BANK’S OPERATIONS.

Waikato Times, Volume 114, Issue 19117, 30 November 1933, Page 3

BANK’S OPERATIONS.

PROFITS FOR YEAR. SATISFACTORY POSITION. Net profits amounting to '£439,616 were disclosed by the 'Chairman of directors, Mr Thomas .Buckland, when reviewing the year’s operations of the Bank of New South Wales at the annual meeting in Sydney on Tuesday. To that total there was. to be added the amount of £114,980, comprising the undivided balance from September, 1932. Interim dividends paid at the rate of 5s a share Jn December, 1932, March, 1933 and June, 1933, absorbed £329,250, leaving a balance of £225,346 for distribution. A further Interim dividend at the same rate for the September, 1933 quarter, as recommended by the directors, would absorb £109,750, leaving a balance of £115,596 to be carried forward. Deposits and notes In circulation had Increased by some £2,411,000, Mr Buckland continued, and now stood at the large total of £86,919,000. A striking feature of the movement ol deposits during the period under review was the return from Victoria back to New South Wales of a large proportion of those deposit?... which had been driven out by the lack of ■confidence engendered in the minds of the people by the previous administration in the latter State. The increase in • the note Issue was small, being £37,000, and was entirely due to movements in the New Zealand issue. Bills payable, £6,318,000, show an increase of £1,154,000. That was accounted for by Increased business turnover throughout the districts In which the bank operated and was some indication of business improvement. The figures of capital, £8,780,000, and reserve fund, £6,150,000, remained the same as last year. On the 'assets side, total licruld assets stood at the 'high figure of £40,861,000, an Increase of £2,881,000, as compared with those of a year ago. That was equal to 47.33- per cent, of deposits as compared with 45.24 1 per cent, last year. Coin, bullion, government legal tender notes and cash at bankers totalled £10,834,000 showing a comparatively small reduction of £566,000. Short call funds In London, £'2,220,000, were £1,730,000 higher than last year. That increase was largely due to the very heavy fall in the rate of discount which could be earned on British Treasury Bills. The exceedingly low rates ruling In the London money ‘market throughout the whole of the period had reduced the earning power of the hank in that market considerably.