BANK OF NEW SOUTH WALES.

Hawera & Normanby Star, Volume LXII, Issue LXII, 29 November 1911, Page 8

BANK OF NEW SOUTH WALES.

HALF-YEARLY MEETING

BY CABLE-PRESS ASSOCIATION—COPYRIGHT.

SYDNEY, Nov. 28. At tho half-yearly meeting of the Bank of New South Wales the net.profits were shown to be £222,043, making, with the £62,143, a total of £.284,156 available for distribution. A dividend of 10 per cent, was declared, absorbing £150,000, and £53,455 was added to the reserve, making £2,025,000, and £80,701 was carried forward. Four branches and four sub-branches were opened during the half-year. The president's speech stated that the note circulation had decreased by £84,0000, representing notes retired and replaced by Commonwealth bank-notes at the expense of coin. Their New Zealand note circulation, representing £165,U00, so far was untouched, but he was advised the New Zealand Government had introduced a Bill on similar lines to the Commonwealth Bank. However, it would not operate until 1913. The deposits had increased by £2,500,----000. During the year there had "been increased mercantile activity, as the result of the good seasons and good prices. The capital and re&erve amounted to over five million pounds. The bank proposed to continue steadily increasing its reserves. The outlook for the present season was generally not unsatisfactory, but the frequent disputes between employers and employees was not calculated to advance the interests of the community. The report was adopted. A subsequent special meeting adopted the alterations in the deed of settlement.