BANK OF NEW SOUTH WALES.

Press, Volume XLVIII, Issue 14523, 27 November 1912, Page 9

BANK OF NEW SOUTH WALES.

HALF-YEARLY MEETING. CAPITAL TO BE INCREASED. United Pre** Awacintkm—By Electrio Teleffi»ph—Copyright (Received November 26th, 9.55 p.m.) SYDNEY, November 26. At the half-yearly meeting of tho Bank of New South Wales tho T.epart, which was adopted, showed tho net profits to bo £214,023, to which tho balanco of £85,81- has to bo added, making the total available distribution £299,833. A dividend of ten per cent, absorbed £150,000, added to the reservo fund £65,000, carried forward £54,838.

Tho President referred to tbe decline in deposits, which, ho said, was a feature of banking generally in Australasia. Ho ascribed it to the , spending impulse, which had outstripped the accumulative power derived from money receipts for primary products, which had resulted in an Increase of imports. As there was no corresponding increase in tho exports, tho savings of tho people had tocreased. The outlook was promising, but tho restoration of tho equilibrium between exports and imports was necessary to ensure tho return of a perfectly satisfactory position. During the year, a sub-branch had been opened at Shannon, New Zealand. A subsequent special meeting endorsed the proposal to increase . the capital of the Bank to £3,500,000.