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AusTitAmAis- BANKING.
__That the English, Scottish-.and Australian Bank should have been compelled by the situation in Australia to reduce its divi- dend is no matter for surprise, and I would be more disposed to congratulate the Directors upon the fact that they have con- tinued the conservative policy with regard to distribution of- profits "and have preferred to carry a large balance fo-rward rather than strain matters with regard to the dividend dikribution. Some savings in expenditure were effected; but the net profit was 1267,000 against £543,000—hence the reduction in the dividend and the fact that nothing this year is placed to the Contingency Account while the allocation to the General Reserve is smaller than usual. It must be noted, however, that a year ago the exceptionally large amount of £70,000 was placed to Contingency Account.
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