The Bank of New South Wales

Feilding Star, Volume XIV, Issue 135, 4 May 1893, Page 2

The Bank of New South Wales

The operations of this bank during the past half year have been marked by all the prudence and success for which that popular institution has been distinguished ever since its inauguration. We are informed by the Press cable that at the half-yearly meeting of the bank, held in Sydney on Monday last, the report was adopted, amid great enthusiasm. The net profits were shown to be £111,000, and a dividend at tho rate vi 15 per cent, per annum was declared. £10,000 was carried to the reservo fund, which now amounts to £1,010,000. The balance carried forward to profit and loss account was £15,900. In his speech the chairman said that, despite the depression and financial unrest, the bank had made satisfactory progress, and their wholo energies were concentrated in strengthening the reserve. Very properly the Directors with-held tho usual bonus for the excellent reason that, although the profits for the half year would have justified such bonus, it was considered prudent to withhold it when other similar, but less ably managed, institutions had been visited with such unparalleled misfortune within the last few months. i