BANK OF AUSTRALASIA

Otago Daily Times, Issue 21940, 29 April 1933, Page 10

BANK OF AUSTRALASIA

ANNUAL REPORT/ _ a (From Our Own Correspondent.) LONDON, March 21. The accounts of the Bank of Australasia, made up. to October 10 last, show a gross profit for the year of £1.118.000. This is within £97,800 of the total for the preceding period. Actually, the comparison is more favourable, for the latest figure was arrived at after making a transfer to contingencies account, from which had debts were provided, whereas in 1931 such debts were charged to contingencies without any assistance from profits. After providing for rebate on bills current, for British, Australian, and_ New Zealand'rates and taxes, and making a transfer to the credit of contingencies account, out of which account provision for all bad and doubtful debts has been made, the net profit for the year amounted to £254,909. To this has to he added £151,003 brought forward from the previous year’s account, making a total of £400,033 From tins, £101,250 was paid as an interim dividend on September 30 last, and the directors have now appropriated a further sum of £135,000 to pay a final dividend of 4s per share, less income tax at 5s in the f, making in all, £230,250, equal to 7s per share less tax, and representing for the year a distribution at the rate of 7 per cent., less tax. There will remain £109,783 to be carried forward to tho next account.