Page 4 Advertisements Column 2

Press, Volume L, Issue 8484, 16 May 1893, Page 4

SPECIAL ANNOUNCEMENTS. BANK OF NEW SOUTH WALES. Established 1817. AUTHORISED CAPITAL ... £5,000,000 PAID-UP CAPITAL .- £1,250,000 RESERVE FUND .- .« ... .- £1,010,000 Directors: Thomas Bucexand, Esq., President. J James Milson, Esq. JAkSB TaoStAB Walkbb, Esq. I Thomas CabSll. Esq. . James Bichabd Hill, Esq. 4 Robert Campbell Close, Esq. Geoksb Mellsb, General Manager. HEAD OFFICE, SYDNEY. London Office, Old Bboad street. EIGHTY-FIFTH REPORT of the Directors to the Half-yearly General Meeting of the Proprietors, held at the Chief Banking-house, on Monday, the Ist day of May, 1883. The Directors hare the pleasure to submit to the Proprietors a Statement of the Assets and Liabilities of the Bank on 31st March last, with the Auditors' Report and Declaration. The net profits for the half-year, after deducting rebate on current bills, interest on deDOsits, paying note and other taxes in the colonies, reducing valuation of Bank premises, providing for bad and doubtful debts, and including recoveries from debts previousJy written off as bad, amount to ... ... ... — *m,o/o io To which is to be added— o„„ ,„ R Undivided balance from last half-year ... 8,330 i£ t> Givine for distribution ... ... £119,706 8 8 Which the Directors recommend to be appropriated as follows: To payment of dividend at the rate of 15 per cent, per annum - - £93,750 0 0 „ Augmentation of the reserve fund... ... ... 10,000 0 0 „ Balance carried to profit and loss new account ... 15,956 8 8 g g With the above appropriation the reserve fund will amount to £1,010,000. Daring the past half-year the Branches: at Araluen, Bing&ra, and Sofalaln tnis colony, and at Stanthorpe, in Queensland, have been Closed. It will be the duty of this meeting to elect a Director in the - room of Charles Smith, Esq., resigned, in consequence of hi 3 departure for England. Thomas oadell, Esq., a duly qualified shareholder, is the only candidate for the office, and has given ihe requisite notice. , -. . The dividend will be payable at the Head Office to-morrow, and at the .Branches on receipt of advice. For and on behalf of the Board of Directors, THOMAS BUCKLAND, President. AGGREGATE BALANCE SHEET OF~~THE BANK OF NEW SOUTH WALES, MARCH 31st, 1893 (Including London Branch to 14th February, 1893, and New Zealand Branches to 6th March, 1893.) Dn £ s. d. Ck. £ s. d. To Proprietors' capital- By coini and cash balances 3,403.760 14 1 62,500 shares, £20 » Bullion ... ...» *M££ U I each fully paid up 1,250,000 0 0,, Government securities 560,9/2 11 t> „ Reserve fund ... ... 1,000,000 0 0 „ Notes of other Banks... _|o«j£6 g g „ Notes in circulation ... 660,325 0 0 „ Bank premises ... 589,668 9 9 „ EilJs payable 1,448,407 2 4,, Bills receivable, Bills „ Deposits and other lia- discounted,andother bilities ... 20,418,942 10 10 debts due to the „ Profit and loss ... 137,939 9 4 Bank, including liabilities of customers under letters of credit 20,308,492 17 11 „ Insurance account ... 400 18 1 £24,915,614 2 6 £24,915,614 2 6 Dβ. PROFIT AND LOSS, MARCH 31st, 1893. Cβ. 1893. £ s. d. 1892. £ s. d. March 31. To rebate (at Sept. 30. By amount from current rates) last account ... 8,330 12 6 on bills die- 1893. counted not Mar. 81. „ Balance of half due at this date 18,233 0 8 year's profits „ Dividend at after providing the rate of 15 for bad and per cent, per doubtful debts, annam ... 93,750 0 0 and including „ Augmentation recoveries from of the Reserve debts previously Fund . 10,000 0 0 written off as „ Balance car- bad 129,60816 10 ried to " profit - and loss," new account ... 15,956 8 S £137,939 9 4 £137,939 9 4 Dβ. RESERVE FUND, MARCH Slsir, 1893. Cβ. 1893. £ 9. d. I 1892. " . £ s, d. Mar. 31. To balance ... 1,010,000 0 0 Sept. 30. By balance ... 1,000,000 0 0 1893. Mar. 31. „ amount; from profit andlosu... 