PROFIT FOR THE YEAR

Otago Daily Times, Issue 22742, 30 November 1935, Page 13

PROFIT FOR THE YEAR

BANK OF NEW SOUTH WALES ANNUAL MEETING HELD SYDNEY, November 29. (Received Nov. 30, at 1 a.m.) The profit of the Bank of New ‘ South Wales for the year ended September 30 amounted to £442,600, compared with £439,738 for the previous year. The dividend is maintained at 5 per cent for the year, absorbing £439,000. The deposits amounted to £90,403,000, showing a decrease of £1,437,000. Bills discounted and loans and advances to customers, which amounted to £75,122,000, were £8,389,000 higher than last year, while liquid assets, at £34,500,000, were £9,000,000 lower. Sir Thomas Buckland, president of t.u; bank, addressing the annual meeting today, said that the bank, in association with its competitors, had maae a material contribution to ti 3 nation’s recovery. Nevertheless the bank’s ratio of advances to deposits was still the lowest but one of all the trading banks. During the year the bank had reduced its holding of Government securities from £16,640,000 to £11,457,000, thus providing £5,183,000 for lending to the business community. “We firmly believe that the maintenance of low interest rates is essential to national recovery, and despite market tendencies we have consistently maintained a policy in accordance with that conclusion. It is to be hoped that the Central Bank will maintain a plentiful supply of cheap credit for reviving industry,” he added. Extracts from the president’s address will be found in the Finance and Commerce columns In this issue.