FOURPENCE PER SHARE

Taranaki Daily News, 26 February 1931, Page 5

FOURPENCE PER SHARE

loss on Bank dividend.

“NOT SO BAD AS IT MIGHT BE.”

Jjy Telegraph.—Press Association. Auckland, Last Night.

A meetifig of shareholders in the Bank of New South Wales, convened by the Stock Exchange, was held this afternoon to consider Ihe decision of the directors to pay dividends in Australian currency. The chairman of the Stock Exchange, Mr, Creagh, read advice that the deduction would be slightly over 4d a share. “So it is not so bad as it might be,” commented Mr. CJreaglj. The following resolution was carried: That this meeting.of Auckland shareholders in the Bank of New South Wales wishes to place on record its strong protest against the action of the directors of . the bank in. deciding to pay their dividends to New Zealand • shareholders in Australian currency; that this prol- - is based, inter illid, on two main grounds, (1) the method of payment is a departure from the well-established custom of the bank arid also of other overseas companies having branch, registers in this country, and (2) the bank is doing a large business iri New Zealand and its profits in New Zealand, which are made out of New Zealand money, Should be paid out by way of dividends to New Zealand shareholders in the same currency. v

ANNOUNCEMENT BY THE BANK.

“ON BASIS OF SELLING RATE.”

Wellington, Feb. 25.

The Bank of New South Males announces that the dividend to-morrow will be paid “on flic basis of our selling rate—£loo New Zealand equals £lo4’ 10s Australian, that is a dividend of 8s 7 l-3d per shdre New Zealand currency.” • This is the first announcement with regard to the exchange actually to be charged. It could not be announced until the lowest rate possible had been approved by the head office.