BANK OF NEW SOUTH WALES.

New Zealand Mail, Issue 1290, 19 November 1896, Page 21

BANK OF NEW SOUTH WALES.

Sydney, November 17

At the half-yearly meeting of the Bank of New South Wales, the net profit for the half-year was shown at <£87,060, which, with the previous balance, made <£109,759. A dividend of 9 per cent, was declared, absorbing £57,458, and the remainder was carried forward. The paid-up capital increased by <£18,500, and the reserve by £0073.

The chairman, in moving the adoption of the report, stated that the investment in municipal government securities had increased by £32,000, and the bank was ready to invest further in this direction. The Board held that while they thought they owed it to tho colonies to hold a certain amount of local stock, still, in order to have quickly realisable securities in times of pressure, the bulk of investments were made in British consols.

The general business of the bank, added the chairman, continued to expand as rapidly as they had any right to expect, considering the slow revival of trade. He deplored the inclination of many colonial Governments to pass measures in the direction of interfering with the resourceful dispositions of the people.

Mr J. R. Fairfax and Dr Mackellar were elected to till the vacancies in the board.