors wrote £5607 13s 8d off bank , premises and furniture. They also transferred to the trustees of a trust deed, which had recently, been completed to regulate a pension fund for the benefit of employees of the bank,-certain sums set aside out of the 3?rofits-of previous years to be utilised for the benefit of the staff. They transferred out of the profits of this year a-;further sum of £4500.

■ Out-of the balance of £156,645 10s lOd they paid a dividend of 5 per cent. less income tax at 4s 5.8d, absorbing £.100,631 15s lOd; carrying £56,013-15s to next account.