Bank of Australasia.

Feilding Star, Volume XV, Issue 79, 30 September 1893, Page 2

Bank of Australasia.

iiali--.\l:aklv report. (PEU I'KKSS ASSOCIATION.) Loxnoy, September 29. Tbe half-yearly report issued by the Directors of the Bank of Australasia stateß that the description ofthe financial situation given in their March report applies more forcibly to the half year for which tbo accounts are now presented. As eyery proprietor must bo aware, persistent mistrust and depression eventually grow into a papio during which a largo proportion of the Australian Hanks wero compelled to oloso their doors. Fortunately the strong position held by the Bank through its coin roservo fortified it against general mistrust. A sense of general in- i security bad, however, rendered it im- I perative to husband the Bank's resources I to the utmost, witb the result a large amount of oapital was practically unein- < ployed and therefore returned no profit, Apart from tbjs serious drawback tq the 3 half-year's profit t|-e Directors have cou- j uidered tbe necessity, under oxisting oir- r uumstances, of makin;.' very considerable t provision for contingencies, and owing to r these causes the proiits of tbe Bank bave 1 beeu reduced considerably below their 1 normal level. (.