BANK OF N.S.W.

Taranaki Daily News, Volume LIV, Issue 285, 29 May 1912, Page 5

BANK OF N.S.W.

A SUCCESSFUL YEAR. By Cable—Press Association—Copyright. Received 28, 11 p.m. ' Sydney, May 28. At the half-yearly meeting of the Bank of New South Waleis the report stated that the amount available for distribution, including £80,701 brought forward, was £295,818, which is an increase of £34,000. A dividend of 10 per cent, was declared, £60,000 added to the reserve, and £85,816 carried forward. A payment of 10 per cent, bonus to the staffs on salaries for the half-year will absorb £35,000. The report was approved. The president, in his speech, said that the liquid' assets were £18,709,000, compared with £21,395,000 a year ago, but an increase of over half a million compared! with last September. The note circulation for the year decreased by £874,000, due entirely to the Federal Note Art. Referring to the diminished returns from wheat and wool, he stated "that the outlook for the coming year was not very favorable. The dry conditions prevailing in many districts pointed to a probable considerable loss. The spread of the bank's advance business over the Commonwealth and New Ze&lanid at very even rates, though at considerably reduced risks, was inseparable to institutions which had the development of the country at heart. Received 29, 12.55 a.m. Sydney, May 28.

The president of the Bank of New South Wale 9 announced that it was intended to issue another half million capital to existing shareholders at par, being one pound' for every six now held.