BANK OF NEW SOUTH WALES

Evening Post, Volume CII, Issue 151, 23 December 1921, Page 7

BANK OF NEW SOUTH WALES

Sir Charles K. Mackellar, K.C.M.G., M.L.C., president of -the Bank erf New South Wales, in moving the adoption of the report of the directors, remarked^ Circulation in New Zealand has decreased £187,000 during the year, due largely to the slump in the meat and produce exports from New Zealand, and to the curtailment of importations there. Deposits were £421,000 higher than this time last year, and £1,203,000 less than on 31st-March last, when, as then pointed out, the increase at that time was of a temporary nature—and until the demand for produce and meals is more active deposits must have a downward tendency. Bills payable are £2,101,000 less than last March, solely owing to necessary restriction of imports affecting London commitments under credits. Capital has been increased £69,000, and stood at £5,000,000. On the assets side the fluctuations are more marked, the first line figures- being £1,050,000 more than last year, and £1,700.000 less than March last, this latter being mainly reflected by the decrease in deposits referred to above. Advances against Commonwealth war gratuities were £315,000 higher, and wheat advances £1,334,000 higher. Both these Government' advances were temporary, and will disappear in due course. Advances showed a reduction of £2,350,000 since last March, and a total reduction for the year of £2,100,000. Premises stood at £800,000, or £20,000 less than last year. This asset has been kept m the vicinity of £800,000 for a decade, notwithstanding purchases of properties and erection of buildings. Profits were lower than last' half, but, after making full provision for contingencies, were slightly more than last year, and the carry-forward has been increased by £25,000, after bringing up the Reserve Fund, to £3,500,000. Last half-years profits were exceptional. Reports .of inspectors and representative officers aro one and all satisfactory, in that thcy^ record grass in abundance, and stock, speaking generally, in excellent condition. Unfortunately there is a glut in the frozen-meat market at present, and advices are that much improvement in prices cannot -be expected -for some months to come. The over-importing, •which had given us some concern up to a few months ago both in New Zealand and Australia, had now been controlled, and, although domestic commodities might not bo falling in prices as rapidly as some buyers desired, there could bo no doubt about the trend being in the right direction, and they might look" forward to something like normal prices ruling in the not very dißtant future. ( • I