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COMMERCIAL., Issue 15680, 19 December 1914
London advises that) the lead imports are 20,485 tous (Australian 1,698), and the exports 2,810 tons. Applications for loans to the amount of £4OO were received at this week's meeting of the trustees of the Money Club. THE BANK OF NEW SOUTH WALES. The abstract balance-sheet of the Bank of New South Wak-s, presented at the hall-yearly meeting, which was held last month, is published in this issue. The figures are of special interest by reason of the occurrence of the war. Explaining them at the half-yearly meeting. Sir Charles K. Mackellar, president of the bank, directed attention to an increase of £2.350,000 in coin and cash balances, including Australian notes. "There has," he said, "'been' an increase of nearly £1,600.000 in London, and about £BOO,OOO in Australasia. But the short call money in London is £525,000 less. The increaso in cash resources in London has been brought about by war conditions. Money which in normal times -would have been at short. call has been held in cash at the Bank of England or our other London hankers to meet our varied requirements in connection with exchange business outside Australasia." The other liquid resotirce3 showed no creat chance, the total amounting to £21,779,938, "as aeainst £20.363,573 last year. Tne president went on to say: "The British and other Government securities have not varied in amount. Thero has, of course, been some drop in the prices since the war began, and in the absence of a definite market it is not easy to determine at what figure they should"be appraised. We have always made ample reservation for these, and on last half-year's figures had a large surplus. We have increased our reservations still further tin's halfyear, and believe that we have done all that the situation calls for in the way oH provision. There is an increase of £1,820.000 in advances, including bills discounted, bills receivable, etc. The greater part of this accrues to the earlier period of tho year. The situation demands that we should pursue a conservative policy towards new business; at the same time, we are meeting the legitimate normal requirements of our clients in every reasonable way. There has been a slight increase in tho note circulation in New Zealand, where alone we now issue notes. The_ Government measures in the Dominion for relieving financial stringency took tho form of enlarging the use of individual bank notes, and have proved satisfactory. Deposits have increased £2,720.000, well spread and with a good proportion of fixed deposits. Bills fKivable and other liabilities, including other banks' balances, are higher by £425.000, mostly in bills payable." Tho directors recommended that £50.000 be placed to reserve fund, making it £2.500,000, and that a larger sum than usual be carried forward. There was no particular significance in this beyond the belief that at this juncture, when the outlook was more or less unsettled and difficult to gauge, it was better to increaso the unallotted portion of profit and loss rivther than fix it in the reserve fund. ' LONDON WOOL SALES. Messrs Murray, Roberts, and Co., Ltd., have received the following cablegram from their London agents, Messrs Sanderson, Murray, and Co., under data the 16th Inst. :—" Sales have closed. Market won);, and 5 per cent, lower. 20,000 bale* bald sua,"
COMMERCIAL., Issue 15680, 19 December 1914
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