AUSTRALIAN BANKING AND TRADE.
At the recent meeting of the English. Scottish and A ust ration Bank, the Chairman, Mr. Andrew Williamson, was able to make a very satisfactory statement with regard to the financial _position of the Bank. It will be remembered that, a year ago, the capital of the Bank was materially increased, part of the pre- mium on the issue price being applied to pay tip 10s. of Uncalled Liability, thus making the shares £3, instead of £2 10s. paid, and with £2 uncalled. In spite of the expansion in the capital, however, the Directors arc able to maintain the dividend on the Ordinary shares of 12= per cent. tax free, which is now being paid on old and new shares alike, while the Reserve has been increased to £1,950,000. Not the least interesting part of Mr. Williamson's address, however, was his reference to general financial and economic conditions in Australia.. Both as regards Imports and Exports, the year ended June 30th last showed a Substantial expansion. . In 1923 the .value of Australian Imports at £132,000,000 exceeded the Exports by about £14,000,000, but for last year there was an excess of Exports over Imports of about £4,000,000. Not only so but, 'whereas for 1923 the aggregate of Imports and Exports was £.3 0,000,000, the total for the past year was £318,000,000.
* *
Previous page