10,000 0 0 £1,010,000 0 0 £1,010,000 0 0 Audited 29th April, 1893. A. J^^ggkjjAuditors. AUDITORS' REPORT. We have examined the ann «xed balance sheet, made up to the 31st March, 1893, and report that we find the several items therein stated to conform to the balances in the general ledger, and the balance sheets of the respective branches and agenciee of the Bank collectively. ■ , ~„ , ..... ~ Wenave counted the casli balance, and examined the bills and other securitle s held by the Bank at the head office, Iα Sydney* on the 31sfc March last, and hereby certify that we have found them correct. . . ■ The cash, bills, land o%her eecurities held at tha branches and agencies m New Sfttitth Wales, Viefcorfc, and South Australia, on fche3lat March, in New Zealand and "Vifestern Australia on the 6feh March, In Queensland on the customary daces, and at London on the 14th February last, have been certified to as being correct by the usual documents, v „,«•««%•, \ Bank of New South Wales, ' A. G. MILSON \ Auditors 29th April, 189SJ. J. S. HARRISON, / •^α-icors. DECLARATION. We, Alfred George Milaon and James Start Harrison, of Sydney, in the colony of New South Wales, Esqrs., being duly elected Auditors of the accounts of the Corporation of the Bank of New South Wales, do hereby solemnly and sincerely declare that tire foregoing Report and Statement of Accounts are, So the best of our several and respective knowledge and belief, a just, true, and faithful Report and Statement of the Accounts and affaire of the said Corporation, and that this declaration is made by as after a diligent and careful examination into the state of such accounts and affairs, as far as the same have come within our cognizance; and we do severally and respectively make this declaration, conscientiously believing the satne to be true, and by virtue of an Act of the Governor and legislative Council of the Colony of New South Wales, passed in the fourteenth ye&r of Her present Majesty, Queen Victoria, intituled, an Acr, to Incorporate the Proprietors of a certain Banking Company, called the Bank of New south Wales, and for other purposes therein mentioned. . . ' Declared before mc, this 29th day of April, 1893. JOHN C. DIBBS, J.K ;^H*S&I. The following is the text; of the remarks majte by Thos. Buckland; Sag., President Of the Board of Directors of the Batik of New South Wales, on moving the-edoption of the report at the half-yearly meeting, held at the head office in Sydney, on Monday, Ist May, 1893. The half-yearly statement of accounts is before you. The deposits and other liabilities appear less than io last half-year's account*. The fact is that the deposits are more ; if ia the liabilities on letters of credit are less, bhey having run off to the woolseason. ~.,,. . , "\*" ' At this period of financial unrest, yhen the public mind ie exercised on the question of the stability of Banking institutions generally, and. when the principal colonies of Australasia are passing throoßh a Banking crisis, it becomes my duty to respond to the natural anxiety which may be in your minds just now, and to take you more fully into our confidence than has been necessary under ordinary In the first place you will observe that, in our recommendations, we have thought itifirudent to omit the usual bonus of %i per cent, per annum, although the profit which haK beet* earned might, in ordinary times, have justified such an appropriation. Th 6 Board realises that, at this juncture, ib is better to continne strengthening the reserve fund (although already at £1,000,000) by the customary addition of £10,000, and to carry forward a larger amount than usual—a policy we feel assured that will be heartily approved by you with your knowledge of present surrounding T*he accounts disclose that the operations continue in a groove that marks the progress of the Bauk's history year after year; aad while ifc will be patent to you that our gross earnings must have buffered diminution, it is a consoling feature that we have had some recoveries, which make the total of our profits more nearly approach those of the previous half-year. There are some of our colonies wherein oar business has remained in a normal or progressive state, and