A GOOD REPORT

New Zealand Times, Volume XXXIII, Issue 7970, 29 November 1911, Page 6

A GOOD REPORT

BANK OF NEW SOUTH WALES A TEN PER CENT. DIVIDEND. By Telegraph—Proas Association—Copyright (Received November 28, 9.20 p.m.) SYDNEY, November 28. The half-yearly meeting of'the Bank of New South Wales was held to-day. The report of the directors showed that tho net profits amounted to £222,043, making, with £62,113, a total of £284,156 available for distribution. A dividend of 10 per cent, was declared, absorbing £150,000, and £53,455 added to tho reserve, making it £2,025,000, and £80,701 carried forward. Four branches and four subbranches were, opened during the halfyear-. The president, in his speech, said that the note circulation had decreased by £840,000, representing notes retired and replaced by Commonwealth notes. Tho process was still going on. Altogether the bank would, have to provide £2,200,000 in Commonwealth notes at the expense of coin. Their New Zealand note circulation, representing £165,000, was so far untouched, but he had been advised that the New Zealand Government had introduced a Bill on similar lines to that of tho Commonwealth. It would, however, not operate till 1913. Deposits had increased by two and a half millions sterling in the year. There had been increased mercantile activity, tho result of good seasons and prices in tho last two or three years. Tho whole of the new capital had been got in. The capital and reserves amounted to over five millions sterling. The directors proposed to continue steadily increasing tho reserves. The outlook for tho present season generally was not unsatisfactory, but the frequent disputes between employers and employees were not. calculated to advance the interests of the community. The report was adopted, and a subsequent special meeting adopted alterations in the deed of settlement.