BANK OF NEW SOUTH WALES

Evening Star, Issue 20059, 27 December 1928, Page 13

BANK OF NEW SOUTH WALES

THE ANNUAL MEETING At the animal meeting of the Bank of New South Wales, in Sydney, the directors’ report showed a net profit of £1,1155,559 3s lid (including undivided balance of £170,018 19s lid), interim dividends at- the rate ol 10 per cent, per annum for quarters ended December 31, 1927, March 31, 1928, and June 30, 1928, paid out of the year’s profits, i,n terms of clause l(]p of deed of settlement, totalled £561,905 10s, leaving a balance of £793,653 13s lid. This the directors recommend to be dealt with as follows;—To payment of a quarter’s dividend to September 30, 1928, at the rate of 10 per cent, per annum out ol the year’s profits, £187,500; to bonus of 10s per share out of the year’s profits, £187,500; to augmentation of the reserve fund, £250,000; balance earned forward, £168,653 13s lid. Mr Thomas Buckland (president), in moving the adoption of_ the report, said that deposits were higher by £2,960,000, which represented an increase throughout Australia and New Zealand of general commercial business. Capital increased by £76,560 by collection of balance of last new issue now fully paid, and with the appropriation to reserve fund recommended this year, figures stand as follows: —Capital, £7,500,000; reserve fund, £5,900,000, which, with the reserve liability ol shareholders (£7.500.000) made a grand total of £20,000,000. During the year the bank erected, and bad in course of erection, twentyfive now branch premises extending throughout Australia and New Zealand, and was also engaged in an extensive new building for bead office m Sydney, and also a new chief office for Queensland in Brisbane. The report was adopted.