COMMONWEALTH BANK

Hawera Star, Volume LI, 13 September 1930, Page 5

COMMONWEALTH BANK

SOUND POSITION REVEALED

GOLD SHIPMENT OVEDSEAS.

.cut:**) r**««*i AMaoCiaUuu — by Kifsoirii- Cnc* *»•»*. C^pyntfbt.) SYDNEY, Sept. 12. The Commonwealth Bank profits for the half-year to June 30 totalled £777,751, of which £246,281 was from the general banking department, £491,272 from note issue and £40,193 from rural credits. The total profits exceeded last year’s for a similar period by £47,000, and are allocated thus: Half of the general banking profits to the reserve fund, making it £868,808; half to the national debt sinking fund; half of the rural bank department profits to its own reserve fund, which becomes £89,668 ; half to the development fund, now totalling £67168. Of the note issue profits, three-quarters go to the Commonwealth consolidated revenue and one-quarter to the rural credits department capital account, making it £1.308,292. The directors announce that they

expect to have to consider a. shipment of more gold overseas at an early date tjo build up the gold exchange reserve. * The hank’s gold reserve against the note issue amounted to 54.38 per cent. 'Tinder the powers conferred last year for the acquisition of gold held in Australia the hank had transferred £12.000,000 worth overseas. With the amounts shipped by the trading hanks the total sent was £16.650.000 during the six months, and £26,500.000 for the whole vear.