while some have suffered from the losses which are Incidental to unusual conditions, such as droughts and floods, others have fortunately, continued to forge ahead: and we have shared in the good results which have followed their progress. In some, a wide-spread depression (arising, in someca e es, from the reaction which has followed the contraction of heavy Governmental expenditure) and its effects upon many sources of business, have been apparent >• in others, excessive speculation has had a very detrimental effect oh all phases of banking business, and we, in common with everyone else, have had to suffer from the results of it. As a counterpoise to all this, the season generally has been good: there has been a steadily progressive development of agricultural and pastoral pursuits in several of the colonies, *ml our principal staple commodity, wool, has maintained a price which will largely assist in minimising the effects of the depreciations in other directions. - ; The present position of financial matters, has stimulated many capitalists, as well as small holders of money, to seek investments In real estate producing income. In the country there is a disposition to invest in good ag't&uitaral land, wich an intentionto put it to its proper uses, and ttdnebut good results can follow therefrom. lil making provision for doubtful accounts we have alvreys recognised the importance of not delaying till the necessities for doing so were urgent. For many i years we have foreseen that in a large and expansive business like ours, contingencies tttght'arise "whicb -weald call tor special appropriation ; and the anticipation t>l these has made their effects felt In a lesser degree than if they had come upon as without pfeflsrAtioß. I may make a few remarks on *' Bank premises account" ; tfc will be noticed that" there is a slight increase in the amount as compared With previous half-yebr. IJhis is due to payments for new buildings in course of erection at our Southern branch in this eHy end at a few places elsewhere, bat you must bear in mind that in the greater, number of caees the land that we own was bought many years ago at a comparatively small cost. Moreover, it has been a steady policy on the part of the Bank to reduce the amounts standing in our books by half-yearly wrifeiags-down oat of profits, the reeafc being that " Bank premises " now appears in the balance sheet at a very large sum below cost price and estimated present market value. As a matter of fact? we have written off their cost sums aggregating £320,000. In conclusion, I wish to point out that after all the trouble that has been experienced in the capitals of some of the colonies, the real substantial wealth of Australasia remains; the many millions of sheep and ihe rations products of the soil and-the -mines continue in existence, and will still form the basis of our export trade. , * 1 Patience, economy, and calm consideration only are required Co inspire confl<Jenj?e, and I feel that the energy of our population will, with good seasons and satisfactory prices for bur exports, soon restore all things to their naturally profcresretve conditfon. . -. -. ; . - . --,-■■, ..- : - - r - :r ... ~.■ ASK FOR d~V AT T 1? V WTT TQ¥P V 7t» ATIONAL FIRK AND MARINE IN β-i AJu JLIj 1 \V 11 IOH Hi JL. r% SURAKC3B COMPANY OV NEW ZEALAND. - j and" rf fg^QO aad 00, MMITKIX dt slu^aaere.' , KresmdMariie RisksoZ all klcxls aocepted " ,r ' ' v " "— '". ' " at lowest current ratfes. rTi"K"I?T? s <3 A. CAHRICK, Maa»«r. vUJUi tWo otaia Agency BeSainga. Oetaer tft cSKa tod PA I 1 .'P. TEL, Snb-agents UiroQghouc the province. See CHRISTCHUKCH, N Z» Weekly Preas." Five minutes' from.Railway and Post) Office 2715 THOMAS POPHAM, WTtmZ. ' ; t: -r -••••■■■■ v ■ ■ ■-.....: a WAITING iNTEb-TMENT ta I»rw or A smaQ Bume on 7RSBHOU) OOOTBALLS—Jnst opened a large Stock, SECURITIES CafrwAk Rates of ;1? anwagsb them the new patent Deflanco Interest Noßroterage or Coramiwlon. charged Footballs, RICHARDdTtHOMAS, Solicitor, W.BRltaß,Oppoetteß.NA 207 Hereford street,