BANK OF N.S.W.

Taranaki Daily News, Volume LIV, Issue 135, 29 November 1911, Page 5

BANK OF N.S.W.

HALF-YEARLY'MEETING. By Cable —Press Association—Copyright. Received 28, 7 p.m. Sydney, November 28. At the half-yearly meeting of th'i Bank of New South Wales the net profits weTe shown to be £222,043, making, with the £62,143', a total of £284,1515 available for distribution. A dividend of 10 per cent, was declared, absorbing £l5O/100, and £53,455 was added, to the reserve, making £2,025,000, and £80,701 was carried' forward. Four branches and four sub-branches were opened during the- half-year. The president's speech stated that the note circulation had decreased by £840,000, representing notes retired and replaced by ComimonweaJth Bank notes at the expense of coin, Their New Zealand note circulation, representing £1105,000, so far was untouched, but he was advised the New Zealand Government had introduced a Bill on similar lines to the Commonwealth Bank. However, it wo-uSd not operate till 1913. The deposits had increased by £2,500,000. During 1 the year, there had been increased mercantile activity, as the result of the good' seasons and good prices. The capital and reserve amounted to over five million pounds. Thfe banik proposed to continue steadily Hweasing its reserves. The outlook for ''"; present season was generally not unisfactory, but the frequent disputes

'.ween employers and employees was n.>t calculated to advance the interests of the community. The reqort was adopted. A subsequent special meeting adopted the alterations in the deed of settlement.