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BANK MEETINGS.

[Per Press Association.—Copyright.]

•,'.- LONDON, November 16. The report of the directors of the English, Scottish,, and Australian Bank' shows > profit", of £10,870 on the past year's operations. The balance-sheet sets following particulars :—Deposits, £469,750; current accounts, £927,000; billa payable, £267,000 ; cash, £851,000; bills, £671,000; advances and other assets, £4,048,000. The directors recommend writing off £lO per share, which was credited as paid in 1893, because the estimated value of securities in 1893 requires revision owing to the low prices of produce and drou|nts during the year. The Bank's indebtedness is reduced by £460,000. The business i| well'maintained, and the profit arid loss statement shows a considerable improvement, notwithstanding a further fall in the. lending and discount rates. ,'. •'. SYDNEY, November 16. At the half-yearly meeting of the Bank of New South Wales the report and balance-sheet were adopted. The profit, including £22,502" brought into account, wasjeil9,l3o, out of which £7,165 was deducted for rebate. ;The usual dividend at the rate of 9 per cent, per annum was declared, absorbing £87;750. The sum of £7,650 was carried to the reserve, thereby raising it to £1,200,000, leaving a balance to be-carried forward of £16,564. The chairman stated that the volume of business had been well maintained, that the bulk of the Bank's pastoral constituents had come through the trying ordeal of the drought better than was expected, and that half the reserve fund was invested in British securities.

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https://paperspast.natlib.govt.nz/newspapers/ESD18971118.2.26

Bibliographic details

BANK MEETINGS., Issue 10474, 18 November 1897

Word Count
237

BANK MEETINGS. Issue 10474, 18 November 1897

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