BANK OF NEW SOUTH WALES

Dominion, Volume 7, Issue 1916, 26 November 1913, Page 7

BANK OF NEW SOUTH WALES

HALF-YEARLY MEETING* By Telegraph—Press Association— Copyright (Rec. JTovember 20, 9.40 p.m.) Sydney, November 23. The report presented to tlm halfyearly meeting of the Bank of New South Wales showed that the net profits amounted to £251.851, to which was added tho undivided balance of £87,504, A dividend of 10 per cent, was declared, and also a three month's' dividend on new capital and a C> per cent, for tho year ended Juno 30 last on capital _ paid in advance' of fixed dates, making a total distribution of £170,697, interest paid;. £100,000 was added to the Reserve Fund, and £08,688 was carried forward. ■Tho animal report and balance-sheet was. adopted. Sir. il. J. Black, who was re-elected Chairman of Directors, ■ in a speech stated that the new capital had been fully subscribed, and that tho trade outlook for the coming year was, generally, very fair. Tho' mercantile business was in .1 satisfactory position, and he anticipated a good exportable surplus of wheat. , At tho same time, ho continued, tho directors had felt it incumbent upon tbom to discourage undue expansion in iiny direction, because they felt strongly, in the best interests of Australasia) "that those who controlled largo undertakings, public or private, should adopt a policy of steadiness and reasonable restraints. In regard to our affairs generally, there aro evidences for an adjustment of the national income to its,expenditure, so as to leave a margin of the former operation, at least so far as tho general public is concerned. It may reasonably bo hoped that those who cont-r.il our public finances will come into lino in duo course.