E.S. AND BANK PROFITS
Accounts of the English, Scottish and Australian Bank, Ltd., show a profit of £210,087, as announced in a preliminary statement. This profit, which is struck after providing £252,462 for taxation, compares with a profit of £245,294 shown in the previous year, when provision for taxation amounted to £190,194. Dividend of 7 per cent., less British income tax, took £149,516; £15,000 was transferred to reserve, £5OOO to officers’ provident fund, £30,000 to contingencies reserve, and £20,000 to reduction in bank premises account, leaving £294,939 to be carried forward, against £304,367 brought in. Gross profit rose in the year from £1,295,817 to £1,340,892, but an increase in management expenses from £860,329 to £878,342, coupled with a sharp rise in tax provision, reduced net profit by £35,207.
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Bibliographic details
Wanganui Chronicle, Volume 85, Issue 31, 6 February 1941, Page 3
Word Count
128E.S. AND BANK PROFITS Wanganui Chronicle, Volume 85, Issue 31, 6 February 1941, Page 3
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