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WE?TERN AUSTRALIAN BANK.
4------
HALF-YEARLY MEETING.
The 155th half-yearly meeting of the
shareholders of she Western Australian
Bank was held yesterday at the banking
house, St. George's-terrace. Sir E. H. Wit
thnoom, chairman of directors, presided.
The report for the haif-year ended March
31 last showed that the net profit, after
providing for bad and doubtful debts, for
rebate en discounted bills current, for in
terest on deposits, and for all expenses of
management was £29,bS0 2s. 8d., and that
the balance from the previous half-year
was £2;,460 3s 10d., making a total of
£53,020 6s. 6d. From this the directors
had resolved to pay *a dividend of £1 per
share (free of dividend usty), thus. absorbing
£25,00d, and to carry forward £28.020 6s.
6d. The reserve fund amounted to £700,000,
end the reserved profits totalled £28,020 6s.
6d. During the haf-year the Dangin branch
has been withdrawn. The dividend would be
payable at the head office on May 8 next.
The Chairman, in moving the adoption
of the report and balance-sheet, said that
the operations of the bank for the last six
months must be considered satisfactory, in
asmuch as the bank not only maintained
even in these abnormal times, the excellent
dividend which had become almost custom
ary, but had in addition provided a sub
stantial amount to be carried forward. The
profits for the last six months had exceeded
those of the previous period by £439, and
those of the previous March by £1,307. The
deposits showed an increase of £291,000 over
the previous half-year. The advances had
been reduced by over £56,000, and the
amount under the heading of "Specie. bul
lion, etc.," had increased by £291,000. Those
results had been attained after making rea
sonable allowances for bad and doubtful
debts. The directors had had a very anxious
time in connection with advances against
agricultural securities. Two seasons run
ning the crops had been practically a failure.
so nluch so that in some instances unless
assistance were afforded the owners would
have been unable to carry on. The policy
of the bank was to encourage production as
much as possible; and therefore tlhe direc
tors had rendered all the assistance they
could in keeping with the interests of the
shareholders. The wheat yield had again
been disappointing, so far as he could learn
the total yield of wheat to date was about
9,300,000 oushels, giving the poor average
of about eight bushels to the acre. This
result was largely attributable to rust.
Shareholders would realise therefore how
almost hopeless it was to make a success
of wheatgrowing with a yield of only eight
bushels at 4s. 4d. per bushel, amounting to
£1 14s. 8d. per cre. The Federal Govern
ment had agreed to advance 4s. 4d.. per
bushel on the forthcoming harvest. Judg
ing by the amount of manure ordered the
area to be cropped in the forthcoming sea
son would be about 2k per cent. less than
last year. There had been an unwelcome
change in the pastoral industry, inasmuch
as a drought had been in operation between
the Lower .Murchison and as far north as
Broome. The result had been a heavy loss
in sheep and the probable loss of a large
proportion of the lambs Even if rains came
at once tile effects would be apparent in
a weak stiple and ligbt weight of wool.
Owing to this drougnt the fresh meat mar
ket was short of fat meat, and prices (both
for wholesale and retail) had risen ab
normally. Serviceable rains had fallen from
Geraldton southwards, and if these were
followed up a gooL agricultural season
seemed in prospect, whilst green grass for
the lambing would be assured. About
129,C00 bales of wool were produced last
year, and the price remained the same. The
gold and timoer industries were progress
ing only moderately, the one from decreasing
ySelas and the oilier .fromnt an absence of
shipping- The pearlshcll business wsas fairly
sattsftacto-y onu the prices abroad were of
an encouraging nature. 'Jhe fruit industry
was also Ihamiipered by want of smnpping,
although a isirly large consignment of
apples had recently been expurted. At
the previous half-yearly meetilng
a desire was expressed by some members
that the directors should take into con
sideratidn the question of establishing r
branch of the institution in London or
.Melbourne, or both. During the interval
the directors have gone into the question
very carefully, and they were unanimously
of tilhe opln!ou that it would not he in Jthe
best interests of the bank to take any ac
tion at present. So far as London was con
cerned it was recognised that, to secure
oflices in any locality which would oc a
cred:o to the bank and a convenient spot
for it,, custonsers would enutail a heavry
rent. Further, the question of ai man
ager. so far renloved from headquarters,
would be a seriolls one, and would necessu
tate liberal emoluments. At the present
time the agency of the basnk was ecarried
out bly the Bank of Adelaide, which gave
complete satisfaction at a moderate ex
pense. Most of these reasons were equal
ly applicable to Melbourne, only that per
haps the manager might be secureid at a
lower salary. Apart from those obstacles
there was the question of capital. At
pre-est all the money under the bank.s
control was fully enmployed, and unless the
capital was considerably increased the sug
gested extensions couldl not he thought ot.
The sharehodcrs were far from unanilnous
that the proposed extensions should be en
tered into. deveral large ho!ders had told
him that one of the chief attractions roy
investment in the Western Australian Banl
was its immunity fromn external complih
cations, anti the fact that the whole of thile
business wa:s nrnder the personal manage.
ment andl supervision of the directors.
(:onsideration lhadr also been given to the
question of permittilg mnarriled women to
hohl sh:ires in their own ilasies. When
this condition was included in the original
deed of settlemen therle was no Woomen's
Property Act. so tllhat inarried womlen
could not hIold property apart from their
lihusbands. 'his altelration could be luade
by a resolution of the shareholders after
the prescribed niotice at ;t special meect
ing. The directors will ie pIleauced to Ihave
the views of shareholders oi this lmatter.
During the war a Iollis, of 10 per cent.
was rivcn to ihe stlaff. ,and the director,
ait the heginnig of this yea: decided that.
as the war was practically over. tile bonus
tlould 'e aladded pernmaranelv ia alt
salaries. Tha had been given flcclt ro.
Mr. G. .1. Iefroy seconded the motlon.
and the latter was carried.
Mrs. E. Hillman moved that the sug
Ecestion of the diree:ors in connection wlth
married women holding shares hr. carried
olt. Thi ws second!ed by Mr. (;. 1
Lefroy. and carried
The chairman explained that the motion
carried no weight except as an indication
of the wishes of the shareholders and it
would require the adoption of thf neces
sart procedure to carry it into effect.
Mr. N. Hancock proposed, and Mr.
James Morrison seconded. a vote if thanka
to the chairman of directors. directors.
general manager, and staff, and congratu
lated them on the satisfactory report sub
mitted. This was carried.
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