BANK OF NEW SOUTH WALES

Auckland Star, Volume XLVII, Issue 155, 30 June 1916, Page 2

BANK OF NEW SOUTH WALES

RE-VTKW. * The half-yearly meeting of the Bank 1 of New South Wales was held at Sydney t on Tuesday, 30th May, the Hon. James t Thomas Walker hi the chair. * In moving the adoption of the report * and balance-sheet the chairman said:--"The figures show a large expansion over those of March, 1915, and a con- j siderable increase as compared with , September, 1915, whic+> is in some mcas- j ure due to the war. Notes in circulation < have increased £87,000, caused by a c more active use of our note issue in i New Zealand, where bank notcß consti- ( tute the paper currency of the Domin- j ion. The total amount issued, however, x is not unduly large m relation to the 2 business and turnover of the banks there. ( In Australia our notes are slowly com- f ing in from circulation. Deposits are r Wigber by over £2,000,000 on the year, r but only some £630,000 on the half- t year. When we consider that during £ the year two large war loans have been , floated in Australia, the effect on our t deposits has been remarkably small. The , item of £1,076,000 under the heading, t " Wheat Scheme" is a special a«count, f earmarked for expenses in connection { therewith. Bills payable and other lia- ( bilities are highler by £4,360,000 on the t year, but only £1,640.000 on the half- < year. Much of this is due to war condi- \ lions. What we regard as our first E line of liquid assets shows the large i total of £31.151.000, as against £25.- J 873,000 at March, 1015, and £30,040,000 , at September, 1915. Of this about ( £10,000,000 is represented by gold coin, f which is much thb same as last year. , Australian notes held were £7,305,000, j an increase of £2,750,000 on the year, ] but a decrease of £2,000,000 on the half 1 year owing to advances under the wheat f scheme referred to later on. Government securities stand at £5,517.355, which is 'higher ihan last year by £1,182,000, and this is due to our par- J ticipation in British and Commonwealth 1 war loans. As a matter of fact, out * contribution to the war resources in < those directions exceeded £2.000,000, but < this was counterbalanced to some ex- < tent the repayment of some of the other ] securities we held." , _ 1 ~ " I •>