BANK OF AUSTRALASIA.

Press, Volume LXVI, Issue 13719, 28 April 1910, Page 9

BANK OF AUSTRALASIA.

THE COLONIAL Ol"TLOOK. i,j-OU O-R own (-o„nicsroM>r.N"T.) LONDON. March 18. At the annual meeting, yesterday, of the Bank of Australasia, the Earl of Lichfield (chairman.) congratulated the shareholders on the account which the directors were able to _-ive of the prosperity of tho Australasian colonies. The balance-sheet, he said, showed an increase of. roundly. £1,000,000 in the deposits, a decrease of £700.000 in tho advances, and an increase of £1,700,000 in the loans at call and short notice. They had had to employ in London at less remunerative rates a much larger sum than was the case in the preceding year. He felt that in these circumstances it war. satisfactory that, in spite oi the difficulty which they had experienced in lending out their funds, they had earned a sum ot only £10,000 less than they did for the corresponding half of the previous year. They .showed the considerable net profit for the half-year of £177,505, which not only enabled them to pay the usual dividend and bonus, making together a distribution at the rate of 11 per cent, per annum, but they could also place £50,000 to the reserve fund, and a further £15,000 in the reduction of the cost of bank premises, carrying forward upwards of £17,400. As to the outlook, while it was not for the chairman to prophesy, he could .state that their institution was in a stronger position than in any previous period in its history. The condition of thing, in Australia in the past Mason had been on th r- whole favourable, although tlie frozen meat industry had suffered somewhat from tlie low prices ruling, consequent upon the large quantities placed upon the market. There had now, however, been an improvement, the prices were higher, and the outlook gi ncral!y more satisfactory. There had been an excellent wool clip, and good prices had been realised for that coinn odity. The wheat growers had also experienced a profitable season. The output of gold, one the other hand, had shown a steady and continuous decline, but there was still plenty of room in the continent of Australia to discover new goldiields to compensate for the falling off which was shown in the output of the old ones. The trade returns of merchandise for the first eleven months of the year 1009 were as follow :—lmports, £45,029.01)0, being an increase of £1.053,000; and exports, £48,090,000, being an increase of £6,097,000, the latter augmentation being chiefly attributable to the items of wool, wheat, and flour. The latest cabled intelligence from the other side w.,s to tho effect that the conditions continued to bo prosperous and the season was an encouraging one. The report was adopted.