BANK OF NEW SOUTH WALES

New Zealand Times, Volume XXXVII, Issue 8588, 26 November 1913, Page 8

BANK OF NEW SOUTH WALES

half-yearly meeting. By Tolestaph—Preas Aaeociatlon— Copyright (Received November 25, 9.40 p.m.) SYDNEY, November 25. At the half-yearly meeting of the Bank of New South Wales the net profits were shown, to bo £351,861, to which is . added an undivided balance of £87,504. A dividend of 10 per cent, was declared, also, a three months dividend on the new capital, ami 5 per cent, per annum to June 30th last, on the capital paid in advance of fixed dates, making a total of £l/0,697 interest paid. The sum of £IOO,Ootfims been added to the reserve, and £68,658 carried forward. The report and balance-sheet were adopted, and Mr R. J. Black was reelected a director. The chairman, in his speech, stated that the new capital had been fully subscribed. The trade outlook for the coming year generally was very fair. Mercantile business was in a satisfactory position. He anticipated a good exportable surplus of wheat. At the same time the directors had felt it incumbent upon them to discourage undue expansion in any direction, because they felt strongly, in the host interests of Australasia, that those who control large undertakings, public or private, should adopt a policy of steadiness and reasonable restraints. In regard to our affairs generally, there were evidences of an adjustment of the national income to the expenditure, so as to leave a margin of the former in operation, at least as far as the general public are concerned, and it reasonably may be hoped that those who control the public finances will come into line in due coarse.