BANK OF NEW SOUTH WALES.

Press, Volume XLIX, Issue 14833, 26 November 1913, Page 9

BANK OF NEW SOUTH WALES.

PROSPEROUS HALF-YEAR

CHAIRMAN'S ADDRESS.

' (By Cable.—Pxeee Association—Copyright.) (Received November 25th, 9.40 p.m.) SYDNEY, November 25. Tho half-yearly meeting of shareholders iv the Bank of New South Wales was held to-day. : The net profits were reported to bo £251,851, to which had* to bo added an undivided balance of £87,604. A dividend of 10 per centum Was Sedated, also a- three months' dividend on new capital, and 5 per centum per annum to June 80th last on capital paid in advance of fixed dates, making a total of £170,607 in interest paid. The sum of £100,000 was added to the reserve, and £68,658 carried forward. Tlie report and balance-sheet •wero adopted. '..'■ Mr It. J. Black was re-elected a director. Tho Chairman', in the course of his speech, stated that the hevf capital had been fully subscribed. The trade outlook for the coming yeaf was generally very fair. Mercantile business was in a satisfactory position} and he anticipated a good exportable surplus of wheat* At the same time, the directors had felt it incumbent on them to discourago undue expansion in any direction, because they felt strongly that in the best interests of Australasia those in control of undertakings, publio or private, should adopt a policy of steadiness and \ reasonable restraint. It regard to the Bank'e affairs generally, there was evidence of an adjustment of the national income to expenditure, so as to leave a margin of the former for operation at least as far as the general public Was concerned, and it must reasonably be hoped that those in control of tho public finances would come into line in due course.