The Bank of New South Wales

Feilding Star, 13 June 1893, Page 4

The Bank of New South Wales

The opinion of the Westminster Gazette thnt there is no souuder financial institution in Australia than the above bank is borne out by the figures contained in the last balancesheet of the institution, which was published in this journal so'.ne weeks since. The bank has a paid-up capital of £1 050,000 and a reserve hind of £1,000.000, so that it has something solid to fall back upon. But, the bal-ance-sheet shows that tho msinoffo- ! ment had wisely made preparations for the riiia.'icial storm that darkened the fky so long before it. burst and wrecked ."o many lets prepared bnnks 'Io meet any sudden demand of the depositors the Mnnk ot New South Wales on th<; Oth of March las'" had no less than £3,403,719 in cash nnd coin at its command, to cay noiliiu" of bullion to the value ol £42,19:3, and Government securities representing £,5GQ,9?'2. 'ihese assets amount- | in£ to £4,000.9^1. were equal to | meeting any sudden strain that the ! Bank could bo subjected to. The Bank's total liability to its depositors on the above- mentioned date amounted to £20,41 8,942, against which it held securities from customers to the value of £20,308,492, which, with the before recited results, left a large credit balance in favour of the depositors — whom, we are sure, had better sense than to embarass the bank by heavy withdrawals. The profit for the last half year amounted to £137,939, and this was devoted to paying a dividend of 15 per cent, adding £10,000 to tho reserve fund, leaving £15,59(5 to be carried forward. The volume of business done by the Bank of New South Wales is the largest on the list of Australasian banks, the turn-over for the year ending 31st of December last having been £36,576,043. Of this amount £4,413,153 was dealt with in New Zealand. It will be gathered from the above figures that the confidence reposed in the abovenamed financial institution is grounded upon a solid foundation, and stands out during the, present financial earthquake as a beacon of hope. The Bank of New South Wales is one of the oldest, if not ■he oldest, Australasian banking institutions, hav:i<*; been founded so far back as 381 7, since which time th<ro have been several financial panics in Australia, nlthough none of such widespread aud ruinous a character a-« tlie presc-Lt. Through al! these financial storms tlie Bank of K cw .-"ruth Walos h:is ridden sa'elv, thanks to the si-:-ctij;-th fo the institution to siait with, and tlie able way in which it.< alVairs havf always been managed — Heral 1.