BANK OF N.S.W.

Stratford Evening Post, Volume XXXIV, Issue 80, 27 November 1912, Page 8

BANK OF N.S.W.

HALF-YEARLY MEETING

Sydney, November 26,

At the half-yearling meeting of the Bank of New South Wales the report was adopted. It showed net profit: of £214,023, to which a balance o' £85,8.15 has to ho added, making r total available for distribution of £299,833. A dividend of 10 per cent, absorbed £150,000. Added to the re Serve fund, £65,000, carried forward £84,838. The president referred tr the decline in deposits, a feature of banking general in Australasia, which he ascribed to the spending impulse, which outstripped the accumulative power derived from money roeepts for primary produce, which resulted in ar increase of imports. As there war no corresponding increase of exports the savings of the people decreased The outlook was promising, but the restoration of equilibrium between tin exports and imports was. necessary tr ensure the return of a perfectly satis factory position. During the year n sub-branch had been opened at Shannon, New Zealand. - Subsequently r special meeting endorsed tho proposal to increase the capital of the bank tc £3,500,000.