UNION BANK OF AUSTRALIA

Manawatu Times, Volume LII, Issue 3614, 15 September 1927, Page 9

UNION BANK OF AUSTRALIA

NET PROFIT £627,426. The balance-sheet of the Union Bank of Australia for the year ended February 2S, shows that' the gross profit for the period amounted to 506,462, and the expenses under' all heads totalled £879,036, leaving a net profit of £627,426, to which must be added £95,513 brought forward, making available £722,939. The interim dividend paid in January last absorbed £262,500 the sum of £50,000 is added to the reserve fund, and,£so,000 has, been set aside as provision for new buildings. The deposits according to the balance-sheet total £32,545,478, and the advances, etc., £29,088,976. Explaining the position at the annual meeting of shareholders hold in London in July, Mr. H. F. Sturgis (chairman), stated that the Increase in the bank advances which had taken place during the year was due" to the further requirements of the bank’s customers, and was well spread among, the farming and trading community. Mr. Sturgis went on to say that with active trade following favourable seasons,, there had been a great expansion of capital requirements by merchants and traders in Australia, including much activity in the building trade in capital cities. The high cost of all capital outlay had led to considerable and sustained demands for money.