BANK OF NEW SOUTH WALES.

Dominion, Volume 5, Issue 1452, 29 May 1912, Page 5

BANK OF NEW SOUTH WALES.

AUSTRALIAN FINANCIAL OUTEOOK. By Telegraph—Press Association—Copyright. (Rec. May 28, 11.0 p.m.) Sydney, May 28. At the half-yearly meoting of the Bank of New South Wales it was announced that the amount available for distribution, including ,£80,701 brought forward, was which represented an increase of .£34,000 over last year's figures. A dividend at the rate of ten per cent was declared. A sum of ,£60,000 was added to the reserve, and .£85,810 carried forward. The payment of a ten per cent, bonus on the staffs' salaries for. the halfyear, absorbing ,£35,000, was approved. The president, in his speech, said the bank's liquid assets amounted to ,£18,709,000, as compared with ,£21,395,000 a year j ago, but there was an increase of over half a million, as compared with last September. The note circulation during the year had decreased to <£874,000. This was due entirely to the Federal Note Act. After referring to the diminished returns from wheat and wool, the president said the outlook for the coming year was not very favourable. The dry conditions in many districts pointed to probable considerable losses. The bank's advance business had been spread over the Commonwealth and New Zealand at very even rates throughout, and there had been a considerable reduction in the risks inseparable from instruments which had their basis in the development of the country. The president also announced that it was intended to issue another half-mil-lion of capital stock to existing shareholders at par, being, one'additional sharo for every six now held.