BANK OF NEW SOUTH WALES.

New Zealand Mail, Issue 1266, 4 June 1896, Page 9

BANK OF NEW SOUTH WALES.

The ninety-first half-yearly meeting of tho Bank of New South Wales was held at tho chief banking-house, Pitt street. Sydney, on May IS. There was an exceptionally large attendance of shareholders, and the president, Mr J. P. Hill, occupied the chair, 'I he chairman, in moving tho adoption of the report and balance-sheet, and after some preliminary remarks regarding tho benefit of a simultaneous balance day throughout the colonies, said:—

inth f „•? balance-sheet the increase torni?iK,l " ° Li V la iu, P°rtaiit and interesting feature, and indicates a general expansion of bus ne«s Tl.-. ;„ ■ i ' ... . "-iiit...--. ii lo increase m deposit, ia no less than .£1.271,000 ehicflv in opc» current accounts, and it isl not too much to s-y that it (he Panic had in any spirit of competition, or even fair business rivalry, encouraged the accession of business from other banks, that sum would have been largely augmented. The increase in com is the natural outcome of an increase in deposits, when the latter has not been ac- | compamed by a corresponding increase of advances or other securities. The coin alone has increased A'1,.«17!,.M0 1 while Government I:,'" 1 municipal securities and Queensland treasury notes hive increased »'',;■> - if . , u , (l the .ban, "Balances due by ofher'banks," J O -. » a * »™™w< (i - li i-Vb.ealtogether to the fact tn.it on the balance-dav time did not admit of all the cheques and drait, wh eh were paid in being cleared. bWo portion of ho large increase ~, coin, however is dim to an abnormal hold.ng in London, and on tie. way tin,her. and must not 1)3 taken a* tho usual con,hi.on of things. The board "re not unmmdlu of their own am! your desire to V iv out the policy of largely increasing the hiding oi interest - bearing Government secum.es instead of keeping so much of our in actual coin, but as wc would be holders tonnvestment, and not lorspecula--OT-(^h"siUt"^ h " siUt " to buy h!at tic rate that such securities have been t \ \? F ll 1 ?"» l )oriod > f«olins that as m he past there have been ups and downs n 11,0 money market, so m the future there will probably be a change in the value of tl Ose securities we desire to invest in which 11 enable us (, avail of .he opportunity to u Use money that is now unproductive. It will no doubt be gratifying to you to know that our Government stocks have been purchased at rates which, if they wero real bed , P i°f U ;- , lmocs < wonl 'l Viold us a ery substantial profit, but, of curse, this has not been taken into account The experience of most financial institutions in regard to thoduhcukyof investing money satisactorny is our experience also, and it is, perhaps not; too much to say that the political unrest in regard to taxation has in some degreecheeu-ed.ri it has not been a serious handicap to, enterprise, and has prevented the development of the resources of some of the colonies to an unusual extent; hence there is no that healthy demand for money which it is tho Bank's business to encourage and avail of. J J ie wool industry has had a great stimulus by a marked rise ia value which has more than compensated for the deficiency m weight of neeoo in many of the country districts ; and the return in money value per hale over and above the advance's thereon has been so substantial in widespread areas that large numbers of our grazing constituents have beau enabled from that source and by the exercise of rigid economy to get somewhat to windward on the seasons operations. At one time there were hopes that rested on grounds apparently sound that our mat freezing and exporting operations would be a great help to our squatting industry, but it seem, impossible up to the present to break down the systems and tho traditions which peivade methods of doing easiness in the Old Country, and so far much disappomtmont has therefore followed this enterprise. The practice of paying winmission on the weight of meat instead of on the sale value ia no i.ii m ii Wimmn „i

to hie agent to exercise energy lo obtain goo, prices, and until this i* altered until there is legislative enactment in England to bring about proper identification _ol the colonies' product as against inferior foreign shipments, and nntil the tryrannyof the middlemen can be properly overcome by a more intelligent system of distribution than now exists, we cannot hope to realise a proper value for our surplus s.ock. Il.c in.mi comnanit-s and boifin"--down establishments, which ilre extended throughout the colonies have however, done inestimable good, not only m providing an export of tinned meats and tallow, but in bringing about a system of culling, which had left Hie floekmas'fer, with more profitable stock to work with. Though artesian wafer has widely extended the area , of country suitable tor pastoral enterprise, hire nre ,oni ? drawbacks to success in bleeding cattle in Queensland; particularly, anil not the least, is the increase in the 1 tick scour;,-,., which appears tobesprealI ing to an extent that is shutting out whole j districts rom making use of the matured I ; Stock. Ihe gold-produeing industry is increasing m importance, and continue* to !,■• a most valuable factor in our exports, and whether the raw material or the a-tail sovereigns are .-hipped away they are none the less the product of the country, and must, bo exported just as woo! [U id other produce is-to pay for our requirement ■ in other dir-c----tions. h wiil be .patent to most of you thai Uielreeneomp,.i!<;,,„ between financial in-;i- ---('"'""-' ;•! all kinds has been for a longtime past making itself felt ia a narrower margin ol profit, which can be met only by a system I of economy which, under proper organisation will bring about decrease of expenditure with- , out impairing efficiency, and this. I need hardly tell you, has not been lust sight of by our I management."

the Chairman then referred in appropriate terms to the death of Mr Donald Larnach ultimately associated with the hank for nearly hall a century, and the intended retirement at no distant day, of .Mr Thomas JJuoklaml' who, during the :« years which he ] lrw been a director (eight of which pre-..lent; brought such a largo amount of abilitv, caution and prudence, coupled with singlo-mindodnes« to the administration of the hank's affair-' Ifo was sure they would all share in the general rogret that Mr Bucklaiid's advanced years and lading health had made it incumbent on him to contemplate retirement from all active work. But as long as health would permit Mr Buckland would always be accessible to give the benefit of his long experience and matured judgment in all matters affecting the Bank's interests. He then moved the adoption of the report, and the motion was carried unanimously. The President stated that the dividend paid would be free of income tax. Mr Jas. S Harrison was ro-elected auditor, and the

proceedings terminated with a vote of thanks to the board and the officers.—Melbourne Argus, May 19th. [The balance-sheet will bo found in cur advertising columns.]