COMMONWEALTH BANK PROFITS

Hokitika Guardian, 13 September 1930, Page 3

COMMONWEALTH BANK PROFITS

vAustralian'-Prd&s Associatibn) pc .-'SYDNEYj-i'Sept.' 12. The Commonwealth Rank profits for the. half- year : to. June • 'SO, - totalled £777,751, of which £236;281 #a*s from the general Thanking £49.1272 • from;note: isisu£ and £40,193 from rural credits. The total profits exceeded last year’s for the similar period by £47,000 and are allocated thus:—Half the-general banking profits to the reserve fund making it £808,808; half to the national debt sinking fund; half to the rural bank department to its own reserve fund which becomes £89,608; half to the development fund now totalling £07,108.

Qf the note issue profits, threequarters goes to the Gommonwealth consolidated revenue, one • quarter to the Rural Credits Department capital account, making 'it. £i';3oß,-202. The Directors announce they expect they will have to consider the shipment of more gp-Id overseas - a-t an early date to build up the gold ox* change iTfiervfe. The bank’s gold re-, serve against note issue amounted to -44.38 per cent under the powers conferred last year for the requisition of gold held in Australia; The bank had transferred twelve millions worth overseas a.nd with the amounts shipped by trading banks, the total sent overseas was £16,656,000 during the six months and £26,500,0t0 tor the whole year.