BANK OF N.S.W.

Gisborne Times, Volume LXXII, Issue 11450, 26 February 1931, Page 7

BANK OF N.S.W.

DIVIDEND IN AUSTRALIAN CURRENCY. . N.Z. SHAREHOLDERS LOSE £l/10/- IN £IOO. (Press Association ■- WELLINGTON. Feb. 25. The Bank \of ; NcW South "Wales announced 1 that the dividend on February 26 will bo'paid “on the basis of your selling rate, £IOO ill New Zealand equals £lOl 10s in Australia; that is a dividend of 8s 7 l-3d per sliar c Now Zealand currency for 9s per share, Australian currency.” Thi s is the first announcement in regard to the exchange aotuaLly to bo charged... It could not be announced Until the lowest rate possible had been approved by tho head office. DEDUCTION OF FOURPENCE A ...... SHARE. STRONG PROTEST FROM , AUCKLAND. (Pres? Association.? ' AUCKLAND, Feb. 25. A meeing .of shareholders in the Bank of New South Wales, convened by the St-Ock Exchange, was held this afternoon to consider the decision cf the directors t-o pay dividends in Australian currency. Tho chairman of tho Stock Exchange, ,Mr. Creagh, read ailvico that the deduction .will be slightly over foOrpence a share, ‘so it is not as bad as it might be,” commented Mr. Creagh. ’ The following resolution was- earned; “That , this meeting of Auckland, shareholders in.' tlie' Bank oF New South Wales wishes to place on record its strong protest against the action of th 0 directors of the Bank in deciding to pay their dividends Ao New Zealand shareholders in Australian currency; .that this, protest is based "inter alia on two main grounds, (1). that tho method of payment is a departure from tb e wellestablished. custom of the Bank and also of other overseas companies having- branch registers in this country; (2) that the bank is doing large business in New Zealand and its .profits tin New Zealand, - which are made out of New Zealand money, should bo paid out by way of dividend's to New Zealand shareholders in th 0 same currency.”