SYDNEY BANK MEETINGS

Press, Volume LX, Issue 11487, 21 January 1903, Page 7

SYDNEY BANK MEETINGS

THE EFFECTS OF THE DROUGHT.

United Press Association—By Electric Telegraph—Copyright.

(Received January 20th, 10.27 p.m.)

SYDNEY, January 20.

At the half-yearly meeting of the Commercial Bunking Company the profits wera shown to be £76,846. A dividend of lv per cent, was declared, and £26,846 carried forward. The chairman eaid the Bank had had a successful half-year, but the gross totals showed a falling-off of over half a million, the outcome of the drought, which caused shortage in the harvest and the wool clip.

At the Joint Stock Bank's meeting the report showed the profits to be £80,582. of which £77,119 was allotted to meet interest on fixed deposits a»d inscribed depoeit stock, and the balance -was carried forward. The chairman announced that during the past six months over £54,000 in fixed deposit money had been paid off. Thie drought had largely reduced the stock on the bank's pastoral properties, but h<s hoped the present much enhanced price? would largely recoup the losses.

The Savings Bank report showed that it now lias over 90,000 depositors, with £5,325,000 to their credit, and a reserve fund of £238,000.