BANK OF N.S. WALES

Evening Post, Volume CXX, Issue 132, 30 November 1935, Page 12

BANK OF N.S. WALES

INCREASED ADVANCES

■The directors of the Bank of New South Wales, in their report for the year ended September 30, 1935, presented at the annual meeting of proprietors in Sydney recently, state that the net profits for the year, after deducting rebate on current bills, interest on deposits, and paying income, land, and other taxes (amounting to £162,539), reducing valuation of bank premises, providing for bad and doubtful debts, fluctuations in the value of investment securities, and other contingencies, and including recoveries from debts previ°n v?}?^ ritten off as bad, amount to £442,660; to which is added the undivided balance from September 30, 1934, £116,335, making a total available of £558,995. Interim dividends at the rate of 5s per share Australian currency for quarters ended December 31, 1934. March 31, 1935, and June 30, 1935, paid out of the year's profits, absorbed £329,250, leaving a balance of £229,745. This amount the directors recommend to be dealt with as follows:—To quarter's dividend to September 30, 1935, at the rate of 5s per share Australian currency, £109,750; balance carried forward, £119,995 11s sd. The dividend is payable at the head office, Sydney, and at the branches on receipt of advice. The total number of branches and agencies of the Bank of New South Wales is now 747. ' : Total asets of the bank at September 30. 1954, were £115,559,509.. In his review of the balance-sheets and accounts at the annual meeting in Sydney Sir Thomas Buckland, president of the bank, said deposits at £90,403,000 had decreased by £1,437,000. Bills discounted, loans and advances to customers at £75,122,000 were £8,189,000 higher than last year, while liquid assets, £34,550,000, were £9,000,000 lower. These figures were indicative of the movement in banking figures, which had been taking place for some time. The deposits of the trading banks were at their highest point in the second quarter of 1934, but had since fallen appreciably. Advances were at their lowest since 1928 in the first quarter of 1932. They had been increasing since then, but were still lower than they were during part of 1929 and 1930. This increase represented in no small measure the recovery which was taking place.