BANK OF N.S.W.

New Zealand Times, Volume L, Issue 11411, 6 January 1923, Page 6

BANK OF N.S.W.

ANOTHER- SUCCESSFUL YEAR. INTERESTING DETAILS. Mr Thomas Buckland, president of the Bank of New South Wales, in moving: the adoption of the report of that institution, informed, shareholders that, the bank’s circulation in New Zealand had decreased £BO,OOO, and now stands at £498,000. Deposits were stationary. Bills payable, etc., had decreased £77?,OGO. There was less call for drafts on London owing to the favourable rates for telegraphing transfers, , The profits for the half-year showed a slight reduction of about £IO,OOO, which wae of little moment, said Mr Buckland. Capital had been increased by £864,000, and the reserve fund by £170,000, and before next half-year’s meeting he -hoped to see the capital at £6,000,000. On the assets side, what are sometimes termed ‘liquid assets” showeed an increase of £1,220,000. This was more than accounted for by the increase of £1,600,000 in the bank's funds in London. War loan and wheat advances decreased £l,816,000, while advances to customers increased £871,000, or a net decrease in the advance business of £945,000. The released funds had been used! to finance primary products. "Now that the war loan and wheat advances have -practically disappeared,” 6aid Mr Buckland, ‘‘it may interest you to learn the extent to which this bank assisted in financing these items under war conditions. In direct subscription to the Commonwealth War and Peace Loans we subscribed nearly £5,000,000, and we advanced over £11,000.000 to customers to enable them to subscribe to these loans. The amount realised on wool under Government control since 1815 to the end of 1920, and including Bawra to 1922, was £181,000,000, and our share in this item was some £32,800,000. The amount advanced to farmers from and including 1915 to th© end of 1921 for wheat under Government control, and including expenses of handling, etc., was £185,000,000, and! our part of this itom was £26,500,000. These figures are exclusive of New Zealand produce, and also of butter, meat, and other products financed under similar conditions, and which ran into many more millions. ¥ou will thus see that the operation of 'moving the crops’ entails a very considerable outlay and the increase in our letters of credit of £1,009,000 is merely an indication of our customers’ needs in this direction for the season just begun.” The general produttiveness of Australia was referred to, also the great cost of the production of coal, which not only operated against export of metals, but against th© success of so many manufactories. which, with a more reasonable price for coal, would —instead of being comparatively or wholly idle —bo booming to the great advantage of the country as a whole, but especially to the wageearning section of the community, who, with some of these, industries in full swing, would reap greater advantages even than the shareholders. On the other hand, the past good seasons for wool, wheat, and other produce, coupled with excellent prices, especially for the better quality wool, had produced much capital for the benefit of Australla.

The balance-sheet appears in the advertising columns of this morning’s "Times.”