UNION BANK PROFITS

Evening Post, Volume CXXXIII, Issue 87, 14 April 1942, Page 7

UNION BANK PROFITS

Gross profits of tho Union Bank of Australia last year, at £1,330,000, were up by £5T,000, said the chairman, General Sir John Davidson; "but against this taxation has increased to the large figure or £366,000, which Is £75,000 higher than last year's figure. This follows an increase in taxation of £56,000 in the previous year. In New Zealand the banks in the past have been taxed on an arbitrary basis, but during the year amending legislation was enacted and the banks are now to be assessed on the basis of actual local profits The benefit of this change is not as yet reflected in our figures.

•'Fortunately, we have been able to show a reduction of some £9000 in our other expenses over the year, which is most satisfactory under existing circumstances. An upward trend in expenses, however, must be staff salariesm °re particularly in tlle cost of

The net profit for the year is £188,129 3s 6<i, to which must be added the amount brought forward, £159,809 is sd, making a total available of £34r,938 4s lid Deduct ting the interim dividend of 3 per cent less £a 266 9^ 1Ci l tf S,°' rb\ d £81< 000' '"ere re'mns t2G6,938 4s lid. We have declared a final dividend of 4 per cent., less tax (miklna 7 SVS forward"" 18 £lS6' 6M 18s 3d adopted" 1' 0'1 alKl accounts,«-ere unanimously