BANK OF NEW SOUTH WALES.

Dominion, Volume 6, Issue 1608, 27 November 1912, Page 7

BANK OF NEW SOUTH WALES.

OUTLOOK IN AUSTRALIA.By Telegraph—Frees Association— Copyright (Rec. November 26, 9.55 p.m.) ' , Sydney, November. 26. The half-yearly meeting of the Bank of New South Wales was held to-day. The report, which was adopted, showed net profits of i£214;028, t6 which a balance of .£85,815 had to be adcled, snaking a total available for distribution of . .£299,888. -A dividend of ten per cent, absorbed .£150,000; J865,CC0 was added to the reserve fund; and i£81,838 carried forward. ' The . president referred to the deolino in deposits as a feature of banking generally in Australasia, and ascribed this to the spending impulse-having outstripped the accumulative'power derived from the money receipts for primary.products. The movement had resulted in an increase in the imports, and as there had been no corresponding increase in the exports, the savings of the people had decreased. The outlook'was promising, but the restoration of the equilibrium between exports and imports was necessary to ensure a return to a perfectly satisfactory position. ■ During the year a sub-branch had been opened at' Shannon, New Zealand! A subsequent special meeting endorsed a proposal to increase the capital of the bank t0'.£3,500,000.