BANK OF N.S.W.

Dominion, Volume 5, Issue 1298, 29 November 1911, Page 7

BANK OF N.S.W.

« HALF-YEARLY MEETING, NET PROFIT .£222,013. By Telegraph—Press Association— Copyright (Reo. November 28, 9,20 p.m.) Sydney, November 28. At the half-yearly meeting of shareholders of tho Bank of New South Wales, the balance-sheet showed that tho net profits amounted to .£222,043, making, with .£62,143 brought forward, a total of .£284,156 availablo for distribution. A dividend at tho rate of 10 per centum per annum was declared, absorbing .£150,000; .£53,455 has been added to the reserve, making it .£2,025,000, and <£80,/01 carried forward. Four branches and four sub-branches wero opened during the halfyear. Tho president, in his speech, slated that tho note circulation had decreased, ' ,£840,000 representing notes retired and replaced by Commonwealth bank notes; the process was still going on, and altogether they would have to provide for •£2,200,000 of Commonwealth notes at tho cxpenso of coin. Their New Zealand noto circulation, representing .£105,000, was so far untouched, but they were advised that tho New Zealand Government has introduced a Bill on similar lines to tho Commonwealth Bank, which, however, would not operate till 1913. Tho deposits had increased by .£2,500,000 during tho year, and had been duo to increased mercantile activity—tho result of good seasons and prices for Ihc last two or three years. The whole of the new capital hod been got in. The capital and tho reserves amounted to over five millions. It was proposed to continue steadily increasing tho reserves. The outlook for the present season was generally not unsatisfactory, but frequent disputes between employers and employees was not calculated to advance the interests of the community. \ The report was adopted ami a subsequent special meeting adopted the alterations to the Deed of Settlement.