BANK OF N.S.W.

Hokitika Guardian, 29 November 1933, Page 5

BANK OF N.S.W.

£439,000 PROFIT

N.Z. RESERVE BANK CRITICISM

(Australian Press Association),

SYDNEY, November 28

At the annual meeting of tae Bank of New South Wales, it was announced tha: the net profit for the* year eiuiecl September 50, 1933, was £439,616, as compared with £462,967 in tnc previous year. The dividend rate remains steady at five per cent. amt notes in circulation increased by £1,411,000 and the net increase in deposits was £2,574,000. Asset's now total £40,861,000, being an increase of £2,881,000.

Mr Thomas .Buck!and, the president, in the course of hi s address, paid a tribute to the various Governments upon their dose observance of the Premiers’ Plan, their successful efl'orts 'in balancing their budgets, the restoration of confidence, and the outstanding achievement in .regaining control oAustralian currency.

The chief objective, he added, must be to keep the budgets balanced. He commented on the movement aiming at the nationalisation of banking. He said that he had confidence enough in the Australian people to believe that they never would sanction political interference with the management of the highly-intricate credit system, which would bo bound to end in unmanageable inflation. Mr Buckland however, regretted that political interference with private finance was being threatened in New Zealand. The Reserve Bank Bill had several objectionable features. “The most objectionable is the price whereat the Reserve Bank is to take over geld holdings of trading banks, which is held to be nothing short of confiscation of property, and is likely to damage the credit of the Dominion.” The New Zealand Government had not taken the same steps towards making ends meet in the public account as the Australian Governments, and was consequently still showing increasing deficits.' -