BANK OF NEW SOUTH WALES.

Southland Times, Issue 14437, 7 June 1910, Page 5

BANK OF NEW SOUTH WALES.

The balance-sheet of the Bank of New South Wales appears above the leader in this paper. The 119 th report and accounts for the six months ended 31st March of the Bank of New South Wales were presented on 24th May to the shareholders in Sydney. The net profits, after providing for the usual charges, bad debts and fluctuations in the value of investments, amount to £183,938, in contrast to £186,426 in March, 1909. With the balance from the previous term there is a sum of £229,643 available, of which the dividend at the rate of 10 per cent, per annum absorbs £125,000 The reserve fund is increased to £1,750,000 by the addition of £50.000; to the officers’ provident fund £SOOO is placed; and a balance of £49,643 is carried forward. A comparison of the principal items of the balance sheet is given below:— .March, March, March, 19<>S. 1909. 1910. C £ ,C Notes 1,09:!,134 1,010, Sort 1,149,153 Deposits 20.929.1 37.197,301 3U.;M9,550 Hills payable, etc. 3,570,535 :t,793,i;f,(i 4,330.772 Reserves 1,5i!0,0ii0 t .i!5o,i)0() 1,730,000 Liquid assets.. .. 11,300,375 11.537.91JS IS. 990,204 Hills and advances 30,737,153 30,9!5,150 30.501,41;: Hank promises.. .. (190,000 (J55.000 700,500 Net profits 150,741 1MJ.430 1 sfi, i»;;s Dividends, p.c. .. Hi to 10 In comparison with a year ago there is a slight diminution in net profits, but in contrast with 190S an increase of nearly 11 per cent, is shown. Note circulation lias expanded by £130.000, approximately, whilst the increase in deposits totals £2,1 51,276, spread among the different classes of deposits. Hie greatest advance being in those at current account. The growth in the laslnamed is due to ■ the large realisations of produce at high piices. and is common to all banking institutions in Australia at the present juncture. This feature compels banks to hold more coin, the increase in this item being about £1.775,000, whilst money at short call in London is £1.425,000 higher. The bank’s lidding of Government stocks is being steadily increased, about £200,(H)0 having been added thereto during the year. Bills receivable in London and in transit have risen by £670,000. to £4.515,808, and indicate the growth of the exchange business. due to the large exports this season. The liquid assets in the aggregate figure at £ 18,990,204, against total liabilities to the public of £36,523.000, Advances have diminished by £350.000 from the same causes that operated in expanding deposits, and as the development of the country proceeds fresn outlets will be found for the employment of money. The capital of the bank has been increased lately by the issue of 25,n00 new sharers of £2O each, of which £266.225 had been paid up by ;; 1 ,-;t March, in anticipation of due date. This operation exhausts the powers of the hank in this respect, and an amendment of the act of incorporation is now sough l si; as to remove any restriction of this character.