BANK OF NEW SOUTH WALES.

New Zealand Times, Volume LXVII, Issue 3437, 19 May 1898, Page 3

BANK OF NEW SOUTH WALES.

o A SUCCESSFUL INSTITUTION. HALF-YEARLY MEETING. By Telegraph.—Press As?ociation.-~Copyright. Received May 19, 13.30 a.m. Sydney, May 18. The half-yearly meeting of the Bunk of New South Wales was held to-day. The net profit for the half-year was shown to be 683,000, which, with the undivided balance from the last half-year, gives ,6104.600 for distribution. The directors recommended payment of a dividend at the rate of 9 per cent, per annum, absorbing .687,750, The balance, .616,900, was carried to profit and loss now account. The President, in his speech, noted the satisfactory increase of the current accounts. The working portion of the bank’s business had been fairly maintained. The deposits wore £BOO,OOO higher, having come back to about the level of this time last year. The bills payable and other liabilities again showed a shrinkage, this time of little over 6400,000. The total assets grouped under tho heading British and colonial securities were 66,027,000, as against 60,677,000 last half-year. There was a sufficiently strong reserve for all requirements. Reference was made to the drought season in tho South Island of New Zealand. The report and balance-sheet were adopted.