PROFITABLE BANKING.

Pahiatua Herald, Volume XVIII, Issue 4396, 27 November 1912, Page 5

PROFITABLE BANKING.

Electric Telegraph—Press Association Copyright. Sydney, Last Night.

At the half-yearly meeting of shareholders of the Bank of New South Wales, the report was adopted. It showed that the net profits for the year amounted to £214,023, to which a balance of £85,815 had to be added, making a total available for distribution of £399,838. A dividend of 10 per cent absorbed £150,000. A sum of £65.000 was added to the reserve fund, and £84,838 carried forward.

The president, in his address, referred to the decline in the deposits. This, he said, was a feature of banking generally throughout Australasia. He ascribed this to the splendid impulse which had outstripped the accumulative power derived from money. The receipts for primary products had resulted in an increase of imports. As there was no corresponding increase in the exports, the savings of the people had decreased. The outlook was promising, but a restoration of the equilibrium between exports and imports was necessary, to ensure the return of a perfectly satisfactory position. During the year, a sub-branch had been opened at Shannon, New Zealand.

A subsequent special meeting endorsed the proposal to increase the capital of tbe Bank to £3,500,000.