BANK OF N.S.W.

Stratford Evening Post, Volume XXXIII, Issue 27, 29 May 1912, Page 5

BANK OF N.S.W.

HALF A MILLION INCREASE IX CAPITAL. A SUCCESSFUL YEAR. (By Electric Telegraph.—Copyright.' (United Press Association.) Sydney, May 28. At tiie half-yearly" meeting of tin Hank of New South Wales, tlie report stated that the amount available for distribution, including £80,701 brought forward, was ;L.2lio,Slu, winch is an increase of £3-i,OUO. A dividend of 10 per cent, was declared, £OO,OOO added to the reserve, and £85,816 carried forward. A payment of 10 per cent, bonus to the stall's on salaries for the half year will absorb £35,000. The report was approved. '1 he President, in his speech, said Dial the liquid assets were £18,709,000, compared with £21.895,000 a year ago, but an increase of over half a million compared with last September. The note .circulation for the year decreased by £B/1,000, due entirely to tho federal Note Act. Referring to the diminished returns from wheat and wool, he stated that the outlook for the coming year was not very favourable. l'hc dry conditions prevailing in many districts pointed to a probable considerable loss. The spread of the hank s advance business over the Commonwealth and New Zealand at very ever), rates, though at considerably reduced risks, was inseparable to in&t.tutions which had the development of the country at. heart. The President announced that it was intended to issue another hall million capital to existing shareholders at par, being one pound for every six now held.