REDUCED DIVIDENDS

Wanganui Chronicle, Volume 75, Issue 178, 30 July 1932, Page 9

REDUCED DIVIDENDS

TWO AUSTRALIAN BANKS Received July 29, 10.5 p.m. SYDNEY, July 29. The Commercial Bank of Australia, Limited, for 1930-31 paid a dividend on ordinary capital at the rate of 114 per cent. For the period ending Juno 30 last, it is intended to pay only o per cent., which will account for £lOO,OOO of the £265,000 available for appropriation. The net profit at £199, 670 for 1931-32 contrasted with £3OB, 450 in the previous year. The prefer ence dividend, which is on a basis ol 4 per cent., will absorb £84,694. De posits are shown at £21,707,607, which is an increase of £847,822. The Commercial Banking Company of Sydney, Limited, earned a nd profit of £253,866 for the year endcl Juno 30, compared with £441,916 in the previous year and £637,619 in 1929-30. Au interim dividend at the rate of 6 per cent, per annum was paid last January and the fina] disbursement approved to-day is on the basis of 5 per cent, per annum, making the return for the year 5$ per cent. Tho chairman, Mr. G. J. Cohen, re marked that the profit for 1931-32 rep resented only 2.8 per cent, on the combined capital and reserves, which is an effective answer to those who are continually charging the banks with making unconscionably large prn fits at tho expense of the trading and producing public,