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233

THE JOINT STOCK BANKS

publish no reports. The result of these banks, as regards the dividends they pay, is—

	No. of Companies.	Capital.
Above 20 per cent.	15	£5,302,767
Between 15 and 20 per cent.	20	5,439,439
Between„ 10 and 15 per cent.	36	14,056,950
Between„ 5 and 10 per cent.	36	14,182,379
Under 5 per cent.	3	1,350,000
	110	40,331,535

—that is to say, above 25 per cent. of the capital employed in these banks pays over 15 per cent. and 621/2 per cent. of the capital pays more than 10 per cent.^[1] So striking a result is not to be shown in any other joint stock trade.

"The period to which these accounts refer was certainly not a particularly profitable one—on the contrary, it has been specially unprofitable. The rate of interest has been very low, and the amount of good security in the market small. Many banks—to some extent most banks—probably had in their books painful reminiscences of 1866. The fever of excitement which passed over the nation

↑ The profits of all the joint stock banks of the United Kingdom that publish profit and loss accounts amounted for the year 1913 to £13,400,000, of which £9,100,000 was distributed in dividends. The average dividend of the banks of England and Wales was 15·2 per cent.; of the Scottish banks 15·8 per cent.; and of the Irish banks 10·4 per cent. The average dividend on the aggregate paid-up capital of £62,400,000 was 14·65 per cent.

[1] The profits of all the joint stock banks of the United Kingdom that publish profit and loss accounts amounted for the year 1913 to £13,400,000, of which £9,100,000 was distributed in dividends. The average dividend of the banks of England and Wales was 15·2 per cent.; of the Scottish banks 15·8 per cent.; and of the Irish banks 10·4 per cent. The average dividend on the aggregate paid-up capital of £62,400,000 was 14·65 per cent.

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