BANK OF N.S.W.

Hawke's Bay Tribune, Volume I, Issue 143, 2 June 1911, Page 3

BANK OF N.S.W.

PARTICULARS IN GENERAL PROSPERITY. CARING FOR THE STAFF. ! Sydney. May 27. Ti <• half-yearly meeting of the dank of New South Wales was held ■ estrrday. Dr. C. ix. Maekeliar. | M.L.C.. presiiling. The report I Lowed a net profit for the half- | ear of £2o 1.372. which, with £57.- | 1 12 hro iirl.t forward, made £261.715 i i\ais.’.id,._ A dividend of Io per } ’ tn. r atmum absorbed £113.457. | ntereif ->• , ;t>r ~n capita! ! mid :,i mce £_’'7‘.». reserve ',*>52.112 to I • ; 1 4 f< l'i ; . ::er rhe : jon of the re- ; ’sort, the »■! a an s-> iii :- - ; f’.» tr'tai «>■’ ;hf- ."•'■■■• t> v L'Ai »!,< • ' viewed a- the pari icttlar!v [ liquid assit-- c-f the Lank amount<d | the r -21. :?>.-,/•) l.e j nig ver. ne-n-ly half of the tetr! | .'’sscis ot the bank, and r< presenting j nt l.'.'et 10 - in the £ on the liahili I ties to the public shown on the lia- . bilitx' side. The bills discounted. I loans, and advances to customers. > which practically meant the lending business at this end. showed an increase of nearly £2.400.000. which was a rather larger expansion than had been usual of late years. This increase was very- well spread throughout the various States of I Australasia and the Dominion of New Zealand. It represented a bona fide expansion of enterprise, and they were very careful to check any disposition on the part of the clients to go in for speculative ventures. and to inculcate on their offi cers in the country districts generally- the need for conservative estii mates in connection with land; I which might be offered as sreuritx' j for loans. The premises account ! showed an increase of £33.500 on the .year. They had had to buy a J fairly larpcc number nf prentices in . the country to keep nace with the requirements, and they were also erecting new premises in Thread needle street. London, which would give them much more commodious and suitable offices in which to conduct the growing business there i than they had in old Bond street, iTV e had had this in x’iew for some . time past. Going back to 1906. ; however, the premises account i stood at £715.000. so that in five years there had been an increase ;of £25.000 only, which is a x*erx' small increase compared with the i increase in the general business, and would satisfy them that they had made substantial writings off. i Before the motion was put to (the meeting, Mr. AV. G. Robertson ; asked if anything had been done j in the way of a bonus to the staff, to which the president replied that he could assure the shareholders | that the board had constantly under consideration the adequate re- | numeration of their very capable and loyal staff. But. although a ‘ bonus might be an attractive form for conveying the bank’s appreciation of thejr services, the board considered that more lasting and • really useful benefits could be conferred in other ways. They had. therefore, given their attention for some years past, not only to improving the conditions of the provident fnnd—front which was derived the ordinary pensions of offi-cers--but also to providing additional pensions from the banks’ own funds t<> deserving nffic Prs j n order to make their position on retirement more comfortable. Within the Inst five years the following special grants had been made by the bank for the benefit of officers: £25.000 to the provident fund (of which £15.000 last year). £ 15.000 to the Buckland fund. £22.250 a direct bonus of one month’s extra salarv. Besides these. th< had providcfl larger sums than formerly for pavment <»f the additional pensions he had referred to: and they had aho raised the standard of par man for man. so that the f'Xf»enditure for salaries was £lO.ooh a year higher than it would have hern if the standard of five yrnrs age had been adherer! to. Norrnnnrl MacLanrin. MJ.f . fed the motion, v.?!!<'h was carried unanimouslx-