BANK OF NEW SOUTH WALES

New Zealand Times, Volume XLII, Issue 9692, 21 June 1917, Page 10

BANK OF NEW SOUTH WALES

HALi'-VBAit'i. t The directors' report • presented at the hau-yeany general meeting or uio proprxeturs of tug Bauu or iNew bouen Wales on may chin marheu me comym uou of til® panic's urst centenary. Al snowed tnat tne net pruuts iOr tile hailyear. after tne customary ueauctiom., amounted to dliii/.iWJ. Tue auumon 01 dliua/Hl, undivided traiance Horn i lie previous hall-war, and me uenuction ol Xsi .two,‘interim dividend paid oh ifuoruury Tilth, left a baiauce 01 j-Cof.’Ci a. Tills the directors recominenucci Simula oe dealt with as follows : — i'ayment of a quarter’s dividend to March blot. VJI., at the. rate of 10 per cent., per annum out of the halt-year’s prolits, .por.il.l, augmentation of the reserve luiicl, dim, Oof!: balance carried forward. .Tli-bbTV In moving the adoption of tue repaid the chairman (Sir Charles Mackollar/ mentioned that the notes in circulation were higher by about .£2SU,Ow in II o three years. This whs due to expansion in New Zealand, where the liauk continued to issue notes as part o' tie currency of tho Dominion. The Government- there made use of the issues of the various bauks to supplement tho working currency of tho country, and they have been louud to bo a very usctul factor in connection with the financial operations of that progressive xiortion of the British Umpire. Adequate provision s existed ior the stability of the notes, and tho total amount issued so tar —Jci,600,000, of which their share was .£f.>0,030 —was not large in proportion to the turnover, and moreover adequate gold reserves are held as a backing. Dcwosits were .£3,470,000 higher than they were throe years ago. This was iicar.y all due to current account expansion. Investments were higher by JM,ToO,OuO than they W; three tlvk ago > >: o nearlv .£2,2(0,030 on the year. This was caused bv participation in the Brili>u war loans and in the Commonwealth and New Zealand wa: loans.