BANK OF N.S.W.

Hokitika Guardian, 30 November 1929, Page 4

BANK OF N.S.W.

A BIG PROFIT

(Australian Press Association)

SYDNEY, Nov. 29,

lAt the general meeting of tne snnrelioiuers oi me JbunK or New South Luo uuuince sneer snowed that the nett proiits lor the year ended amounted ro £994,824, to which is to be added the undivided balance Irani the year of £1(38,653. Interim dividends that have already been paid iea.ve absorbed £562,500. A further quarter’s interim dividend is now recuuuii,ended, which absorbs £lß,,cut;, while £250,060 is to be added to the reserve, and £163,418 is to be'v, carried forward. . \ The recommendations made were * affirmed by the meet<ngU: Sir Kelso King and Mr Charles Biiuiie were reelected to the Directorate.

The Chairman, Mr Thomas Buckland, in the course of his address, which he had prepared befoie the Federal Budget proposals were brought forward, pointed out that the Bank’s note circulation in New Zealand has slightly decreased.

The Bank’s total deposits numbered 66,056, he said, and showed a small increase of £1,541,000.' Other banks’ experience on this point had disclosed a slowing up of the capacity to provide for the development of industry. Mr Buckland said that there was a drain on local funds as the result of the borrowings by governments and yu local authorities, and it was having appreciable effects on the accumulation of the deposits without'’which steady progress was impossible, j There had been an increase of £8,p74,0C0 in the Bank’s advances, which stood at £59,427,060, This total testified as to how the customers .had found it necessary to lean on the bank. The serious fall in the values of the staple products must lead to a drop in the values of land and other assets, and must dictate a policy of prudence to conserve the bank’s resources. The taxation burden continued to grow, and it now represented £4 13s 4d per cent, on the Bank’s capital. While New Zealand was enjoying good seasons and external trade, her trade ‘balance favoured exports. Australia’s V v balance was the other way. M (Received this day at ( 9.40 a.m.). , /SYDNEY, Nov. 30. The'investment market on the Stock ‘ Exchange underwent a change when.. the decision ‘of the directors of the Bank of New South AVales not to pay a bonus to shareholders this jear was announced. £2O sterling shares 1 which were selling during the week dt' £47 10s 1 Ml> from £3 to £9. • i,r '