BANK OF N.S.W.

Waikato Times, Volume 109, Issue 18255, 17 February 1931, Page 3

BANK OF N.S.W.

ACTION REGARDING DIVIDEND. UPHELD BY INSPECTOR. (By Telegraph.—Pres3 Association.) WELLINGTON, Monday. Interviewed by the Evening Post, Mr R. C. Addison, resident inspector of the Bank of New South Wales, stated that the question of the payment of a dividend was surely a domestic, matter between the bank and the individual shareholders.-’ The bank’s announcement simply meant that under the present extraordinary conditions the directors did not consider themselves justified in allowing a continuance of the old method whereby dividends would be paid shareholders free of exchange at any branch of the bank. Referring to the resolutions passed by the various Stock Exchanges, Mr Addison expressed himself concerned at the pernicious suggestion in Christchurch that there might be the possibility of a bank making some deduction in its payments to depositors. He emphatically denied that any such course would even be considered by the bank, quite apart from the legality of such a procedure. With an unbroken record of 11,3 years for promptly meeting every obligation in full, the bank had no fear that pro- • , perly informed people would be disturbed by any such suggestions.