BANK OF NEW SOUTH WALES.

Ashburton Guardian, Volume XXXIII, Issue 8725, 26 November 1913, Page 8

BANK OF NEW SOUTH WALES.

A 10 PER CENT. DIVIDEND.

SYDNEY, November 25. At -the halt-yearly meeting of the Hank ot New South "Wales, tue report .showed tin* /net profits to be £251,851, to which has to be added the undivided balance of £87,504. A divi•dend at tiie rate of 10 per cent, has been declared, also three months' dividend on now capital, and 5 per cent. •per annum to June 30 last on capita] paid in advance of fixed dates, making a total of £170,697. The sum of £100,000 is to be added to reserve, and £68,658 carried forward. The report and balance-sheet were adopted. Mr R. J. Black was re-elected a director.

The chairman, in his speech, stated that the new capital had been fully subscribed. The trade outlook for the coming jestr generally was very fair. Mercantile business was in a satisfactory position. Ho anticipated a good exportable surplus of wheat. At the, same time the directors had felt it, incumbent to discourage undue expan.sion in any direction, because they felt strongly that it was in the best interests oi Australasia that those in control of large- undertakings, public or private, should adopt a policy of steadiness and reasonable restraint. WitJi regard to affairs generally, there were evidences of the adjustment of the national income to the expenditure, .io as to leave a margin on the former operation, at least so far as the general public were concerned. It might reasonably:.be hoped that those in control of,the public, finances would oome into line in due course.