BANK OF NEW SOUTH WALES

Taranaki Daily News, 17 February 1931, Page 7

BANK OF NEW SOUTH WALES

CONTROVERSY OVER DIVIDEND EXPLANATION BY INSPECTOR. By Telegraph.—Press Association. Wellington, Feb. 16. Mr. R. C. Addison, resident inspector of the Bank of New Soiith Wales, stated to-day that the question of the payment of the dividend was surely a domestic mhtter between the bank and the individual shareholders.. The bank’s announcement that it would pay its dividends in Australian currency simS meant that under the present exordiriary the directors did not consi4er themselves justified in allowing a continuance of the bld method Whereby dividends had been paid shareholders free of exchange at any branch of the bank.

Referring to the resolutions passed by various’ Stock Exchanges, Mr. Addison expressed himself as more concerned with the pernicious suggestion in ChfWehureh that there might be a possibility of the bank making some deductions in its payments to depositors. He Emphatically denied that any such course would ever be considered by the bank, apart from the legality of such procedure. With an unbroken record of 113 years for promptly meeting every obligation in full the bank had ni fear that properly informed people would be disturbed by any such suggestion.